pensionsandsavings.com

No room for complacency as UK firms struggle with pension costs

May 15, 2017 Ros Altmann Comments 1 comment

15 May 2017 I put in a response to the DWP’s 100+ page Green Paper consultation on the sustainability of final-salary-type pension schemes. My response was also lengthy, but I’ve summarised it for you below, although you can link to the whole thing from there if you want to. I do feel that urgent attention must be given to consolidating schemes, moving away from the over-reliance on gilts (schemes need to ‘manage’ risk, not ‘minimise’ it) and using these huge…

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

April 20, 2017 Ros Altmann Comments 11 comments

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

April 5, 2017 Ros Altmann Comments 0 Comment

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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Transferring Out Of ‘Guaranteed’ Employer Pensions Can Be A Good Idea

April 5, 2017 Ros Altmann Comments 5 comments

5 April 2017 Last night I attended an interesting event run by the Financial Times. A large group of people came along to learn more about transferring out of Defined Benefit pension schemes. It was an interesting session. I thought it might be helpful to outline my views on this issue, as the conventional thinking is not necessarily fully reflective of new realities. This is not meant to be giving anybody financial advice, this is about highlighting the important issues…

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Cridland State Pension Age Review

March 23, 2017 Ros Altmann Comments 2 comments

23 March 2017 Cridland Report emphasises importance of working longer but shies away from allowing early State Pension for those who can’t Summary of my views: Yes it is important to help people work longer, especially after Brexit Yes Government should end the triple lock which doesn’t protect oldest and poorest pensioners properly anyway Yes we must tell people about any increases to their State Pension age Yes adults caring for elderly relatives need more help BUT I would go…

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Budget Comments

March 8, 2017 Ros Altmann Comments 1 comment

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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Budget measures for social care

March 7, 2017 Ros Altmann Comments 1 comment

7 March 2017 Chancellor has chance to address one of biggest social issues of our time Britain has been sleepwalking into a social care crisis – time to wake up! Elderly people who need care face wealth tax and stealth tax while others pay nothing More favourable fiscal position offers opportunity to radically reform unfair care system Integration and incentives long overdue – consider Care ISAs, employer care saving plans, auto-enrolment, eldercare vouchers, National Insurance Dramatic unfairness in social…

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

March 6, 2017 Ros Altmann Comments 2 comments

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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Brilliant News – BHS Deal Helps 19,000 Members Get Better Pensions

February 28, 2017 Ros Altmann Comments 1 comment

28 February 2017 Well done to the Pensions Regulator – £360m deal to support BHS scheme Members will get much more than PPF while Sir Philip pays up for future pensions Regulator has worked hard to secure good structure for the deal as well as significant extra funding I am delighted that the Pensions Regulator has managed to agree a deal with Sir Philip Green that secures over £360m for the BHS pension scheme and takes members back out of…

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State Pension Age and Triple Lock

February 28, 2017 Ros Altmann Comments 1 comment

28 February 2017 Triple lock will lead to extra unfair rises in State Pension Age Work and Pensions Select Committee is right to call for earnings and inflation link instead of triple lock Continually raising State Pension age disadvantages vulnerable older people Politicians hide behind triple lock but it does not protect pensioners properly anyway Keeping triple lock in future gives more money to better off and younger pensioners Raising State Pension Age disadvantages vulnerable groups: Raising the state pension…

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