pensionsandsavings.com

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    From Ros Altmann:economist and pensions,
    investment and retirement policy expert

    • pensionsandsavings.com

    pensionsandsavings.com

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    Author: Ros Altmann

    Cold call ban for all financial products – a welcome next step, still plenty more to do to protect consumers from fraud

    Cold call ban for all financial products – a welcome next step, still plenty more to do to protect consumers from fraud

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    About time too – Government moves closer to banning cold-calling for financial products. Plenty more to do – such as publicity drive telling people to hang up on cold-callers and simplifying the baffling array of anti-fraud agencies – FCA, ICO, Ofgem, Action Fraud, City of London Police… Consultation won’t stop the fraudsters, but this is a step in the right direction to protect the public from scams. Older people are more at risk of attempted fraud calls and are often…

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    Chancellor should increase personal savings allowance to help mitigate inflation pressures and rebuild savings culture

    Chancellor should increase personal savings allowance to help mitigate inflation pressures and rebuild savings culture

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    Chancellor should urgently consider increasing personal savings allowance.  Although interest rates have increased, savers are still losing money in real terms and then lose even more in tax.  Penalising savers means higher spending and worse inflation, whereas encouraging more people to save can cool demand with less risk of ongoing rate rises causing sharp recession.  I believe the Chancellor should consider increasing the personal savings allowance to help improve the environment for savers. Increasing the allowance would enable savers to…

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    Extending pension auto-enrolment to more young people, women and low earners

    Extending pension auto-enrolment to more young people, women and low earners

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    More pensions for low earners and young workers as auto-enrolment extension bill goes through house of lords. The legislation will ensure Government moves auto-enrolment to next stage, improving coverage and adequacy of workplace pensions. This is designed to pave the way for all workers under age 22 to be auto-enrolled and provide much larger pensions for lower earners. On Friday, the Extension of Auto-enrolment (No.2) Bill received its Second Reading in the House of Lords and should become law in…

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    Pension funds could do so much more to boost Britain – this Mansion House Compact is just the very start

    Pension funds could do so much more to boost Britain – this Mansion House Compact is just the very start

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    Chancellor could and should be much more ambitious for pension funds to boost Britain. Mansion House Compact is welcome as far as it goes – but is just the tip of the iceberg. Just 5% of funds helping start-ups and scale-ups from Defined Contribution schemes by 2030 and perhaps another 5% of assets from Local Authority pension schemes, seems rather unambitious. At least 25% of each pension fund originated from taxpayer reliefs – with tax and National Insurance reliefs costing…

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    Companies should take more responsibility for curbing price rises, especially after huge pandemic

    Companies should take more responsibility for curbing price rises, especially after huge pandemic

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    Time for businesses to take responsibility for helping overcome current inflation crisis. Chancellor is right to expect businesses to play their part in curbing price rises and margin expansion. After the massive amounts spent supporting businesses through Covid, there should be a recognition of their duty to society as economy looks for new normal. Corporate Social Responsibility should include behaving responsibly during current economic emergency which was partly caused by post-pandemic readjustments. The Chancellor has been speaking to businesses, urging…

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    Pension freedoms have helped millions as interest rates rise

    Pension freedoms have helped millions as interest rates rise

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    Ongoing interest rate rises confirm the value of pension freedoms.  Reforms have saved millions of pensioners from locking into record low annuity rates, without inflation protection or spouse cover.  As QE comes to an end, annuity rates have already increased as inflation and interest rates have risen.  Pension providers have a chance to redesign pensions and move on from one-size-fits-all thinking, with wider investment options and new ways of preserving spending power for later life.    Rising rates and inflation…

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    10.1% rise in State Pension was vital after State Pensions rose only 3.1% this past year, while inflation soared past 10%

    10.1% rise in State Pension was vital after State Pensions rose only 3.1% this past year, while inflation soared past 10%

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    It is only right to properly protect State Pensions in the middle of a cost of living crisis, especially after the past year’s real terms cuts.  State Pensions rose just 3.1% after earnings had increased over 8% as Government broke triple lock just when inflation soared past 10%.  Millions of pensioners must survive on just State Pension – around £10,000 a year or only £8,000 for older pensioners – lowest in developed world.  Means-testing of State Pensions is not the…

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    Sensible decision to leave State Pension Age timetable unchanged for now

    Sensible decision to leave State Pension Age timetable unchanged for now

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    Leaving State Pension Age alone for now is the right decision.    Accelerating Sstate Pension Age rises would be wrong when life expectancy increases have slowed or possibly reversed and huge differentials in healthy life expectancy remain.    Retirement support should not be determined just by chronological age – health, length of National Insurance record and income could be included.    Early access to Pension Credit would be another way to avoid rising old age poverty.  Welcome News: I am…

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    Lifetime Allowance was a sledgehammer to pensions and Budget changes aren’t just to help top 1%

    Lifetime Allowance was a sledgehammer to pensions and Budget changes aren’t just to help top 1%

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    Lifetime Allowance was an unnecessary pension sledgehammer which damaged investment and employment  – if you already have brakes, you don’t need a brick wall to stop the car.    Shame to see pensions become a political football being kicked around with hob-nailed boots – threats to reintroduce it will accelerate exodus of vital NHS and worsen health backlogs.  Scrapping Lifetime Allowance isn’t just for the top 1% – it was always an illogicality that hurt DC pensions by punishing investment…

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    Budget Reaction – good news day for pensions at last

    Budget Reaction – good news day for pensions at last

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    BUDGET 2023 – It’s good news day for pensions! Chancellor takes brilliant bold decision to abolish Lifetime Allowance altogether. At last a move that is likely to benefit pensions, reduce complexity and increase employment. Abolishing Lifetime Allowance and raising Annual Allowance can facilitate more pension assets being invested to boost growth.   Government pays over £40billion a year into people’s pensions, so makes sense to use some for growth-boosting infrastructure, social housing, net zero and nature preservation investment. A new era…

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