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Can we really justify denying pension resettlement rights to our loyal armed forces?

November 4, 2013 Ros Altmann Comments 1 comment

Former Defence Minister Challenges Government on Armed Forces Redundancy Injustice Betrayal of Military Covenant is a major Breach of Trust for our loyal troops On Thursday 31st October, at 2.30pm, former Labour Defence Minister, Lord Touhig, called an emergency debate in the House of Lords, to highlight the plight of armed forces personnel who feel betrayed by the Government as it has refused to pay them the pension payments they were promised when making them compulsorily redundant. You can…

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Comment on pension charges cap of 0.75%

October 29, 2013 Ros Altmann Comments 2 comments

29 October 2013 In today’s Pensions Bill debate, Steve Webb anounced his ‘full frontal assault’ on pension charges. Here are my thoughts: It is of course right that people need good value pension schemes to save into with auto enrolment, but it is also important that we consider the losses they can sustain when buying an annuity. Buying the wrong annuity can be even more damaging to people’s pension funds than being in a higher charging scheme. There are no…

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Don’t lecture universities on their pension scheme

October 25, 2013 Ros Altmann Comments 3 comments

25 October 2013 Universities Pension Scheme scaremongering is overdone Classic example of damage to pensions from QE USS is not a closed scheme, so it is unfair to compare it with most other UK schemes Its funding position is being well managed and it should not be panicked by exceptional interest rate environment USS scare stories overdone: Scare stories today about the black hole in the USS Pension Fund (Universities Superannuation Scheme) are overly negative. This huge pension scheme, with…

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Time for change: Make pensions fit for 21st Century retirement

October 14, 2013 Ros Altmann Comments 1 comment

14 October 2013 TIME FOR CHANGE: Rethinking pensions and retirement Pension options not fit for the future as ‘low risk’ investments have become more risky and retirement becomes a process not an event Auto-enrolment pension funds not fit for the future: Retirement is changing, pensions need to change too. As auto-enrolment ensures millions of people are about to start saving in pension schemes at work, it is important to make future pensions fit future lifestyles. There is a real danger…

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Equitable Life saga drags on as Compensation Scheme extended

October 9, 2013 Ros Altmann Comments 1 comment

9 October 2013 Good that there is more time to trace victims, shame it’s taken so long so far! Government should be commended for continuing its commitment to help those affected The Government deserves some praise for taking the decision to extend the Equitable Life Compensation Scheme deadline and allow more time to trace the victims. Around one million people may be eligible for compensation, but around 400,000 of them have not yet been traced. It is not clear why…

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15-minute care visits are an affront to decency

October 7, 2013 Ros Altmann Comments 0 Comment

7 October 2013 Care staff earn less than £1.50 for each 15-minute care visit Each visit earns less than a cup of coffee as private care firms and councils cut costs Such social care cutbacks are an affront to decent standards of care Social Care crisis is deepening 15-minute care visits are putting patients and careworkers in an impossible position: The Leonard Cheshire charity report (see link here http://www.lcdisability.org/?lid=8843 ) highlights the degrading impact of 15-minute social care visits on…

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Why everyone should consider income drawdown before buying an annuity

October 4, 2013 Ros Altmann Comments 0 Comment

What to do with your pension pot as you approach retirement is an important issue to explore. Most people don’t realise they don’t have to buy an annuity: All too often, people just assume they have to annuitise, and never engage with the important alternative options available to them. Annuities are irreversible: Once you have bought an annuity, you can’t change it. You will never have a second chance. Annuities won’t protect you against serious retirement risks: It’s like putting…

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Auto-enrolment first anniversary – many happy returns?

October 1, 2013 Ros Altmann Comments 0 Comment

1 October 2013 Employers must be warned of complexity and need to prepare at least a year ahead Can’t leave it till the last minute as capacity crunch looms Significant challenges still remain despite promising start Aim to improve pensions for millions: One year ago today, the first and largest employers became legally obliged to automatically enrol their employees into a pension scheme and pay contributions for them too. This is a social policy which aims to improve pensions for…

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OFT Report on industry charges – who is protecting the customer?

September 23, 2013 Ros Altmann Comments 0 Comment

23 September 2013 NEST charging structure may be responsible for failure to recommend a charge cap – NEST would not comply with a 1% cap! The long-awaited OFT report into pension scheme charges has finally been released – but its recommendations are disappointingly weak in terms of consumer protection. The OFT has done an excellent job in highlighting the excessive charges on older (particularly pre-2001) pension schemes but it has shied away from recommendations that would quickly bring them down….

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Wouldn’t a 1% charge cap leave NEST out on a limb?

September 17, 2013 Ros Altmann Comments 0 Comment

OFT report into pension charges expected to propose a 1% cap How does that square with NEST’s 1.8% initial charge? NEST charging structure needs urgent overhaul as it can be poor value The long-awaited report from the Office of Fair Trading, assessing the charges levied on UK pension plans, is about to be released and is expected to recommend a cap on the charges for UK pensions probably of 1%. This recommendation would raise a number of issues. It is…

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