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

    • pensionsandsavings.com

    pensionsandsavings.com

    12 reasons why raising State Pension Age to 71 should be unconscionable

    12 reasons why raising State Pension Age to 71 should be unconscionable

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    12 reasons why raising State Pension Age to 71 by 2040, suggested by today’s ILC Report, is unconscionable and favours well-pensioned higher income groups.  Anyone in their early-fifties and younger would be caught by this proposal – plunging more into poverty in later life. Only the top 10% of the UK population stay healthy to their early 70s. Cutting costs by making unwell workers wait longer, favours the well-pensioned higher paid. The State Pension is part of every worker’s social…

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    My comments on new DB Funding Code for occupational pensions

    My comments on new DB Funding Code for occupational pensions

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    NEW DB FUNDING CODE MOVES AWAY FROM RECKLESS CONSERVATISM. Big improvement on previous proposals which would have driven most schemes into supposedly low-risk bonds, while giving up on long-term investment returns. Regulations are published at last after six years but new Regulatory Guidance is still not ready – schemes need it urgently to prepare ahead of September 2024 start. The new code may help some scheme trustees back more productive finance but the delays have meant fewer schemes will do…

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    Pension Regulator guidance for unlisted investments adds huge risk, doesn’t support the UK and ignores smaller listed companies

    Pension Regulator guidance for unlisted investments adds huge risk, doesn’t support the UK and ignores smaller listed companies

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    Pensions Regulator’s new guidance, encouraging pension funds to invest 5% in unlisted assets, adds significant risk, and ignores the value in listed UK equities which are only 4% of many pension portfolios. Unlocking pension capital to support UK growth and businesses is right, but the Mansion House reforms don’t require any of the £70billion taxpayer pension reliefs to be invested in the UK. To really boost Britain, pension funds should buy more listed companies, including ready-made UK-listed investment trusts portfolios…

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    Some good news for pensioners but plenty more needed to ensure pension assets do more to boost British growth

    Some good news for pensioners but plenty more needed to ensure pension assets do more to boost British growth

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    Some good news for pensioners but plenty more needed to ensure pension assets do more to boost British growth. State Pension Triple-Lock: Very good news that the uncertainty for pensioners is over. The Chancellor has confirmed the full 8.5% ‘triple lock’ earnings uprating promise for next year’s State Pension. It would have been very wrong to remove pensioner protection again, after breaking that Manifesto Commitment two years ago. Millions of pensioners (especially women) rely on their State Pensions to make…

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    Chancellor should use Autumn Statement to channel UK pension and ISA funds into domestic markets

    Chancellor should use Autumn Statement to channel UK pension and ISA funds into domestic markets

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    The Chancellor should use the Autumn Statement to incentivise tax-favoured pension and ISA funds to back Britain.  British taxpayers are spending around £70 billion a year in tax and National Insurance reliefs but most is invested overseas instead of boosting British productivity and long-term growth. At least 25% of each pension fund originates from taxpayers – so Government has justification to ensure a minimum proportion of pension contributions supports our own markets. Introducing a Great British ISA for 2024, to…

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    Emergency FCA action needed to prevent collapse of UK investment companies and boost pension fund investment in sustainable growth

    Emergency FCA action needed to prevent collapse of UK investment companies and boost pension fund investment in sustainable growth

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    Misleading cost disclosures are reducing investments in alternative energy and harming UK growth.   UK investment Companies are ready-made for kick-starting pension investment in sustainable UK growth, but FCA charge reporting rules makes them look high-cost, deterring new investors. No more dithering and delay – Government should intervene now to ensure the FCA stops these inappropriate EU-derived charge disclosure rules being applied to UK investment companies. FCA objectives to ensure fair competition, well-functioning, orderly markets, properly informed consumers and accurate charge…

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    Glad to see interest rates on hold, but monetary policy may already be excessively tight and rates may need to come down soon

    Glad to see interest rates on hold, but monetary policy may already be excessively tight and rates may need to come down soon

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    Glad to see Bank of England decision not to raise rates, but it is worrying that three MPC members wanted to keep tightening. It is a relief that the majority of members decided not to increase interest rates this month, but is still of concern to see three members wanting them to go up by another 0.25 % points. It is hard to understand why rates would need to increase yet again, in the face of major global tensions, leading…

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    Bank of England should put rate rises on hold and pause QT

    Bank of England should put rate rises on hold and pause QT

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    Bank of England must not raise rates again and should pause QT as tightening has gone too far and wider impacts need to be assessed.  Monetary policy operates with lags and there is clear risk of overkill as the massive rate rises in recent months will take time to feed through.  QE central bank bond-buying has undermined capital market risk models leaving pension funds and taxpayers exposed to large losses from QT.  Bank of England rate rises have gone too…

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    Stop treating pensioners as political footballs and let’s have a proper review of long-term pensioner spending

    Stop treating pensioners as political footballs and let’s have a proper review of long-term pensioner spending

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    Threatening to remove Winter Fuel Payments continues treating pensioners as political footballs and is no way to control public spending. Politicians should agree on a national cross-party review of future State Pensions and other support for older people.   Constant threats to cut parts of pensioner support and focus on more means-testing unsettles millions of pensioners with little or no income other than State Pension and benefits. Tinkering with parts of the system will not address cost control or inter-generational concerns.  …

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    Auto-enrolment Bill becomes law – better pensions for low earners and the young

    Auto-enrolment Bill becomes law – better pensions for low earners and the young

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    MORE PENSIONS FOR LOW EARNERS AND YOUNG WORKERS AS LORDS PASSES AUTO-ENROLMENT EXTENSION BILL INTO LAW.    Improves coverage and adequacy of workplace pensions as next step in success of auto-enrolment.    Consultation and regulations will follow to provide much larger pensions for lower earners and ensure workers under age 22 will be auto-enrolled.   The Extension of Auto-enrolment (No.2) Bill passed into Law in the House of Lords yesterday. It is an important next step in the success of workplace…

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