Blog written by Christopher Brooks, Senior Policy Manager, Age UK
Since 2012, employees have been automatically enrolled into their employer’s pension scheme, which has meant that nearly 10 million people are now saving for their later life than before. The individual, employer and government all make a contribution, and this co-funding arrangement will in most cases benefit the employee, who can still opt out of the scheme if they wish.
Continue reading “Low earners losing out in pensions”
Today Age UK launches its General Election campaign – Dignity in Older Age (www.ageuk.org.uk/generalelection) – which aims to tackle some of the key issues that millions of older people continue to face. Things like difficulties accessing the care and support they so desperately need, living in poverty and struggling to make ends meet, and facing a later life of loneliness.
Throughout the campaign we’ll be covering some of the issues in depth, beginning with Caroline Abrahams on why having a decent income in later life is so important.
What’s the State Pension worth on average? Not surprisingly, most non-retired people don’t know, and the result is that when the ‘triple lock’ is discussed some rather important contextual information like this is usually absent.
Continue reading “The ‘triple lock’ and intergenerational fairness”
After over a year of looking at a wide range of evidence, and meeting many individuals and organisations, John Cridland’s Independent Review of the State Pension age has published its final report. John Cridland was tasked by the Government to make recommendations around a ‘fair and sustainable’ State Pension age (SPA) from 2028 onwards.
Continue reading “Review of State Pension Age Report”
This 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 “General Election Series: A rallying call for a great place to grow older”
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 “Pension Schemes Bill entering final stages”
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 “Prime Minister discusses pension reforms at Age UK”
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 “Changes to taxation of pension inheritance”