'New Pension Regulation', Steve Wilson

Steve wasn’t just interesting, he made us think. The title of his talk was New Pension Regulations but he did not confine himself to this subject which could, as he pointed out, have made for a pretty boring evening. He referred in summary to the massive range of legislative changes in pension regulation, those introduced in recent years (some 300 changes since the so-called simplification) and those under consideration for the future; but the thrust of his presentation was pension provision and the associated issue of the creation of wealth to prepare for a retirement pension.

His most telling theme was the importance of tax-free arrangements. He referred to the impact of recent legislation restricting the tax benefits applying to pension provision but he concentrated primarily on the impact of tax on savings generally. He also compared different savings options, from saving accounts, through tracker funds to managed funds.

He stressed the importance of an early start to pension provision and of course he reminded us of the advice to invest when things are near the low point, not when things are near the top – but it requires courage. He offered two quotes about successful investors:

“They act when things stink and get nervous when things look perfect”

“No-one who has created wealth has done so worrying about today or yesterday.”

Food for thought for those of you who have money!

The Club's vote of thanks was given by Andy Howard.

Report by Mike Rowe