#Pensionwashing cost savers ￡30bn+ for the 11th consecutive tax year.

Midnight strikes and another ￡30bn+ of future retirement income is lost forever amongst 10 million UK workers.

It's the new Tax Year. Another new set of allowances kick in and last years annual contribution allowances bite the dust, along with the opportunity to Carry Back to the 2018/19 tax year.

For an 11th consecutive tax year, an eye watering ￡30bn+ of future retirement benefits have been lost because the 'low cost' 5 ? pension providers pension computers say 'No'.

Over 2 million Employers contribute an estimated ￡45bn p.a. towards the future retirement benefits of their staff, believing in good faith that those in positions of trust are acting in the Best Financial Interest of all their valued employees.

5 ? industry awards are systematically used by the biggest firms to cover up the true cost of low cost pensions

Since May 2021 there are over 60 SMCR individuals who have received my direct contact via Linked In. Each contact is date and time stamped, recording my request to engage directly on the issue of tackling the needs of those Most at Risk ('MaR').

Within the UK Government, Professional Bodies and Regulators, I have continued to publicly challenge and nudge those in positions of trust and influence to engage on the unprecedented scale of financial and economic harm being caused to over 10 million workers as a direct result of #Pensionwashing.

What is the Pension Industry's reaction?

The response from the 5 ? award winning pension industry, who prosper from selling financial products that have seen pension shortfalls increase by 25% over the last decade is this classic example of #Pensionwashing ??;

PLSA Press Release #PictureYourFuture

The universal response from the biggest firms is to all club together and raise engagement levels across their 30m to 40m ABI and PLSA members customers.

Yep. That's how you address ￡360bn of excess charges made over the last decade because of all those 20th century pension computers still saying 'No' 11 years after receiving this press release from November 2010 and two further education articles published with CISI, PMI and PFS (then CII) in 2011 and 2012.

No ?? required to predict the ?????? engagement of the last decade by those in positions of trust

I don't own a crystal ball, but I do own an excel spreadsheet with rolling 10 year performance data of the biggest default pension funds offered to millions of 'Double Defaulters' who have been paying professional fees to AEGON, AVIVA, L&G, ROYAL LONDON, SCOTTISH WIDOWS and STANDARD LIFE between April 2010 and October 2021.

What I will safely predict are these points;

• None of the above companies, or those listed in this latest example of #Pensionwashing, will engage directly with their MaR customers;
• None will explain that their 5 ? products are responsible in 2022 for an average 3x increase in monthly costs over next 120 paydays;
• None will explain that the average MaR pension shortfall has increased by 25% from ￡200k to ￡250k over the last decade;
• None will be alerting their MaR customers to the true cost of their 'low cost pensions' jumping from ￡520/mth 10 years ago to ￡1,650/mth in 2022; and
• Finally, what every single UKFI listed will definitely not be telling their MaR customers is that they could have been paying just ￡300/mth had those in positions of trust acted in the Best Financial Interest of 10 million workers and made the pension computer say 'Yes'.

Keeping it in the 'Club'

All these six companies I have listed in this article have many things in common.

In 2011 each provider was contacted with an offer to develop a white labelled solution of 3PPS to help tackle a growing savings gap crisis covered comprehensively by the 2010 pan European report published by Deloitte and Aviva called 'Mind the Gap'.

In 2021, ten years later, each provider was contacted to participate in the FinanceForPurpose.com inaugural 10 Year DC Workplace Pension Compliance Review and they all failed to engage in reviewing their 5 ? award winning products' performance at meeting the needs of their MaR customers over the last decade.

For the entire month of December 2021 SMCR individuals of UKFIs connected with recommending or selling 5 ? award winning DC Workplace Pension solutions were 'nudged' to submit data to my latest industry report.

I chose a festive and lighthearted approach, which also contained a purposeful message to Opt In and demonstrate compliance with new Value for Money and Best Financial Interest Laws introduced in October 2021.

No Response. Standard. ??????

All that this new 'joint commitment to raise awareness' will deliver is yet further evidence of industry wide systemic #Pensionwashing on steroids.

#RDay ?? arrived for UK Pensions

The FinanceForPurpose.com 10 Year DC Workplace Pension Compliance Review is here to stay and is just getting started.

Kicking the pension shortfall can down the road has come to an end.

Restitution Day (R-Day) arrived on 31st October 2021 after global Impact Investors came together at COP26 to help drive change and support social stewardship.

Dozens of investment and advisory professionals are supporting change and willing to do the right thing for their customers. Governments around the globe are developing new Taxonomies and contrary to #Pensionwashing by Cushon, a green social stewardship pension revolution didn't start in 2022, it started over a decade ago, when their current Board of Executives had the opportunity to embrace Social Stewardship and point blank refused to act in the Best Financial Interest of society and millions of their customers.

Financial results now covering 10 years of 3PPS member outcomes reveal unprecedented financial harm because those in Positions of Trust are still ensuring that the pension computer says 'No'.

Restitution Funding is already agreed in principle and the systemic failures of the last 10 years hidden in plain sight by #Pensionwashing simply can not be permitted to continue unchecked for the next decade by the Regulator or Government.

Over 10 million UK workers have suffered serious financial harm, increasing on average by ￡325/mth each pay day.

Those responsible for turning a blind eye to known failures for over decade, who chose to put their own ego's and self interest before the needs of consumers, must be held to account for their actions under new laws that came into effect last year.