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ADAM BOYES: And obviously, there's been a huge shift over the last couple of decades from DB to DC. So back in 2006, there were just over 3.5 million active members of private sector DB schemes. And today that's around 750,000 active members. Obviously, the bulk of the assets in the private sector pension system are within DB at 1.25 trillion, and DC represents about half that today. But it's catching up fast and we'll close that gap significantly over the rest of this decade.
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BINA MISTRY: Chancellor's Mansion House speech, where it claims to have made the biggest pension reforms in decades by doing so in merging 86 LGPS schemes into eight, and to consolidate DC schemes into DC mega funds by 2030.
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DAVID HOILE: What do we think the impact of the Budget is going to be? What does the Bank of England think? So in November, it cut its policy rate down to 4.75%, as you know, but it also updated its forecasts. So you can see that by 2027, it's expecting inflation to fall below its target level of 2%. So Bank of England thinks it can cut interest rates, and inflation will still come down to below its target, albeit gradually.
RICHARD CAMPBELL: Beginning of this year, the regulator released the new general code and trustee bodies are working through those particular requirements. And there's lots of activity in order to try and make sure that schemes are compliant.
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JULIAN BARKER: I think the fact that we're here all today talking about this and that this work's been going on here, it shows that there is ways of doing DC better.
SOPHIE TENNISON: So as schemes go into-- one of the first things we want to make sure is that investment risk hasn't been reduced to an extent, that it compromises overall risk management.
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SALLY MINCHELLA: It's really the breadth of diversity that's really important. It isn't just what your board looks like, it's about how you bring different experiences, knowledge, and perspectives to the decision making process.
SAMMY COOPER-SMITH: I can't quite see what the systemic risk is that affects insurers that doesn't affect pension schemes. What is it that's going to impact Rothesay that doesn't impact Royal London, which would have made the decision the wrong decision? You have to go through all of that thinking in making your decision as to whether or not insurance is the right route.
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JAMES WINTLE: Ultimately, the climate crisis is too big to be solved alone. But maybe, just maybe, there's a beacon of hope that if we can all pull together and harness the power of society, we can foster the positive change that we need to see.
RASH BHABRA: We can make a difference to people's lives, we can make a difference to people's living standards in retirement with a great people we have, with the appetite there is in government today to bring about change, it might be a once in a lifetime opportunity. Let's absolutely commit and go for it.
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