Tag Archives: pensions

General Election Series: A rallying call for a great place to grow older

Older campaignersThis week’s blog from our General Election Series focuses on Age UK’s General Election Rally, which was held on Tuesday 24 March 2015.

Yesterday, Age UK held a General Election Rally event to give older people the opportunity hear from representatives from the five main political parties about their policies to make the UK ‘a great place to grow older’.

Although the media coverage over the last 24 hours has focused predominantly on the audience’s heckling of the Prime Minister, our first speaker, there was much more to the day. Continue reading

Pension Schemes Bill entering final stages

Scrabble pieces spelling the work 'pension'

The Pension Schemes Bill has nearly completed its passage through Parliament, taking a step closer this week as Peers considered the Bill at its Report Stage in the Lords. As you’d expect, Age UK has taken a keen interest in this Bill, which is part of the Government’s wider ranging reforms to pensions announced by the Chancellor in the Budget last spring – the most significant changes to private pensions for over a generation.

From this April, there will be great flexibility, and greater choice for older people to access their retirement savings but with greater choice comes more responsibility, and potential complexity and risks, for older people making these important choices. Generally speaking, the pension reforms are a really welcome move giving those with pension savings approaching retirement freedom and greater options about how to access their money. However, with greater flexibility can also come greater risks for consumers. Continue reading

Prime Minister discusses pension reforms at Age UK

David Cameron discusses pension reform

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

Changes to taxation of pension inheritance


This week, we have a guest blog from Daniela Silcock, Senior Policy Researcher at the Pensions Policy Institute

The Chancellor announced at the Conservative Party conference that changes would be made to the way that Defined Contribution (DC), (money-purchase) pension savings left as inheritance would be taxed.

The current tax rules on DC pension savings are part of a set of tax rules designed to encourage people to use their DC savings to purchase a secure retirement income. However, much of the tax structure supporting this policy is being dismantled as a result of the announcement in Budget 2014 that from April 2015 people will be able to freely access DC pension savings from age 55. Continue reading