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

    State pension must rise with inflation next year, no more betrayals or uncertainties

    State pension must rise with inflation next year, no more betrayals or uncertainties

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    It should be unthinkable to betray pensioners a second year running during a cost of living crisis. Flip-flopping about protection for next year, after just 3.1% increase as inflation hits 10%, will create huge worries for millions of pensioners and undermines our social contract. Trust in Government would be lost if promises made in 2019, and confirmed recently by both the previous and present Prime Ministers, are broken – not all pensioners are well-off! Millions of pensioners rely on their…

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    Bank of England needs to revise its thinking

    Bank of England needs to revise its thinking

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    Bank of England needs to extend emergency gilt buying programme and suspend QT for now.  Pension funds and LDI are not the sole cause of the gilts crisis and should not be blamed.  Monetary policy and fiscal policy errors compounded pressures from actuarial advisors and Pensions Regulator.  To restore confidence, Bank of England is likely to have to extend emergency gilt market support.  Given the role of QE in undermining gilt market stability, Bank of England should announce it is…

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    Government must not betray pensioners again – millions live on far less than workers’ pay

    Government must not betray pensioners again – millions live on far less than workers’ pay

    Comments 5 comments

    State Pension inflation protection must be properly restored after broken promises this year, especially as all public sector workers and pensioners will get full cpi pension uprating.   Although public sector pay has not risen as much, public sector pension costs are around £50billion a year, a significant real terms deferred pay rise since 2010. UK State Pension increase was only 3.1% this year, despite earnings and prices rises rocketing twice as much, and UK State Pension is the lowest in…

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    A quarter of pre-retirees plunged into poverty by increased State Pension Age to 66

    A quarter of pre-retirees plunged into poverty by increased State Pension Age to 66

    Comments 3 comments

    Shocking findings show State Pension Age rise leaves a quarter of 65 year olds in poverty. 100,000 more people were pushed into poverty as State Pension Age rose to 66, but only 60,000 managed to work longer. Government should rethink State Pension policy to reflect near 20-year difference in healthy life expectancy between better-off and least-advantaged groups.  State Pension Age review should consider more flexibility in starting ages to account for ill-health, disability, long contribution records or caring.   Shocking findings…

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    PensionWise stronger nudge is only a start, more will be needed to protect consumers

    PensionWise stronger nudge is only a start, more will be needed to protect consumers

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    Low PensionWise take-up still leaves people at risk of taking money out too soon, paying unnecessary tax and buying unsuitable or scam products. The free impartial guidance service was set up to help people make the most of their pensions after Pension Freedoms and works well but has not been promoted by providers. Only sending customers to PensionWise after they’ve already decided to withdraw money is too late – ideally they need this around age 50. Stronger nudge rule for…

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    Pension Credit take-up campaign is very timely as pensioner poverty is rising

    Pension Credit take-up campaign is very timely as pensioner poverty is rising

    Comments 1 comment

    Delighted to see another campaign trying to help poorest pensioners claim the money they need and are entitled to by improving Pension Credit take-up. Pension Credit (which could be re-named ‘Pensioner Top-up’) has lowest take-up of all means-tested benefits, with over a third of those entitled failing to claim since 2010. Official figures suggest unclaimed Pension Credit means pensioner households missing out on an average £1600 a year. As inflation soars, this failure will increase pensioner poverty from last year’s…

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    Spring Statement – great as far as it goes, but nothing for pensioners, not even the poorest

    Spring Statement – great as far as it goes, but nothing for pensioners, not even the poorest

    Comments 1 comment

    Congratulations to Chancellor for bold moves to help working families. But nothing for pensioners struggling, no improvement in their pensions – just 3.1% rise when inflation today is 6.2% and forecast to be 7.4% this year! Clear priority is for workers and businesses, with nothing to help the elderly. Prioritise working families, businesses, skills training: The Chancellor’s Spring Statement shows a careful judgement about priorities for the country as we move forward, with clear priority to helping working families, improving skills…

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    Correcting State Pension underpayments may require DWP to bring in outside expertise

    Correcting State Pension underpayments may require DWP to bring in outside expertise

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    Government may need private sector experts to help correct State Pension underpayments before more of the women die. The complexity of the calculations mean people can’t work out their State Pension and are totally reliant on Government to pay the right amount. Over-80s and thousands of divorced women should also be urgently assessed to correct underpayments. Interest on arrears and compensation are required to address the injustice. The Public Accounts Committee has issued a damning report highlighting ongoing problems of…

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    Work and Pensions Committee Report is right to focus on helping

    Work and Pensions Committee Report is right to focus on helping

    Comments 1 comment

    Work and Pensions Committee supports pension freedoms but urges Government, industry and Regulators to do far more to help consumers. Report suggests pension savers are left fumbling in the dark due to excessive complexity, disjointed regulation and insufficient guidance or advice. MPs rightly recommend that pension policy should be more about ‘people’ than ‘pension pots’.     Recommendations include: Government and Regulators need research and data on use of pension freedoms Increase take-up of PensionWise guidance – new nudges are not…

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    Pensioners need emergency Manifesto this winter as inflation soars but pensions lag behind

    Pensioners need emergency Manifesto this winter as inflation soars but pensions lag behind

    Comments 2 comments

    Pensioners facing a perfect storm this Winter as fuel prices and inflation soar but pensions fail to keep up.  Government should consider an emergency manifesto to address the living cost crisis for elderly citizens who are most vulnerable to the cold this winter.    Government response must include urgent plans to increase Pension Credit take-up and enable pensioners to afford to heat their homes with reduced prices or increased benefits.  Excess winter deaths among the elderly have averaged tens of…

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