• PENSIONSANDSAVINGS.COM

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

  • pensionsandsavings.com

    Browsed by
    Author: Ros Altmann

    Why the £86,000 care cap does not ‘fix’ the care crisis and exacerbates inequalities

    Why the £86,000 care cap does not ‘fix’ the care crisis and exacerbates inequalities

    The £86,000 social care cap is more about protecting the wealthiest than fixing social care. £86,000 cap is not the maximum families will spend on care – they will have to spend well over £100,000 before reaching the cap. The new proposed cap will still take most of the assets from families in areas with lower property values, while helping the wealthiest families keep most of their assets.   The headline is that nobody will have to spend more than £86,000…

    Read More Read More

    Ten ways in which the social care proposals, while welcome, fall short of what’s needed

    Ten ways in which the social care proposals, while welcome, fall short of what’s needed

    Government plans to reform social care are a start, but nowhere near enough to address the scale and scope of the crisis. Stark unfairnesses remain, with inadequate funding for urgently needed staffing improvements (£500million is just £300 per person). There is inadequate funding for prevention measures. The main part of the reforms will help protect the assets of the wealthiest families, not those living in areas with lower property values. With the Health and Social Care Bill coming over to…

    Read More Read More

    Today’s inflation numbers show why 3.1% pension increase will be so damaging

    Today’s inflation numbers show why 3.1% pension increase will be so damaging

    The latest 4.2% CPI rise for October was driven largely by rising household bill, such as electricity, gas and other fuel, after the energy price cap was increased last month. This shows how inadequate the 3.1% rise in State Pensions next year will be. Pensioner poverty was already rising before the pandemic and rising inflation will leave more in desperate straits as they try to pay their basic bills during the coming months.   Today’s CPI inflation numbers confirm again…

    Read More Read More

    MPs vote to remove promised protection for pensioners

    MPs vote to remove promised protection for pensioners

    MPs missed an opportunity to restore trust and instead voted to push more pensioners into poverty.    Government reasons to drop earnings protection for State Pensions and Pension Credit do not stand up to scrutiny.    State Pensions would be higher next year if the triple lock had not been applied and only earnings had been used, but pensioners are told they have been protected!  MPs had a chance to restore some public confidence in their integrity. Sadly, they missed…

    Read More Read More

    What next for the triple lock and pensioners?

    What next for the triple lock and pensioners?

    After the Lords vote to protect the triple lock state Pension earnings link, what happens next?  Commons will debate the amendments the week after next giving a few days to add pressure.  It’s not too late for Government to change its mind and keep the triple lock, using an adjusted earnings figure lower than 8.3%.  If pensions rise by just 3.1%, there will be increasing pensioner poverty and MPs likely to face angry pensioners who feel abandoned while their household…

    Read More Read More

    Pensioners are not the Chancellor’s cash machine – they need their promised protections

    Pensioners are not the Chancellor’s cash machine – they need their promised protections

    3.1% rise in State Pensions next year means a real terms cut, despite 2019 Manifesto commitments to protect pensioner.  Scrapping the triple lock earnings link takes over £5billion away from pensioners next year – the Budget’s biggest cost-cutting measure.  Pensioners should not be used as a cash machine to pay for spending elsewhere, such as a lower bank levy or alcohol duty, especially as we face a cost of living crisis.  Tuesday’s Lords debate could stop this and ask MPs…

    Read More Read More

    Congratulations to the Chancellor for addressing low paid workers’ pension problems at last

    Congratulations to the Chancellor for addressing low paid workers’ pension problems at last

    Delighted to see Chancellor’s Budget plan to fix flawed pension tax relief rules for lowest earners which meant around 2 million workers were losing out on tax relief. More than a million low-earning women are currently paying 25% extra for their pension due to a tax administration anomaly in Net Pay schemes. Chancellor proposes to change HMRC systems to ensure they will get their tax relief and higher take home pay – but not till 2025. I welcome the Chancellor’s…

    Read More Read More

    Budget announcement on pension charge cap

    Budget announcement on pension charge cap

    Increasing pension charge cap for workplace pensions may not be necessary to drive pension money into long-term investments and does not overcome the major barriers. Plans to boost investments in infrastructure or illiquid projects should focus more on Defined Benefit schemes which hold over £2trillion rather than on Defined Contribution which hold around £200billion. The Chancellor’s announcement of an increase in the charge cap for auto-enrolment pension schemes, above the current 0.75% level, has been well-trailed.  The intention to encourage…

    Read More Read More

    It’s not too late to save the triple lock!

    It’s not too late to save the triple lock!

    It’s not too late to save vital earnings protection for state pensions – can use adjusted ONS earnings figures of around 3.2%. Government still has time to rethink its panic decision to break Manifesto commitment to keep triple lock.  House of Lords hasn’t yet passed legislation to remove precious earnings link and I hope Ministers will think again – poorest pensioners should not be abandoned as cost of living for them soars.  The ONS announcement of September’s CPI figure need…

    Read More Read More

    Government doesn’t need to drop triple lock earnings link

    Government doesn’t need to drop triple lock earnings link

    Dropping the triple lock earnings linking is a triple broken promise to pensioners. The legislation to abandon earnings protection for poorest pensioners is unnecessary and based on a false premise as scare stories of an 8% pension increase are wrong. I will warn against setting a dangerous precedent in today’s Lords debate and explain how to save over £3billion without jeopardising poorest pensioners, mostly women. The current legislation allows State Pensions and Pension Credit uprating to use ONS adjusted earnings…

    Read More Read More

    Page 1 of 32
    1 2 3 32