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

    Pension understanding shockingly low – especially for older women

    Pension understanding shockingly low – especially for older women

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    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…

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    Nearly 5million over 50s intend to keep working past age 65 as later retirement becomes the norm

    Nearly 5million over 50s intend to keep working past age 65 as later retirement becomes the norm

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    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…

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    Guidance Guarantee to be called ‘Pension wise’

    Guidance Guarantee to be called ‘Pension wise’

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    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…

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    Closing Tesco pension scheme won’t cure the deficit – but perhaps every little helps!

    Closing Tesco pension scheme won’t cure the deficit – but perhaps every little helps!

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    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…

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    Cashing-in annuities

    Cashing-in annuities

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    5 January 2015 Steve Webb calls for annuities to be cashed-in to extend pension freedom Many would love the chance to take the money instead of a tiny income  But how would this work – what penalties and charges would there be for surrender?  Pensions Minister, Steve Webb, has called for an extension of the radical overhaul of pensions to include existing pensioners who may have bought annuities but are not happy with their deal. In principle, I think this…

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    FCA just doesn’t ‘get it’ – pension customers need immediate protection from mis-selling

    FCA just doesn’t ‘get it’ – pension customers need immediate protection from mis-selling

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    11 December 2014 FCA still fails to ensure customers are properly protected despite finding frequent mis-selling Regulator proposes more consultation and investigation instead of immediate action to protect customers Annuities irreversible, people still effectively forced to buy, but the most vulnerable being let down As annuities are insurance against running out of money if you live a very long time in retirement, those in poor health must be protected from wasting their pension funds The FCA has just published findings…

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    A day at the JobCentre – what I learned about over-50s employment

    A day at the JobCentre – what I learned about over-50s employment

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    Out of work over-50s suffer from poor tech skills, loss of confidence and ageism Some JobCentres offer specific over50s training for IT, CVs and interviews Volunteering is a great way into work – half of over-50s volunteers find employment Having spent a day at the Streatham JobCentre, I thought you might be interested in some of my observations. What’s it like?:  The Streatham JobCentre is managed by a passionate woman called Denise who is clearly on top of her staff…

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    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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