Gregg McClymont

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Gregg McClymont: Many of freedoms’ true challenges yet to surface

I sat open-mouthed in the House of Commons four years ago as George Osborne announced the end of a national retirement system based on annuities. Three years on from the law change, several trends are clear. First, overall we remain in what I call ‘Income Drawdown’s Phoney War’: as long as the vast majority of retirees […]

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Gregg McClymont: Why I need a financial adviser

Combining risk frameworks with appropriate asset allocation is no mean feat Economists call them “teachable moments”. A life event which make us think more about long-term financial planning. Until my 40th birthday, I barely thought of my mortality. But since then I have barely thought of anything else. A major birthday milestone combined with the arrival […]

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Gregg McClymont: Just what is going on with life expectancy?

An increase in UK death statistics is concerning for longevity models, so relied upon in the pensions industry A pessimist sees the difficulty in every opportunity; an optimist sees the opportunity in every difficulty. Put me down as a pessimist. And yet, when it comes to the implications of increasing life expectancy, I fear my […]

Gregg McClymont: Getting inside clients’ heads

It is hard to attend an adviser conference these days without a session on behavioural economics. A discipline which first emerged in the 1970s, its insights into psychological biases have been profound. If human cognitive failure is almost hard-wired into our daily functioning, then finding a way to nudge individuals towards making good decisions becomes […]

Gregg McClymont: Govt money-men are driving pensions policy

“For God’s sake, Gregg, when will they stop tinkering?” So went a recent conversation with an adviser friend. We had begun on drawdown strategies and sustainable withdrawal rates (is 4 per cent too high?) but the televison screen in the corner had caught my friend’s eye. It is election time, after all. My friend was […]

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Gregg McClymont: Managing risk in the pension freedoms age

Revolution is an over-used word but, in the case of pension freedoms, it is necessary. The consequences of ending de-facto compulsory annuitisation in the mass retirement market will be felt for decades to come. Such is the nature of revolutions. This does mean a final judgment on pension freedoms’ success or otherwise remains some time […]

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Gregg McClymont: Income drawdown’s phoney war

I spent last week out and about speaking to advisers. As usual, the conversations were full of fascinating insights into the practical day-to-day reality of managing clients’ wealth. The focus was on income drawdown and the challenges posed in getting it right. The shadow looming over the discussions was, of course, pension freedoms. In asset management, […]