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The Actuary The magazine of the Institute & Faculty of Actuaries

A tragedy in two Acts

I was interested in David Kingston’s guest editorial in BAJ 10 V and it reminded me of a paragraph in my presidential address to the Faculty in 1991 (I was president ten years before David):

‘Are we happy with the legal structure of pension arrangements? Do we need a Pensions Act? My answer is yes. It is all very well to say trust law is great, but I think all we are really saying is that it is a good idea to have separate assets. I think the criticism that trust law was established for an entirely different species of trust is all too valid.....My view is that we need legislation to clarify the responsibilities and rights of employers, trustees, members and advisers such as actuaries and investment managers.’

We have subsequent Pensions Acts but none addresses my suggestion!