Eric Deram’s Post

Its National Pension Awareness Week! So over the next 5 days I'll be sharing some facts and tips to inform and educate in this really important area. For my fellow AXIS Network Aberdeen members who recently attended the Intersectionality session - todays fact really highlights the issues of intersectionality in the pensions space. #pensioneducation #financialeduction #genderequality #intersectionality

Hey everyone! Check out this eye-opening article from The Times about the challenges one individual faced while trying to secure their state pension payout. It's a must-read for anyone navigating the complexities of retirement planning and pensions. Let's work together to ensure a fair and transparent process for all. #pensionplanning #retirement #financialjustice https://ift.tt/pTnFvQk

In May 2023, a group of over 20 pension providers joined forces to form the Pensions Equity group to tackle the inequalities which exist within the UK's pensions system. For my latest feature for Professional Pensions, I spoke with the group's chair Legal & General's Kim Brown (she/her) about the work it has done since its inception and the challenges that will lie ahead in the coming years to close inequalities such as the gender pensions gap and the ethnicity pensions gap #genderpensionsgap #ethnicitypensionsgap https://lnkd.in/eatZbAP4

A potentially controversial but systems-based solution to inequality in pensions. What if those who had reached their lifetime allowance, gave up future employer pension contributions to have them redistributed among members who had smaller pots, particularly DC? A bit like the winter fuel allowance, if those who could afford to give a benefit up did we could redistribute those contributions and create more equitable outcomes that benefit everyone. As the pensions system is based on a social contract between generations, this seems a worthwhile discussion even if a potentially uncomfortable one. #longtermthinking #addressinginequality #systemsthinking #redistributingwealth #nextgeneration

What can we expect from a Labour Government on Pensions? Whoever the next Government is, there are significant benefits to consensus and ensuring a stable and long term pension policy agenda, which has cross party agreement. The proposed “Life Ready, Job Ready’ initiative has potential to provide great foundations to support meaningful financial literacy from a young age. This may go some way to help with the bad debt, longer term savings and pension adequacy challenges that we’re all trying to address Pensions and Lifetime Savings Association #PLSA #PLSAannual2023 #mastertrust Scottish Widows Workplace Pensions

Do you have multiple pensions that might be "lost"? 💰💸 The average person used to work in 1 job most of their life but now people move jobs a lot this means they have a new pension generally with each one. It’s no wonder that some of us are struggling to keep track of them all between 2018 and 2022 the number of lost pensions increased by 73%, according to the Pensions Policy Institute - from 1.6 million to more than 2.8 million. The value of these lost pensions stands at £26.6 billion #pension #retirementplanning #lostpension #investing #financialplanning #gmfinancialmanagement

The Department for Work and Pensions (DWP) is consulting on proposals to introduce a statutory duty on trustees to provide access to decumulation services, whether in-scheme or in partnership with external suppliers. In this article (first featured in our summer edition of DC Practical Notes), we look at the proposals and explore what a “default” decumulation solution may look like: https://lnkd.in/eUVBHwjk #DecumulationFramework #CDCSchemes #PensionsUK

How consolidation might affect the UK’s local government pension sector There is political consensus on the need for local government pension schemes to merge, but the question of in-house asset management is less straightforward #consolidation #LGPS Mercer Pensions and Lifetime Savings Association Redington Hymans Robertson https://ow.ly/4rbJ50RSPn0

Recent research by Moneyhub and Smart Pensions have revealed how little savers are checking their workplace pensions. Young savers are leading the way in pension engagement. However, more needs to be done to ensure that all savers are checking their pensions regularly and saving enough for the future. Our partner and actuary Stuart Price shares his thoughts: https://lnkd.in/e-t8GuMe

Let’s talk about how and when to reform workplace pensions. Auto-enrolment has been a success and helped people prepare for the future. However, many still aren’t on track for an adequate income in retirement. So, is now the right time to increase contributions? We’ve developed a framework in collaboration with an advisory committee of businesses and unions alike to help the government make these decisions. Learn more about our suggestions for change. https://lnkd.in/eFAWmgQ6