Well, I really don’t know where to start this week. Retirement ages to go up to 66 from 2016 – an accelerated rate but perhaps not before time. Default retirement age is to go – this was well trailed and was a neccesity if State Pension Ages are rising. But there is a downside to this of course. And that is – just where are the jobs going to come a) for the over 50s who are already struggling to find jobs in the current market and b) for the younger generation who might find their job opportunties blocked by encumbent older workers who won’t (or can’t) retire?
Posts under ‘budget’
Enough Already…
I will not be the only one pleading for Alistair Darling today to simply leave pensions alone in his Budget. Untold damage has been done to the UK pension system by years and years of tinkering with, raiding from and knee jerk responses to occupational pension provision.
Enough is enough, the pips are sqeaking, we cannot take any more. But sadly much as we would like to see it, I suspect that our pleas will fall on deaf ears. There is very little possibility that the changes already announced for Higher Rate taxpayers will be reversed, even though it is likely that even modest earners could be affected by them. It is a rare policy that gets ‘U turned’ once announced.
The Lord Giveth…and taketh away …
In last weeks’ posting, I said that I doubted the Chancellor would be able to keep his dirty mitts off pensions. I am sorry to report that I was right although even I didn’t appreciate just how underhanded he was going to be. Along with his annoucement that he was extending the restriction of tax relief to those earning effectively £130,000 (we already knew about the £150,000 limit) Mr Darling announced that he intended to raise the State Pension by 2.5%.
Much rejoicing in the Labour camp that at least pensioners – some of those most affected by rising prices and reducing benefits – would be winners in the budget merry go round.
Jennie advises large multi-employer schemes as well as smaller single employer arrangements and has wide experience of both Defined Contribution and Defined Benefit schemes. Jennie qualified in 1986 originally as a criminal prosecutor. She sits as a Magistrate in her local justice area and is an Approved Chairman and Deputy Chair of the Bench Training and Development Committee. Jennie was formerly Legal Director of the Occupational Pensions Regulatory Authority. When her busy practice allows, Jennie likes to indulge her passion for travelling. To consult Jennie on any corporate Pensions matter, please call her on +44 (0)20 7749 2700 or send her an email by clicking below: