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

    Needs more than an advertising campaign to protect people from pensions cold calling

    Needs more than an advertising campaign to protect people from pensions cold calling

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    Campaign to improve ‘awareness’ of cold-calling is not enough to protect the public. Relying on people checking FCA registers or reporting scams will not stop the cold-callers! Financial Regulators must ban pension firms from using leads from cold-calling. New ‘ScamSmart’ awareness campaign is welcome, but inadequate: The Pensions Regulator and Financial Conduct Authority (FCA) have launched an important public information campaign, warning about the dangers of falling for pension cold-calls. Such ‘awareness’ campaigns are welcome, but will not end the…

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    Pensions are far better than Lifetime ISAs – Treasury Committee is right to recommend abolition

    Pensions are far better than Lifetime ISAs – Treasury Committee is right to recommend abolition

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    Treasury Select Committee is right to recommend abolition of Lifetime ISA. Also right to suggest abolition of pensions Lifetime Allowance. Just have limit on annual contributions without penalising investment success. Lifetime ISA is unhelpful and confusing: I welcome the Treasury Select Committee’s recommendation to abolish the Lifetime ISA (LISA). (link here: https://publications.parliament.uk/pa/cm201719/cmselect/cmtreasy/565/56510.htm ) The LISA is a hybrid product that can be used to save for house purchase or for later life. These two aims should be kept separate, rather…

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    Vital pension and retirement policies delayed – perhaps casualties of Brexit

    Vital pension and retirement policies delayed – perhaps casualties of Brexit

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    As Parliament breaks for the Summer, there are vital issues left in abeyance. Preparing for later life is essential in our aging population, but policies are on hold. Delays in dealing with social care funding leave a worsening care crisis all around us. Pensions Dashboard, cold-calling ban and ensuring low earners aren’t overcharged have all been delayed, despite the urgency. Over the past year, Ministers have promised a raft of measures designed to help people build up better pensions, improve…

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    Pension Dashboard problems could be solved with the right technology

    Pension Dashboard problems could be solved with the right technology

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    Ros Altmann to Chair pensionsync – a ‘hidden gem’ pensions fintech firm. As Government backs away from Pensions Dashboard, partly due to costs and data unreliability, new technology, developed by private sector can revolutionise auto-enrolment administration. Automating pension contributions saves time, saves money, improves accuracy and enhances GDPR compliance, giving people cheaper pensions for the future. Some day all pensions should be done this way! I am delighted to announce my appointment as Chair of award-winning fintech specialist pensionsync –…

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    Pensions cold-calling ban delayed again – despite the urgency

    Pensions cold-calling ban delayed again – despite the urgency

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    The much-promised pensions cold-calling ban, legislated for a few months ago and promised to come into effect by end June, is not ready on time. The Regulations required to implement the ban have not been laid, so the timetable will not be met. The need for a ban is widely recognised. The sooner cold-calling for pensions is outlawed, the sooner people will be better protected against being scammed and losing their life savings. So many people have already suffered from…

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    FCA moving in the right direction on pension freedoms at last

    FCA moving in the right direction on pension freedoms at last

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    Pension Freedoms not yet working properly as millions have no independent guidance or advice. FCA study highlights need to redesign drawdown for new customer profiles. Regulator demands better investment options, cost transparency and threatens to cap charges. Wake-up packs at age 50 and standard ‘pensions passport’ are major improvements.   New regime not working well for customers as providers fail to innovate: The FCA’s latest report on how pension freedoms have impacted the retirement income space shows that there is…

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    Digital Discrimination leaves millions of older people at risk

    Digital Discrimination leaves millions of older people at risk

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    AgeUK finds Government guilty of digital age discrimination leaving millions of older people at risk of poverty. Elderly citizens denied benefit entitlements because they can’t cope online need special help. Be proud that Britain is leading many technological advances, but this risks older generations being increasingly marginalised by society. 3.8million older people in Britain today have never used the internet: Many of us are so used to online connections that we are in danger of forgetting how fast the technological…

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    MPs highlight gaping holes in pension options and protections at retirement

    MPs highlight gaping holes in pension options and protections at retirement

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    Work and Pensions Committee Report exposes gaping hole in pension freedoms as customers are left unprotected at retirement. Urgent calls for simpler, fairer information and standardised forms to help people understand their pension options and improve retirement income. Pressure on pensions industry to offer innovative products and good value default options for retirement income as MPs call for NEST to be allowed to compete. Before taking money out of pensions, more people need impartial financial guidance or advice.   Gaping…

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    Shocking failings at Financial Ombudsman uncovered

    Shocking failings at Financial Ombudsman uncovered

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     Shocking failings uncovered at Financial Ombudsman.  Channel 4 Dispatches undercover investigation finds major flaws in Ombudsman operation.  FOS staff who don’t understand financial products, are pressured to turn down complaints and side with banks or financial providers.  Urgent action needed to ensure financial customers have proper system of fair redress. Tonight at 8pm a Channel4 Dispatches programme will show shocking evidence of failings at the Financial Ombudsman Service (FOS). Members of the public are told to complain to the Ombudsman…

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    MPs have chance to beef up pension cold-calling ban to make it more effective and ensure more get impartial guidance

    MPs have chance to beef up pension cold-calling ban to make it more effective and ensure more get impartial guidance

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     MPs must ensure Government’s promised cold-calling ban actually works.  Providers should also be required to automatically refer customers to PensionWise guidance  Financial Guidance and Claims Bill comes to Commons tomorrow for crucial votes – a chance to achieve proper protections, not just worthy headlines  I hope Government will back Frank Field’s amendments for cold-calling and automatic pensions guidance rather than its own weaker proposals An opportunity to improve consumer protection properly: The House of Commons will vote tomorrow, Monday 12…

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