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Topics: Chris Cummings| AIFA| money purchase| Pension
Financial services advocacy group TheCityUK, run by former AIFA director Chris Cummings, will conduct a review of UK defined contribution pensions.
Cummings was asked at the 2011 Gleneagles Conference to chair a working group to examine the ability of the market to deliver efficient and accessible pensions.
TheCityUK will collect opinions from employers, pension providers, professional bodies and consumer groups on the state of the market and new pension reforms.
Cummings, who stood down as director of AIFA in June 2010, said: "As TheCityUK is independent and impartial, we are firmly placing scheme members and employees at the centre of our thinking.
"There are already lots of alternatives on offer which can be bewildering and confusing to both employers and employees.
"They need good quality, fair value pensions that will improve the retirement incomes of the UK public."
The review is the latest in a long line of investigations of the UK pension system.
This year, Lord John McFall, head of the Workplace Retirement Income Commission, conducted a review of workplace saving.
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Ludichris
Well, can't say I'm gobsmacked, but isn't it a singularly British institution that we ask those individuals who have failed in one arena to try again in another. Loving the underdog is one thing but loving the dog...
Posted by: Alan Lakey
DC pensions
He won't be co.sling IFAs then? He probably thinks there won't be any left by the time the review has been completed.
Posted by: richard
Hilarious
This is funny - ha ha ha I am convinced this sort of thing is done just to wind me (and every other IFA)up. Talk about making the most of very very limited ability !! but hey whats new.
Posted by: Derek Gair
Cummings Probably Highly Paid New Work
Yet another nice little well paid job for one of the boys! Is another review really necessary to tells us what is already widely known. Not much has been acheived by Frank Fields investigation/report, Ron Sandlers stakeholder pensions, the Pension Simplification Act 2006,John McFalls review and now NEST were supposed to have clarified things on workplace pensions. What more is needed to be known please tell me? I also wonder whether he is Level 4 qualified? A colleague of mine attended a meeting a few years ago in Birmingham which was arranged by the various people commissioned to set up NEST. He was amazed that they admitted that they new virtually nothing about the pensions market and were seeking information from practising IFAs. He returned to the office bewildered and you have all seen what those people have produced and keep changing just as the FSA do with anything they poke their noses into.
Posted by: John smyth
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Joke
Now I've heard it all. A guy who doesn't know much about financial services and is given a job to look into a specialist area. No wonder the country is in a mess. The wrong people getting the wrong jobs. Street cleaning would be more apt.
Posted by: Incompetent Regulators Award Team