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…
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…
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…
26 January 2015 At last the regulator has bowed to pressure for second line of defence – essential in the new era of freedom and choice Providers must ask questions and give risk warnings before customers make irreversible pension decisions Fantastic news for customers: I am so delighted that the FCA will finally force firms to take more care of their customers, asking vital questions and warning them about the risks of irreversible pension choices. At last, pension providers will…
20 January 2015 Action to address care crisis cannot wait any longer Elderly people are suffering due to council and care company cost-cutting All parts of the system are failing and Government has not yet offered solutions Tax incentives to help families save for care costs are needed as £72,000 cap is too high for affordable insurance Care ISAs, Family Care Plans and Workplace Savings free of Inheritance Tax Use auto-enrolment and new free Guidance to kick-start care savings There…
15th January 2015 At last some good news for pensioners’ savings NS&I 65+ Guaranteed Growth Bonds on sale from today – guaranteed by the Government These are market-beating bonds with great interest rates and fully backed by the Treasury Don’t panic, but if you’re over 65 and have money sitting in a savings account, the sooner you apply, the sooner it can earn more for you National Savings and Investments (NS&I) has this morning launched its long awaited new…
14 January 2015 Survey reveals shocking lack of pensions knowledge especially among older women High proportion of pension savers have low levels of financial capability Freedom and choice won’t work if people don’t understand pensions Crucial role for ‘Pension wise’ guidance – supplemented by financial advice – to help at all ages Millions of older people – especially women – at risk of poor pensions: The shocking results of a new research report published today show that millions of people…
13 January 2015 Latest Survey for Older Workers Champion shows a retirement revolution is well underway Nearly 5 million people intend to keep working beyond age 65 as later retirement becomes the norm Only 17% favour traditional retirement pattern as majority want to ease into retirement via part-time work first Employers need to increase emphasis on later life training and flexible working Millions of older people do not know that over 65s don’t pay national insurance Retirement is changing as…
12 January 2015 At last the Guidance name is released – ‘Pension wise’ to point people in the right direction for their retirement journey Will need extensive publicity campaign to establish as trusted brand – this is not Advice Could be great opportunity for IFAs, helping customers appreciate relative value of independent advice and explaining hidden commissions Still need second line of defence or pensions passport to better protect customers Guidance brand name unveiled – ‘Pension wise – your money…
8th January 2015 Tesco to close its Pension Scheme – won’t reduce deficit near term but every little helps! Rising pension deficit and cost reduction pressures force closure of last FTSE100 final salary scheme Artificially depressed bond yields contribute to pension losses for thousands of staff Tesco has announced, as expected, a consultation to close its pension scheme – one of the last remaining open defined benefit schemes in the private sector. Among a string of cost-cutting measures, the company…