Guidance issue is key to pension reform success

July 17, 2014 Tom Murray

lump sum decumulation Pensions UK superannuation

Compared to most other countries, the decumulation sector in the UK is very sophisticated. A wide variety of decumulation options are in place to deal with longevity risk. The danger of outliving your money is the most severe risk faced by the public because when it impacts, the individual is too old to return to income generating activities to compensate. So the availability of conventional annuities, flexible income annuities, deferred annuities and enhanced annuities along with myriad drawdown products optimises the choice for retirees so that they can get suitable financial products for their particular circumstances.
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Antipodean pension’s strategy is the opposite of our own

April 15, 2014 Tom Murray

lump sum Pensions UK superannuation uk annuities

J ust as the Chancellor decides that people are experienced enough to make the right decisions on pensions, evidence from Australia has surfaced to show that this may be completely the wrong approach.
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Why don’t more people use financial advisers?

July 04, 2013 Tom Murray

decumulation Pensions UK EU Canada

There are people who refuse to go to doctors, preferring self-diagnosis to getting a professional opinion. For many common illnesses their diagnosis is often correct. After all, most of us can diagnose when we have a cold, the flu, or a chest infection. So of course they can “cure” themselves, which reinforces their feeling that that they are as knowledgeable as the medics.
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Eurozone latest victim of spreadsheets

May 07, 2013 Tom Murray

spreadsheets calculations Illustrate Plus Pensions UK

I have written frequently on the many risks to businesses due to their reliance on spreadsheets for calculations. The lack of auditability of changes made to spreadsheets and subsequently, the difficulty in tracing errors mean that the risks they pose in highly regulated complex financial environments are huge.
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Investment Life & Pensions Moneyfacts: A new 'trusted' network

February 20, 2013 Tom Murray

Pensions UK informed customer EU Canada

This article was originally commissioned and published in January 2013 for Investment Life & Pensions Moneyfacts publication. Tom Murray, Head of Product Strategy at Exaxe, explores the rise of social media and considers why advisers and providers must find ways to be included within these trusted networks.
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It's Happening Here [Video]

August 20, 2012 Sharon Cronin

UK EU Canada it's happening here Life and Pensions

IT’s Happening Here promotes career opportunities in Irish owned software companies. With over 600 companies, this dynamic sector offers exciting positions from graduate to director level, and a unique working experience of world class knowledge, creativity, diversity, and responsibility. An initiative of the Irish indigenous software sector, IT’s happening Here is supported by Enterprise Ireland.
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Life experience provides better guide than financial qualifications

June 19, 2012 Tom Murray

German Pensions UK Admin Plus EU

There has been some debate lately in the trade press about the tendency of people to take level annuities rather than inflation-proofed annuities because of the higher amount available. This fact has been held up as proof of the need for advice at the point of retirement, because otherwise people will tend to take the larger amount on offer from level annuities and not factor in the consideration that inflation will erode the value of the annuity payments over time.
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Are vested interests preventing true pension reform?

April 26, 2012 Tom Murray

pension provision longevity Pensions UK reform programme

Report after report lands on my desk calling for major reform of the pension landscape. Great play is made of the longevity figures, which show that the current system is unsustainable and that disruptive thinking is needed to solve this crisis.
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Financial Planners – 1, Australian Consumers – 0

March 29, 2012 Tom Murray

finance advice financial planners ASIC Life and Pensions Future

The financial planning sector in Australia has won a major battle to blunt the government’s reforms aimed at restoring trust in the financial services sector.
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Exaxe White Paper: Pooled Retirement Pension Plans - Gateway to compulsory pensions?

November 09, 2011 Tom Murray

pension plans White Papers Pensions UK Canada

Global Pension Crisis Like most western countries, the level of pension savings in Canada is a major issue for the Canadian government. Increasing longevity is driving concerns about how Canada can manage to provide for its senior citizens in the future, as they live longer and therefore require greater amounts of money to sustain themselves in their retirement. Canada instigated a three-pillar approach to pension provision, which consists of a basic non-contributory pillar, a second pillar of statutory contributions and a third voluntary pillar.
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