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

    • pensionsandsavings.com

    pensionsandsavings.com

    Chancellor should use Autumn Statement to channel UK pension and ISA funds into domestic markets

    Chancellor should use Autumn Statement to channel UK pension and ISA funds into domestic markets

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    The Chancellor should use the Autumn Statement to incentivise tax-favoured pension and ISA funds to back Britain.  British taxpayers are spending around £70 billion a year in tax and National Insurance reliefs but most is invested overseas instead of boosting British productivity and long-term growth. At least 25% of each pension fund originates from taxpayers – so Government has justification to ensure a minimum proportion of pension contributions supports our own markets. Introducing a Great British ISA for 2024, to…

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    Emergency FCA action needed to prevent collapse of UK investment companies and boost pension fund investment in sustainable growth

    Emergency FCA action needed to prevent collapse of UK investment companies and boost pension fund investment in sustainable growth

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    Misleading cost disclosures are reducing investments in alternative energy and harming UK growth.   UK investment Companies are ready-made for kick-starting pension investment in sustainable UK growth, but FCA charge reporting rules makes them look high-cost, deterring new investors. No more dithering and delay – Government should intervene now to ensure the FCA stops these inappropriate EU-derived charge disclosure rules being applied to UK investment companies. FCA objectives to ensure fair competition, well-functioning, orderly markets, properly informed consumers and accurate charge…

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    Glad to see interest rates on hold, but monetary policy may already be excessively tight and rates may need to come down soon

    Glad to see interest rates on hold, but monetary policy may already be excessively tight and rates may need to come down soon

    Comments 0 Comment

    Glad to see Bank of England decision not to raise rates, but it is worrying that three MPC members wanted to keep tightening. It is a relief that the majority of members decided not to increase interest rates this month, but is still of concern to see three members wanting them to go up by another 0.25 % points. It is hard to understand why rates would need to increase yet again, in the face of major global tensions, leading…

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    Bank of England should put rate rises on hold and pause QT

    Bank of England should put rate rises on hold and pause QT

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    Bank of England must not raise rates again and should pause QT as tightening has gone too far and wider impacts need to be assessed.  Monetary policy operates with lags and there is clear risk of overkill as the massive rate rises in recent months will take time to feed through.  QE central bank bond-buying has undermined capital market risk models leaving pension funds and taxpayers exposed to large losses from QT.  Bank of England rate rises have gone too…

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    Stop treating pensioners as political footballs and let’s have a proper review of long-term pensioner spending

    Stop treating pensioners as political footballs and let’s have a proper review of long-term pensioner spending

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    Threatening to remove Winter Fuel Payments continues treating pensioners as political footballs and is no way to control public spending. Politicians should agree on a national cross-party review of future State Pensions and other support for older people.   Constant threats to cut parts of pensioner support and focus on more means-testing unsettles millions of pensioners with little or no income other than State Pension and benefits. Tinkering with parts of the system will not address cost control or inter-generational concerns.  …

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    Auto-enrolment Bill becomes law – better pensions for low earners and the young

    Auto-enrolment Bill becomes law – better pensions for low earners and the young

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    MORE PENSIONS FOR LOW EARNERS AND YOUNG WORKERS AS LORDS PASSES AUTO-ENROLMENT EXTENSION BILL INTO LAW.    Improves coverage and adequacy of workplace pensions as next step in success of auto-enrolment.    Consultation and regulations will follow to provide much larger pensions for lower earners and ensure workers under age 22 will be auto-enrolled.   The Extension of Auto-enrolment (No.2) Bill passed into Law in the House of Lords yesterday. It is an important next step in the success of workplace…

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    Tomorrow’s earnings data could mean State Pension rises by 8% next year – but that’s not the fault of the triple lock

    Tomorrow’s earnings data could mean State Pension rises by 8% next year – but that’s not the fault of the triple lock

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    Earnings inflation figures released tomorrow likely to indicate 8% rise in State Pension.    This will reflect the need to protect State Pensions, not the triple lock itself.    Chancellor is right to hint that it’s time to review state pension protection – just sticking with current triple lock does not give pensioners the reassurance they need.    Current ‘triple lock’ increases only two bits of State Pensions – but poorest pensioners are excluded and youngest get more protection. Earnings…

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    Regulators have driven pension funds away from UK investment trusts – FCA needs to act urgently to stop this damage

    Regulators have driven pension funds away from UK investment trusts – FCA needs to act urgently to stop this damage

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    UK economic growth under threat as investment trust crisis damages investments in UK infrastructure, renewable energy and real estate projects.    Chancellor’s Mansion House reforms want pension funds to invest more to boost key sectors, but new regulatory cost disclosure rules have driven investors out of UK investment companies. Since 2022, waves of selling have caused funding to dry up, as official guidance – derived from EU disclosure standards – which EU firms do not even use – has artificially…

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    It’s time to reform the triple lock – but glad Government will protect pensioners again next year as cost of living crisis continues

    It’s time to reform the triple lock – but glad Government will protect pensioners again next year as cost of living crisis continues

    Comments 1 comment

    Glad to see the Government committing to protect the State Pension for next year as many pensioners continue to battle cost of living crisis. But the real decision is not about ‘triple lock’ as the 2.5% is irrelevant – it’s a double lock that’s important. It’s important for millions of pensioners especially women relying wholly on State Pensions, to have their meagre State Pension safeguarded. Government is right to commit to protecting pensioners again next year: In the middle of…

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    Cost-cutting can be achieved without State Pension cuts or raising State Pension Age

    Cost-cutting can be achieved without State Pension cuts or raising State Pension Age

    Comments 4 comments

    Of course, with an aging population and high inflation, the costs of state pensions will rise, but that should not be a shock!  Of course Britain can afford to pay its State Pensions, this is a political choice of priorities. The UK has one of the lowest State Pensions in the OECD while most EU countries pay far more.  Cost-cutting need not mean attacking the core pension, raising State Pension Age or mass means-testing.  Increasing the number of years for…

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