• PENSIONSANDSAVINGS.COM

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

  • pensionsandsavings.com

    State pension age review needs to consider more flexibility for those in poorest health as average life expectancy masks vast differentials across society

    State pension age review needs to consider more flexibility for those in poorest health as average life expectancy masks vast differentials across society

    State pension age review needs to consider flexibility to recognise vast differentials in healthy life expectancy.  Ever rising age disadvantages the poorest and least healthy as poorest Brits only stay healthy to around age 50, but wealthiest to age 70.  Wealthiest groups can get even higher pensions if they delay their pension age but poorest who are least likely to have private pensions, cannot get a penny early even after a 45 or 50 years National Insurance record.  Flexibility allowing…

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    Inflation at 5.1% is another blow to pensioners

    Inflation at 5.1% is another blow to pensioners

    Latest inflation numbers show State Pension rise of 3.1% will leave poorest pensioners struggling.  Pensioners have been stripped of the protection they were promised and many will struggle to afford heating.  The poorest pensioners have lost the earnings inflation protection for Pension Credit that was in law for around 20 years.  The latest inflation figures showing CPI inflation reached a two-year high of 5.1% last month, confirm again that the 3.1% increase for State Pensions is completely inadequate to protect…

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    Why the £86,000 care cap does not ‘fix’ the care crisis and exacerbates inequalities

    Why the £86,000 care cap does not ‘fix’ the care crisis and exacerbates inequalities

    The £86,000 social care cap is more about protecting the wealthiest than fixing social care. £86,000 cap is not the maximum families will spend on care – they will have to spend well over £100,000 before reaching the cap. The new proposed cap will still take most of the assets from families in areas with lower property values, while helping the wealthiest families keep most of their assets.   The headline is that nobody will have to spend more than £86,000…

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    Ten ways in which the social care proposals, while welcome, fall short of what’s needed

    Ten ways in which the social care proposals, while welcome, fall short of what’s needed

    Government plans to reform social care are a start, but nowhere near enough to address the scale and scope of the crisis. Stark unfairnesses remain, with inadequate funding for urgently needed staffing improvements (£500million is just £300 per person). There is inadequate funding for prevention measures. The main part of the reforms will help protect the assets of the wealthiest families, not those living in areas with lower property values. With the Health and Social Care Bill coming over to…

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    Today’s inflation numbers show why 3.1% pension increase will be so damaging

    Today’s inflation numbers show why 3.1% pension increase will be so damaging

    The latest 4.2% CPI rise for October was driven largely by rising household bill, such as electricity, gas and other fuel, after the energy price cap was increased last month. This shows how inadequate the 3.1% rise in State Pensions next year will be. Pensioner poverty was already rising before the pandemic and rising inflation will leave more in desperate straits as they try to pay their basic bills during the coming months.   Today’s CPI inflation numbers confirm again…

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    MPs vote to remove promised protection for pensioners

    MPs vote to remove promised protection for pensioners

    MPs missed an opportunity to restore trust and instead voted to push more pensioners into poverty.    Government reasons to drop earnings protection for State Pensions and Pension Credit do not stand up to scrutiny.    State Pensions would be higher next year if the triple lock had not been applied and only earnings had been used, but pensioners are told they have been protected!  MPs had a chance to restore some public confidence in their integrity. Sadly, they missed…

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    What next for the triple lock and pensioners?

    What next for the triple lock and pensioners?

    After the Lords vote to protect the triple lock state Pension earnings link, what happens next?  Commons will debate the amendments the week after next giving a few days to add pressure.  It’s not too late for Government to change its mind and keep the triple lock, using an adjusted earnings figure lower than 8.3%.  If pensions rise by just 3.1%, there will be increasing pensioner poverty and MPs likely to face angry pensioners who feel abandoned while their household…

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    Pensioners are not the Chancellor’s cash machine – they need their promised protections

    Pensioners are not the Chancellor’s cash machine – they need their promised protections

    3.1% rise in State Pensions next year means a real terms cut, despite 2019 Manifesto commitments to protect pensioner.  Scrapping the triple lock earnings link takes over £5billion away from pensioners next year – the Budget’s biggest cost-cutting measure.  Pensioners should not be used as a cash machine to pay for spending elsewhere, such as a lower bank levy or alcohol duty, especially as we face a cost of living crisis.  Tuesday’s Lords debate could stop this and ask MPs…

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    Congratulations to the Chancellor for addressing low paid workers’ pension problems at last

    Congratulations to the Chancellor for addressing low paid workers’ pension problems at last

    Delighted to see Chancellor’s Budget plan to fix flawed pension tax relief rules for lowest earners which meant around 2 million workers were losing out on tax relief. More than a million low-earning women are currently paying 25% extra for their pension due to a tax administration anomaly in Net Pay schemes. Chancellor proposes to change HMRC systems to ensure they will get their tax relief and higher take home pay – but not till 2025. I welcome the Chancellor’s…

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    Budget announcement on pension charge cap

    Budget announcement on pension charge cap

    Increasing pension charge cap for workplace pensions may not be necessary to drive pension money into long-term investments and does not overcome the major barriers. Plans to boost investments in infrastructure or illiquid projects should focus more on Defined Benefit schemes which hold over £2trillion rather than on Defined Contribution which hold around £200billion. The Chancellor’s announcement of an increase in the charge cap for auto-enrolment pension schemes, above the current 0.75% level, has been well-trailed.  The intention to encourage…

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