22 May 2018: The Association of Consulting Actuaries (ACA) has elected Jenny Condron FFA as its new Chair – the body’s first female Chair. A Partner and the Chief Actuarial Officer at Mercer she takes office on 1 June 2018 succeeding Bob Scott, Senior Partner at LCP, when his two-year term finishes.
Commenting on her election, Jenny Condron (biography – see Note for Editors) said:
“I am honoured to be taking on the role of Chair of the Association at a time when further pension legislation is yet again on the horizon. I strongly believe the ACA’s Members’ input is needed to best resolve outstanding challenges that worry the public, businesses and the industry as a whole. And the DB White Paper will drive thinking in the months ahead!”
Jenny Condron outlined a number of issues she would like to address as Chair of the ACA under the umbrella theme of ‘mind the gap’:
“Firstly, savings levels need to be tackled, notably for those with predominantly defined contribution (DC) pension provision. Retirement income adequacy is a key worry where both the PLSA and Institute and Faculty of Actuaries have highlighted the need for action over the last year or so, building on the ACA’s long-standing call for minimum auto-enrolment (AE) contributions to be raised post-2019. There are also workforce management issues and social care provisions that need to be addressed soon alongside reforms for those excluded from AE provision due to earnings levels or self-employment. And, of course, we need to ensure that the millions of people still relying on good defined benefit (DB) provision see their pensions delivered – with the sponsors of those schemes also supported by way of helpful and proportionate regulation. The ACA and its Members have a big role to play in all of these areas and in responding to the recent White Paper.
“Secondly, we must do more to address low levels of financial education and understanding of pensions including the accumulated wealth required to provide for a comfortable income in later years. The developing simplified member communications, dashboards and work by organisations in this area are welcomed. Messages need to be simple, direct and targeted to respond to the aspirations of all ages. Again, our Members have years of experience in helping to design and communicate pension arrangements with high participation levels.
“Finally, the gap between DB and DC pension taxation needs to be closed. Can it be fair that the outcomes for DB and DC members can be so different under the Lifetime Allowance in place or that DC members can suffer penalties for investment out-performance? And does anyone fully understand and reliably administer the rules now in place? Over the last few years, the ACA has made representations and provided guidance to government on how the pension taxation regime could be simplified – we will continue to do so.
“I am very fortunate to take over the ACA in good health. We attract consistently over 200 of our Members to our monthly meetings and close to 600 of our Members eagerly participate in our Gatwick and Manchester conferences each year. Our Committees, made up of volunteers from across the consulting sector, contribute to public policy consultations across a wide range of areas and we continue to support the All-Party Parliamentary Group on Pensions. Our Annual Survey also provides a timely reminder of trends in pension provision and highlights areas where policy action is needed.”
At the ACA’s recent AGM, Phil Simpson (Milliman) was re-elected Honorary Secretary and Patrick Bloomfield (Hymans Robertson) was elected Honorary Treasurer. Bob Scott (LCP) remains on the ACA Main Committee as Immediate Past Chair. The other Main Committee Members elected for 2018-19 are James Auty (JLT); Gareth Boyd (Willis Towers Watson); Chintan Gandhi (Aon); Stewart Hastie (KPMG); Gail Higgins (Censeo); Julian Hough (XPS Pensions Group); Steve Leake (XPS Pensions Group); Alex Pocock (Barnett Waddingham); Julie Stothard (Capita) and Steven Taylor (PwC).
For further comments:
Jenny Condron (Chair from 1 June) 01483 777053
Bob Scott (Chair until 1 June) 020 7432 6605
Gareth Boyd (PR Committee Chair) 01737 241144
David Robertson (Secretariat) 020 3102 6761 (M: 07919 911380)
NOTE FOR EDITORS
Jenny Condron graduated from Oxford University in 1991 with an MA in Mathematics. She qualified as a Fellow of the Institute and Faculty of Actuaries (IFoA) in 1994.
She joined Mercer’s Edinburgh office in 1991 as an actuarial student and has spent the following years working with a broad range of clients and their pension arrangements as both a Scheme Actuary and corporate actuary. She transferred to Mercer’s Glasgow office in 1998 and then moved to their Windsor office as the Retirement Business and Local Market Leader in 2007. She became a Mercer Partner in 2012 and was appointed as Mercer’s Chief Actuarial Officer in 2017. She led Mercer’s DB Wealth businesses in Woking and London in 2017 and is a member Mercer’s DB Wealth leadership team.
Added to these appointments, Jenny has been an Officer of the Association of Consulting Actuaries, acting as Honorary Treasurer from 2016-2018. She also chaired the ACA’s Professional Affairs Committee until end 2017.
About the Association of Consulting Actuaries (ACA)
Members of the ACA provide advice to thousands of pension schemes, including most of the country’s largest schemes. Members of the Association are all qualified actuaries and all actuarial advice given is subject to the Actuaries’ Code. Advice given to clients is independent and impartial. ACA members include the scheme actuaries to schemes covering the majority of members of private sector defined benefit pension schemes. The ACA is the representative body for UK consulting actuaries, whilst the Institute and Faculty of Actuaries is the professional body.
This document is intended to provide general information and guidance only. It does not constitute legal or business advice and should not be relied upon as such. Responding to or acting upon information or guidance in this document does not constitute or imply any client /advisor relationship between the Association of Consulting Actuaries and/or the Association of Consulting Actuaries Limited and any party, nor does the Association accept any liability to any person or organisation relating to the use of such information or guidance.
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