Skip to main content
The Actuary: The magazine of the Institute and Faculty of Actuaries - return to the homepage Logo of The Actuary website
  • Search
  • Visit The Actuary Magazine on Facebook
  • Visit The Actuary Magazine on LinkedIn
  • Visit @TheActuaryMag on Twitter
Visit the website of the Institute and Faculty of Actuaries Logo of the Institute and Faculty of Actuaries

Main navigation

  • News
  • Features
    • General Features
    • Interviews
    • Students
    • Opinion
  • Topics
  • Knowledge
    • Business Skills
    • Careers
    • Events
    • Predictions by The Actuary
    • Whitepapers
    • Moody's - Climate Risk Insurers series
    • Webinars
    • Podcasts
  • Jobs
  • IFoA
    • CEO Comment
    • IFoA News
    • People & Social News
    • President Comment
  • Archive
Quick links:
  • Home
  • The Actuary Issues
  • May 2014
05

Incoming ACA chair urges higher pension savings

Open-access content Tuesday 6th May 2014 — updated 5.13pm, Wednesday 29th April 2020

The incoming chair of the Association of Consulting Actuaries has said that encouraging higher pension savings would be the next priority for the professional body.

2

David Fairs, a partner at KPMG, will take up chairmanship of the association on June 1, succeeding Barnett Waddingham partner Andrew Vaughan, who is approaching the end of his two-year term.

In his first statement, Fairs noted that the pension reforms in the March Budget had encouraged people to think more about their retirement arrangements. He said it was now beginning to dawn on many people that they were not saving enough to fund an adequate standard of living in their old age.

'This is an area where the ACA feels more needs to be done to encourage both employers and employees to act, hopefully encouraged by government,' Fairs said.

'The next year or so promises to be a very busy time again for both our members and the clients we serve across every size of business.'

Fairs, who had formerly chaired the Flexible Defined Benefit Industry Working Group as part of the DWP’s Defined Ambition initiative, said that the ACA was still waiting on further developments.

'It is hoped long-term reforms are not lost to short-term electoral calculations,' he added.

'And we hope we can expect further policy ideas from all sides as we approach the 2015 general election.'

He said he hoped that the policies that would emerge in anticipation of the election campaign would be positive in building on the wide provision that auto-enrolment is achieving and not to undermine progress by reducing tax reliefs that make pension saving worthwhile.

'As ever, the ACA under my chairmanship will continue to offer guidance to politicians and the government on both strategic matters and the fine detail of policy delivery, where we have been particular active in recent years,' Fairs said.

Fairs is an honorary treasurer of the ACA and a former member of the Society of Pension Consultants. He will continue in his role at KPMG alongside his ACA position.

This article appeared in our May 2014 issue of The Actuary .
Click here to view this issue

You may also be interested in...

2

MPs urge early provision of pension 'guidance guarantee'

The guaranteed retirement guidance promised in the Budget should be offered to people at least 12 months before they stop work, the Treasury select committee recommended today.
Friday 9th May 2014
Open-access content
2

Begg challenges Webb on pension changes

A senior Labour MP has clashed with the pensions minister over the government’s changes to retirement savings.
Thursday 1st May 2014
Open-access content
2

Single-tier state pension passed into law

The Pensions Bill became law today bringing the introduction of a simple, single flat-rate state pension ‘a step closer’, the Department for Work and Pensions said.
Thursday 15th May 2014
Open-access content

NAPF warns on pace of pension changes

The speed of change to pensions is too great to ensure member interests are protected, the National Association of Pension Funds said today.
Friday 16th May 2014
Open-access content
2

At least £15k needed for comfortable retirement, says NEST

The price of a comfortable retirement is around £15,000 a year, according to auto-enrolment scheme provider National Employment Savings Trust.
Monday 19th May 2014
Open-access content
2

Auto-enrolment 'good for older workers', says PPI

Pensions experts have urged older workers not to opt out of their workplace auto-enrolment schemes
Tuesday 20th May 2014
Open-access content

Latest from Pensions

ers

By halves

Reducing the pensions gap between men and women is a work in progress – and there’s still a long way to go, with women retiring on 50% less than men, says Alexandra Miles
Thursday 2nd March 2023
Open-access content
rdth

Make My Money Matter's Tony Burdon on the practical power of sustainable pensions

Years working in international development showed Tony Burdon, head of Make My Money Matter, that sustainable pensions can harness trillions of pounds to build a better world – at a scale governments and charities can’t. He talks to Travis Elsum
Wednesday 1st March 2023
Open-access content
KV

Liability-driven investments: new landscape

What now for liability-driven investments, after last year’s crash in the market? Pensions experts Rakesh Girdharlal and Moiz Khan say it should lead to a more balanced approach
Wednesday 1st February 2023
Open-access content

