pensionsandsavings.com

  • PENSIONSANDSAVINGS.COM

    From Ros Altmann:economist and pensions,
    investment and retirement policy expert

    • pensionsandsavings.com

    pensionsandsavings.com

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    Category: Auto-Enrolment, Private Pensions and NEST

    Auto-enrolment Bill becomes law – better pensions for low earners and the young

    Auto-enrolment Bill becomes law – better pensions for low earners and the young

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    MORE PENSIONS FOR LOW EARNERS AND YOUNG WORKERS AS LORDS PASSES AUTO-ENROLMENT EXTENSION BILL INTO LAW.    Improves coverage and adequacy of workplace pensions as next step in success of auto-enrolment.    Consultation and regulations will follow to provide much larger pensions for lower earners and ensure workers under age 22 will be auto-enrolled.   The Extension of Auto-enrolment (No.2) Bill passed into Law in the House of Lords yesterday. It is an important next step in the success of workplace…

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    Positive messaging could stop people opting out of pensions

    Positive messaging could stop people opting out of pensions

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    Is the pensions industry in danger of undermining auto-enrolment by failing to explain the many advantages of pensions? People need to know about the positives, not constant negative messaging, so they understand the free money they will have and higher benefit payments they could have if they keep paying in.  Since 2012, Government policy has brought millions more people into pensions, but providers have not managed to engage or enthuse their new customers with positive pension messages.  Extra money from…

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    FCA proposes tougher action to protect pension customers – at last!

    FCA proposes tougher action to protect pension customers – at last!

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    At last the FCA will force providers to help customers with unbiased PensionWise guidance. Pension freedoms were always intended to go hand in hand with help for customers to understand the risks of taking money from their pension.   PensionWise service has rave reviews but less than one in ten customers use it before withdrawing or moving their pension money.   Let’s hope providers do ensure their customers take-up PensionWise appointments to help avoid scams or expensive irreversible mistakes and unnecessary tax…

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    Budget Comment

    Budget Comment

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    Freezing the Pensions Lifetime Allowance will hit younger pension savers while older and wealthiest will already have protection at higher levels. Constant changes in rules and limits undermines long-term retirement planning. Chancellor should consider root and branch review of all the allowances to ensure a sustainable and stable system. This review should include identifying ways of incorporating provision for social care into long-term savings and pensions. Damage to confidence in long-term retirement planning: I recognise that the Chancellor has a…

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    Pensions can rebuild Britain – here’s my six-point plan for the Chancellor

    Pensions can rebuild Britain – here’s my six-point plan for the Chancellor

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    Chancellor has golden opportunity to use pensions to help boost growth. My six-point plan to use private and local authority pensions to build back Britain at lower cost to taxpayers. The UK has a tremendous advantage over other countries because we have always had a strong private pensions sector, with over £2trillion in assets set aside for future pensions. As we build back after the latest economic shock, pensions could and should be a powerful part of our economic recovery….

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    When will pensions become user friendly?

    When will pensions become user friendly?

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    People’s Pension research highlights tremendous opportunities of pension freedoms being missed. Freedoms can make pensions more customer-friendly and help them last longer into later life. When will the industry wake up to the chance to promote pensions and encourage customers not to take money out too soon? Here are my thoughts on pensions from the customer perspective.  The findings do not suggest problems with the principles of freedom and choice. They do, however, imply problems in the way the industry…

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    Arcadia pension scheme unlikely to be rescued like BHS – it’s different this time!

    Arcadia pension scheme unlikely to be rescued like BHS – it’s different this time!

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    Not sure Arcadia’s owners have legal responsibility for fixing its pension scheme deficit. SUMMARY: The company’s collapse has been hastened by the pandemic, which nobody could have foreseen and there seems little legal remedy for the pension members. This situation is not directly comparable to BHS as Sir Philip and Tina Green had agreed pension deficit repair contributions and paid what was asked by the Regulator and trustees. QE has inflated annuity costs and pension liabilities, so the Arcadia scheme…

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    Chancellor’s Statement comment

    Chancellor’s Statement comment

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    Chancellor rightly focuses on jobs and increasing infrastructure spending to boost growth. Great to see Lifetime Skills Guarantee and Restart programmes to help for older unemployed workers – as state pension age rises.   Green projects and social housing should use UK pension assets instead of more borrowing.   The Autumn Statement sets out the depth of the economic emergency we are facing and the Chancellor is right to ensure that we focus on preserving and creating jobs, increasing infrastructure, improving environmental…

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    MPs should grasp the chance to protect pensions and boost growth

    MPs should grasp the chance to protect pensions and boost growth

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    MPs have a chance to protect pensions or put them more at risk – what will they do? Cross-party MPs will try to reinstate Lords measures to help private sector schemes use their assets to boost the economy, rather than buying more gilts. Remaining private sector final salary-type schemes are under threat from rules that will encourage reckless conservatism. Pensions are a better way to boost growth than relying on QE! The Pension Schemes Bill will have its final session…

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    Improving take up of Pension Wise guidance is crucial to protecting people’s pensions

    Improving take up of Pension Wise guidance is crucial to protecting people’s pensions

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    MPs want to improve protection for pension savers by guiding them to better retirement.   I hope government will accept their pension schemes bill amendments.  Government will be under pressure from MPs next week to ensure pension savers are better protected Work and Pensions Select Committee and cross party MPs are right to seek to build on success of automatic enrolment to guide people into better pension decisions Proposed amendments to Pension Schemes Bill in the Commons on Monday want auto-enrolment…

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