PRAG 50th Anniversary

It seems ironic that a few weeks ago we were checking that our venue for PRAG's 50th anniversary summer meeting, the Royal Society, had sufficient indoor space to accommodate us should it rain and prevent us from using their huge terrace overlooking the Mall for our networking drinks. This being the UK, we never bargained on the sun having such an influence on events! It was indeed a very hot day.

However, we're pleased to say that just under 100 members joined us on the day to celebrate this memorable occasion, hearing from guest speakers and fellow PRAG members and we hope you all enjoyed it as much as we did.

We assembled a panel of previous PRAG chairs - Mike Young, Jeff Highfield, Shona Harvie and Lydia Song - who had a nostalgic look back at the various challenges and successes from their individual stints as Chair as well as their thoughts for the direction of travel for PRAG in the future. Mike, PRAG's founder, first Chair and redoubtable nonagenarian, made the long journey down from Edinburgh and we were absolutely delighted that he was able to join us on this occasion. 

Jonathan Griffith and Andrew McBride from LCP led an interesting an engaging a session on pension trends, surpluses and what this might mean for scheme financial statements and how trustees describe their investment strategy as more schemes move to endgame.

This was followed by a panel session focusing on master trusts and the challenges and opportunities presented by consolidation, competition from CDCs, productive finance and valuing more illiquid investments. Our panel consisted of representatives from various 'stakeholders' - Laura Casserly (Assure) carried the flag for auditors, Rachel Scutt (WTW) for scheme accountants, Gary Smith (NOW: Pensions) for trustees and James Rowe (BlackRock) for investment advisers. No doubt master trusts will play an increasing role over the next 50 years!

No PRAG meeting would be complete without a cyber session to deliver the latest uncomfortable truths about the Dark Web and what might be lurking behind a keyboard to relieve people and organisations of cash or data and Tim Robinson (Crowe) duly delivered. 

And finally, we heard from our keynote speaker, Henry Tapper of AgeWage and Pensions Mutual. Henry shared his forthright and memorable views of how the perception of what a pension was, is and should be, has changed over time and some thoughts for the future. Henry deserves a special mention for cycling from the City to the Royal Society, in a suit and tie in 35-degree heat before taking to the stage shortly afterwards!

We rounded off the day with drinks and canapes in one of the (thankfully) airconditioned rooms where members were able to look at a selection of archive material relating to PRAG held by the Pensions Archive Trust and curated by Jeff Highfield, the PAT current president and ex PRAG chair.

When the sun began to dip and create some shade, we ventured forth onto the terrace to continue conversations and enjoy the views of the Mall and the stunning architecture of the Royal Society. The venue only allows 3 private events a year, so thanks are due to Lydia Song and Mark Hedges for spotting the opportunity and to Lora Couzens for fine-tuning the arrangements,

We hope you enjoyed the 50^th celebrations and here's to the next half-century!