PENSIONSANDSAVINGS.COM

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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The latest 4.2% CPI rise for October was driven largely by rising household bill, such as electricity, gas and other fuel, after the energy price cap was increased last month. This shows how inadequate the 3.1% rise in State Pensions next year will be. Pensioner poverty was already rising before the pandemic and rising inflation will leave more in desperate straits as they try to pay their basic bills during the coming months.   Today’s CPI inflation numbers confirm again…

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MPs missed an opportunity to restore trust and instead voted to push more pensioners into poverty.    Government reasons to drop earnings protection for State Pensions and Pension Credit do not stand up to scrutiny.    State Pensions would be higher next year if the triple lock had not been applied and only earnings had been used, but pensioners are told they have been protected!  MPs had a chance to restore some public confidence in their integrity. Sadly, they missed…

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After the Lords vote to protect the triple lock state Pension earnings link, what happens next?  Commons will debate the amendments the week after next giving a few days to add pressure.  It’s not too late for Government to change its mind and keep the triple lock, using an adjusted earnings figure lower than 8.3%.  If pensions rise by just 3.1%, there will be increasing pensioner poverty and MPs likely to face angry pensioners who feel abandoned while their household…

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3.1% rise in State Pensions next year means a real terms cut, despite 2019 Manifesto commitments to protect pensioner.  Scrapping the triple lock earnings link takes over £5billion away from pensioners next year – the Budget’s biggest cost-cutting measure.  Pensioners should not be used as a cash machine to pay for spending elsewhere, such as a lower bank levy or alcohol duty, especially as we face a cost of living crisis.  Tuesday’s Lords debate could stop this and ask MPs…

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Delighted to see Chancellor’s Budget plan to fix flawed pension tax relief rules for lowest earners which meant around 2 million workers were losing out on tax relief. More than a million low-earning women are currently paying 25% extra for their pension due to a tax administration anomaly in Net Pay schemes. Chancellor proposes to change HMRC systems to ensure they will get their tax relief and higher take home pay – but not till 2025. I welcome the Chancellor’s…

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Increasing pension charge cap for workplace pensions may not be necessary to drive pension money into long-term investments and does not overcome the major barriers. Plans to boost investments in infrastructure or illiquid projects should focus more on Defined Benefit schemes which hold over £2trillion rather than on Defined Contribution which hold around £200billion. The Chancellor’s announcement of an increase in the charge cap for auto-enrolment pension schemes, above the current 0.75% level, has been well-trailed.  The intention to encourage…

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