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Cass Event – New Thinking about Deferred Annuities

Tuesday 25 June 2019 08:15

Our motivation for discussing this important subject comes from some exciting recent research which has analysed the impact of behavioural factors on the decision to purchase an annuity. This work has shown that behavioural factors can explain the well-known low demand for immediate annuities but this research also identifies an important opportunity in relation to deferred annuities (DA). The research suggests that these factors lead to positive incentives to purchase a DA and that, for longer deferred periods, a DA could be an attractive product for both consumers and insurers.

At the workshop, there will be a keynote presentation from Don Ezra, the leading actuary, author and commentator on retirement solutions and pension fund investment. There will also be a presentation on the above-mentioned research and a brief overview of annuity markets worldwide. There will then be a panel discussion and so far we have secured Don Ezra, Hilary Salt, and Sir Steve Webb as panel members and there will be a wider debate about this important subject. 


Don Ezra

Don Ezra is co-chairman, global consulting for Russell Investments worldwide, and director, investment strategy for its Americas institutional division. Don was given these wide-ranging roles to reflect the focus that investors everywhere need on "big picture" issues. He provides expert insight on specific governance and financial strategy issues working with both individual clients and Russell teams serving clients, and helps to coordinate the advice of Russell consultants around the world. In addition, Don is a member of Russell's global leadership forum. Don is a widely published author in the pension fund industry. In addition to numerous articles and papers, his books include Understanding Pension Fund Finance and Investment (1979), The Struggle for Pension Fund Wealth (1983), Pension Fund Excellence (1998) and The Retirement Plan Solution: the Reinvention of Defined Contribution (2009). He has won a Graham and Dodd Award from the Financial Analysts Journal and the Roger Murray Prize from the Q Group in the U.S. In 2004, he was given the Lillywhite Award of the Employee Benefit Research Institute "for extraordinary life contributions to Americans' economic security." Don was an appointed delegate to the National Summit on Retirement Savings in both 2002 and 2006, and an at-large delegate from New York State to the White House Conference on Aging in 2006. He now serves on the Editorial Advisory Board of the Financial Analysts Journal and as Research Committee Chairman of the Employee Benefit Research Institute.


Sir Steve Webb

Sir Steve Webb was Minister of State for Pensions between 2010 and 2015, the longest-serving holder of the post.   During that time he implemented major reforms to the state pension system, oversaw the successful introduction of automatic enrolment and played a key role in the new pension freedoms implemented in April 2015. Steve was a Liberal Democrat MP from 1997 to 2015.  Before this he was professor of social policy at Bath University for two years, having previously worked for nine years as an economist at the Institute for Fiscal Studies. He was awarded a knighthood in the 2017 New Year’s Honours list.



Hilary Salt FIA, FPMI, FRSA

Hilary Salt is a Founder of First Actuarial LLP and combines national executive responsibilities in the business with running the Manchester office.

Hilary’s client work covers traditional actuarial consultancy including acting as a scheme actuary and advising sponsoring employers. She also works with trade unions where she assists in collective bargaining situations and advises on the pension schemes run by trade unions themselves. She has worked extensively with the Communication Workers Union devising the ground-breaking CDC proposal which ended their dispute with Royal Mail. She has also advised UCU on alternative approaches to the valuation of the Universities Superannuation Scheme (USS). Hilary also provides policy advice to a number of organisations and is the independent actuarial adviser to the NHS Pension Scheme’s Scheme Advisory Board.  She is a member of the council of the Institute and Faculty of Actuaries. She has written a number of published articles and is a regular speaker at conferences.

Registration and refreshments 8.15 - 9.00

Seminar and panel discussion 9.00 - 10.45

Closing comments 10.45 - 10.50



Cass Business School,

Executive Education Facilities

200 Aldersgate St, London EC1A 4HD

Nearest Public Transport