Latest from May 2014

2

Pensions legislation dominates Queen's Speech

A Private Pensions Bill, introducing collective defined contribution schemes to the UK, was the centrepiece of today’s Queen’s speech, the last before the general election.
Wednesday 4th June 2014
Open-access content

Detected insurance fraud at record high, says ABI

More than £1.3bn of bogus insurance claims were detected in 2013 according to figures published today by the Association of British Insurers, with claims car insurance making up the majority of this amount.
Friday 30th May 2014
Open-access content
2

Labour proposes auto-enrolment extension to the low paid

A future Labour government would extend auto-enrolment to more than 1 million lower earners by reducing the threshold for inclusion in workplace pension schemes by nearly half, shadow work and pensions secretary Rachel Reeves has announced.
Thursday 29th May 2014
Open-access content

Latest from small_opening_image

2

COVID-19 forum for actuaries launched

A forum for actuaries has been launched to help the profession come together and learn how best to respond to the deadly coronavirus sweeping the world.
Wednesday 25th March 2020
Open-access content
2

Travel insurers expect record payouts this year

UK travel insurers expect to pay a record £275m to customers this year as coronavirus grounds flights across the world, the Association of British Insurers (ABI) has revealed.
Wednesday 25th March 2020
Open-access content
2

Grim economic forecasts made as countries lockdown

A sharp recession is imminent in the vast majority of developed and emerging economies as the deadly coronavirus forces businesses to shut down across the world.
Tuesday 24th March 2020
Open-access content

Latest from inline_local_link

2

COVID-19 forum for actuaries launched

A forum for actuaries has been launched to help the profession come together and learn how best to respond to the deadly coronavirus sweeping the world.
Wednesday 25th March 2020
Open-access content
2

Travel insurers expect record payouts this year

UK travel insurers expect to pay a record £275m to customers this year as coronavirus grounds flights across the world, the Association of British Insurers (ABI) has revealed.
Wednesday 25th March 2020
Open-access content
2

Grim economic forecasts made as countries lockdown

A sharp recession is imminent in the vast majority of developed and emerging economies as the deadly coronavirus forces businesses to shut down across the world.
Tuesday 24th March 2020
Open-access content

Latest from 05

2

Pensions legislation dominates Queen's Speech

A Private Pensions Bill, introducing collective defined contribution schemes to the UK, was the centrepiece of today’s Queen’s speech, the last before the general election.
Wednesday 4th June 2014
Open-access content

Detected insurance fraud at record high, says ABI

More than £1.3bn of bogus insurance claims were detected in 2013 according to figures published today by the Association of British Insurers, with claims car insurance making up the majority of this amount.
Friday 30th May 2014
Open-access content
2

Labour proposes auto-enrolment extension to the low paid

A future Labour government would extend auto-enrolment to more than 1 million lower earners by reducing the threshold for inclusion in workplace pension schemes by nearly half, shadow work and pensions secretary Rachel Reeves has announced.
Thursday 29th May 2014
Open-access content
Share
  • Twitter
  • Facebook
  • Linked in
  • Mail
  • Print

Latest Jobs

Senior Manager - Building new team!

London (Central)
Up to £130k + Bonus
Reference
148845

Shape the Future of Credit Risk Model Development

Flexible / hybrid with 2 days p/w office-based
£ six figure salary with excellent bonus potential + package
Reference
148843

Longevity Director

Flexible / hybrid with 2 days p/w office-based
£ six figure salary with excellent bonus potential + package
Reference
148842
See all jobs »
 
 
 
 

Sign up to our newsletter

News, jobs and updates

Sign up

Subscribe to The Actuary

Receive the print edition straight to your door

Subscribe
Spread-iPad-slantB-june.png

Topics

  • Data Science
  • Investment
  • Risk & ERM
  • Pensions
  • Environment
  • Soft skills
  • General Insurance
  • Regulation Standards
  • Health care
  • Technology
  • Reinsurance
  • Global
  • Life insurance
​
FOLLOW US
The Actuary on LinkedIn
@TheActuaryMag on Twitter
Facebook: The Actuary Magazine
CONTACT US
The Actuary
Tel: (+44) 020 7880 6200
​

IFoA

About IFoA
Become an actuary
IFoA Events
About membership

Information

Privacy Policy
Terms & Conditions
Cookie Policy
Think Green

Get in touch

Contact us
Advertise with us
Subscribe to The Actuary Magazine
Contribute

The Actuary Jobs

Actuarial job search
Pensions jobs
General insurance jobs
Solvency II jobs

© 2023 The Actuary. The Actuary is published on behalf of the Institute and Faculty of Actuaries by Redactive Publishing Limited. All rights reserved. Reproduction of any part is not allowed without written permission.

Redactive Media Group Ltd, 71-75 Shelton Street, London WC2H 9JQ