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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 jargon explained for April Fools Day

    Pension jargon explained for April Fools Day

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    With grateful thanks to Simon Grover of ‘quietroomtweets’ for his April Fool take on pension jargon – hope you enjoy it. Source is here: http://quietroom.co.uk/general/fool2015/ With less than a week to go before the new ‘pension freedoms’ take effect, a Government body is today announcing a new tool to help explain the changes.  A Pensions-Related Information Lexicon is the latest publication from the Financial Office Of Language (FOOL), a quango that brings together experts from the world of business communications to…

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    Don’t just focus on the negatives of pension reform – but need FCA to reform advice

    Don’t just focus on the negatives of pension reform – but need FCA to reform advice

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    26 March 2015 New Pension rules offer opportunities for better financial engagement FCA needs to authorise basic advice to help people make good decisions   Last week I participated in a really good breakfast discussion about the Pensions Revolution taking place in the UK, hosted by Investec Structured Products.  Pensions experts Robert Cochrane of Scottish Widow, Tom McPhail of Hargreaves Lansdown and myself were joined by ten leading personal finance and retirement journalists to discuss the pension changes starting on…

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    A Savings Revolution to follow the Pensions Revolution

    A Savings Revolution to follow the Pensions Revolution

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    18 March 2015 We had the Pensions Revolution last year, now comes the Savings Revolution 95% of savers will pay no tax on their savings – will be popular 5m will be allowed to sell their annuity – that’s great news But cutting Lifetime Allowance for pensions is really bad policy Lifetime limit should only apply to DB, but abolished for DC So there we have it.  The last Budget before the General Election.  A mix of moves to please…

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    Cashing-in annuities – Budget consultation will pave the way to sell unwanted annuities

    Cashing-in annuities – Budget consultation will pave the way to sell unwanted annuities

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    15th March 2015   The pensions revolution rolls on!  Pension freedoms extended to current pensioners too At last, some hope for millions of people trapped in products they never wanted to buy Of course there are risks, but Regulator and Pension Wise can help protect customers  The Treasury will consult on how best to establish a market for second-hand annuities.  This will be popular option with many of the five million or more people who have bought annuities in recent…

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    Cashing in unwanted annuities

    Cashing in unwanted annuities

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    12 March 2015 Why allowing people to unlock annuities makes sense Millions forced to buy unwanted annuities would now have an option to cash in if they need to Nobody will be forced to sell their annuity back, but they can if they need or want to The proposals to allow people to cash-in annuities that they were forced to buy under the old pension rules could prove popular for many of those who have unwanted or low value annuities. …

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    Older Workers Face Discrimination and Disadvantage in the Labour Market

    Older Workers Face Discrimination and Disadvantage in the Labour Market

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    11 March 2015 Overcoming barriers to later life working can boost prospects for old and young Government needs a strategy for adult skills, career reviews and must improve JobCentres Older workers are good for the economy, good for business and good for younger workers too My Business Champion for Older Workers Report, published today, explains the case for ensuring the over 50s can stay in employment if they want or need to. The Report ‘A New Vision for Older Workers…

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    Is cutting pensions tax relief the right way to tackle student debt?

    Is cutting pensions tax relief the right way to tackle student debt?

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    27th February 2015 Proposals to cut annual pension contributions limits make some sense but cutting lifetime limit makes it difficult to plan pensions properly  Still leaves public sector better off than typical private sector pension savers There are better ways to use pensions to help students with debt Damage pension confidence as rules keep changing: The proposals today to cut pensions tax relief in order to fund cuts in university tuition fees are likely to cause damage to pension confidence….

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    Pensioner Benefits

    Pensioner Benefits

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    24 February 2015 Protecting pensioner benefits is politically astute but also makes some sense for now Tinkering with the current package of benefits is not a solution – they could be taxed or paid from a later age, but the whole system should be rationalised A proper assessment of all later life support is needed – including social care If the Government just stops paying pensioner benefits such as Winter Fuel Payments or free TV licences, this would be the…

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    Older workers are essential for economic success

    Older workers are essential for economic success

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    22 February 2015 Having more over 50s in work is not a threat to younger people’s wages or employment – it is essential for economic progress Studies suggest more older people in employment improves employment and wages for the young In our ageing population, we should welcome higher employment levels for over 50s – if they shift to part-time that may depress average wages but is not a concern long-term Concerns about rising labour force participation by older workers being…

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    Care ISAs and incentives for care saving

    Care ISAs and incentives for care saving

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    2 February 2015 Government considering savings incentives for social care Possible ways to incentivise care saving schemes:  1. Care ISA   2. Tax free pension withdrawal   3. Care saving in auto-enrolment Could help millions of middle income families not just the well-off Government must tackle lack of care funding: Are Ministers finally waking up to the need to help people save to pay for social care? I do hope so. It seems they may be considering savings incentives, to help…

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