• PENSIONSANDSAVINGS.COM

    From Ros Altmann:economist and pensions,
    investment and retirement policy expert

  • pensionsandsavings.com

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    Category: Pensions

    Did Carillion’s banks demand pension scheme sacrifices as price of more loans?

    Did Carillion’s banks demand pension scheme sacrifices as price of more loans?

    Carillion suggests some firms treat pension debt as ‘optional’. Did lenders demand pension fund should be sacrificed as condition of bank loan? Trustees and Pensions Regulator must be consulted before scheme security is compromised. Totally unacceptable to insist pension security plays second fiddle – these liabilities have people’s lives attached. Serious questions about banks demands to reduce pension funding as condition of new loans: Evidence is emerging today which suggests that Carillion’s banks insisted further lending to the company was…

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    PPF can cope with Carillion but …

    PPF can cope with Carillion but …

    Pension Protection Fund can cope with Carillion. Concern that a hard Brexit might lead to PPF facing difficulties. The Carillion pensioners will see much of their pension replaced by the Pension Protection Fund (but future increases will be lower).  However, those not yet at pension age or who took early retirement may lose at least 10-20% of their promised pension. The PPF has budgeted for some big schemes to fail and can manage the onboarding of all Carillion’s pension schemes….

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    Well done to the PPF for standing up to Toys’R’Us and getting a good compromise

    Well done to the PPF for standing up to Toys’R’Us and getting a good compromise

    Well done to the PPF – more money for the pension scheme and many jobs reprieved PPF Toys’R’Us tactics have sent strong signal to other scheme sponsors to take pension promises more seriously It is good to see the Pension Protection Fund challenging corporate sponsors at Toys’R’Us and managing to get more money into the pension scheme. Its judgment that the company could indeed afford to pay, despite its protestations that this was impossible, has proven correct. This has sent…

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    Toys’R’Us is another signal for Government to recognise dangers lurking in UK pension schemes

    Toys’R’Us is another signal for Government to recognise dangers lurking in UK pension schemes

    Toys’R’Us pension woes highlight risks in employer pension promises Most private companies cannot shoulder open-ended multi-decade liabilities In coming years, more employers will look to offload their pension schemes – or be bankrupted by them Toys’R’Us is the latest casualty in the UK defined benefit pension crisis, highlighting yet again that private sector employer pension promises cannot always be relied upon. The Government recently concluded that most employers can afford their pension deficits, but I believe this is too complacent….

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    Work and Pensions Select Committee call for better consumer protection

    Work and Pensions Select Committee call for better consumer protection

    11 December 2017 Work and Pensions Select Committee presses Government for action to ban cold-calling House of Lords has paved the way for MPs to improve consumer protection Must not miss this chance to ban cold-calling and offer automatic free guidance before pensions transfers, to protect people’s pensions against scams or fraud The Work and Pensions Select Committee is calling on the Government to urgently improve protection for people’s pensions. This is absolutely right. Too many people are losing their…

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    Rise in Pensioner Poverty shows triple lock faults

    Rise in Pensioner Poverty shows triple lock faults

    4 December 2017 Rise in pensioner poverty deeply concerning Poorest pensioners falling behind because triple lock doesn’t protect Pension Credit More older women in poverty as they have lower state and private pensions than men Recent reductions in pensioner poverty are going into reverse: Figures released today by the Joseph Rowntree Trust point to a worrying rise in poverty among both children and pensioners. Pensioner poverty has reduced significantly in recent years, but this trend seems to have gone into…

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    Government facing Lords defeat tomorrow over refusal to protect consumers

    Government facing Lords defeat tomorrow over refusal to protect consumers

    23 October 2017 Government faces Lords defeat tomorrow over refusal to protect financial consumers Hard to understand why Ministers are resisting changes that have widespread support Policy needs action not words – let’s not miss this opportunity to introduce cold-calling ban Cross-party amendments to Financial Guidance and Claims Bill call for: Ban on cold-calling for pensions Mandatory guidance for pension savers before transferring money out Breathing space to protect people with huge debts (vital as interest rates set to rise)…

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    Government too complacent on final salary schemes

    Government too complacent on final salary schemes

    27 September 2017 Three million pension scheme members have no more than 50/50 chance of getting their pensions ‘Superfunds’ could ease pension pressures before more employers become insolvent As Brexit economic and political uncertainty worsens, final salary pensions are more at risk No room for complacency as closed schemes will need better ways to manage liabilities: Britain’s Defined Benefit (DB) final-salary type pension schemes are under unprecedented pressure. So far, the Government has been rather complacent about the risks, but…

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    One pension provider looking after low earners

    One pension provider looking after low earners

    13 September 2017 Government failing to recognise problem of low earners losing out in auto-enrolment Companies using Net Pay schemes are not treating low earners fairly Many low paid women are being forced to pay 25% more than they should for their pension One pension provider is taking the moral high ground – Now:Pensions is paying these workers their tax relief I am delighted to see that Now:Pensions has confirmed it will give its low-paid customers the tax relief that…

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    Finally, a ban on pensions cold calling

    Finally, a ban on pensions cold calling

    20 August 2017 WELL DONE TO THE GOVERNMENT FOR DECISION TO BAN PENSIONS COLD CALLING AT LAST Great to see DWP will act, not just keep consulting Protecting people’s pensions from fraudsters is so important Can give clear message to the public that anyone who contacts them out of the blue about their pensions is a criminal This issue has clear cross-party and industry support Banning cold calls and tightening protection against transfers to fraud schemes: The Government has bowed…

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