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

    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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    Guidance Guarantee could be a golden opportunity for IFAs

    Guidance Guarantee could be a golden opportunity for IFAs

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    25 July 2014 The Guidance Guarantee – a whole new industry of impartial guides? Important for customers to understand that ‘Guidance’ is not ‘Advice’ Great opportunity for the advice sector This week, the Treasury released more details of its plans for every DC pension saver coming up to pension age is offered free, impartial financial guidance on their pension options.  The Service will be funded by a levy on financial firms, who have an interest in its aims of ensuring customers…

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    Guidance Guarantee must be impartial – providers will not protect customer interest

    Guidance Guarantee must be impartial – providers will not protect customer interest

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    9 June 2014 Providers cannot be trusted to offer the Government’s Guidance Guarantee  Some may look after customers but too many do not – and they cannot be impartial  As FCA continues its study of the Retirement Income Market customers need reassurance that past failings will not be sanctioned again Providers do not know their customers:  Pension providers cannot be relied upon to offer the Government’s promised free, ‘impartial’ at retirement guidance service.  The Association of British Insurers has suggested that…

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    CDC New Style Pensions – What does it mean?

    CDC New Style Pensions – What does it mean?

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    1 June 2014 Government is right to legislate to permit Collective Defined Contribution pensions but beware over-optimistic claims In theory, they are better for employers than traditional final salary and better for workers than traditional defined contribution In practice, they still suffer from market and actuarial risks and new pension freedoms may mean they are less attractive for members Lower earners may subsidise higher earners -Younger members may subsidise older members The Government is set to unveil another Pensions Bill…

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    Auto-enrolment is now a no-brainer

    Auto-enrolment is now a no-brainer

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    20 May 2014 New Budget flexibilities dramatically increase appeal of pensions auto-enrolment Opt out rates should fall significantly ‘Buy-one-get-one-free’ deal too good to miss for most The Pensions Policy Institute has today published new research highlighting that auto-enrolment is now far more attractive than previously expected. Opting out of auto-enrolment is turning down free money:  Even for older workers, who were the group least likely to benefit from staying in their employer’s scheme, the flexibilities introduced to pension savings in…

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    Local authority pension reform could save council taxpayers significant sums

    Local authority pension reform could save council taxpayers significant sums

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    2 May 2014 Cost of local authority pension contributions could be cut by over 10% Proposals to save council taxpayers £660m a year on investment fees Conclusion that active managers are not worth high fees may be contentious Pooling assets could allow more money to go to boost infrastructure Councils paying over £6bn a year into staff pensions: Contributions to local authority pension schemes in England and Wales have quadrupled since 1997 to £6.2bn a year. The scheme benefits have…

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    Pensions tax relief

    Pensions tax relief

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    24 April 2014 Is tax relief a good incentive for pension saving? A flat rate 30p or 50p top up is fairer but would add complexity and may not be effective Auto enrolment already offers £ for £ matching In recent days there has been significant focus on the issue of tax relief for pensions.  Tax relief is meant to provide an incentive to encourage people to lock money away into pensions for their future.  It costs huge sums – estimated…

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