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

    Simple Annual Pension Statements – a great idea!

    Simple Annual Pension Statements – a great idea!

    Comments 1 comment

    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

    Comments 77 comments

    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

    Comments 1 comment

    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

    Comments 1 comment

    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

    Comments 0 Comment

    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?

    Comments 5 comments

    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?

    Comments 1 comment

    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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    Pension freedoms carry risks but are better than the old system

    Pension freedoms carry risks but are better than the old system

    Comments 4 comments

    FCA concerns about ‘significant risks of harm’ from pension freedoms are valid, but do not mean freedoms are wrong. Consumers are facing new risks, but it is right to allow people to manage their pensions over time, rather than requiring most to just buy a standard annuity.  Original policy intention of ensuring everyone receives impartial guidance or advice before taking money from their pension was absolutely right, but this is not happening in practice.  Without impartial guidance or advice, consumers…

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    Government’s emergency pension measures are welcome

    Government’s emergency pension measures are welcome

    Comments 0 Comment

    Well done to Government and the Pensions Regulator for emergency pension measures. Protecting the principle of auto-enrolment is hugely important. But allowing employers leeway to delay deficit contributions during current crisis makes sense. Allowing schemes’ trustees to suspend transfers for at least three months can protect members against scams and allow more time to assess more reliable valuations. The Government and the Pensions Regulator deserve plaudits, in my view, for announcing bold emergency measures to address some of the potential…

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    Emergency measures for pensions to help protect customers from scams and accelerate Pensions Dashboard

    Emergency measures for pensions to help protect customers from scams and accelerate Pensions Dashboard

    Comments 2 comments

    Two important pension crisis measures to help protect consumers and improve records:  Stop all pension transfers for six months. Ensure pension administrators start to reconcile records, cleanse and validate data to improve accuracy of pension information. These two emergency measures are designed to stabilise pension schemes, avoid further losses to scammers and improve the reliability of pension data, so that accurate past records and a reliable dashboard will be more quickly and readily achieved. Put All Pension Transfers on hold…

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