Accumulation arrangements are still predicated on some set of assumptions about future income needs and returns. It may take longer but surely many of the owners of these funds are going to feel disappointment. The implicit promises – even if made only to themselves – about their retirement incomes are in danger of not being fulfilled.
I am committed to re-engaging with you on the interagency proposal and ways we might be able to improve it. I am eager to hear your thoughts. I have one more reason for better communication, but first I will give you an idea of what I have in mind for that consultation.