TUC pensions conference
The TUC pensions conference on 4 February was overshadowed by uncertainty about the impact of “freedom and choice” changes introduced by chancellor George Osborne, which pensions minister Ros Altmann did little to dispel while giving the keynote address to the conference.
Kay Carberry, TUC assistant general secretary who opened the conference, said we need a pathway to realistic contribution rates. David Fairs, chair of the pension professionals’ body, the Association of Actuaries, made the case for a gradual move up to combined minimum contributions of between 14-16% of pay. But pension commentator David Pitt-Watson voiced wider concerns, pointing out that there was still no way people can easily, and at low cost, provide for themselves a sustainable income in retirement.
The level of contributions going into workplace pensions continues to be a source of concern, but investment decisions taken by pension trustees are still seen as a way of tackling corporate irresponsibility.