Letters: Long division

While agreeing with Peter Tompkins (Letters, December 2007) that the actuarial profession did its best to put things right after the personal pensions mis-selling scandal became apparent on a large scale, the profession was undoubtedly divided during and before 1989. Life offices thought personal pensions were a good thing. Pension funds that lost members as a result disagreed. Derek Fellows produced a good pamphlet entitled Let’s Get It Right. I was shocked by the complete absence of safeguards and wrote to LAUTRO’s actuarial advisor in 1989 with some suggestions. He eventually replied that he was not going to enter into correspondence. I have the full previous correspondence. I do not believe that heads should roll at this late stage but I do believe that Clifford Sharp has it about right with regards to early personal pension days.

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