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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

    Pension freedoms carry risks but are better than the old system

    Pension freedoms carry risks but are better than the old system

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    FCA concerns about ‘significant risks of harm’ from pension freedoms are valid, but do not mean freedoms are wrong. Consumers are facing new risks, but it is right to allow people to manage their pensions over time, rather than requiring most to just buy a standard annuity.  Original policy intention of ensuring everyone receives impartial guidance or advice before taking money from their pension was absolutely right, but this is not happening in practice.  Without impartial guidance or advice, consumers…

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    Government’s emergency pension measures are welcome

    Government’s emergency pension measures are welcome

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    Well done to Government and the Pensions Regulator for emergency pension measures. Protecting the principle of auto-enrolment is hugely important. But allowing employers leeway to delay deficit contributions during current crisis makes sense. Allowing schemes’ trustees to suspend transfers for at least three months can protect members against scams and allow more time to assess more reliable valuations. The Government and the Pensions Regulator deserve plaudits, in my view, for announcing bold emergency measures to address some of the potential…

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    Wonderful news: Barclays to waive interest charges on arranged overdrafts

    Wonderful news: Barclays to waive interest charges on arranged overdrafts

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    WELL DONE TO BARCLAYS – FIRST BANK TO AGREE TO WAIVE OVERDRAFT CHARGES   It will not charge customers using arranged overdrafts from Friday till end April 2020   Congratulations to Barclays Bank for being the first to announce it will suspend interest charges for its customers who need to dip into their arranged overdraft facilities.  Until now, even those people using arranged overdrafts were facing penal interest charges of around 40% a year.  Now, the bank says its customers…

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    Emergency measures for pensions to help protect customers from scams and accelerate Pensions Dashboard

    Emergency measures for pensions to help protect customers from scams and accelerate Pensions Dashboard

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    Two important pension crisis measures to help protect consumers and improve records:  Stop all pension transfers for six months. Ensure pension administrators start to reconcile records, cleanse and validate data to improve accuracy of pension information. These two emergency measures are designed to stabilise pension schemes, avoid further losses to scammers and improve the reliability of pension data, so that accurate past records and a reliable dashboard will be more quickly and readily achieved. Put All Pension Transfers on hold…

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    Banks should immediately cut record high credit card interest rates to 0.5% and reduce overdraft rates to help customers weather this crisis

    Banks should immediately cut record high credit card interest rates to 0.5% and reduce overdraft rates to help customers weather this crisis

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    Two suggestions for banks to introduce immediately to help customers cope with the current crisis.  Reduce credit card interest rates to 0.5% Abandon plans to increase overdraft interest rates to nearly 40% Credit card interest rates are at record highs, despite the bank rate at a record low: Credit card interest rates are higher now than they were before the 2008 financial crisis. Unfortunately, banks have been continuing to increase the interest rates charged to credit card customers, even as…

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    Pension Scams – risks rising if more people at home and markets so weak

    Pension Scams – risks rising if more people at home and markets so weak

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    Pension scam risks increase with people at home and markets in meltdown.   More people likely to be caught by cold-calling or online scammers.  Urgent Regulatory action and early warning systems required to improve consumer protection. Parliamentarians support new All-Party Parliamentary Group on Pension Scams.  More people at home gives more easy targets for fraudsters: As more people are forced to stay at home during the current coronavirus crisis and investment markets have plunged, the risks of cold-calling criminals or…

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    Huge Gender Pensions Gap – International Women’s Day is a chance to highlight need for action on women’s pensions

    Huge Gender Pensions Gap – International Women’s Day is a chance to highlight need for action on women’s pensions

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    Gender Pensions Gap much worse than Gender Pay Gap. Women lose out in both State and Private pensions because of their social role. Budget could fix pension system cracks that women are falling through. Let’s close gender pensions gap and encourage women to take responsibility for their pensions. Ahead of International Women’s Day, I thought it might be timely to write about the shocking gap between men and women’s pensions, which still exists in 21st Century Britain. Women are the…

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    Recent research from Irwin Mitchell and CEBR provides new insight into Elderly Care Crisis

    Recent research from Irwin Mitchell and CEBR provides new insight into Elderly Care Crisis

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    Recent research from Irwin Mitchell and CEBR provides new insight into Elderly Care Crisis. Chancellor needs to announce measures in the Budget to encourage savings and Care ISAs. Urgent action to plan ahead can’t come soon enough. The aging population requires extra resources for care, yet no money is yet set aside for future needs. We’ve been talking about the care crisis for years, but despite reviews, Royal Commissions and even legislation, no meaningful reform has been introduced, as the…

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    ABI release on pension freedoms – customers need independent guidance or advice, not a provider’s helpline

    ABI release on pension freedoms – customers need independent guidance or advice, not a provider’s helpline

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    ABI report confirms that the pensions industry needs to do more to ensure customers are properly informed and protected.   Pension provider helplines are no substitute for impartial, independent guidance and advice.   Pension Schemes Bill offers an opportunity for Government to introduce requirements for better customer protection against premature or fraudulent transfers.   First line of defence would see providers ask relevant questions to help identify scams. Second line of defence would be ensuring people have impartial guidance or…

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    Pensions tax relief changes – legacy of Gordon Brown’s pension raid should be a warning to the new Chancellor

    Pensions tax relief changes – legacy of Gordon Brown’s pension raid should be a warning to the new Chancellor

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    Removing higher rate tax relief from pensions is a lose-lose proposition which helps nobody and hurts millions.  Reforming pension incentives is enormously complicated and Treasury should beware of unintended consequences. Recent changes to Pension Allowances designed to reduce pension tax relief for higher earners  fuelled an NHS crisis, showing the dangers of chasing political headlines and short-term cost saving. Government should not be undermining saving incentives when debt is already at record levels.  Any reform of tax relief should improve…

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