What’s your current role – and what does it involve?
I’m an investment development proposition lead, focusing on the investment strategies we make available for DC pension schemes. My role focuses on our default investment options that pension scheme members are automatically enrolled into by their employer. As these solutions support millions of customers saving for retirement it is vital to ensure these solutions remain suitable in an ever-changing market. This crucial task doesn’t purely rest on my shoulders, so a large part of my role involves collaboration and working closely with colleagues across Standard Life as we review these strategies against targets, evolving regulations and market requirements. It’s really rewarding knowing that the work you do daily has the potential to benefit millions of UK savers and pensioners.
What’s the best and worst thing about your job?
The best thing about my job is that despite what people might think, there is never a dull moment in pensions. I have been in workplace pensions for nearly a decade and with that has come two massive shifts for investment strategies since the introduction of auto-enrolment. The first has been the incorporation of responsible investment approaches within defaults and the most recent is how we introduce quality private market solutions into DC pensions. Both may feel simple on paper, but these are very thought-provoking topics, and I enjoy having to think innovatively and problem solve. The hardest part of my role is more of a reality factor, in terms of the growing pensions inadequacy challenge in the UK, combined with an unengaged audience. That, said, the number of my friends asking me for pension “guidance” is growing.
What made you apply for a role in the pensions industry?
I have always had an interest in investments and finance and did an investment focused degree at university. After writing my dissertation on a new set of regulations (automatic enrolment) I caught pension fever and have never looked back.
Where do you see yourself in 10 years?
I have the challenge of being ambitious whilst being hugely self-critical of everything I do. I aspire to be in a senior leadership role within the next 10 years helping to drive the pension industry through the next big shift in policy or strategic thinking.
What’s the best piece of advice you’ve ever been given?
Not to contradict my last response but some of the best advice I have received is all about focusing on the here and now. It’s very easy to think so far in the future that you forget about where you are currently in your career and what you are learning. If you are focusing so much on where you think you should be you may inadvertently miss or bypass opportunities that would have worked. Keep your mind open to what opportunities are around you currently and if one comes up, believe in yourself, the worst that can happen is you stay where you are for a little longer.
How can the pensions industry attract and engage more young people?
Focus needs to be on reframing both the message and the medium. We need to make pensions relevant to real life. Young people often see pensions as something distant or irrelevant. To shift this, the industry needs to connect pensions to milestones they care about now, like financial independence or buying a home. We also need to consider that these two objectives for younger generations are getting significantly harder which could push pensions even further down the timeline. We’ve launched Homebuyer Hub and MoneyPlus to support these areas.
We need to engage with young people where they are, this means embracing social media and focusing on fresh, digestible content. A pension needs to evolve from the scary complex topic it can be to something simple and relatable.
To attract young talent school outreach and university partnerships can help. Within a pension company there is a huge variety of roles spread across many areas. There really is a role in pensions for anyone. At Standard Life I am a huge fan of the Trustee Accelerator Programme (TAP), which aims to grow diverse talent into critical pension trustee roles.
If you would like to see one of the talented younger members of your team featured in this column please contact us at: caeditorial@definitearticlemedia.com