Photo credit: hitthatswitch, Flickr Creative Commons
April 2015 will represent a landmark day for pensions, with an end to the requirement to use a pensions ‘pot’ to buy an annuity. For better or for worse, people at point of retirement will hold their own futures in their hands, with decisions taken at this time having implications that can be felt for many years to come.
Age UK has welcomed greater flexibility, but it’s clear that the rapid speed of change has led to significant challenges ahead for the government and the industry, as well as – most importantly – ordinary pension savers.
Age UK recently published an independently-written report, Dashboards and Jam-jars, which looked at some of the main issues facing people with average-sized pension pots. It highlighted some of the main problems that could arise – for example paying too much tax or running out of money – and suggests what can be done to mitigate these. Continue reading
Posted in Income, Money Matters, Pensions, Pensions Policy Institute
Tagged Age UK, Age UK blog, Ageing, ageing population, ageing society, changes to pensions Age UK, Dashboards and Jam Jars Age UK report, Defined Contribution pension savings, older people, pension reforms, Pension Wise
This week we have a blog from Caroline Abrahams, Age UK’s Charity Director.
It’s not every day that three Government Ministers come to our offices but that’s what happened earlier this week.
On Tuesday we were delighted to be able to offer around sixty older people the opportunity to talk to the Prime Minister, David Cameron, the Secretary of State for Work & Pensions, Iain Duncan Smith and the Pensions Minister, Steve Webb.
The event coincided with the publication of the Government’s Taxation of Pensions Bill, which will put into law the huge shake up of the pension system announced by the Chancellor in the Budget earlier this year.
A round table of ‘older’ Age UK staff also had the opportunity to discuss the pension reforms and other big issues for them with the Prime Minister before he joined the larger group of older people, Iain Duncan Smith and Steve Webb, where he briefly outlined the pension changes to come.
Among other things, the Prime Minister said “I think if you’ve worked hard and saved during your life you deserve responsibility in retirement about how you spend the money that you’ve worked so hard for and saved so hard for.” Continue reading
Posted in Government, Income, Money Matters, Public Policy
Tagged Age UK, Age UK blog, Ageing, ageing population, ageing society, David Cameron, David Cameron pensions, general election 2015, older people, pensions
In this guest blog post, Sally Brett, Senior Policy Officer (Equality and Employment Rights) at the TUC, examines the inequality of survivor pensions.