Gregg McClymont

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, […]

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Gregg McClymont: Planning for the 100-year life

Reading Andrew Scott and Lynda Gratton’s study of the implications of rising longevity – The 100-Year Life – I was struck by how their vision of the future creates opportunities for advisers. They argue that actuaries are underestimating longevity significantly. By using cohort estimates, which allow for rapid dynamic changes, rather than the period estimates […]

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Gregg McClymont: How polls misled the markets in 2016

Like the rest of the world I was caught off guard by the result of the US presidential election. I was talking to some IFAs the other day about the Trumpflation investment story (every major US stock index has hit a new record high on expectations of fiscal stimulus) when a question caught me cold: […]

Gregg McClymont: The retirement savings crisis point

Not a day goes by without a call from somewhere in the pensions industry for the Government to increase savings rates. This is understandable from a business point of view (more money to manage) and as responsible public policy. On current trends the UK is heading towards a retirement financing crisis in the next 20 […]

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Gregg McClymont: What does Brexit mean for UK pensions?

Since dawn broke on the morning of 24 June I have been asked the same question repeatedly: what does Brexit mean for British pensions? One answer would be that I am not Nostradamus. Certainly, the future by definition is unknown. However, discerning the lineages of the short-term effects and the long-term parameters in which the consequences […]

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Gregg McClymont: Will the UK ever be a nation of investors?

Turning a nation of savers into a nation of investors: surely this is the objective of pensions freedoms. A shift away from the insurance-linked guarantee of annuities; a rejection of cash in the bank. Instead, an army of pensioners invested in equities, fixed income and alternatives all the way through retirement. Income drawdown in action. […]

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Gregg McClymont: Don’t blame politicians for constant pension reform

Stability in policymaking is a pre-requisite of a successful long-term savings system. Individuals can hardly be expected to make long-term plans if the rules keep changing, while providers cannot be expected to invest in new technology and systems if the regulatory framework is unstable (the sale of Axa Wealth being the latest example). Yet the […]