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

    Tomorrow’s earnings data could mean State Pension rises by 8% next year – but that’s not the fault of the triple lock

    Tomorrow’s earnings data could mean State Pension rises by 8% next year – but that’s not the fault of the triple lock

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    Earnings inflation figures released tomorrow likely to indicate 8% rise in State Pension.    This will reflect the need to protect State Pensions, not the triple lock itself.    Chancellor is right to hint that it’s time to review state pension protection – just sticking with current triple lock does not give pensioners the reassurance they need.    Current ‘triple lock’ increases only two bits of State Pensions – but poorest pensioners are excluded and youngest get more protection. Earnings…

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    Regulators have driven pension funds away from UK investment trusts – FCA needs to act urgently to stop this damage

    Regulators have driven pension funds away from UK investment trusts – FCA needs to act urgently to stop this damage

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    UK economic growth under threat as investment trust crisis damages investments in UK infrastructure, renewable energy and real estate projects.    Chancellor’s Mansion House reforms want pension funds to invest more to boost key sectors, but new regulatory cost disclosure rules have driven investors out of UK investment companies. Since 2022, waves of selling have caused funding to dry up, as official guidance – derived from EU disclosure standards – which EU firms do not even use – has artificially…

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    It’s time to reform the triple lock – but glad Government will protect pensioners again next year as cost of living crisis continues

    It’s time to reform the triple lock – but glad Government will protect pensioners again next year as cost of living crisis continues

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    Glad to see the Government committing to protect the State Pension for next year as many pensioners continue to battle cost of living crisis. But the real decision is not about ‘triple lock’ as the 2.5% is irrelevant – it’s a double lock that’s important. It’s important for millions of pensioners especially women relying wholly on State Pensions, to have their meagre State Pension safeguarded. Government is right to commit to protecting pensioners again next year: In the middle of…

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    Cost-cutting can be achieved without State Pension cuts or raising State Pension Age

    Cost-cutting can be achieved without State Pension cuts or raising State Pension Age

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    Of course, with an aging population and high inflation, the costs of state pensions will rise, but that should not be a shock!  Of course Britain can afford to pay its State Pensions, this is a political choice of priorities. The UK has one of the lowest State Pensions in the OECD while most EU countries pay far more.  Cost-cutting need not mean attacking the core pension, raising State Pension Age or mass means-testing.  Increasing the number of years for…

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    Cold call ban for all financial products – a welcome next step, still plenty more to do to protect consumers from fraud

    Cold call ban for all financial products – a welcome next step, still plenty more to do to protect consumers from fraud

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    About time too – Government moves closer to banning cold-calling for financial products. Plenty more to do – such as publicity drive telling people to hang up on cold-callers and simplifying the baffling array of anti-fraud agencies – FCA, ICO, Ofgem, Action Fraud, City of London Police… Consultation won’t stop the fraudsters, but this is a step in the right direction to protect the public from scams. Older people are more at risk of attempted fraud calls and are often…

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    Chancellor should increase personal savings allowance to help mitigate inflation pressures and rebuild savings culture

    Chancellor should increase personal savings allowance to help mitigate inflation pressures and rebuild savings culture

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    Chancellor should urgently consider increasing personal savings allowance.  Although interest rates have increased, savers are still losing money in real terms and then lose even more in tax.  Penalising savers means higher spending and worse inflation, whereas encouraging more people to save can cool demand with less risk of ongoing rate rises causing sharp recession.  I believe the Chancellor should consider increasing the personal savings allowance to help improve the environment for savers. Increasing the allowance would enable savers to…

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    Extending pension auto-enrolment to more young people, women and low earners

    Extending pension auto-enrolment to more young people, women and low earners

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    More pensions for low earners and young workers as auto-enrolment extension bill goes through house of lords. The legislation will ensure Government moves auto-enrolment to next stage, improving coverage and adequacy of workplace pensions. This is designed to pave the way for all workers under age 22 to be auto-enrolled and provide much larger pensions for lower earners. On Friday, the Extension of Auto-enrolment (No.2) Bill received its Second Reading in the House of Lords and should become law in…

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    Pension funds could do so much more to boost Britain – this Mansion House Compact is just the very start

    Pension funds could do so much more to boost Britain – this Mansion House Compact is just the very start

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    Chancellor could and should be much more ambitious for pension funds to boost Britain. Mansion House Compact is welcome as far as it goes – but is just the tip of the iceberg. Just 5% of funds helping start-ups and scale-ups from Defined Contribution schemes by 2030 and perhaps another 5% of assets from Local Authority pension schemes, seems rather unambitious. At least 25% of each pension fund originated from taxpayer reliefs – with tax and National Insurance reliefs costing…

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    Companies should take more responsibility for curbing price rises, especially after huge pandemic

    Companies should take more responsibility for curbing price rises, especially after huge pandemic

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    Time for businesses to take responsibility for helping overcome current inflation crisis. Chancellor is right to expect businesses to play their part in curbing price rises and margin expansion. After the massive amounts spent supporting businesses through Covid, there should be a recognition of their duty to society as economy looks for new normal. Corporate Social Responsibility should include behaving responsibly during current economic emergency which was partly caused by post-pandemic readjustments. The Chancellor has been speaking to businesses, urging…

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    Pension freedoms have helped millions as interest rates rise

    Pension freedoms have helped millions as interest rates rise

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    Ongoing interest rate rises confirm the value of pension freedoms.  Reforms have saved millions of pensioners from locking into record low annuity rates, without inflation protection or spouse cover.  As QE comes to an end, annuity rates have already increased as inflation and interest rates have risen.  Pension providers have a chance to redesign pensions and move on from one-size-fits-all thinking, with wider investment options and new ways of preserving spending power for later life.    Rising rates and inflation…

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