At the Association of Member Nominated Trustees’ (AMNT) Spring conference, hosted in London today and attended by more than 80 members, Minister for Pensions Richard Harrington outlined the importance of taking appropriate time to assess issues and consult with the industry before deciding on proposals for the future of DB pensions, following the launch of the Government’s Green Paper on Monday.
Richard Harrington MP, Minister for Pensions, said: “People need to have confidence in their pension and it is vital that they feel that they are secure. With recent high profile cases highlighting the risks inherent in defined benefit pensions, we want to ensure that these important pension schemes remain sustainable for the future and that the right protections are in place for members.”
Harrington added: “Over the coming months we’ll be working closely with the pensions industry, employers and scheme members to see what more can be done to increase confidence in defined benefit pensions.”
David Weeks, co-Chair of the AMNT, commented: “Today’s event was designed as a platform for our members to meet with fellow MNTs and key industry influencers to share their views from the frontline. Recent high profile cases have proven why members need to be represented and, as the voice on the board whose primary interest is in the outcome of the member, it is important that the MNT voice is heard on this landmark DB consultation. We welcome the minister’s approach to industry consultation and collaboration, and view his decision for AMNT members to be his first audience following the launch of the Green Paper as a positive step for the recognition of the role of the MNT community.”
Other speakers at the Spring Conference included Tristan Walker-Buckton, Senior Actuary, and Matt Richards, Actuary, at the Pensions Insurance Corporation; Seb Beloe, Head of Research at Wheb Asset Management and Nick Sherry, former Australian Pensions Minister turned global government adviser on pension systems.