• PENSIONSANDSAVINGS.COM

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

  • pensionsandsavings.com

    Potential Pensions Bombshell as Brexit puts State Pensions for British pensioners in the EU at risk

    Potential Pensions Bombshell as Brexit puts State Pensions for British pensioners in the EU at risk

    As UK has decided to uprate State Pensions in EU this April, even if there is No Deal, they could agree to uprate all frozen pensions in other countries if they wish to solve this ongoing scandal. Government says State Pensions will only be uprated if host countries reciprocate but is abandoning that rule for Brexit.  340,000 British pensioners would need uprating, while hardly any EU citizens retire to the UK.  British pensioners could lose their pension increases if there…

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    Brexit and a Second Referendum

    Brexit and a Second Referendum

    A mis-selling scandal – not pensions this time, but Brexit! Referendum campaign misrepresented the impacts of leaving the EU – so people should have the right to change their mind. Misleading customers is against the law in most sectors but politicians are not held accountable. We are told the 2016 Referendum was the biggest exercise in democracy this country has ever seen. Really? If democracy is all about deliberate deception, dishonesty and political spin, then the Referendum was certainly a…

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    Justice system hit by forced retirement – reduced immigration in an aging population demands new thinking

    Justice system hit by forced retirement – reduced immigration in an aging population demands new thinking

    Justice system in peril as forced retirement at age 70 causing shortage of magistrates. Compulsory retirement in an ageing population is wasting home-grown skills and talent! Recruitment crisis requires new thinking on age discrimination, especially as immigration falls. Mandatory retirement ages are blunt tool and should be replaced by impartial appraisal. Crisis in justice system as number of magistrates has halved: Magistrates are calling for the Government to abandon its policy of forcing them to retire at age 70, introduced…

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    Pensions Predictions for 2019

    Pensions Predictions for 2019

    What 2019 will bring for Pensions 2018 has seen the start of some important pension policy trends, which will continue into 2019. What is most likely to happen and what still urgently needs to be done? Here are some thoughts. Auto-enrolment program finally fully implemented as pension contributions double in April 2019, amid hopes that the behavioural success will keep opt-out rates low: As pensions auto-enrolment continued to roll out across the country, opt-out rates were unaffected, despite the doubling…

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    Pensions Dashboard – let’s make sure we get things right

    Pensions Dashboard – let’s make sure we get things right

    Pensions Dashboard must overcome many hurdles and first requirement is to ensure accurate records. Legacy schemes will take years and cost huge sums to convert to electronic format and this has delayed Dashboard project so far. Trying to get all old pensions included on a Pensions Dashboard on day one is doomed to failure.  Pensions Dashboard could start with auto-enrolment and State Pension first – but Regulators must ensure pension records are correct. Even recent auto-enrolment data are full of…

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    Probate fee changes

    Probate fee changes

    Probate fee changes – understandable concerns but maybe criticism a little too harsh. New system will be fairer to small estates and Government has listened to criticisms of its previous proposed changes. Ring-fencing receipts will help Courts protect more vulnerable people in our justice system. Government has listened to concerns about previous probate proposals: I am delighted that the Government has taken note of serious concerns raised by its previous proposals to increase probate fees enormously, to a maximum of…

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    Equal State Pension ages but no pension equality for women

    Equal State Pension ages but no pension equality for women

    Men and women’s State Pension age will be equalised tomorrow 6 November 2018. But equal State Pension age does not mean pension equalit.   Ten reasons women lose out in pensions as gender pensions gap remains wide. Tuesday November 6th is the day men and women’s pension ages are equalised:  After decades of difference, when women received their state pension at age 60, while men had to wait till age 65, tomorrow sees the historic date when women and men…

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    Budget 2018 – my first thoughts

    Budget 2018 – my first thoughts

    Chancellor plays it safe – sensible reforms to boost growth and some nice surprises. Glad to see no big changes on pensions. Increase in personal tax threshold to £12,500 will boost auto-enrolment in April 2019 when worker contributions double. But yet another missed opportunity to find money for social care. So there we have it.  The last Budget before Brexit, cleverly crafted to ensure measures will please as many groups as possible who might have been tempted to vote it…

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    High Court ruling on GMPs

    High Court ruling on GMPs

    Court ruling about pensions equalisation could take years and cost billions to implement. Equal pensions are important but complexity of UK rules and poor data records will mean difficulties for pension schemes. GMP pension problems highlight how vital it is to have accurate pension records – trustees and Regulators must demand auto-enrolment scheme data are checked and corrected. A High Court ruling today about pensions could have enormous ramifications for most final salary-type pension schemes. As with all things related…

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    Low earners being forced to pay 25% too much for their pensions – how many scandals can pensions take?

    Low earners being forced to pay 25% too much for their pensions – how many scandals can pensions take?

    Industry representatives call for Budget changes to end scandal of low earners being over-charged by 25% for their pensions. Letter to the Chancellor asking him to ensure lowest paid workers treated fairly in pensions. This scandal could derail confidence in auto-enrolment as more people – mostly women – lose more money in pensions. Government and Pensions Regulator have been warned for years but haven’t sorted it – it’s time to act! There is a major scandal in auto-enrolment pensions which…

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