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

    The Ten Vital Issues Pensions Guidance Must Cover

    The Ten Vital Issues Pensions Guidance Must Cover

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    The ten vital issues pensions Guidance must explain   The Government’s proposed free Pension Guidance service will have a huge impact on whether the entire reform programme of flexibility and choice for pensions actually works well.  Guidance is only a start, but an important start to ensuring people know what they need to consider when they are told they have reached their scheme pension age.  If the Guidance works well, it can ensure people are able to make sensible choices. …

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    Victory for common sense – People won’t be fined for not finding all their old pensions!

    Victory for common sense – People won’t be fined for not finding all their old pensions!

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    Government has listened to reason and dropped plans to force anyone taking money from their pension flexibly to notify every past pension scheme Proposals were unworkable, impractical and would have penalised the poorest pensioners Pensioners faced hefty fines for failing to find all past pensions within a month I’m delighted that the Government has changed  its plans that would have forced anyone taking more than their Tax Free Cash out of their pension fund after April 2015 to contact every…

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    Bank of England staff pensions immune from problems facing other workers

    Bank of England staff pensions immune from problems facing other workers

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    3 November 2014 Bank of England 2014 pension contributions are over 50% of salary Pension scheme only invests in UK bonds and offers generous pensions Members do not have to contribute, all costs met by Bank of England, even in auto-enrolment How many other employers could afford to contribute an extra 50% for their staff’s pensions? Latest figures show Bank of England pension scheme generosity:  In case you missed it, the Bank of England’s latest Financial Statement for its staff…

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    Auto-enrolment increases pension coverage but private sector, especially women, and self-employed lagging behind

    Auto-enrolment increases pension coverage but private sector, especially women, and self-employed lagging behind

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    30 October 2014 Pension scheme membership increases as auto-enrolment starts to have an impact First increase in pension scheme membership in private sector this century – but public sector workers remain the pensions aristocracy 2013 saw 200,000 extra public sector workers saving in pension compared with 100,000 more in private sector Still need to address low pension coverage for private sector women (only 30% contribute) and the self-employed (only 22%) New pension freedoms may start to increase self-employed interest in…

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    Whole new world for pensions

    Whole new world for pensions

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    14 October 2014 A giant challenge to the pensions industry – give customers the freedoms allowed by law Pensions can become like bank or building society accounts – take money when you need it This isn’t just for the wealthy, it gives everyone the same freedoms as wealthiest already had New pension system could help fund care needs Everyone to have choice about how to spend their pension savings:  The Government is today laying legislation in Parliament that will enable…

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    The pensions revolution – what does it mean?

    The pensions revolution – what does it mean?

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    30 September 2014 So many people have been asking me about the new pension changes and what they might mean, I have put together a quick Q&A to address some of these with my comments.  Hope you find it of interest.  There are profound implications for pension products and pension savers – as well as for regulators of course, to make sure people understand what this all means for them. If in good health, perhaps you shouldn’t buy an annuity…

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    55% pension tax abolished – more good news for pensions

    55% pension tax abolished – more good news for pensions

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      28th September 2014 The good news on pensions just keeps on coming Chancellor abolishes draconian 55% pension death tax – no inheritance or income tax if funds passed on as pension Now pension savers will be able to leave all their funds tax-free to next generation Another nail in the coffin for annuities, but more money could be available for care Pensions to pass to next generation tax-free:  The Government has now announced the final piece of its pension…

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    ABI annuity and drawdown sales

    ABI annuity and drawdown sales

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    11 September 2014 Budget reforms drive massive move away from annuities and into income drawdown ABI figures show 50% year on year fall in annuity sales and >50% rise in income drawdown which carries high fees Fall in annuity sales would be even greater if pension firms allowed customers to use the new freedoms properly Pension providers still failing to put customer interests at the heart of their business The Association of British Insurers has just released figures that show…

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    Public sector workers and graduates have best pension coverage

    Public sector workers and graduates have best pension coverage

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    11 September 2014 Best chance of a pension is having a degree or working in the public sector Low paid workers, self-employed and women lose out on pensions Auto-enrolment will help but concerns remain about lowest paid and the young Huge differences in pension coverage: The ONS has just released interesting statistics which expose the poor pension coverage for low paid workers and those without qualifications. The figures relate to years 201-2012, so they do not reflect the spread of…

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    Advice so that widows do not lose their husbands’ pensions

    Advice so that widows do not lose their husbands’ pensions

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    12 August 2014 It is certainly a problem that many people lose track of old pension entitlements and, especially if husbands have passed away, widows will often be left without anything from their husband’s pension unless they are aware of what his entitlement was. If husbands have died relatively young, a defined benefit pension scheme would provide some money for the widow and a defined contribution scheme could pay out a tax free sum, but widows would need to to…

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