Lord Hutton of Furness

Articles from Lord Hutton of Furness


    The Government’s pension reform programme since 2010 gained a powerful boost in last year’s Budget with the announcement that people saving in DC schemes would, from next year, no longer have to purchase an annuity when they retire. At a stroke, the retirement landscape in DC changed dramatically and we are still digesting the implications. We have subsequently gained a little more clarity concerning the guidance that people will be able to access before they make any final decisions, but there is still a heated debate underway about the impact of these changes. The tr ... ..read more

    Last week’s announcements on how the Government plans to implement its new rules on annuities mark a seminal moment in the on-going pension revolution. Some necessary flesh has been now added to the bare bones of the Budget bombshell that savers in DC schemes would no longer have to convert their pension pots into annuities. But at the start of most revolutions, it is usually hard to predict where they will end. This is particularly true of this one. What seems to be clear, however, is that if this revolution is to lead to greater incentives to save (which should perhaps be the r ... ..read more

    The Budget announcement that savers will no longer be required in future to buy an annuity when they retire is a hugely important reform which must now become the catalyst for some radical rethinking of our pension system. The demise of final salary schemes and the growth of defined contribution (DC) pensions have created a powerful sense of insecurity which is proving to be corrosive in establishing an effective savings culture.  The reason for this collapse in confidence is simple - people saving in DC schemes no longer have very much faith in what kind of pension they might enjoy ... ..read more

Lord Hutton of Furness was elected Member of Parliament for Barrow and Furness 1992-2010. He held a range of Ministerial appointments during his political career including Minister of State for Health 1999-2005, Chancellor of the Duchy of Lancaster and Minister for the Cabinet Office 2005, Secretary of State for Work and Pensions 2005-07, Secretary of State for Business, Enterprise and Regulatory Reform 2007-08 and Secretary of State for Defence 2008-09.

In 2010 Lord Hutton became Chairman of the Independent Public Service Pensions Commission; in June 2011 he became Chairman of the Nuclear Industry Association; in January 2012 he became Non-Executive Director of Sirius Minerals plc; in May 2012 he became European Advisory Director for Dimensional Fund Advisers; in 2013 he became an Adviser for Bechtel Corporation; in 2013 he became Special Adviser for PricewaterhouseCoopers; and in 2013 he became a Non-Executive Director of Arthurian Life Sciences Ltd.

Lord Hutton is a trustee of the RAF Museum, a non-executive Director of HMS Victory Preservation Company Ltd, Chairman of the Royal United Services Institute and Chairman of the Cuba Initiative.