11 September 2016 Government must make sure people know that by 2020 you won’t get your State Pension at 65 DWP should learn lessons from the failure to adequately inform women about past changes In four years’ time the State Pension Age will be 66 – DWP must publicise this properly By October 2020 the state pension age will be 66, so nobody reaching age 65 will get a state pension. I am concerned that millions of men and women…
4 September 2016 PENSION PROPERTY 1 You get free money from employer – often a matching contribution to double your money No employer help with your property purchase 2 You get extra from tax relief – on top of an employer contribution can more than double your money No tax relief on money you use to buy property 3 No income tax to pay on income earned in a pension fund All rental income taxed 4 No capital gains…
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…
1 August 2016 My comments about the future of state pension uprating have certainly caused widespread debate. Unfortunately, they have also been grossly misrepresented. I am sad about this because it has caused unnecessary upset to many pensioners and that would never be my intention. People don’t expect someone to comment on pensions policy with a long-term perspective: I don’t know if the mis-reporting has been because of a desire to have catchy, controversial headlines, but I think it is…
30 July 2016 Taking the politics out of pensions policy could start with the Triple Lock We must protect pensioner incomes – but a ‘double lock’ is better long-term policy Committing to a double lock could reduce need to keep raising state pension age Totemic political signals can prove difficult to undo but good policy needs courage It is vital that the UK Government protects pensioner incomes and ensures pensioners are treated fairly. It is also essential that the State…
25 July 2016 BHS could have obtained Clearance from Pensions Regulator before selling the company with its massive pension deficit Employers must not treat pension liabilities as optional – they have people’s lives attached Pensions Regulator has power to force previous owners to pay huge sums The Select Committees’ Report on the collapse of BHS makes distressing reading. The whole sorry saga has highlighted poor practices by many of the parties involved, but we must not forget that it is…
20 July 2016 Government must stop denying fairer pension compensation to long-serving staff of failed firms Regulations are ready and DWP should lay them immediately Further delay in increasing Pension Protection Fund cap is a major injustice to those affected Small numbers of people but to each one this is hugely important No justification for further Government delays to Regulations for loyal, long-serving pensioners: It is very disappointing that the DWP has failed to lay the Regulations that will…
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…
18 June 2015 This is a link to my Maiden Speech in the House of Lords
As most readers of this blog will know by now, I have been appointed Minister for Pensions in David Cameron’s new government. Having spent so many years studying pensions, savings and retirement policy as an independent expert, I have the chance of working inside government to drive things forward. It will certainly keep me busy and be a great new challenge. Recent years have seen sweeping changes to our pensions system, changes which have started to move pensions in…