pensionsandsavings.com

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

    • pensionsandsavings.com

    pensionsandsavings.com

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    Tag: pensions

    Rising state pension age is not a penalty on the young

    Rising state pension age is not a penalty on the young

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    5 December 2013 Rising state pension age is not a penalty on the young – it’s an opportunity to embrace a new type of retirement  Retirement needs to change – it is not an aspiration to live on a state pension for over 30 years! There is much angst this morning about the Chancellor’s suggestion of increasing state pension ages for younger generations.  Quite frankly, the concerns seem based on out of date ideas about the nature of state pensions and retirement. …

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    Pension fund charges – important issues

    Pension fund charges – important issues

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    28 November 2013 Pension fund charges – don’t get obsessed with lowering charges too far, too fast Difference between 0.5% and 0.75% AMC equates to about 5% of final pension fund over 46 years – People lose far more than this when buying poor annuities which have no controls at all Cap new scheme charges to protect smaller firms but leave legacy schemes till after 2018 – and reform NEST charges to allow proper comparison As the Government’s consultation on pension scheme…

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    Comment on pension charges cap of 0.75%

    Comment on pension charges cap of 0.75%

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    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

    Don’t lecture universities on their pension scheme

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    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

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

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    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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    Why everyone should consider income drawdown before buying an annuity

    Why everyone should consider income drawdown before buying an annuity

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    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?

    Auto-enrolment first anniversary – many happy returns?

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    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?

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

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    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?

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

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    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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    Potential good news for pensioners as gilt yields rise

    Potential good news for pensioners as gilt yields rise

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    17 September 2013 Rising gilt yields and revised regulations could increase pensioner incomes from income drawdown by 50% But inflexibility prevents pensioners from accessing more of their money By the time they are allowed to, the opportunity may be lost Need to make drawdown more flexible and allow for ill-health  Recent rises in gilt yields and Treasury rule changes for income drawdown mean people could now take much more money out of their pension funds than last year.  This should…

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