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

    55% pension tax abolished – more good news for pensions

    55% pension tax abolished – more good news for pensions

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      28th September 2014 The good news on pensions just keeps on coming Chancellor abolishes draconian 55% pension death tax – no inheritance or income tax if funds passed on as pension Now pension savers will be able to leave all their funds tax-free to next generation Another nail in the coffin for annuities, but more money could be available for care Pensions to pass to next generation tax-free:  The Government has now announced the final piece of its pension…

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    Why are so many older workers rejecting free money?

    Why are so many older workers rejecting free money?

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    28th September 2014 Huge numbers of over 60s are opting out of pensions auto-enrolment, losing their employer contribution Budget pension reforms make pensions a no-brainer for most older workers as they can simply take the cash if they want to Need for financial education and advice greater than ever   Figures just released show that nearly all younger workers are remaining in their employer pension scheme‎ after being auto-enrolled, but many older people are opting to leave.   According to…

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    Stunning improvements in UK unemployment especially for the young – don’t ignore the over 50s

    Stunning improvements in UK unemployment especially for the young – don’t ignore the over 50s

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    17 September 2014 Over 50s are being left behind as policymakers focus on the young Older people also need special help to get back to work and overcome ageism Subsidised apprenticeships and retraining schemes can help Sharp fall in unemployment: The latest unemployment figures, just released by the ONS, show a continuing picture of rapidly falling unemployment.  This is great news, however the statistics also confirm that the over 50s continue to lag behind. Ageism in the workplace continues:  It…

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    ABI annuity and drawdown sales

    ABI annuity and drawdown sales

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    11 September 2014 Budget reforms drive massive move away from annuities and into income drawdown ABI figures show 50% year on year fall in annuity sales and >50% rise in income drawdown which carries high fees Fall in annuity sales would be even greater if pension firms allowed customers to use the new freedoms properly Pension providers still failing to put customer interests at the heart of their business The Association of British Insurers has just released figures that show…

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    Public sector workers and graduates have best pension coverage

    Public sector workers and graduates have best pension coverage

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    11 September 2014 Best chance of a pension is having a degree or working in the public sector Low paid workers, self-employed and women lose out on pensions Auto-enrolment will help but concerns remain about lowest paid and the young Huge differences in pension coverage: The ONS has just released interesting statistics which expose the poor pension coverage for low paid workers and those without qualifications. The figures relate to years 201-2012, so they do not reflect the spread of…

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    We need tax breaks for care saving, not more means-testing

    We need tax breaks for care saving, not more means-testing

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    4 September 2014 More means-testing and tax increases will disincentivise private income and could worsen looming care crisis We need incentives to encourage people to save for care – Care ISAs and tax-free pension withdrawals, plus inheritance tax exemption for care savings Health and social care budgets must be integrated to provide fairer system Radical reform of social care is required: I welcome the report released today by the King’s Fund, which highlights yet again the flaws in our system…

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    Over 50s find it harder to get back into work as labour market improves

    Over 50s find it harder to get back into work as labour market improves

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    14th August 2014 Unemployment has fallen far less for over 50s than for younger workers as ageism in workplace remains Under the coalition, unemployment for 16-49 year-olds has fallen 19%, but only 5% for over 50s The latest ONS employment figures show that the UK unemployment rate has fallen far faster than previously expected and now stands at 6.4%, the lowest level since Q4 2008. The figures also show that, under the Coalition Government, rising numbers of older people are…

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    Advice so that widows do not lose their husbands’ pensions

    Advice so that widows do not lose their husbands’ pensions

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    12 August 2014 It is certainly a problem that many people lose track of old pension entitlements and, especially if husbands have passed away, widows will often be left without anything from their husband’s pension unless they are aware of what his entitlement was. If husbands have died relatively young, a defined benefit pension scheme would provide some money for the widow and a defined contribution scheme could pay out a tax free sum, but widows would need to to…

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    Do we need a Lifetime ISA now that pensions coverage is set to rise?

    Do we need a Lifetime ISA now that pensions coverage is set to rise?

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    Lifetime ISA might have been useful in the past but is not necessary now Pensions auto-enrolment and flexibility will increase pension coverage New ‘Lifetime ISA’ product proposed, to replace pensions and ISAs:  The Centre for Policy Studies is calling for a new savings approach – the Lifetime ISA – to be introduced in the UK.  This would replace the separate ISA and pension systems we currently have.  The idea is unveiled in this paper http://www.cps.org.uk/publications/reports/introducing-the-lifetime-isa/?utm_source=Michael+Johnson+contacts&utm_campaign=1f6f756838-FTT_chown_lawson&utm_medium=email&utm_term=0_d781b4fd08-1f6f756838-303592833 by Michael Johnson, whose ideas…

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    Man with cancer gets his money back after annuity mis-selling

    Man with cancer gets his money back after annuity mis-selling

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    4 August 2014 Standard annuities assume purchasers are in good health – selling them to someone with heart trouble and cancer is unjustifiable. Treating Customers Fairly requires protection against such annuities mis-selling. I challenge providers and regulators to justify selling annuities without clear risk warnings or suitability checks. The case of Mr. Wayne Davies vividly highlights the injustices of the UK annuity sales process.  It is the worst case I have seen of the UK annuity system failing its customers.  While…

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