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

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    Category: UK Economy and Economic Policy

    Manifesto cost May the election

    Manifesto cost May the election

    11 June 2017 Tory Manifesto cost May the election Social care proposals alienated core voters AND would have made care crisis even worse There is no silver bullet – care crisis needs a range of solutions The Tory Manifesto was a turning point in the election campaign.  To say the policy announcements on pensions and care were badly thought through would be an understatement. They don’t really seem to have been thought through at all. The combination of means-testing Winter…

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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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    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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    Despite advances in equality, there’s still huge gender divide in pensions and care

    Despite advances in equality, there’s still huge gender divide in pensions and care

    6 March 2017 International Women’s Day celebrates women’s progress but more to do Too many women still losing out in pensions relative to men National Insurance still penalises women – including in State Pensions Lower lifetime earnings leave women with lower private pensions too – older women particularly at risk Older women have achieved improved equality, pay and maternity rights for today’s younger women:  As we celebrate International Women’s Day on March 8th, spare a thought for current cohorts of…

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    Tata Steel – what happens to the British Steel Pension Scheme?

    Tata Steel – what happens to the British Steel Pension Scheme?

    7 December 2016 Common sense prevails at British Steel – jobs secured But not clear what will happen to British Steel’s 130,000 member pension scheme New pension scheme seems generous compared to average UK schemes nowadays But Tata says old British Steel scheme will be ‘de-risked’ and ‘de-linked’ – could mean going into the PPF or could mean standalone Ongoing negotiations with the Pensions Regulator likely and no details yet available  Saving jobs is so important for South Wales:  It…

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    Autumn Statement has a bit of good news for savers

    Autumn Statement has a bit of good news for savers

    23 November 2016 Autumn Statement is missed opportunity to address social care crisis State Pension triple lock seems under threat Chancellor confirms intention to ban pension cold calling The Chancellor’s Autumn Statement had no real surprises for pensions or savers.  There are some tweaks to pension rules, but the biggest disappointment for me is that there is no acknowledgement of the social care crisis.  The Chancellor started by saying the aim of his budget is to prepare and support the…

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    Pension consequences of QE could undermine policy intent

    Pension consequences of QE could undermine policy intent

    4 August 2016 Further pain for UK pensions as QE worsens deficits and increases annuity costs Bank of England statement completely ignores pension impacts of its policies Estimates suggest deficits now approaching £1trillion – this cannot be sustainable Government needs to consider help for employers Today’s decision by the Bank of England to cut short-term interest rates and expand the QE programme is another blow for UK pensions.  Both defined benefit and defined contribution pensions have become more expensive as…

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    Social revolution underway as millions more over 50s keep working

    Social revolution underway as millions more over 50s keep working

    28 July, 2016 Important new Statistical Series released today to track trends in later life working Massive increase in labour force participation for over 50s since the 1980s Older women show largest employment rise while proportion age 70-74 in work has doubled Rise in female participation pre-dates increase in state pension age There is a social revolution underway, which can benefit millions of people in the UK, which is seeing increasing numbers of over 50s stay in work, continuing to…

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    Pensions are too important to downgrade

    Pensions are too important to downgrade

    18 July 2016 Potential dangers ahead for pensions if responsibility moves from DWP to Treasury Could be threats to auto-enrolment Must continue to address employer challenges in funding Defined Benefit schemes It would seem that the role of Pensions Minister is being downgraded by the new Government. What does that mean? At the moment, we just don’t know, however it could be that this poses threats to future pensions and we must be alert to the dangers.  Pensions are vital…

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    My warnings in 2006 about excess public spending – the irresponsibility was clear even then

    My warnings in 2006 about excess public spending – the irresponsibility was clear even then

    It is simply incredible to deny that the Labour Government spent too much Failure to recognise or admit past over-spending is deeply worrying This is an article I wrote in 2006, exposing the excessive Government spending under Gordon Brown. It was clear to me even back then, and is still clear now, that the Government was spending far too much. I warned that this was the wrong policy, but it continued.   Ed Balls and Ed Milliband were in charge…

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