Pension Rules and Social Change: How should policy respond?

Pension Rules and Social Change - How should policy respond
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Date/time
Date(s) - 06/05/2011
8:30 am - 10:00 am

Location:
CII


A Chartered Insurance Institute and Strategic Society Centre Joint Seminar exploring the impact of pension rules in a changing society.

Date and time: 08.30 – 10.00 Friday May 6th 2011

Location: Chartered Insurance Institute, 20 Aldermanbury, London EC2V 7HY

The recent Treasury consultation – and subsequent rejection – regarding proposals to enable early access to pension saving reflects broader debate about how to make pension saving attractive in the context of social trends such as longer working lives, changing working patterns and an uncertain economic outlook.

While the rules surrounding pension saving embodied in the so-called ‘annuities deal’ retain broad support, wider trends in society and the economy mean that how individuals perceive and respond to this framework will evolve. For example, the Pensions Minister Steve Webb has sought to shine a light on how this pensions framework interacts with the changing lives of women. Changes in the economy and family structures inevitably affect how individuals view risk, and by extension, the prospect of locking money in a pension.

The strategic challenge for policymakers is therefore to monitor the wider context for the ‘annuities deal’, and ensure that supporting pillars – such as the role of ‘protection’ and ‘buffer saving’ – are playing their role.

This seminar explored:

  • How do societal and economic trends influence the way that rules on pension saving are perceived?
  • What can industry and policymakers do to address issues such as the ‘protection gap’ and low levels of liquid saving, which may inhibit individuals from saving into a pension?

Speakers at this event comprised:

  • James Lloyd, Director, Strategic Society Centre
  • Chris Curry, Research Director, Pension Policy Institute
  • David Thomson, Director of Policy & Public Affairs, Chartered Insurance Institute
  • Tim Fassam, Head of Public Affairs, Prudential

The event was chaired by Laurie Edmans CBE, FCII, Chartered Insurer.

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