Reshaping the regulator with Calum Cooper, head of pensions policy innovation at Hymans Robertson

Episode notes

In this week’s episode of The Professional Investment Podcast, Calum Cooper, head of pensions policy innovation at Hymans Robertson, joins the show. We discuss Professional Pensions story that The Pensions Regulator is conducting its latest five-year review of its corporate strategy. The regulator said its mission is to protect workplace pensions members' money, enhance the pensions system and support innovation in members' interests. The consultation lasts until 8 June. Calum said this represents a change in strategy away from a regulator concerned with the health of individual schemes and more towards a prudential authority. This reflects the strong funding levels in the industry allowing for this different focus. The TPR’s strategic shift raises the question of how it will interact with the Financial Conduct Authority in the future. Many in the pensions industry would prefer to only work with one regulator. We discuss whether the introduction of retirement income will lead to a focus on longevity as a potential asset class as pension providers look to collectivise this risk for members. Calum discusses the different ways this risk can be managed including annuities.

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