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Brilliant News – BHS Deal Helps 19,000 Members Get Better Pensions

February 28, 2017 Ros Altmann Comments 1 comment

28 February 2017 Well done to the Pensions Regulator – £360m deal to support BHS scheme Members will get much more than PPF while Sir Philip pays up for future pensions Regulator has worked hard to secure good structure for the deal as well as significant extra funding I am delighted that the Pensions Regulator has managed to agree a deal with Sir Philip Green that secures over £360m for the BHS pension scheme and takes members back out of…

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State Pension Age and Triple Lock

February 28, 2017 Ros Altmann Comments 1 comment

28 February 2017 Triple lock will lead to extra unfair rises in State Pension Age Work and Pensions Select Committee is right to call for earnings and inflation link instead of triple lock Continually raising State Pension age disadvantages vulnerable older people Politicians hide behind triple lock but it does not protect pensioners properly anyway Keeping triple lock in future gives more money to better off and younger pensioners Raising State Pension Age disadvantages vulnerable groups: Raising the state pension…

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Defined benefit pension schemes Green Paper

February 20, 2017 Ros Altmann Comments 1 comment

20 February 2017 DWP seems rather complacent about sustainability of UK Defined Benefit pension schemes Nearly 90% of schemes are closed and Government needs proper planning for members in future years Burdens of Defined Benefit schemes will increasingly put younger workers’ pensions and jobs at risk Using annuity costs as a yardstick is unreasonable, unaffordable and unsustainable for most schemes Complacency based on short-term view: The DWP has today produced its long awaited Green Paper on the affordability of Defined…

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Help people use pensions and savings to fund social care

February 8, 2017 Ros Altmann Comments 2 comments

8 February 2017 Care crisis is worse than pensions crisis – but pensions and savings could help fund social care Many baby boomers have pensions and ISAs but no incentive to retain money for care Chancellor’s Budget could consider tax-free pension withdrawals and IHT-free ISAs for care savings Such incentives would let people know they need to prepare for care costs Have to get real about the scale of care challenge – need combination of public funding, national insurance,…

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Lower immigration post-Brexit makes retaining older workers more vital than ever

February 5, 2017 Ros Altmann Comments 0 Comment

5 February 2017 Wake-up call to business to use home-grown skills and experience of older workers Over 50s women need specific help as they’ve been badly disadvantaged Rethinking retirement can increase economic activity and national income short-term and long-term 3’R’s vital to rethinking retirement – ‘Retain’, ‘Retrain’ and ‘Recruit’ more over 50s In March 2015 I produced a Report as Business Champion of Older workers explaining the benefits of encouraging and enabling more people to work longer if they wish…

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Pensions are in mortal danger – beware

January 4, 2017 Ros Altmann Comments 1 comment

4 January 2017 UK private pensions are in mortal danger – their huge benefits seem under threat Anyone who cares about pensions should be very, very worried Latest Treasury info doesn’t mention pensions when educating the public about retirement saving Future generations face worse later life income if Treasury succeeds in undermining pensions ISAs are sub-optimal way to provide for later life and will saddle future Government with rising pensioner poverty – pushing more costs onto the young Now is…

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The triple lock trick

January 4, 2017 Ros Altmann Comments 1 comment

4 January 2017 Oldest and poorest pensioners are not protected properly by triple lock as it only protects two parts of State Pension Triple lock has kicked in for 2017/18 as earnings and prices rose by less than 2.5% but pensioners deserve proper protection, not just political gimmicks Keeping triple lock in future gives more money to better off and younger pensioners Healthier and wealthier pensioners get £200 a week State Pension by deferring while poorest and oldest get much…

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A pension scandal ruining good people’s Christmas

December 23, 2016 Ros Altmann Comments 2 comments

23 December 2016 Major pension scandal destroying people’s lives Family plumbing firms face financial ruin due to flawed pension laws but big firms walk away Good employers, who’ve paid their contributions properly into an industry-wide plumbers pension scheme, face personal bankruptcy by pension rules The law forces them to pay for pensions of thousands of workers who never worked for them – 400 employers saddled with debts for 4000 others Some are on the brink of nervous breakdowns or worse…

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Is Government going to introduce saving incentives for social care?

December 14, 2016 Ros Altmann Comments 1 comment

14 December 2016 Jeremy Hunt is right we need for private savings to help fund care crisis There’s no one solution but private savings must be part of the mix Care costs much higher for older women than older men Government can introduce tax incentives to help families save for care costs Care ISAs, Workplace Saving Plans, Eldercare vouchers, Family Care Saving Plans free of Inheritance Tax Consider using auto-enrolment and free Guidance to kick-start care savings as part of…

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Political courage needed for social care solutions

December 12, 2016 Ros Altmann Comments 1 comment

12 December 2016 Action to address care crisis cannot wait any longer – need a 21st Century revolution Britain’s welfare state has never included social care – time for a rethink Social Care system dates back to poor laws principles from the 1800s Ultimately, National Insurance or tax will need to cover care funding All parts of the system are failing and Government has not yet offered solutions Private and employer provision can also help – such as Care ISAs,…

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