2012: an epic adventure about a global cataclysm
By Owen Walker - 8th December 2009It is as if Hollywood has been reading Pensions Management:
“Never before has a date in history been so significant to so many cultures, so many religions, scientists, and governments. 2012 is an epic adventure about a global cataclysm that brings an end to the world and tells of the heroic struggle of the survivors.” http://www.whowillsurvive2012.com/
While this sounds like the synopsis of an expensive, glossy blockbuster – and in fact it is – it could also serve as preview for the year the UK pensions and advisory industries are given and thorough shaking up.
The year 2012 has long bee mooted for the introduction of personal accounts and auto enrolment. For years all political discussions on these reforms have been shrouded in a claim of “broad cross-party consensus”.
However, as debate on the reforms over the course of this year has shown, and with a general election just months away, cracks in the consensus are as wide as ever.
Indeed, I attended a talk and lunch last week with shadow secretary of state for work and pensions Theresa May and hosted by think tank Politeia.
For the 45 minutes May stood on the podium, the phrase “failures of the past 12 years” were heard at least a dozen times.
The “heroic struggle of the survivors” mentioned in the above synopsis could equally fit those advisers who wish to advise post-retail distribution review. These reforms are also due for 2012 and will lead to higher professional standards thanks to an end to commission charges and higher levels of formal education.
I predict the winners of this year’s New Breed Adviser Awards would be a safe bet to be among the heroic few.