pensionsandsavings.com

Prolonging the party – who wants rates to rise?

January 31, 2014 Ros Altmann Comments 2 comments

31 January 2014 Bank of England statistics confirm bonanza for mortgage holders Mortgage borrowers may be £3,300a year better off and savers over £4000pa worse off Low rates are huge help for mortgagees – no wonder so many don’t want rates to rise Analysing the Bank of England’s statistics on interest rates in mortgage and savings markets since 2007 shows fascinating results. The extent of income gains for mortgage borrowers is startling and the losses for savers are significant. Those…

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Pensions crisis is even worse for women than men

January 24, 2014 Ros Altmann Comments 2 comments

24 January 2014 TPAS report shows pensions crisis is worse for women than men Women are second class citizens when it comes to pensions Women in their late 50s or older have lost out most in both state and private pensions Many women do not yet know their state pension age is rising – Government needs to inform women urgently about state pension changes Women lose out most in both state and private pensions: The Pensions Advisory Service (TPAS) Survey,…

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Rising pressure for proper pension reform – Money Mail joins calls for fairer pensions

January 22, 2014 Ros Altmann Comments 0 Comment

22 January 2014 Pressure for pension reform really building up A great chance for consumers to get better value pensions Policymakers and the pensions industry need to wake up to the problems and act now Today, the Daily Mail’s Money Mail has begun a campaign for better and fairer pensions. The pressure on the pensions industry is building up as another national newspaper launches a manifesto for change that would ensure far better value for customers. http://www.thisismoney.co.uk/money/pensions/article-2543615/5-radical-steps-stop-great-pensions-rip-off.html?ICO=most_read_module How long can…

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Campaign for Annuities Reform

January 19, 2014 Ros Altmann Comments 0 Comment

19 January 2014 Sunday Times calls for urgent action to address annuities market Please sign the petition to call for reform – You can sign here: https://www.formstack.com/forms/?1662003-GfcIepCLc4 More than 1000 people every day at risk of buying the wrong annuity and thousands of widows will lose out It’s great to see the Sunday Times running a campaign for annuities reform. This huge market is not working well for its customers and reform is required quickly. Many people just buy the…

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Pension charge caps

January 17, 2014 Ros Altmann Comments 0 Comment

17 January 2014 Steve Webb is right to delay introduction of charge cap – 2014 was too soon Cap new scheme charges to protect smaller firms’ workers but leave legacy schemes till after 2018 – and reform NEST charges to allow proper comparison Capping annuity charges is far more important anyway! Sensible decision to delay charge cap: It is good to see that Steve Webb has decided to delay introducing a cap on the charges paid by workers in auto-enrolment pension schemes. …

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THE ALTERNATIVE ANNUITY DIRECTORY – WHY IFAs ARE IMPORTANT

January 14, 2014 Ros Altmann Comments 0 Comment

14th January 2014 NEW WORDING FOR PICK-A TO DESCRIBE ADVICE AND GUIDANCE The following is the alternative text I have drawn up to more accurately reflect the value of seeking advice from a whole of market independent financial adviser. It explains the benefits of using an IFA but does also point out that those with small funds may not find advice cost-effective. With larger funds or for those who qualify for enhanced rates, the IFA advice route can even…

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Another look at the Pick-A Directory – developing it to be fairer to IFAs

January 14, 2014 Ros Altmann Comments 1 comment

13 January 2014 Pick-A Annuity Directory another look Suggestions to build on all the initial work It is essential to explain properly the value of independent whole of market advice My comments on the Pick-A Directory have really upset those who put it together. It is such a shame that the wording was not tested on consumer groups or shown to independent advisers before the site went live. Now that the service is launched I have had a chance to…

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Pick-A Annuity Directory – why so biased against advisers?

January 12, 2014 Ros Altmann Comments 1 comment

12 January 2013 PICA Annuity Directory is such a disappointment A wasted opportunity to really ensure customers achieve good outcomes Bias against independent advice and towards non-advice broking is dangerous PICA has just released its long-awaited Annuity Directory (called ‘Pick-A’) which is supposed to help people get better value for their pension savings in retirement. I had high hopes that this would be a major step forward to ensure customers are clear about what they need in order to achieve…

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Steve Webb is right to call for annuity reform

January 9, 2014 Ros Altmann Comments 0 Comment

9th January 2014 Steve Webb is right to highlight inadequacies of annuities Better value and more flexible pension products are urgently required Pensions Minister, Steve Webb has been subjected to a tirade of attacks in recent days following his comments about the failings of annuities. He is accused of proposing unworkable reforms, but he is making valid points. His remarks seem to have been misunderstood. Of course the Minister understands how annuity products work, but he is highlighting that they…

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Why pit pensioners and youngsters against each other?

January 8, 2014 Ros Altmann Comments 0 Comment

8 January 2014 Lost Generation fears are real but premature Baby boomers also went through tough times but went on to thrive We need to be very careful, coming out of a few years of recession and economic turnmoil, not to become too negative when discussing the plight of younger people today. Of course, the level of unemployment among younger people is a cause of great concern, but this is not necessarily a ‘lost generation’, as is so often claimed….

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