pensionsandsavings.com

  • PENSIONSANDSAVINGS.COM

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

    • pensionsandsavings.com

    pensionsandsavings.com

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    Author: Ros Altmann

    NHS pensions and wider reform

    NHS pensions and wider reform

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    NHS pension crisis shows tapered Annual Allowance rules are classic example of bad policy-making. Government consultation on NHS pensions should include broader reforms – not just tinkering with one scheme. The Annual Allowance taper disincentivises senior staff from working and building up pensions. Policy flaws to be remedied are complexity, cliff-edge and retrospection. Tapered Annual Allowance pension rules are a classic example of bad policy design: The rules are far too complicated, impossible to predict properly and have damaging side-effects…

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    NHS pension crisis – new proposals welcome as a start, more to do

    NHS pension crisis – new proposals welcome as a start, more to do

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    Glad to see Government proposing urgent action to address NHS Pension Crisis. This is not about high earners but about fairness and transparency – these staff have been let down by their employer – that’s you and me! More flexibility is a start but NHS must also acknowledge duty of care to staff who feel betrayed. Government should also consider offering access to independent financial advice for NHS staff. Ideally, the Annual Allowance taper should be scrapped – it’s far…

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    There is no democratic mandate for a No Deal Brexit

    There is no democratic mandate for a No Deal Brexit

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    Forcing through a No Deal Brexit would be a betrayal of our democracy. The Referendum result does not give the Government a mandate to leave without a Deal and did not specify any particular Brexit date. The Leave campaign promised more free trade deals and more money to spend on our priorities. It certainly did not state that we would leave without any Deal at all, with all the risks for our society, economy and prosperity. For the past three…

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    Regulators must do more to protect pension customers against scams and high fees

    Regulators must do more to protect pension customers against scams and high fees

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    MPs demand urgent action to protect pension savers from scams and excessive charges. Regulator should devote more resources and produce early warning systems to help avoid scams. Must also ensure more customers receive their free guidance guarantee. Improving transparency and clearly disclosing charges should be mandatory to help consumers compare products – not just a voluntary code. MPs also demand Government stop forcing lowest earners (mostly women) to pay 25% ‘penalty charge’ if their employer uses a Net Pay pension…

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    Public sector pension ruling has massive ramifications – more reform needed

    Public sector pension ruling has massive ramifications – more reform needed

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    Firefighters landmark victory on public sector pensions will mean huge extra costs for taxpayers. Millions of public sector workers will have to be compensated, costing around £4billion a year. Massive indictment of Government handling of pension reform as it ignored advice that warned against discriminating in favour of older workers. Further reform of public sector pensions seems inevitable to control cost but risks industrial unrest. The Government has lost its Appeal to the Supreme Court against rulings that its changes…

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    The wonderful over-70s: inter-generational fairness has many aspects!

    The wonderful over-70s: inter-generational fairness has many aspects!

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    LET’S CELEBRATE THE OVER-SEVENTIES. Having always been a champion of the skills, talents and societal contributions of older generations, I recently enjoyed one of my favourite afternoons of the year. It was so uplifting, I have decided to write about it. As Mark Twain said ‘age is an issue of mind over matter, if you don’t mind, it doesn’t matter’. That is so true. And a perfect example of this was revealed the other day when, thanks to the Chancellor…

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    Proposals to allow pension withdrawals for house purchase are dangerous

    Proposals to allow pension withdrawals for house purchase are dangerous

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    Encouraging younger savers to spend their pensions before retirement runs huge risks. Confusing shorter-term cash savings for house deposit with long-term investing for pensions will damage retirement prospects for many. People need pensions to supplement very low State Pension in retirement. More money for house deposits may be popular short-term but could just raise house prices further – boosting demand without expanding supply of homes for sale is not a solution. Don’t muddle pensions with house-buying: Policy proposals suggesting people…

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    New Conservative leader must support a Public Vote rather than No Deal

    New Conservative leader must support a Public Vote rather than No Deal

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    It is wrong to conclude that the woeful EU election results indicate the Tories must immediately get on with Brexit. The results certainly do not provide a democratic mandate for a No Deal departure. For the Conservative Party to survive as a credible political force, it must now recognise that leaving the EU without a Deal would be electoral suicide. 56% of UK voters in the EU elections supported parties who explicitly reject No Deal – LibDems, Greens, Labour, ChangeUK,…

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    Regulators and Government need to improve consumer protection – consider banning unregulated investments in SIPPs

    Regulators and Government need to improve consumer protection – consider banning unregulated investments in SIPPs

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    New Report highlights loss of trust in financial services, as savings rates reach record low.   Calls for regulators to put consumer interests first and pre-empt problems in pensions and finance, rather than dealing with losses after they’ve happened.   For example, banning unregulated investments in SIPPs could protect consumers better. Ros Altmann delighted to be appointed as Transparency Task Force 100th Ambassador.  Saving and investing for the future are an important part of social protection, to help people provide…

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    Four Seasons is just latest example of social care crisis which is crying out for funding reform

    Four Seasons is just latest example of social care crisis which is crying out for funding reform

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    Financial restructuring of Four Seasons highlights Social Care funding crisis while Government keeps avoiding urgently-needed reform     Private equity firms and hedge funds are not stable stewards for elderly care Independent Care Home sector has been an accident waiting to happen as financial engineering has driven ownership changes. Care sector also hit by rising wage and pension costs, falling council funding and Brexit-related staff shortages. Elderly Care should not be a financial game – it has people’s lives attached….

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