Three years after 2006 nothing we have now is any simpler than before

Being able to hit the ground running is one skill that Dentons' Martin Tilley has achieved, both at work and when at play.

The keen runner has come on leaps and bounds in the pensions sector, after observing the arrival of stakeholder pensions, Sipps, the A-Day simplification process and counting down to personal accounts.

With 27 years in the industry, the business development manager noted with distinction about what significant changes have moulded the face of the pensions world.

The 43-year-old said: “There is a huge change in pension vehicles, regulation and advice.

“For example, the demonstration of competency is like chalk and cheese. Now we have advisers who specialise in specific areas, whereas 20 years ago, we had salesmen.

“There were people out there who just wanted to sell a product, make as much commission as they possibly could without thought for the well-being of the client. Now we have genuine people who advise their clients and charge an appropriate rate for their services and provide a far better service. The industry has changed beyond recognition.

“In terms of product change, going back 20 years or so, it was all about very expensive non-transparent contracts and the sector was previously very opaque.”

He said: “We had the biggest shake-up in pensions legislation in 2006, and the whole point was aimed to be a simplification of horrendously complicated things that had gone on before.

“Having spent 25 years before in the market and now three years after 2006, nothing we have now is any simpler than before.

“The problem we have with the government making continual changes, is that it is almost impossible for an adviser to advise a client on a long-term strategy, when you get the sort of changes we have just seen.

“The changes that have been made are significant, but do not provide much confidence for the consumer.”

Noting all the many chameleon-style changes in the sector, Mr Tilley’s changing career has also had an impact on the way he currently views pensions.

Mr Tilley then decided keep in the family tradition to follow in his sister’s footsteps next, by joining Sunlife Alliance Insurance Group in 1982 working for four days a week, while studying for a BTEC course in business and finance one day a week.

Having passed the course at Mid Sussex College, he decided to stay on with Sun Alliance for a total of five years.

Mr Tilley then moved from there to Crown Financial Management for a year, before landing at Surrey-based Dentons Pensions Management.

Although moving into the small actuarial practice for Mr Tilley “was a real culture shock” with only 14 employees – in comparison to the current 43-strong firm – he said it was a step in the right direction.