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

    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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    Guidance Guarantee could be a golden opportunity for IFAs

    Guidance Guarantee could be a golden opportunity for IFAs

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    25 July 2014 The Guidance Guarantee – a whole new industry of impartial guides? Important for customers to understand that ‘Guidance’ is not ‘Advice’ Great opportunity for the advice sector This week, the Treasury released more details of its plans for every DC pension saver coming up to pension age is offered free, impartial financial guidance on their pension options.  The Service will be funded by a levy on financial firms, who have an interest in its aims of ensuring customers…

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    Quick Guide to the New Pensions Landscape

    Quick Guide to the New Pensions Landscape

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    The table below summarises the changes confirmed today, what the system was like before the Budget, how it works in the interim period up to April 2015 and what is planned when the full flexibility starts next April: Policy Before Budget Interim changes up to April 2015 Full flexibility from April 2015 AGE: when you can access your pension fund Age 55 Age 55 Age 55 – rising to age 57 from 2028 WITHDRAWING SOME MONEY: The rules on taking…

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    Why working longer is the way of the future

    Why working longer is the way of the future

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    People will increasingly realise the benefits of redefining retirement In the past, retirement was not an active decision – it just happened to you, dictated by your employer, a pension scheme or society:  Traditional UK retirement was not an active choice, but an event that happened, dictated by outside forces rather than being a positive and considered decision.  For example most people automatically stopped work at their pension age or were offered the chance to retire early with a good…

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