pensionsandsavings.com

  • PENSIONSANDSAVINGS.COM

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

    • pensionsandsavings.com

    pensionsandsavings.com

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    Category: Pensions

    NHS pensions and wider reform

    NHS pensions and wider reform

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    NHS pension crisis shows tapered Annual Allowance rules are classic example of bad policy-making. Government consultation on NHS pensions should include broader reforms – not just tinkering with one scheme. The Annual Allowance taper disincentivises senior staff from working and building up pensions. Policy flaws to be remedied are complexity, cliff-edge and retrospection. Tapered Annual Allowance pension rules are a classic example of bad policy design: The rules are far too complicated, impossible to predict properly and have damaging side-effects…

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    NHS pension crisis – new proposals welcome as a start, more to do

    NHS pension crisis – new proposals welcome as a start, more to do

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    Glad to see Government proposing urgent action to address NHS Pension Crisis. This is not about high earners but about fairness and transparency – these staff have been let down by their employer – that’s you and me! More flexibility is a start but NHS must also acknowledge duty of care to staff who feel betrayed. Government should also consider offering access to independent financial advice for NHS staff. Ideally, the Annual Allowance taper should be scrapped – it’s far…

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    Regulators must do more to protect pension customers against scams and high fees

    Regulators must do more to protect pension customers against scams and high fees

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    MPs demand urgent action to protect pension savers from scams and excessive charges. Regulator should devote more resources and produce early warning systems to help avoid scams. Must also ensure more customers receive their free guidance guarantee. Improving transparency and clearly disclosing charges should be mandatory to help consumers compare products – not just a voluntary code. MPs also demand Government stop forcing lowest earners (mostly women) to pay 25% ‘penalty charge’ if their employer uses a Net Pay pension…

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    Public sector pension ruling has massive ramifications – more reform needed

    Public sector pension ruling has massive ramifications – more reform needed

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    Firefighters landmark victory on public sector pensions will mean huge extra costs for taxpayers. Millions of public sector workers will have to be compensated, costing around £4billion a year. Massive indictment of Government handling of pension reform as it ignored advice that warned against discriminating in favour of older workers. Further reform of public sector pensions seems inevitable to control cost but risks industrial unrest. The Government has lost its Appeal to the Supreme Court against rulings that its changes…

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    Proposals to allow pension withdrawals for house purchase are dangerous

    Proposals to allow pension withdrawals for house purchase are dangerous

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    Encouraging younger savers to spend their pensions before retirement runs huge risks. Confusing shorter-term cash savings for house deposit with long-term investing for pensions will damage retirement prospects for many. People need pensions to supplement very low State Pension in retirement. More money for house deposits may be popular short-term but could just raise house prices further – boosting demand without expanding supply of homes for sale is not a solution. Don’t muddle pensions with house-buying: Policy proposals suggesting people…

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    Regulators and Government need to improve consumer protection – consider banning unregulated investments in SIPPs

    Regulators and Government need to improve consumer protection – consider banning unregulated investments in SIPPs

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    New Report highlights loss of trust in financial services, as savings rates reach record low.   Calls for regulators to put consumer interests first and pre-empt problems in pensions and finance, rather than dealing with losses after they’ve happened.   For example, banning unregulated investments in SIPPs could protect consumers better. Ros Altmann delighted to be appointed as Transparency Task Force 100th Ambassador.  Saving and investing for the future are an important part of social protection, to help people provide…

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    Today’s news that auto-enrolment has reached the ten million milestone

    Today’s news that auto-enrolment has reached the ten million milestone

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    Auto-enrolment has been a huge success so far, but plenty more to do to ensure it works well. Significant milestone reached as 10 million workers are newly saving in a pension scheme but many women and part-timers lose out. Low earners face unfair 25% surcharge for their pension in Net Pay scandal. Incorrect contributions must be corrected urgently to ensure pensions dashboard is reliable. It is great to see the auto-enrolment programme continuing its successful path. So far, it has…

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    Amber Rudd is right to warn employers about pension funding – trustees also need to increase their scrutiny too

    Amber Rudd is right to warn employers about pension funding – trustees also need to increase their scrutiny too

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    Amber Rudd is right to warn employers to take pension funding seriously. As most schemes are closed, employers have little business interest in the open-ended legacy liabilities – so important for trustees to increase funding sooner rather than later. DWP and Regulator should also encourage trustees to consider corporate finance advice to scrutinise employer business. Trustees, not employers, run investments and control balance of risks. Amber Rudd has today put employers on notice that they must take their pension liabilities…

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    Potential Pensions Bombshell as Brexit puts State Pensions for British pensioners in the EU at risk

    Potential Pensions Bombshell as Brexit puts State Pensions for British pensioners in the EU at risk

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    As UK has decided to uprate State Pensions in EU this April, even if there is No Deal, they could agree to uprate all frozen pensions in other countries if they wish to solve this ongoing scandal. Government says State Pensions will only be uprated if host countries reciprocate but is abandoning that rule for Brexit.  340,000 British pensioners would need uprating, while hardly any EU citizens retire to the UK.  British pensioners could lose their pension increases if there…

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    Pensions Predictions for 2019

    Pensions Predictions for 2019

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    What 2019 will bring for Pensions 2018 has seen the start of some important pension policy trends, which will continue into 2019. What is most likely to happen and what still urgently needs to be done? Here are some thoughts. Auto-enrolment program finally fully implemented as pension contributions double in April 2019, amid hopes that the behavioural success will keep opt-out rates low: As pensions auto-enrolment continued to roll out across the country, opt-out rates were unaffected, despite the doubling…

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