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

    Improving take up of Pension Wise guidance is crucial to protecting people’s pensions

    Improving take up of Pension Wise guidance is crucial to protecting people’s pensions

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    MPs want to improve protection for pension savers by guiding them to better retirement.   I hope government will accept their pension schemes bill amendments.  Government will be under pressure from MPs next week to ensure pension savers are better protected Work and Pensions Select Committee and cross party MPs are right to seek to build on success of automatic enrolment to guide people into better pension decisions Proposed amendments to Pension Schemes Bill in the Commons on Monday want auto-enrolment…

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    PensionWise and Dashboards stuck in the slow lane

    PensionWise and Dashboards stuck in the slow lane

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    Pension Reforms to help consumers seem consigned to the slow lane. Pensions Dashboards still 3 years away and measures to improve PensionWise take-up are too weak.   Dashboard acceleration needs data reconciliation and standard statements. PensionWise ‘nudge’ won’t be a game-changer, auto-enrolment is needed to protect more people against scams. Disappointingly slow pace of change for pensions: The Government has today unveiled the latest in its ongoing series of pension reforms, designed to improve the way pensions work for customers. I…

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    New scheme funding rules risk undermining Defined Benefit pensions and would cost employers billions of pounds

    New scheme funding rules risk undermining Defined Benefit pensions and would cost employers billions of pounds

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    Changes to pension funding rules pose a serious threat to workers’ future pension prospects.  Measures supposedly designed to improve pension funding and security may well have the opposite effect.    As exceptional monetary measures have damaged pension funding, pension schemes need more potential for asset growth, not less.  The Pensions Regulator’s proposed new rules may require schemes to sell growth assets, forcing employers to put scarce corporate resource into the pension fund rather than the business.  Government should encourage pension…

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    Simple Annual Pension Statements – a great idea!

    Simple Annual Pension Statements – a great idea!

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    Great to see DWP plans to force pension firms to produce standardised simple annual statements. Customers need simple language to help understand and engage with their pensions. Pensions Dashboard will not work without standardisation – and accurate dat.   New statements should be promoted and explained by national public information campaign.  Standardised, simpler statements need to be mandatory for all providers: The DWP has just released its decision in response to the consultation on simpler, standardised annual pension statements. I am…

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    Women disappointed by Court of Appeal State Pension Age ruling may have another route

    Women disappointed by Court of Appeal State Pension Age ruling may have another route

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    Women’s State Pension Age ruling is disappointing but not entirely unexpected.  All hope is not lost.  Injustice felt by so many women may be due to maladministration rather than discrimination.  Government may have misled many women and caused them hardship which they had no idea was coming or could not avoid. The Court of Appeal’s clear ruling today that the sharp increases in women’s State Pension Age did not discriminate against women affected. The judges expressed sympathy for their plight,…

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    Over £600billion could be at risk from pension scams – taxpayers lose out while customers need better protection

    Over £600billion could be at risk from pension scams – taxpayers lose out while customers need better protection

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    Major pension provider joins Police Foundation to call on Government and Regulators to urgently improve consumer protections against pension scams. Over £600billion of taxpayer money may be at risk of being lost. Latest research from The Police Foundation and The People’s Pension concludes greater powers are needed to help prevent transfers to suspected scam schemes. Report highlights need for centralised information-sharing and co-ordination between providers, regulators, police and agencies. Pension providers are on the front-line to protect against scams –…

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    Helping low earners’ pensions – Glad to see Government’s Call for Evidence

    Helping low earners’ pensions – Glad to see Government’s Call for Evidence

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    Government calls for evidence on addressing scandal of lowest earners paying 25% extra for their pensions.  Over one million low-paid women are unknowingly auto-enrolled into employer schemes which leave them with lower take-home pay. Who is looking after these lowest earners who surely need every penny of their pay and their pensions and cannot protect themselves against the income loss.  Short-term fixes could include requiring employers to use suitable schemes for low earners or for schemes and employers to ensure…

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    Stronger, safe pensions from Lords Pension Schemes Bill amendments

    Stronger, safe pensions from Lords Pension Schemes Bill amendments

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    House of Lords passes important Pension Schemes Bill changes to better protect people’s pensions. Better protection for all types of pension and improved consumer safeguards in Pension Dashboard.   Last night, important changes were introduced to the Pension Schemes Bill which has been going through the House of Lords, before passing to the Commons in coming weeks. Government should be congratulated for its work on this important Bill: The proposals cover many vital aspects of the future pensions landscape. Its…

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    What will current crisis do to the State Pension triple lock?

    What will current crisis do to the State Pension triple lock?

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    Will current crisis spell the long-overdue review of totemic state pension triple lock? Yes, Government must protect pensioners, but triple lock is not best way. Triple lock is more about politics than protection and does not properly cover over-70s. Reform of pensioner support as economy recovers likely to be on Treasury agenda as earnings and inflation numbers will be distorted by emergency measures. Will current crisis reduce political attachment to totemic state pension triple lock?: The Government absolutely must protect pensioners,…

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    Is time up for the triple lock?

    Is time up for the triple lock?

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    It’s really important to protect pensioners – but is triple lock the best means of doing so?    Triple lock does not protect the poorest and oldest pensioners.  Moving to a double lock to increase State Pensions, including Pension Credit,  by best of earnings or price inflation would offer better protection.  The Triple Lock on State Pensions was introduced in 2011 to protect pensioner incomes. Over many years, the Basic State Pension had fallen significantly behind general increases in income…

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