The Public Sector Pensions Commission has been set up as a result of an initiative from the Institute of Economic Affairs, the Institute of Directors and other groups and is chaired by an independent actuary. Its terms of reference are to improve transparency and public understanding of public sector pension costs and present to the new Government a realistic set of options for reform of the present public sector pension arrangements. It is increasingly clear that, with ever increasing longevity, reform is necessary to ensure that public sector pensions remain financially sustainable for the long term.
The Public Sector Pensions Commission has now published its report, following extensive consultation with experts from across the pensions spectrum.
The Commission is an independent body, composing seven Commissioners and one Secretary. Its views do not necessarily reflect those of the organisations to which the individual Commissioners are affiliated.
Peter Tompkins, Fellow of the Institute of Actuaries, Chairman
Peter Tompkins is a consulting actuary with over 25 years of experience working with pension funds and government. As a partner at Lane Clark & Peacock and PricewaterhouseCoopers he advised trustees, companies and public bodies on the design and funding of pension plans. His work has included addressing the changes to private sector pensions and legislation, including the changes planned for 2012. He is a Member of the Council of the Institute of Actuaries and a former Chairman of its Pensions Board. He is a frequent commentator on pensions issues in the press.
Philip Booth, Institute of Economic Affairs, Vice Chairman
Philip Booth is Professor of Insurance and Risk Management at the Sir John Cass Business School, City University, and Editorial and Programme Director at the Institute of Economic Affairs. He is also a Fellow of the Institute of Actuaries and of the Royal Statistical Society and has worked at the Bank of England as an adviser on financial stability matters. He is editor of Economic Affairs and Associate Editor of Annals of Actuarial Science and the British Actuarial Journal. He has published widely in the fields of insurance, pensions and regulation.
David Acland CBE DL, CHK Charities Ltd
Following an MA in Law from Oxford, David Acland has pursued a career in retailing and investment management. He was formerly Chairman of BZW Asset Management, Supervisory Director of Barclays Private Bank and Chairman of various investment trusts. He is currently a Trustee of CHK Charities Ltd, a Trustee of the Barnwood Trust and formerly a council member at Gloucester Cathedral.
Ros Altmann is an economist and pensions expert, working as an independent policy adviser. Having managed pension portfolios in the City for 15 years as Head of International Equities for Chase Manhattan and a Director at Rothschild and NatWest Investment Management, Ros then went on to advise Government, private companies and trustees on pension issues. She was an adviser to the UK Treasury, Tony Blair’s Number 10 policy unit and also the Lord Chancellor’s Strategic Investment Board. Ros is a Governor of the London School of Economics and the Pensions Policy Institute, a Trustee of the Trafalgar House Pension Trust and the Age Employment Network. She has a Ph.D. degree in pension economics from LSE and was recently awarded an honorary Doctorate of Letters by the University of Westminster for her contribution to pension investment education. Ros is recognised as a leading independent authority on all aspects of pensions policy, speaks at industry conferences, writes for leading journals and newspapers and has won several major pension industry awards.
Andrew Lilico, Policy Exchange
Dr Andrew Lilico is the Chief Economist of Policy Exchange. He was previously the Managing Director of Europe Economics, and has also worked as an economist for the Institute for Fiscal Studies and the Institute of Directors, as a business analyst for two plastics multinationals, as a mathematical chemist for ICI, and as an opera singer for Opera New Zealand. He is a member of the IEA/Sunday Times Shadow Monetary Policy Committee, is one of Europe’s top experts on the economics of financial regulation and is a leading UK authority on cost of capital analysis. His first degree was from St John’s College, Oxford, and his doctorate was from University College London (where he has also lectured in Money and Banking, Macroeconomics, and Corporate Finance). He also has a Masters degree in Philosophy from the University of London.
Neil Record, Institute of Economic Affairs
Neil Record was educated at Balliol College, Oxford, Essex University and University College, London, from where he gained an MSc in Economics. His early career includes a spell in the Economic Intelligence Department of the Bank of England, and in 1983 he founded Record plc, a currency risk and asset manager, now quoted on the London Stock Exchange. He is the author of Sir Humphrey’s Legacy (IEA 2006) and Public Sector Pensions – the UK’s Second National Debt (Policy Exchange 2009), which both analyse the costs and liabilities of the UK’s unfunded public pensions. He is a Trustee of the Institute of Economic Affairs and visiting Fellow at Nuffield College, Oxford.
Malcolm Small, Tax Incentivised Savings Association
With a background in law, heavy engineering, and public administration, Malcolm has specialised in all aspects of management in Financial Services at senior level for the last 20 years. He spent 14 years with Norwich Union, latterly at operating Board level in Life and Pensions, and five years at Merchant Investors, a specialist high net worth investment and pension provider in Bristol. More recently, as Managing Director of Lyncombe Consultancy, he has specialised in the regulatory, technical and operational aspects of pensions, and a wide range of other retail financial services. A past Chair of the Investment and Life Assurance Group, a practitioner trade body, he also has a strong presence in public affairs and public policy work. He is a frequent speaker, and author, on industry topics, chairing a wide range of industry meetings and conferences. He is Director of Portfolio and Retirement Planning at the Tax Incentivised Savings Association, leading the work of the Association in Pensions, Distribution and Platforms. He is also a Non-Executive Director of B&CE Insurance, provider of pensions and financial services to the construction industry. In addition he is a Senior Policy Adviser on Pensions at the Institute of Directors and a member of the Advisory Council at The Pensions Regulator.
Corin Taylor, Institute of Directors, Secretary
Corin Taylor is a Senior Policy Adviser at the IoD covering economic policy, public sector pensions and public service reform issues. He also sits on the Economic Dependency working group at the Centre for Social Justice, is a Senior Fellow at the new Economic Policy Centre, and has written a number of opinion pieces for the Financial Times. He was formerly Research Director at the TaxPayers’ Alliance, where he was regularly quoted in the media. In 2006, he was Political Secretary to the Tax Reform Commission and wrote several sections of the Commission’s report. Prior to that he worked for the think tank Reform for two years as Economics Research Officer, where he authored a number of papers on economic reform, including drawing up Reform’s “growth rule” for sustainable public spending and co-authoring a pensions reform plan with Tony Blair’s former economic adviser, Derek Scott. Corin has also spoken on public spending and public service reform at the European Parliament in Strasbourg and to think tanks in Canada. He read PPE at Balliol College, Oxford.