pensionsandsavings.com

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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

    My comments on the Autumn statement

    My comments on the Autumn statement

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    3 December 2014 So what has happened in the Autumn statement? Summary No change to pensions tax relief but extra tax breaks for joint life annuities Levelling the playing field between annuities and drawdown inherited benefits New tax breaks for ISAs – will be inherited tax free between spouses Tax breaks for carers and careworkers Bigger rise in Pension Credit More generous means-testing calculation for pensioners with pension funds Promise of a pilot back-to-work scheme for older people on benefits…

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    Mis-sold annuities over past 10 years could amount to £8.5bn

    Mis-sold annuities over past 10 years could amount to £8.5bn

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    1 December 2014 A leading newspaper asked me last week to calculate some estimates of the possible or potential losses suffered by pensioners over the past 10 years as a result of buying unsuitable annuity products.  They wanted an estimate of a potential base for mis-selling claims, following revelations that Aviva has already compensated some customers who were found to have been sold inappropriate annuities. Over the years, customers reaching their scheme pension age have received an annuity offer with…

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    Autumn Statement – my expectations and my wishlist

    Autumn Statement – my expectations and my wishlist

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    1 December 2014 What will the Autumn Statement announce on pensions, savings and over 50s? The Chancellor’s surprise Budget reforms last March offered fantastic news for savers. The radical reforms to pensions and more generous rules for ISAs proved so popular, this Autumn Statement can’t possibly provide as much excitement. Nevertheless, more announcements that will impact pensions and the lives of over 50s are expected and I also have a ‘wishlist’ of further reforms that may or may not happen….

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    The Ten Vital Issues Pensions Guidance Must Cover

    The Ten Vital Issues Pensions Guidance Must Cover

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    The ten vital issues pensions Guidance must explain   The Government’s proposed free Pension Guidance service will have a huge impact on whether the entire reform programme of flexibility and choice for pensions actually works well.  Guidance is only a start, but an important start to ensuring people know what they need to consider when they are told they have reached their scheme pension age.  If the Guidance works well, it can ensure people are able to make sensible choices. …

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    Victory for common sense – People won’t be fined for not finding all their old pensions!

    Victory for common sense – People won’t be fined for not finding all their old pensions!

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    Government has listened to reason and dropped plans to force anyone taking money from their pension flexibly to notify every past pension scheme Proposals were unworkable, impractical and would have penalised the poorest pensioners Pensioners faced hefty fines for failing to find all past pensions within a month I’m delighted that the Government has changed  its plans that would have forced anyone taking more than their Tax Free Cash out of their pension fund after April 2015 to contact every…

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    Bank of England staff pensions immune from problems facing other workers

    Bank of England staff pensions immune from problems facing other workers

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    3 November 2014 Bank of England 2014 pension contributions are over 50% of salary Pension scheme only invests in UK bonds and offers generous pensions Members do not have to contribute, all costs met by Bank of England, even in auto-enrolment How many other employers could afford to contribute an extra 50% for their staff’s pensions? Latest figures show Bank of England pension scheme generosity:  In case you missed it, the Bank of England’s latest Financial Statement for its staff…

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    Auto-enrolment increases pension coverage but private sector, especially women, and self-employed lagging behind

    Auto-enrolment increases pension coverage but private sector, especially women, and self-employed lagging behind

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    30 October 2014 Pension scheme membership increases as auto-enrolment starts to have an impact First increase in pension scheme membership in private sector this century – but public sector workers remain the pensions aristocracy 2013 saw 200,000 extra public sector workers saving in pension compared with 100,000 more in private sector Still need to address low pension coverage for private sector women (only 30% contribute) and the self-employed (only 22%) New pension freedoms may start to increase self-employed interest in…

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    Whole new world for pensions

    Whole new world for pensions

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    14 October 2014 A giant challenge to the pensions industry – give customers the freedoms allowed by law Pensions can become like bank or building society accounts – take money when you need it This isn’t just for the wealthy, it gives everyone the same freedoms as wealthiest already had New pension system could help fund care needs Everyone to have choice about how to spend their pension savings:  The Government is today laying legislation in Parliament that will enable…

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    If retirement age rises we need to redefine retirement too

    If retirement age rises we need to redefine retirement too

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    7  October 2014 Later retirement is inevitable and can boost personal lifetime incomes as well as the economy Retirement ages now lower than 1950s – but 6 months a year rise can’t last long, only a catch-up If sustained, retirement age would be 80 over next 30 years! But need a whole new concept of retirement – phase of part-time work, not suddenly stopping DWP forecasts suggesting an increase in average retirement ages by 6 months a year can only…

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    The pensions revolution – what does it mean?

    The pensions revolution – what does it mean?

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    30 September 2014 So many people have been asking me about the new pension changes and what they might mean, I have put together a quick Q&A to address some of these with my comments.  Hope you find it of interest.  There are profound implications for pension products and pension savers – as well as for regulators of course, to make sure people understand what this all means for them. If in good health, perhaps you shouldn’t buy an annuity…

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