Note: A shorter version of this post appears on my LinkedIn profile.

Yesterday I attended my last Board meeting for the Trustee of the Imperial Tobacco Pension Fund. I joined the Board three years ago, by employee member nomination. As I leave my employee role at Imperial, I am no longer eligible to serve in this capacity.

It is a shame to leave such a committed and passionate bunch of colleagues, with whom I have worked to deliver pension security for other ex-Imperial employees. I am also grateful for the work of our exceptional expert advisors. It is a tribute to them that the fund is in such a strong position. I am particularly thankful for the support of Helen Clatworthy (our Chair until earlier this year), Jan Killick (previous UK Pensions Manager), and Tim Panter and Lorna Johns, past a present Scheme Actuaries.

Over the past three years we have seen some uncharacteristic turmoil in the world of pensions. The Truss mini-budget, just after my appointment, was something of a trial by fire. Yet I leave ITPF both in safe hands and in a strong position. I am proud of our stewardship through this period.

I am particularly happy to have used my time in role to evaluate and change the investment options for (typically younger) defined contribution (“DC”) pension savers. While much focus among pension trustees is the hands-on world of defined benefit pensions, where the risk is held by the fund, its sponsor firms, and ultimately the Pension Protection Fund backstop, this is not the future. In the private sector at least there will be an inversion in which pensions paid like this will become very rare. Income in old age will instead be the result of a cumulation of contribution and investment decisions through your life.

So if you are early or mid-career, and particularly if you have a defined contribution pension, please schedule some time to review your pension arrangements. Pensions UK research shows 82% of savers don’t know how much they’ll need in retirement, with only a third (33%) claiming to have carried out a “great deal” or “fair amount” of retirement planning. Only 48% of people had ever reviewed whether they are putting enough money into their pension. A moderate lifestyle in retirement will cost you £31,700 per year (£43,900 for a couple), assuming that you already own your home. If you don’t know how you will fund this, you should make a plan. If you need a prompt to act: the median pension pot value of 55 to 64 year olds with a private pension £189,700 (ONS, 2025). Average life expectancy is 79 (male) / 83 (female) (ONS). Do the maths: it is not comfortable.