Author Archives: Christopher Brooks

Employment tribunal fees (at last!) ruled ‘out of order’

Older worker

The 26 July 2017 should go down in legal history. It should be remembered as the day the Supreme Court shocked everyone  by ruling that the Government’s regime of fees in the Employment Tribunal (ET) system was, in fact, illegal.

Age UK has long opposed the fees, believing they are unfair and unsustainable – if employers know they can get away with treating workers illegally, then statutory employment rights aren’t worth the paper they’re written on. The laws on age (and other) discrimination that we all fought hard for would be completely undermined. Continue reading

General Election Series: Making a (huge) contribution

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This week’s blog from our General Election Series highlights the significant role older people play in society. Our ambition for the next Parliament is a world where everyone can participate in society and be valued for their contribution. 

Older people make a huge contribution to society, going well beyond what is widely recognised. Age UK has previously estimated that all the work, caring and volunteering done by the over 65s adds up to a huge contribution of £61 billion to the economy.

But it’s about far more than just the hard economic value – being able to take an active part in society can make a huge difference to the lives of older people themselves, their friends and relatives, and everyone else too.

It is therefore extremely important that this contribution is fully recognised, and to make sure that barriers preventing people engaging in their community, accessing local services or going online, are tackled, so that everyone who chooses to do so can participate. Continue reading

Pension reforms – opportunity and risk

 

Pound coins - Photo: Flickr user hitthatswitch

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.

Disengaged 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

Are people really ‘over-saving’ for retirement?

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Defining what makes an ‘adequate’ retirement income is always going to be tricky. It’s inherently difficult to know exactly what people’s spending choices and needs are likely to be, or how they will adjust to stopping work.

Add in the changing nature of retirement, where increasing numbers of people are working past their State Pension age, it becomes even harder.

New paper, new ideas?

The Institute for Fiscal Studies (IFS) recently published a paper investigating a new method of looking at retirement incomes. It identifies an ‘optimum’ level of pension saving for each couple household. Instead of income band, this is based on a range of personal circumstances (e.g. number of children) and an
assessment of spending patterns. It then evaluates whether people have saved below, at, above or the ‘optimal’ level required to achieve a comparable standard of living for their retirement. Continue reading