CDC Pensions - a complex solution that delivers simplicity for employees

February 15, 2019 Tom Murray

defined contribution NEST state pension CDC schemes defined benefit

CDC Pensions - a complex solution that delivers simplicity for employees   complexity is the bugbear of getting people to save for their retirement.  The need to save is easily explained, but the simplistic solutions of the past, at least to the retiree, of defined benefit pensions and state pensions are either no longer viable (DB schemes) or are under huge pressure from changing demographics (state pensions).   The new approaches being undertaken to resolve the level of under saving in the retirement market are a lot more demanding of financial expertise.
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Feathering their own NESTs?

July 19, 2013 Tom Murray

Pensions UK funding national employment savings trust income earners

One of the problems with QUANGOs is that their autonomy makes it difficult to control their costs. The nature of the beast makes it difficult for politicians, who set them up in the first place, to step in and ensure that controls are in place to avoid exploitation of their protected status.
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Unexpected item in the bagging area

May 09, 2013 Tom Murray

Pensions UK EU Annuity Life and Pensions

When auto-enrolment was first mooted, it was forecast that one of the immediate benefits to the UK would be the arrival of new entrants into the pension manufacture and distribution arenas. Happily, this has been the result on the manufacturing side with the government based National Employment Savings Trust (NEST) being joined by other pension providers such as Now: Pensions and the Peoples Pension.
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Investment Life & Pensions Moneyfacts: Pension Reform – Part 2

April 04, 2013 Tom Murray

Illustrate Plus Pensions UK Retail Distribution Review national employment savings trust

This article was originally commissioned and published in March 2013 for Investment Life & Pensions Moneyfacts publication. In his second instalment addressing Pension Reform,Tom Murray, Head of Product Strategy at Exaxe, explains why bringing the focus back to the individual to prepare for their own future is the key to increasing pension savings.
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TechLife Exaxe Newsletter March 2013

March 07, 2013 Sharon Cronin

Illustrate Plus Pensions UK trusted social networks and platforms challenges

[dropcap letter="T"]he March print edition of TechLife is now available. TechLife is published every quarter and is filled with industry news, white papers and information on legislative changes.
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Why are we afraid of compulsory pensions?

October 24, 2012 Tom Murray

Pensions UK pensions minister Life and Pensions regulation

At the National Association of Pension Funds (NAPF) annual conference 2012, the pensions minister was quite adamant that compulsory savings could cause “an awful lot of trouble” if introduced to the UK and therefore the uneasy compromise of auto-enrolment was preferable. The example of Australia was not one that the UK could follow. The primary reason the minister gave was that there would be political difficulties with compulsion because many people would perceive it as a new tax.
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Making Molehills out of a Mountain

September 13, 2012 Exaxe

Pensions UK Retail Distribution Review regulatory change legislation

The unprecedented amount of legislation and regulatory change taking place over recent years has put a disproportionate amount of strain on the systems and operational capabilities of insurance companies. This strain has led to many short term “mend and make do” IT solutions to solve the problems of the businesses they support.
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A modest proposal to resolve the public sector pension crisis

November 02, 2011 Tom Murray

Pensions superannuation Life and Pensions Public sector pensions HMRC

It is upsetting for everyone to see public sector workers driven onto the streets in an attempt to preserve the meagre lifestyle that they have been promised after a lifetime’s devoted service on behalf of Her Majesty. The despair of the workers at the proposed delay in giving them their pensions and the significant reduction in value of those pensions can only cause distress to any decent citizen observing the situation.
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Investments, not savings, are the answer

August 31, 2011 Tom Murray

Pensions NEST

What’s the difference between saving and investing? Many people confuse the two terms yet the difference is substantial. Savings refer to zero risk products that usually gain a nominal interest, which is close to but does not meet the general inflation rate. Thus the savings mount up over time but there is a gradual erosion of the purchasing power.
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Canada trusts its pension providers – why don't we?

July 13, 2011 Tom Murray

Pensions Canada superannuation FSA New Products

Once again, the Canadians are showing how to tackle fundamental problems by using a large dose of common sense and sweating the assets you already have. Following on from their brilliant but obvious approach to transferring pension risk to individuals and then teaching them to cope with it (see blog -, they now seem certain to proceed with the introduction of PRPPs – Pooled Registered Pension Plans. This rather clever new product is a response to the lack of access that 50% of Canadians have to workplace based pensions, either because they are working in small firms in the private sector or are self-employed. In essence sets out to solve the same problem that the auto-enrolment / National Employment Savings Trust sets out to do in the UK. The product removes the need for an employer- employee relationship for membership of the plan and allows for the pooling of all contributions from the employees of many small firms and self-employed individuals. The size of the resulting plans allows economies of scale to be achieved similar to the plans of the large employers, delivering better value to the individual pension contributors.
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