Wednesday 10th November 2010, Strand Palace - London, 08:30 - 13:30 (half day)

The Future of the UK Pensions Sector: Fairer, Affordable, Sustainable Pensions for All

CONFIRMED : Steve Webb MP, Minister for Pensions

Overview

The ageing population poses one of the greatest challenges to the pension system and factored in with the global financial crisis, declining birth rates and many private sector organisations ending their pension schemes, reform of pensions and the wider system is vital. Over the next 25 years, the UK can expect a 32% increase in the number of pensioners and only a 14% rise in the working-age population. Coupled with the Pensions Commission’s estimate that currently 12 million people have not saved adequately for their retirement, the challenge is great.

The former government enacted several pieces of legislation on pension reform including the Pensions Act 2008. This piece of legislation was initiated to respond to the changing economic, demographic and social challenges. The Act aims to foster a savings culture and encourage more people to build up a private pension to supplement the basic state pension. Measures introduced included the automatic enrolment of all eligible job-holders into workplace pension schemes and the creation of the National Employment Savings Trust (NEST) aimed at employees who do not have access to good quality work-based schemes.

With fears over the on-going impacts of the recession, the financial deficit and the potential burden of public sector pensions on the economy, pension reform continues to be a central issue for voters. The Coalition Government set out their intentions towards pension reform in the policy document ‘Our Programme for Government’. Among proposals, was the commitment to set up an independent commission to review the long-term affordability of public sector pensions and a pledge to look into abolishing compulsory annuitisation at 75. In the Office for Budget Responsibility’s Pre-Budget Forecast, they estimated that the annual cost to the taxpayer of funding public sector pensions will more than double in the next five years to £4,000 per household.

In the recent Comprehensive Spending Review the government announced several measures to help tackle the pensions crisis, including raising the state pension age and ending compulsory retirement.

Agenda

08:30	Registration and Coffee
08:55	Chair’s Welcome Address Pádraig Floyd, Editor in chief, UK, Pensions & Investment Group, Financial Times (CONFIRMED)
09:00	Tackling Pensioner Poverty How to provide adequate state pensions Extent of inequalities in pension provision Flexibility in retirement options Fostering a savings culture How has the economic environment affected retirement plans Phasing out the default retirement age – impact of raising the state pension age Simplifying eligibility for the state pension Andrew Harrop, Director of Policy and Public Affairs, Age UK (CONFIRMED)
09:20	The Cost of Pension Reform The operational aspects of managing and advising pension schemes Successful investing in an unstable pensions market Increasing public knowledge on pension schemes Learning lessons from overseas pensions strategies The long-term affordability of public sector pensions Pensions law and regulation Caroline Instance, Chief Executive, Institute and Faculty of Actuaries (CONFIRMED)
09:40	Morning Keynote: Transforming Pensions What measures are the government taking to make the pensions system fit for the future? The increasing costs of public sector pensions – rising to £9billion by 2014-15 The contribution taxpayers make to public sector pensions Future for the National Employment Savings Trust The impact of an ageing population An evaluation of Britain’s pensions liabilities Strategies for reducing the pensions deficit Impact of raising the state pension age by 2016 Restoring the earnings link for the basic state pension Steve Webb MP, Minister for Pensions (CONFIRMED)
10:00	Questions and Answers Session
10:25	Coffee and Networking
10:50	Ensuring the Long Term Viability of Public Sector Pensions The Public Service schemes after the interim Hutton report and the Comprehensive Spending Review . The myth that Public service Schemes are gold plated The myth of the burden on the Tax payer How can public service schemes remain fit for purpose and affordable Glyn Jenkins, Head of Pensions, Unison (CONFIRMED)
11:10	Pension Economics - Security and Flexibility Joanne Segars, Chief Executive, National Association of Pension Funds (CONFIRMED)
11:30	Shaping the Future of Workplace Pensions The role of employers in providing pension schemes Future for auto-enrolment into work-based schemes Workplace pension reform Managing pension liability risk Responding to changing economic , demographic and social challenges The contribution private sector employees make to public sector pensions Impact of scrapping the default retirement age Reducing pension protection levies Dr Adam Marshall, Director of Policy and External Affairs, British Chambers of Commerce (CONFIRMED)
11:50	Questions and Answers Session
12:10	Closing Keynote – Future Direction of Pensions Reinstating the earnings link in the state pension Raising the state pension age Providing early access to pension schemes Ending compulsory annuitisation Further measures needed to reform state pensions The future for state and private pensions Dr. Ros Altmann, Independent advisor to Government and Financial Industry on Pensions, Savings and Investment Policy (CONFIRMED)
12:30	Questions and Answers Session
12:40	Lunch and Networking
13:40	Close

* programme subject to change without notice

Audience

Delegates will be drawn from the public and private sector; from central government departments and agencies, local authorities, health and education sectors, pension managers, human resources, fund managers, pension providers insurance companies, legal practices and advocacy organisations, banks trade unions, think tanks, businesses and employers, academia and the third sector.

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