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

    • pensionsandsavings.com

    pensionsandsavings.com

    Guidance Guarantee to be called ‘Pension wise’

    Guidance Guarantee to be called ‘Pension wise’

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    12 January 2015 At last the Guidance name is released – ‘Pension wise’ to point people in the right direction for their retirement journey Will need extensive publicity campaign to establish as trusted brand – this is not Advice  Could be great opportunity for IFAs, helping customers appreciate relative value of independent advice and explaining hidden commissions  Still need second line of defence or pensions passport to better protect customers  Guidance brand name unveiled – ‘Pension wise – your money…

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    Closing Tesco pension scheme won’t cure the deficit – but perhaps every little helps!

    Closing Tesco pension scheme won’t cure the deficit – but perhaps every little helps!

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    8th January 2015  Tesco to close its Pension Scheme – won’t reduce deficit near term but every little helps! Rising pension deficit and cost reduction pressures force closure of last FTSE100 final salary scheme Artificially depressed bond yields contribute to pension losses for thousands of staff Tesco has announced, as expected, a consultation to close its pension scheme – one of the last remaining open defined benefit schemes in the private sector.  Among a string of cost-cutting measures, the company…

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    Cashing-in annuities

    Cashing-in annuities

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    5 January 2015 Steve Webb calls for annuities to be cashed-in to extend pension freedom Many would love the chance to take the money instead of a tiny income  But how would this work – what penalties and charges would there be for surrender?  Pensions Minister, Steve Webb, has called for an extension of the radical overhaul of pensions to include existing pensioners who may have bought annuities but are not happy with their deal. In principle, I think this…

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    FCA just doesn’t ‘get it’ – pension customers need immediate protection from mis-selling

    FCA just doesn’t ‘get it’ – pension customers need immediate protection from mis-selling

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    11 December 2014 FCA still fails to ensure customers are properly protected despite finding frequent mis-selling Regulator proposes more consultation and investigation instead of immediate action to protect customers Annuities irreversible, people still effectively forced to buy, but the most vulnerable being let down As annuities are insurance against running out of money if you live a very long time in retirement, those in poor health must be protected from wasting their pension funds The FCA has just published findings…

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    A day at the JobCentre – what I learned about over-50s employment

    A day at the JobCentre – what I learned about over-50s employment

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    Out of work over-50s suffer from poor tech skills, loss of confidence and ageism Some JobCentres offer specific over50s training for IT, CVs and interviews Volunteering is a great way into work – half of over-50s volunteers find employment Having spent a day at the Streatham JobCentre, I thought you might be interested in some of my observations. What’s it like?:  The Streatham JobCentre is managed by a passionate woman called Denise who is clearly on top of her staff…

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    My comments on the Autumn statement

    My comments on the Autumn statement

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    3 December 2014 So what has happened in the Autumn statement? Summary No change to pensions tax relief but extra tax breaks for joint life annuities Levelling the playing field between annuities and drawdown inherited benefits New tax breaks for ISAs – will be inherited tax free between spouses Tax breaks for carers and careworkers Bigger rise in Pension Credit More generous means-testing calculation for pensioners with pension funds Promise of a pilot back-to-work scheme for older people on benefits…

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    Mis-sold annuities over past 10 years could amount to £8.5bn

    Mis-sold annuities over past 10 years could amount to £8.5bn

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    1 December 2014 A leading newspaper asked me last week to calculate some estimates of the possible or potential losses suffered by pensioners over the past 10 years as a result of buying unsuitable annuity products.  They wanted an estimate of a potential base for mis-selling claims, following revelations that Aviva has already compensated some customers who were found to have been sold inappropriate annuities. Over the years, customers reaching their scheme pension age have received an annuity offer with…

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    Autumn Statement – my expectations and my wishlist

    Autumn Statement – my expectations and my wishlist

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    1 December 2014 What will the Autumn Statement announce on pensions, savings and over 50s? The Chancellor’s surprise Budget reforms last March offered fantastic news for savers. The radical reforms to pensions and more generous rules for ISAs proved so popular, this Autumn Statement can’t possibly provide as much excitement. Nevertheless, more announcements that will impact pensions and the lives of over 50s are expected and I also have a ‘wishlist’ of further reforms that may or may not happen….

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    The Ten Vital Issues Pensions Guidance Must Cover

    The Ten Vital Issues Pensions Guidance Must Cover

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    The ten vital issues pensions Guidance must explain   The Government’s proposed free Pension Guidance service will have a huge impact on whether the entire reform programme of flexibility and choice for pensions actually works well.  Guidance is only a start, but an important start to ensuring people know what they need to consider when they are told they have reached their scheme pension age.  If the Guidance works well, it can ensure people are able to make sensible choices. …

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    Victory for common sense – People won’t be fined for not finding all their old pensions!

    Victory for common sense – People won’t be fined for not finding all their old pensions!

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    Government has listened to reason and dropped plans to force anyone taking money from their pension flexibly to notify every past pension scheme Proposals were unworkable, impractical and would have penalised the poorest pensioners Pensioners faced hefty fines for failing to find all past pensions within a month I’m delighted that the Government has changed  its plans that would have forced anyone taking more than their Tax Free Cash out of their pension fund after April 2015 to contact every…

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