8 March 2017 Another missed opportunity to start addressing social care No new incentives for social care savings and radical reform proposals pushed into Green Paper later this year No proper help for savers – new NS&I bond pays interest rate lower than inflation, so savers lose money Costs of public sector pensions will rise sharply, by nearly 40% between 2015 and 2020 Self employed bearing brunt of tax rises to pay for other measures Addressing Social care crisis: Extra…
6 March 2017 International Women’s Day celebrates women’s progress but more to do Too many women still losing out in pensions relative to men National Insurance still penalises women – including in State Pensions Lower lifetime earnings leave women with lower private pensions too – older women particularly at risk Older women have achieved improved equality, pay and maternity rights for today’s younger women: As we celebrate International Women’s Day on March 8th, spare a thought for current cohorts of…
7 December 2016 Common sense prevails at British Steel – jobs secured But not clear what will happen to British Steel’s 130,000 member pension scheme New pension scheme seems generous compared to average UK schemes nowadays But Tata says old British Steel scheme will be ‘de-risked’ and ‘de-linked’ – could mean going into the PPF or could mean standalone Ongoing negotiations with the Pensions Regulator likely and no details yet available Saving jobs is so important for South Wales: It…
23 November 2016 Autumn Statement is missed opportunity to address social care crisis State Pension triple lock seems under threat Chancellor confirms intention to ban pension cold calling The Chancellor’s Autumn Statement had no real surprises for pensions or savers. There are some tweaks to pension rules, but the biggest disappointment for me is that there is no acknowledgement of the social care crisis. The Chancellor started by saying the aim of his budget is to prepare and support the…
4 August 2016 Further pain for UK pensions as QE worsens deficits and increases annuity costs Bank of England statement completely ignores pension impacts of its policies Estimates suggest deficits now approaching £1trillion – this cannot be sustainable Government needs to consider help for employers Today’s decision by the Bank of England to cut short-term interest rates and expand the QE programme is another blow for UK pensions. Both defined benefit and defined contribution pensions have become more expensive as…
28 July, 2016 Important new Statistical Series released today to track trends in later life working Massive increase in labour force participation for over 50s since the 1980s Older women show largest employment rise while proportion age 70-74 in work has doubled Rise in female participation pre-dates increase in state pension age There is a social revolution underway, which can benefit millions of people in the UK, which is seeing increasing numbers of over 50s stay in work, continuing to…
18 July 2016 Potential dangers ahead for pensions if responsibility moves from DWP to Treasury Could be threats to auto-enrolment Must continue to address employer challenges in funding Defined Benefit schemes It would seem that the role of Pensions Minister is being downgraded by the new Government. What does that mean? At the moment, we just don’t know, however it could be that this poses threats to future pensions and we must be alert to the dangers. Pensions are vital…
It is simply incredible to deny that the Labour Government spent too much Failure to recognise or admit past over-spending is deeply worrying This is an article I wrote in 2006, exposing the excessive Government spending under Gordon Brown. It was clear to me even back then, and is still clear now, that the Government was spending far too much. I warned that this was the wrong policy, but it continued. Ed Balls and Ed Milliband were in charge…
30 April 2015 This is my honest assessment of the economic and political realities facing the UK Having given my views on finance and economics for years, I am writing this blog to set out some thoughts on the upcoming election. I have previously voted Labour and LibDem and each party has some excellent politicians, but the current economic and political realities lead me to conclude that the future of the country I love is at risk if the Conservatives…
18 March 2015 We had the Pensions Revolution last year, now comes the Savings Revolution 95% of savers will pay no tax on their savings – will be popular 5m will be allowed to sell their annuity – that’s great news But cutting Lifetime Allowance for pensions is really bad policy Lifetime limit should only apply to DB, but abolished for DC So there we have it. The last Budget before the General Election. A mix of moves to please…