Commenting on his election, Hastie said: “I couldn’t have picked a more interesting time to take on this role and I’m honoured to be given this opportunity. Actuaries have a big contribution to make when it comes to dealing with the savings adequacy crisis, which I think is the defining challenge of our generation.

“The balance of actuarial pensions work in recent years has been about protecting past benefits. With defined benefit (DB) schemes now in a good position and well-funded in the main, actuaries have an important role to play in helping organisations shape future pensions provision to deliver better and more equitable outcomes for their workers and savers. I’m looking forward to working closely with our industry partners as we move into a new era of UK pensions.”

Hastie pointed towards the ACA’s pensions and savings manifesto, published in May, which has set out the organisation’s recommendations to political parties on where they should head with any future reforms once several key current reforms – launching pensions dashboards, completing value for money initiatives, extending auto-enrolment coverage, finalising the new DB funding regime and expanding coverage of collective defined contribution schemes – are completed.

He said: “Then the ACA’s overall goal is to help deliver a sustainable and equitable long-term workplace savings environment: bringing responsible stewardship of pension schemes and promoting joined up policies that help future generations build adequate pensions and savings.”

At the ACA’s annual general meeting, Aon’s Chintan Gandhi was re-elected as honorary secretary, with WTW’s Debbie Webb elected as honorary treasurer and LCP’s Taylor moving to immediate past-chair.

Also elected as committee members were Mercer’s James Auty, Hughes Price Walker’s James Beardmore, Barnett Waddingham’s Richard Gibson, First Actuarial’s Doug Huggins, XPS Pensions Group’s Karen Johansson-Hartley, Broadstone’s Nigel Jones, Buck’s Vishal Makkar, Hymans Robertson’s Laura McLaren, PwC’s Saye Mkangama, Spence & Partners’ Graham Newman, Capita’s Vijay Shah. In addition, EY’s James Allinson was recently co-opted onto the committee.

What should a new government be prioritising when it comes to pensions? Are there areas of current pensions policy that should be changed or scrapped altogether? And what simple, low-cost policies could the next government implement in a bid to improve pensions policy?

Source: Professional Pensions