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Autumn Statement – my expectations and my wishlist

December 1, 2014 Ros Altmann Comments 0 Comment

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

November 27, 2014 Ros Altmann Comments 0 Comment

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!

November 26, 2014 Ros Altmann Comments 0 Comment

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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Bank of England staff pensions immune from problems facing other workers

November 3, 2014 Ros Altmann Comments 3 comments

3 November 2014 Bank of England 2014 pension contributions are over 50% of salary Pension scheme only invests in UK bonds and offers generous pensions Members do not have to contribute, all costs met by Bank of England, even in auto-enrolment How many other employers could afford to contribute an extra 50% for their staff’s pensions? Latest figures show Bank of England pension scheme generosity: In case you missed it, the Bank of England’s latest Financial Statement for its staff…

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Auto-enrolment increases pension coverage but private sector, especially women, and self-employed lagging behind

October 30, 2014 Ros Altmann Comments 1 comment

30 October 2014 Pension scheme membership increases as auto-enrolment starts to have an impact First increase in pension scheme membership in private sector this century – but public sector workers remain the pensions aristocracy 2013 saw 200,000 extra public sector workers saving in pension compared with 100,000 more in private sector Still need to address low pension coverage for private sector women (only 30% contribute) and the self-employed (only 22%) New pension freedoms may start to increase self-employed interest in…

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Whole new world for pensions

October 14, 2014 Ros Altmann Comments 3 comments

14 October 2014 A giant challenge to the pensions industry – give customers the freedoms allowed by law Pensions can become like bank or building society accounts – take money when you need it This isn’t just for the wealthy, it gives everyone the same freedoms as wealthiest already had New pension system could help fund care needs Everyone to have choice about how to spend their pension savings: The Government is today laying legislation in Parliament that will enable…

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If retirement age rises we need to redefine retirement too

October 7, 2014 Ros Altmann Comments 1 comment

7 October 2014 Later retirement is inevitable and can boost personal lifetime incomes as well as the economy Retirement ages now lower than 1950s – but 6 months a year rise can’t last long, only a catch-up If sustained, retirement age would be 80 over next 30 years! But need a whole new concept of retirement – phase of part-time work, not suddenly stopping DWP forecasts suggesting an increase in average retirement ages by 6 months a year can only…

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The pensions revolution – what does it mean?

September 30, 2014 Ros Altmann Comments 4 comments

30 September 2014 So many people have been asking me about the new pension changes and what they might mean, I have put together a quick Q&A to address some of these with my comments. Hope you find it of interest. There are profound implications for pension products and pension savers – as well as for regulators of course, to make sure people understand what this all means for them. If in good health, perhaps you shouldn’t buy an annuity…

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55% pension tax abolished – more good news for pensions

September 28, 2014 Ros Altmann Comments 1 comment

28th September 2014 The good news on pensions just keeps on coming Chancellor abolishes draconian 55% pension death tax – no inheritance or income tax if funds passed on as pension Now pension savers will be able to leave all their funds tax-free to next generation Another nail in the coffin for annuities, but more money could be available for care Pensions to pass to next generation tax-free: The Government has now announced the final piece of its pension…

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Why are so many older workers rejecting free money?

September 28, 2014 Ros Altmann Comments 1 comment

28th September 2014 Huge numbers of over 60s are opting out of pensions auto-enrolment, losing their employer contribution Budget pension reforms make pensions a no-brainer for most older workers as they can simply take the cash if they want to Need for financial education and advice greater than ever Figures just released show that nearly all younger workers are remaining in their employer pension scheme‎ after being auto-enrolled, but many older people are opting to leave. According to…

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