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
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
Posted in Money Matters, Pensions Policy Institute
Tagged Age UK, Age UK blog, Ageing, ageing population, ageing society, David Cameron Defined Contribution, David Cameron pensions, defined contribution, Defined Contribution pension savings, older people, pensions, Pensions Policy Institute
Last week George Osborne confirmed the Government’s intention to implement the surprise tax changes he announced in the Budget in March. At the same time the Government and the Financial Conduct Authority have set out more detail on what guidance will be available to people to help them make their choices at retirement.