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The Actuary The magazine of the Institute & Faculty of Actuaries

Schemes must embrace collective representation to get results

Tomlinson, who hands over chairmanship of the NAPF to Mark Hyde Harrison tomorrow, said it was essential schemes become more open to collective representative to get what they need from government.

He told delegates at the NAPF Conference 2011 that when he was chairman of the Investment Management Association the members were far more open to collective representation.

"Authorities are outstandingly good at divide and rule. Collective action is vital.

"In my time at chairman of the NAPF I have been struck by a reluctance of schemes to represent themselves collectively.

"There was a clear need for someone to promote the needs of workplace pension schemes, we have moved from a defined benefit club to a workplace pension organisation."

He urged members to demand more of the NAPF.

Tomlinson also told delegates finding a better way to share investment risk between members and sponsors was essential.

He said: "We have to try to better share risk. Otherwise, over time we will move to only contract-based defined benefit provision. Which I think would be a great pity."

Source: Professional Pensions