pensionsandsavings.com

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

September 7, 2020 Ros Altmann 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 –…

Read More Read More

Public Accounts Committee is right to call for urgent action to ensure social care does not fail the most vulnerable

July 29, 2020 Ros Altmann Comments 1 comment

PAC calls for urgent short-term action on social care to ensure equality with NHS. Government response was ‘slow, inconsistent and at times negligent’, as NHS was not co-ordinated with social care. Current system failed those who needed it most and lessons must be learned before any second wave hits. Committee demands improved social care funding, clear responsibilities and accountability. Social Care in the UK is not fit for 21st Century and urgent radical reform must be introduced. The Commons Public…

Read More Read More

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

July 21, 2020 Ros Altmann 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…

Read More Read More

Stronger, safe pensions from Lords Pension Schemes Bill amendments

July 1, 2020 Ros Altmann 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…

Read More Read More

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

June 17, 2020 Ros Altmann 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,…

Read More Read More

Is time up for the triple lock?

May 14, 2020 Ros Altmann 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…

Read More Read More

Delighted to see Government rejects age discrimination against over-70s

May 12, 2020 Ros Altmann Comments 3 comments

Government rejects discrimination in its lockdown policy – quite right too! Isolated, healthy over-70s delighted to be spared harsher treatment just because of their age. ONS death rates and medical evidence do not suggest all over-70s at greater risk from Covid-19. Older people delighted to see Government rejecting discrimination: The Government’s measures to ease lockdown restrictions do not, as many had feared, include ageist bias. Having worked so hard to overcome age discrimination throughout society and the workplace, Ministers have…

Read More Read More

Collective punishment of older people is unacceptable

April 22, 2020 Ros Altmann Comments 11 comments

Old people must not be confined just because some are vulnerable. Surely collective punishment of all those over a specific age is unacceptable in our democracy. It is not acceptable just to blame the virus for ‘targeting’ some age groups. I urge Government to consider the social and political consequences of such authoritarian policies. Clinical advice must not be used to promote age discrimination: I have real fears that Ministers are considering blanket bans to prevent older people leaving…

Read More Read More

Pension freedoms carry risks but are better than the old system

April 7, 2020 Ros Altmann 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…

Read More Read More

Government’s emergency pension measures are welcome

March 30, 2020 Ros Altmann 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…

Read More Read More