pensionsandsavings.com

Triple lock state pensions

November 6, 2016 Ros Altmann Comments 0 Comment

6 November 2016 State Pension should move to a double lock from 2020 – 2.5% guaranteed rises make no sense Triple lock was introduced for political reasons but 2.5% inflates long-term costs Double lock can protect pensioners properly against rises in earnings or prices Must not increase means-testing of State Pension as that would undermine private saving The State Pension triple lock is promised until 2020 – after that, the law only requires earnings increases. However, because the triple lock…

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BHS Pension Scheme

November 3, 2016 Ros Altmann Comments 0 Comment

3 November 2016 COME ON SIR PHILIP, JUST KEEP TO YOUR WORD AND PAY UP WHAT IS NEEDED Pensions Regulator is right to pursue BHS owners on behalf of pension members You don’t tell the Regulator what you think is the right amount, the Regulator tells you! Two important BHS questions have not been answered: Why did Sir Philip not get Clearance before selling BHS? How did both he and Dominic Chappell believe the half billion pound pension debt was…

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Pension Scams

October 31, 2016 Ros Altmann Comments 1 comment

31 October 2016 Nobody likes to hear about pensioners being mugged, or robbed of their life savings. Unfortunately, thousands of older people have suffered such indignity at the hands of pension scammers. It is time the Government took this issue seriously. There are no easy answers, but a ban on cold-calling would certainly help. Most pension scams start with a cold call, someone phoning or emailing out of the blue, offering a free ‘pension review’ or an exciting investment opportunity…

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Secondary Annuities Market – thousands will be disappointed

October 18, 2016 Ros Altmann Comments 7 comments

18 October, 2016 Thousands Of People Will Feel Let Down By Government Decision To Abandon Secondary Annuity Market Major disappointment for thousands of people: The Government’s decision not to proceed with its proposals to allow people to sell back their annuity income will come as a major disappointment to thousands of people. Many have been waiting anxiously for the opportunity to undo the annuity they were forced to buy and will feel let down by today’s announcement that the secondary…

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FCA study of annuity selling highlights worrying failings

October 14, 2016 Ros Altmann Comments 0 Comment

14 October, 2016 FCA finds clear evidence of annuity mis-selling to customers in poor health but process of investigation and redress is painfully slow Seriously ill customers short-changed for the rest of their shortened life – need swift action Tens of thousands in line for redress At least one in three firms have failed customers and will have to compensate FCA findings welcome but customers need urgent action not still more reviews FCA findings from its investigation of whether annuity…

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Cridland State Pension age independent review: interim report.

October 13, 2016 Ros Altmann Comments 2 comments

13 October, 2016 Here are my thoughts and comments on the Cridland State Pension age independent review: interim report. As Cridland considers the options, Government has a chance to make State Pension policy fairer Consider extending number of years for full pension, rather just than raising state pension age Current system gives higher state pension to people healthy or wealthy enough to wait and work longer, but often disadvantages those with longest working lives or poor health Continually increasing State…

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Time for a national inquiry into the impact of lower interest rates.

September 13, 2016 Ros Altmann Comments 3 comments

13 September 2016 Time for a proper national debate about the impacts of Monetary Policy Government should launch an inquiry into the effects of lower interest rates Main points: QE was an emergency policy to stave off depression – it is a huge monetary experiment which must not be considered as ‘normal’ policymaking The latest round of rate cuts and QE may well have been a mistake – in August 2016 we were not facing economic collapse and the negative…

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Unbelievable injustice – flaw in British law must be remedied urgently

September 12, 2016 Ros Altmann Comments 2 comments

16 September 2016 Frightening flaws in UK law uncovered – urgent changes are needed British law allows firms to sue you without you knowing about it – this is an outrage Over 2000 people a day have Country Court judgements against them and have had no defence Have you ever moved house? Have you ever sold a car? Have you ever parked your car in a hospital or supermarket car park? If so, it might be a good idea for…

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Bank of England pension scheme shows dangers of QE

September 12, 2016 Ros Altmann Comments 3 comments

12 September 2016 Bank of England’s own pension scheme highlights the problems of QE Bank says QE should make gilt owners rebalance portfolios into riskier assets – but BofE pension scheme isn’t doing this QE may not work as pension funds and insurers are constrained from taking more risk As QE worsens pension deficits and has pushed contributions to ruinous levels – Bank of England scheme requires employer contributions over 50% of salary The Bank of England has recently published…

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Government must tell people that State Pension age will be 66 soon

September 11, 2016 Ros Altmann Comments 9 comments

11 September 2016 Government must make sure people know that by 2020 you won’t get your State Pension at 65 DWP should learn lessons from the failure to adequately inform women about past changes In four years’ time the State Pension Age will be 66 – DWP must publicise this properly By October 2020 the state pension age will be 66, so nobody reaching age 65 will get a state pension. I am concerned that millions of men and women…

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