#ros altmann

[customdesignnnn]

Older Women's Policy (B)

Older Women’s Policy (B)

The power of big women © Alex Rotas All over the world, we need more ambitious – and more comprehensive – women’s agenda. One that connects all stages of a woman’s life and status – and recognizes the inflation and challenges of older women. This means acknowledging the collaboration between the three issues, they are usually addressed separately – professions, care and pensions. Occupations…

View On WordPress

[davidhencke]

Therese Coffey's mean "pay out and grab back" scheme for the poorest elderly cheated of their rightful pensions

Therese Coffey’s mean “pay out and grab back” scheme for the poorest elderly cheated of their rightful pensions

Therese Coffey A new scandal was revealed in the House of Lords this afternoon which could affect tens of thousands of the poorest pensioners already cheated for decades of the right money for their pension. The underpayments running to tens of millions – exposed by Sir Steve Webb, the former Liberal Democrat pensions minister – is slowly being sorted out by officials at the DWP though as this…

View On WordPress

[davidhencke]

Labour peers say "pensioners will now pay the price" as Commons throw out Lords plan for bigger pension rise next year

Labour peers say “pensioners will now pay the price” as Commons throw out Lords plan for bigger pension rise next year

Inflation rises to 4.2 per cent days after ministers limit rise to 3.1 percent Labour peer Baroness Sherlock The House of Lords accepted the Commons defeat over their plan to meet the broken Tory manifesto pledge to keep the “triple lock” on pension rises next April. The proposal from former Tory pensions minister, Ros Altmann, would have increased pensions by less than 8.3 per cent – the rise…

View On WordPress

[davidhencke]

Lords reveals 12 million pensioners lose £30 billion as rebel peers defeat government over scrapping the triple lock

Lords reveals 12 million pensioners lose £30 billion as rebel peers defeat government over scrapping the triple lock

But deputy speaker stops Lord Sikka’s” full restitution” amendment going to a vote Baroness Stedman-Scott Defeated in the Lords The government were roundly defeated in the Lords – by 220 votes to 178 – yesterday over its plans to abolish the triple lock for next year’s pension rise – reducing the up rating for pensioners from 8.1 per cent to 3.1 per cent. The loss of cash for pensioners in the…

View On WordPress

[oneminutemoneymagazine]

Latest News re Cashing in Private Pensions already being Paid

The Conservative Government (and hence Pensions Minister Baroness Ros Altmann) announced yesterday that the proposal to allow people to cash in private pensions already being paid would be implemented from 6th April 2017.

It’s best to reserve judgement for now because the approach is more cautious than that of the previous Coalition Government (and hence its Pensions Minister Liberal Democrat Steve Webb).  Amongst the issues to be considered are the extent of official guidance and/or advice, tax and value for money.

As a preliminary thought though, many pensions providers will be pleased to buy back very small pensions because they cost a disproportionate amount to administer.  There is, therefore, an argument that 10 pensions each of £10 per month should result in a higher cash payment than one equivalent pension of £100 per month. 

It remains to be seen whether there will be a statutory actuarial basis for pensions providers calculating cash offers, but it would need to allow for the saving of future administration expenses, whether the pensioner engaged in dangerous sports (hence had a lower life expectancy) and many other factors.  Otherwise pensioners with financial advisers would be seeing whether they could exploit anomalies and hence increase their net income.

This subject is far more complicated than many (including the old Coalition Government) may have realised.

(16/12/2015)

[indizombie]

We're dealing with a massive number of vulnerable people, so I am seriously concerned about outsourcing a service like this, which is working well, with a view towards making short-term savings. In the long run, you could end up paying a lot more because either the service becomes a monopoly and the charges can go up or customer satisfaction and engagement goes wrong.

Ros Altmann, pensions expert, on the British Government's plans for privatizing the state pension system