PENSIONSANDSAVINGS.COM

Ending National Insurance relief only for private sector employer pension contributions is unjustifiable.  If public sector schemes can’t cope with ending this relief, it is a clear indication that private sector schemes will struggle and this change should not happen at all.  Damaging private sector workers, and their employers, while forcing them to pay for even better public sector pensions, would be a serious mistake.  Abolishing National Insurance relief for employer pension contributions may sound attractive in theory, but in…

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On Wednesday, I will be asking Peers to agree to cancel these regulations and help protect the most vulnerable who are undoubtedly being put at risk by having money taken away that they need to ensure they can heat their homes this winter. Having listened to the Prime Minister ‘s interview attempting to justify the decision, he is clearly not aware of the facts. It is simply not the case that those pensioners most in need will continue to get…

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Treasury estimates of a 3.5% rise in state pension next April cannot compensate the poorest pensioners for losing £200 or £300 this November. The Treasury has produced estimates of an expected state pension increase next year which suggest it will increase by around 3.5% in line with average earnings. This triple lock earnings link will add about £6 or £8 a week to the full Basic and New State Pensions. This represents an estimated £300 or £400 a year more…

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Trying to increase pension credit take up will overload DWP capability and claims will not be handled in time for November: The drive to increase take up won’t work and will still leave millions out.   With hundreds of thousands of pensioners potentially eligible for Pension Credit but not yet claiming and perhaps up to 2 million more with incomes only a little above the threshold who might now try to apply and find themselves rejected, it is inevitable that…

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BALANCING THE NATION’S BOOKS ON THE BACKS OF LOW INCOME PENSIONERS IS THE WRONG POLITICAL CHOICE – A PROPER IMPACT ASSESSMENT IS NEEDED. Pensioners may take the Government line – ‘I can’t afford heating so I can’t turn it on’, putting them at risk of illness and increasing pressure on health and care services. Proper detailed review needed – targeting the poorest with means-testing is impossible and the cliff-edge leaves those just above the threshold much poorer than others who…

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TAX IT, DON’T AXE IT – ALTERNATIVE POLICIES FOR PENSIONERS’ WINTER FUEL PAYMENT.     Three alternative policies to consider: Roll the payment into State Pension and tax it. Increase the £13 a year over 80’s Age Addition to £313 a year and recoup some in tax. Only take it away from higher rate tax pensioners, similar to Child Benefit restriction.   At least keep it for this year to give pensioners time to prepare: The shock announcement that pensioners’ Winter…

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Axing Winter Fuel Payments is worse than scrapping the triple lock – it’s a 3% cut in Basic State Pension – this should be rethought.  Pensioners were already losing the cost of living bonus, removing Winter Fuel Payments so suddenly, as energy bills may start rising again, is a double blow.  Relying on means-testing creates a cruel cliff-edge that leaves low income pensioners just above the threshold, thousands of pounds a year worse off. Worse than losing the triple lock…

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Number of pensioners liable for tax will double since 2010 from 4.5million to over 9million. Worrying figures suggest cost-of-living rises and frozen tax thresholds will drag millions more pensioners into tax net. As the new State Pension climbs above 90% of the personal tax threshold, more pensioners may be hit with tax penalties. Government must recognise distress this will cause to more pensioners and consider addressing this by proper liaison between DWP and HMRC to work out any tax, notify…

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