• PENSIONSANDSAVINGS.COM

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

  • pensionsandsavings.com

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    Category: Savers and Savings Policy

    Proposals to allow pension withdrawals for house purchase are dangerous

    Proposals to allow pension withdrawals for house purchase are dangerous

    Encouraging younger savers to spend their pensions before retirement runs huge risks. Confusing shorter-term cash savings for house deposit with long-term investing for pensions will damage retirement prospects for many. People need pensions to supplement very low State Pension in retirement. More money for house deposits may be popular short-term but could just raise house prices further – boosting demand without expanding supply of homes for sale is not a solution. Don’t muddle pensions with house-buying: Policy proposals suggesting people…

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    Regulators and Government need to improve consumer protection – consider banning unregulated investments in SIPPs

    Regulators and Government need to improve consumer protection – consider banning unregulated investments in SIPPs

    New Report highlights loss of trust in financial services, as savings rates reach record low.   Calls for regulators to put consumer interests first and pre-empt problems in pensions and finance, rather than dealing with losses after they’ve happened.   For example, banning unregulated investments in SIPPs could protect consumers better. Ros Altmann delighted to be appointed as Transparency Task Force 100th Ambassador.  Saving and investing for the future are an important part of social protection, to help people provide…

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    QE is 10 years old – have the side-effects been driving populist anger, Brexit and Trump?

    QE is 10 years old – have the side-effects been driving populist anger, Brexit and Trump?

    Ten years since QE started – has this ‘emergency monetary experiment’ contributed to Brexit, rising populism and anti-capitalism?    QE benefits Governments, banks and wealthiest in society and disadvantages younger and less well-off groups.  Central Bank policies may have operated as disguised fiscal policy without democratic accountability. QE started ten years ago as an emergency monetary experiment: When the Bank of England (BoE) introduced ‘quantitative easing’, in the teeth of the financial crisis ten years ago, the policy was supposed…

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    Care ISAs: Over-60s have £300billion in ISAs which could help care funding crisis

    Care ISAs: Over-60s have £300billion in ISAs which could help care funding crisis

    Britain’s over-60s have more than £300billion in ISAs which could help solve the care crisis. Over 8million over 60s have £35,000-£40,000 in ISAs. £1trillion+ earmarked to pay future pensions but nothing for future care costs. Government’s should introduce incentives for Care ISA.  Britain faces a funding crisis for elderly care with no money set aside for future care needs: The country cannot cope with the costs of caring for today’s elderly population as more than one million older people who…

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    Pensions are far better than Lifetime ISAs – Treasury Committee is right to recommend abolition

    Pensions are far better than Lifetime ISAs – Treasury Committee is right to recommend abolition

    Treasury Select Committee is right to recommend abolition of Lifetime ISA. Also right to suggest abolition of pensions Lifetime Allowance. Just have limit on annual contributions without penalising investment success. Lifetime ISA is unhelpful and confusing: I welcome the Treasury Select Committee’s recommendation to abolish the Lifetime ISA (LISA). (link here: https://publications.parliament.uk/pa/cm201719/cmselect/cmtreasy/565/56510.htm ) The LISA is a hybrid product that can be used to save for house purchase or for later life. These two aims should be kept separate, rather…

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    Loss of confidence in capitalism, economic policy and democracy

    Loss of confidence in capitalism, economic policy and democracy

    25 September 2017 Based on my letter published in the Financial Times 22 September. Recent political events demonstrate disaffection with conventional politics. The votes for Brexit, Trump, Macron and far-right nationalists in Germany and other EU countries have been a shock to the established order. Questions are asked as to whether the sudden surge in populism represents a loss of confidence in capitalism, economic policy and democracy. Unconventional monetary policies may have played a role in the rise of populism…

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    Election Manifesto for older voters – 6-point plan for reform

    Election Manifesto for older voters – 6-point plan for reform

    20 April 2017 Help poorer pensioners, older women and families facing elderly care Radical overhaul of social care to ensure fairer system for all – a crisis worse than pensions State Pension triple lock could move to a double lock, increasing by prices or earnings Double lock should apply to Pension Credit so poorest pensioners are protected properly Improve pension outcomes for women – private pensions, State Pensions and WASPI Reform pensions tax relief to give everyone a 33% Government…

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    Lifetime ISA launch – BEWARE

    Lifetime ISA launch – BEWARE

    5 April 2017 Launch of Lifetime ISAs – don’t be fooled Hardly any providers offering LISAs – probably due to complexity and mis-selling risks Mixing house purchase and pensions will damage ISA brand LISAs may be good for first time buyers, but dreadful for retirement – saving for house deposit very different from long term investment for retirement Trying to turn pensions into ISAs undermines young people’s pension prospects Why not just improve the Help To Buy ISA and leave…

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    Budget Comments

    Budget Comments

    8 March 2017 Another missed opportunity to start addressing social care No new incentives for social care savings and radical reform proposals pushed into Green Paper later this year No proper help for savers – new NS&I bond pays interest rate lower than inflation, so savers lose money Costs of public sector pensions will rise sharply, by nearly 40% between 2015 and 2020 Self employed bearing brunt of tax rises to pay for other measures Addressing Social care crisis: Extra…

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    Pensions are in mortal danger – beware

    Pensions are in mortal danger – beware

    4 January 2017 UK private pensions are in mortal danger – their huge benefits seem under threat Anyone who cares about pensions should be very, very worried Latest Treasury info doesn’t mention pensions when educating the public about retirement saving Future generations face worse later life income if Treasury succeeds in undermining pensions ISAs are sub-optimal way to provide for later life and will saddle future Government with rising pensioner poverty – pushing more costs onto the young Now is…

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