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GFDavies @gailfdavies
, 11 tweets, 8 min read Read on Twitter
Reconstructed thread on the role of consultants in "Challenging the “DB good, DC bad” viewpoint' and 'How do we make flexible retirement the norm?' for the #USS pension scheme. #ucustrike (thanks to @felicitycallard)
Here is the line for consultancy fees, including scheme change, in 2017 in the #USS accounts.… …. There is no information in the document about who these millions have gone to. #ucustrike
But we have clues .. here is the powerpoint presentation author (from @AonHewitt to UCEA in 2015) and the of advisors in the 2017 #USS documents
And here is the move of key personal from Aon to USS. Thanks to @felicitycallard again.
At this point it is worth looking at @felicitycallard longer thread and her work on the shift in position on DB to DC over the last 8 or years, prompted by regulations, economics and facilitated by this consultancy #ucustrike
It is also worth reading Dennis Leech from Warwick on how ‘most of the actuarial profession has undergone an epic ontological conversion from having a world view based on macroeconomics to one based on financial economics.’…#ucustrike
Plus, check in with some industry insiders: to quote: "I’m sure that there are those within that organisation [ie Aon] who believe these activities are building the brand in the right direction – I cannot hold it against them that they are so misguided."…
Even Aon's own newsletters suggest that people will be jumping ship from the USS scheme to teacher schemes and local government schemes…
At which point it is worth considering what the consultancy fees for scheme change management are actually for. According to the #USS accounts, the main risk of bad management of change is the reputational damage amongst key stakeholders.
So, more confirmation that the landscapes of pension change are deeply complex and lack transparency. At the very least, I think we, and the #USS should be asking for their consultancy fees back... and us for meaningful engagement with members as THE key stakeholder
Thanks again to @felicitycallard @CLIVEYB @gsvoss @FrenchShaun @inneskeighren @AmooreLouise and many more for co-research and support
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