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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

    Incentivising UK pension funds to invest 25% of new contributions in Britain, in exchange for tax relief

    Incentivising UK pension funds to invest 25% of new contributions in Britain, in exchange for tax relief

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    Pensions are key to reviving Britain – requiring pension schemes to invest at least 25% of new contributions in UK growth assets would boost long-term investment at no extra Exchequer cost.   Pension funds have abandoned UK equity markets. Restoring domestic investor support is vital to stem the outflow of good companies.   This is incentivsation not mandation, it uses the £70billion a year tax reliefs to help Britain, while pension managers are free to invest over 75% overseas – but without…

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    Winter Fuel Payment u-turn is welcome, but several important details still to be announced

    Winter Fuel Payment u-turn is welcome, but several important details still to be announced

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    Well done to the Government for restoring Winter Fuel Payments to most pensioners.   The decision to ensure those pensioners with incomes up to £35,000 a year still receive the money definitely helps ensure the poorest and those most needing help will receive it this winter.   But lots of questions remain about how the new system will work.   Today’s announcement states that pensioners with incomes up to £35,000 – which is roughly equivalent to average earnings – will receive the Winter…

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    A U-turn on pensioner Winter Fuel Payments is a bit of light perhaps but no actual heat

    A U-turn on pensioner Winter Fuel Payments is a bit of light perhaps but no actual heat

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    A U-turn of sorts but scant comfort for most pensioners. Today’s announcement at PMQs that the Prime Minister now wants ‘to ensure that, as we go forward, more pensioners are eligible for the Winter Fuel Payment’ gives no detail, no timescale and is just an aspiration that will depend on it being ‘affordable’. This still leaves millions of pensioners, many of whom are struggling to make ends meet and wondering whether they will get any help. I’m pleased if there…

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    Mansion House 2 – a definite improvement on original agreement

    Mansion House 2 – a definite improvement on original agreement

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    Government is right to want to boost pension investment in UK growth assets.   Investing in quoted companies, including undervalued investment trusts specialising in alternative energy, could also boost growth and deliver good returns.   Conclusions on Mansion House 2: The Government’s aim of reviving the once-strong UK domestic investment base to support our businesses and invest in long-term growth projects to benefit Britain is absolutely right. This can help achieve better pensions, higher sustainable growth, revived financial markets and ensure a…

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    Power of pensions can be game-changer for UK growth

    Power of pensions can be game-changer for UK growth

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    Government should embrace bold pension reforms as a radical game-changer for UK growth. At least 25% of each pension fund originates from tax reliefs and 25% can be taken tax free, so Government should require at least 25% of new contributions to invest in Britain. Tax reliefs cost over £70billion each year, so pension funds should invest more here, rather than allocating most of the money to boost other countries, not Britain. The gross reliefs to UK pensions each year…

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    Social care kicked into the long grass again – a betrayal of older and disabled people

    Social care kicked into the long grass again – a betrayal of older and disabled people

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    Social care kicked into the long grass yet again as older and disabled people remain a low political priority.   The broken UK care system has had umpteen reviews and Commissions, but now we are back to square one.    Telling Baroness Casey that she cannot assume any extra funding will be available, makes meaningful long-lasting reforms almost impossible.   The announcement that we are to have yet another Commission to review social care is deeply depressing. A huge sense of déjà vu….

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    Investment trusts under fire from FCA proposals for new consumer regime – why are active managers and investment trusts being disadvantaged?

    Investment trusts under fire from FCA proposals for new consumer regime – why are active managers and investment trusts being disadvantaged?

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    Investment trusts in the FCA firing line as consultation proposals want to reimpose damaging cost disclosures which would reverse its recent forbearance and defy Government policy. New FCA regulatory regime for ‘Consumer Composite Investments’ favours unit trusts/OEICs over closed-ended investment trusts and benefit index funds relative to active managers. The proposed replacement for EU PRIIPs and MiFID rules would worsen consumer confusion about investment trusts, misleading investors and imposing needless extra regulations for no benefit. It is time to stop…

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    Hands off our investment trusts – closed-ended funds are deliberately different from open-ended funds and are designed for LONG TERM investors, not short-term trading

    Hands off our investment trusts – closed-ended funds are deliberately different from open-ended funds and are designed for LONG TERM investors, not short-term trading

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    Hands off our brilliant investment trusts! Saba’s attacks are an existential threat to the sector and Boards must recognise the dangers before it’s too late.  Turning closed-ended funds into open-ended funds destroys their long-term value and will harm UK markets and growth.   Investment trusts comprise about a third of the FTSE 250 are a long-standing UK success story for London and Ediburgh. Closed-ended structures offer specialist portfolios of less liquid or real assets, such as infrastructure, alternative energy, small growth…

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    Ros responds to IHT consultation proposing simple flat-rate 20% levy to avoid complexity

    Ros responds to IHT consultation proposing simple flat-rate 20% levy to avoid complexity

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    Government’s proposals for draconian inheritance tax on pension funds will be disastrous – there are much better ways to raise revenue, including a flat-rate 20% levy.  In her response to Treasury consultation taxing unused pensions, Ros Altmann warns of dangers in current proposals and suggests flat-rate 20% inheritance levy instead, giving simpler, fairer rules and less damage to future DC pension. Ros Altmann’s response to the consultation makes clear that the current proposals will be disastrous for all involved in…

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    Investment trusts under threat – investors need more protection

    Investment trusts under threat – investors need more protection

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    Saba wants to turn investment trusts into hedge funds – that’s not what other investors bought into, but if they don’t vote, they can’t protect their positions. Investment Trusts are not short-term trading funds, they build long-term value for patient investors through economic cycles. If their investors wanted hedge funds, they could have invested elsewhere. These bids aim to profit from UK regulatory failures and inadequate investor protections – can FCA or Treasury step in to protect investors? Flawed charges…

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