Post Ac1oUO3pMLlZTPDoA4 by lomanfeusagach@mastodon.social
 (DIR) More posts by lomanfeusagach@mastodon.social
 (DIR) Post #Ac1oUN0bGragD6hiUa by ChrisMayLA6@zirk.us
       2023-11-21T06:24:46Z
       
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       Hmmm... difficult to know what to make of #JeremyHunt's proposal on #workplace #pensions. On one hand a consolidated pension that stays with the #worker as they shift jobs & which employers are required to make contributions to, sounds like one way of avoiding fragmentation. But the key issue is whether the providers will match what firms with long-established #pensionfunds can offer. the 'devil will be in the detail', but on the surface seems the most sensible thing he's said this week?
       
 (DIR) Post #Ac1oUO3pMLlZTPDoA4 by lomanfeusagach@mastodon.social
       2023-11-21T08:03:14Z
       
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       @ChrisMayLA6 we had this in Australia and it worked really well.
       
 (DIR) Post #Ac1oUOx82k0CEv5yMK by ChrisMayLA6@zirk.us
       2023-11-21T08:04:55Z
       
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       @lomanfeusagach Interesting; the FT noted it was similar to the Australian system but passed no real judgement on whether it worked well or not... s thanks for that
       
 (DIR) Post #Ac1oUPYLoLmC6MVhNQ by lomanfeusagach@mastodon.social
       2023-11-21T08:13:21Z
       
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       @ChrisMayLA6 to your point about firms with long established funds. I could setup a pension plan with any company that provided them, they are strictly regulated of course. My current plan is with AMP. Any employer would simply pay the government minimum and any negotiated value into that plan. If I was starting employment for the first time the employer could start one with their 'standard' firm on my behalf and I could take that with me to my next job or move my fund value to another provider.
       
 (DIR) Post #Ac1oUQGJAuwEIh4ntQ by ChrisMayLA6@zirk.us
       2023-11-21T08:58:01Z
       
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       @lomanfeusagach Thanks, if it goes though (and given the likely remaining life-span of this Govt. that cannot be sure), a lot of people will no doubt be interested in your (and other Australians') experience - thanks for sharing, very helpful!
       
 (DIR) Post #Ac1oUR2AIzDeh7T1UG by TeresaBarry@mas.to
       2023-11-21T09:44:57Z
       
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       @ChrisMayLA6 My understanding is this works in Australia because there are only about half a dozen pension funds, which are tightly regulated (I'm relying heavily here on research from PPI, because I've done very little of my own). I'm not sure that it would work quite so well in a more fragmented market, which is what we have in the UK, and this is behind the push to consolidate pension schemes - fair enough. But the argument that large schemes are better than small ones seems based in anecdata
       
 (DIR) Post #Ac1oURxarT9lZEKt04 by TeresaBarry@mas.to
       2023-11-21T09:47:06Z
       
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       @ChrisMayLA6 and whilst it may indeed be the case, there doesn't seem to be a lot of thought given to the costs of consolidating pension schemes into half a dozen or so very large schemes, nor on what risks there might be in having a pension scheme that is "too large to fail", leading to problems similar to those in the banking sector in 2008
       
 (DIR) Post #Ac1oUSkruGZW23OEnw by ChrisMayLA6@zirk.us
       2023-11-21T10:19:54Z
       
       1 likes, 0 repeats
       
       @TeresaBarry Yes, the shape/structure of #financialservices in the UK, may make the proposal difficult to move from declaratory politics to real development(s).... but then again that's an abiding problem with the current #Tory Govt. - declaratory #politics *is* the point, actual material policy comes a very distant second