Commenting on his election, Bob Scott said: “In the past two years we have seen radical changes to pensions taxation – changes which our members and their clients are still digesting. These come as we bid farewell to contracting-out (but not yet to unequal GMPs); usher in a new flat-rate State pension; and look forward to the auto-enrolment of millions of people employed by small and micro-employers.
“Despite all this change and uncertainty, we do have a sound platform on which to build a viable pension system. The next few years will be crucial in determining whether this happens or not. Under my chairmanship, the ACA will continue to offer guidance to politicians and Government departments on pensions strategy and delivery, as we have done for many years.
“The ACA will continue to argue that increasing complexity and regulation will deter individuals from saving and will deter employers from providing any more than legislation requires. Whilst “defined ambition” workplace pensions have been put on hold, it is important that the level of saving is increased. The ACA has consistently argued that, at the very least, minimum contributions should increase whether through general awareness and education; encouragement such as “auto-escalation”; or compulsion.
“Whilst the majority of ACA members provide pensions advice, I am acutely aware that the pensions industry in which the ACA and its members has prospered for over 60 years will inevitably change in future. This change could come suddenly if the Chancellor decides that Lifetime ISAs are so successful that we should move to a full “TEE” system.
“Therefore, during my chairmanship, I am looking forward to the ACA embracing a wider cross-section of the consulting actuarial space including those who advise in fields other than pensions alongside an expansion in our activities to meet the needs of our younger members.”
At the ACA's recent AGM, Jenny Condron (Mercer) was re-elected Honorary Treasurer and Phil Simpson (Milliman) was elected Honorary Secretary. David Fairs (KPMG) remains on the ACA Main Committee as Immediate Past Chairman.
The other Main Committee Members elected for 2016-17 are Ted Belmont (Xafinity); Patrick Bloomfield (Hymans Robertson); Gareth Boyd (Willis Towers Watson); Gail Higgins (Censeo); Steve Leake (Punter Southall); Alex Pocock (Barnett Waddingham); Julie Stothard (Capita); Steven Taylor (PricewaterhouseCoopers); Jonathan Teasdale (Aon Hewitt) and Phil Wadsworth (Jardine Lloyd Thompson).
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