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Click here to view Published Papers Yorkshire Post - A dangerous cuckoo in the NEST Yorkshire Post comment article explaining why Ros believes that the new name for Personal Accounts - the NEST - does not make the policy any more suitable for those it is aimed at and warning of the dangers. Click here to read the article on the Yorkshire Post's website. The fundamental flaw in the Government's grand plan Citywire blog warning of the dangers that NEST/Personal Account projections have not properly consider annuity risks. Falling annuity rates can undermine the value of the NEST for many workers. Click here to read the article on the Citywire website. Sunday Telegraph: How Britain's Pensions Disintegrated Ros wrote a comment article for the Sunday Telegraph reviewing the past decade of pensions policy. FT letter - QE increases risks for all assets Letter published in the Financial Times explaining why the Bank of England's gilt purchases in QE are distorting the supposedly risk free gilt market which underpins all others, and this entails significantly increased risks of asset price crashes in future. 2010 predictions for pensions policy
Ros was asked for a quick summary of views on the 2010 pensions outlook. Saga Magazine - Pension reform desperately needed in 2010
Ros contributed comment on state pension reform for Saga Magazine's 2010 outlook. Citywire blog - ending the pensions aristocracy
Ros comments on latest figures from the Office for National Statistics showing a growing divide between pension provision in the public and private sectors. She calls for an urgent independent inquiry to assess the situation. Here is a link to the blog too. Daily Mail - The Pensions System Needs a Radical Overhaul
Article published in Daily Mail 'Monday Column' explaining why our pension system is not fit for purpose and we need a radical overhaul of both state pensions and private pensions, as well as retirement. The Observer - Pensions: We Need a Revolution
Article published in the Observer Business Section calling for a radical overhaul of our state pension system, making it fair to women and ending mass means-testing. Click here to link to the article. Sunday Post - What next for pensions
Feature article in Scotland's Sunday Post, outlining the need for better and fairer state pensions. The Times - Spend the 'bonus' years on work and play
Feature article published in the Times explaining that, as people live longer, saving enough money to support themselves in full retirement is no longer a realistic option - part time work in later life will be needed but this is good for people and offers them 'bonus years'. Click here to read the article on the Times website. Guardian Commentisfree - This Pension Plan is too Conservative
Rcomment where Ros discusses the latest Conservative Party proposals to accelerate the increase in state pension age, pointing out that other changes to our pension system are required before any such moves can be contemplated. Click here to link to the Guardian web page. Telegraph - Raising Pension Age
Ros commented on the Telegraph website about Tory proposals to bring forward the increase in the state pension age. Telegraph: Mandatory Retirement Age Must Be Put To Rest
Ros wrote a comment article for the Telegraph website explaining why new thinking is needed on phasing in retirement. Part of the solution to our pensions crisis must entail encouraging part-time work in later life. Click here to read the piece on the Telegraph website. Telegraph Comment: Mandatory retirement ages must go
Comment piece for Daily Telegraph website explaining why it is essential that people consider working longer, part-time, since pensions alone cannot deliver enough for a decent retirement of many decades. Working longer is good news if we can work part-time. More leisure and more money. Click here to link to the web blog. Beware of personal accounts - reconsider before it's too late
Feature article for Financial Adviser outlining Ros' view that personal accounts are more likely to make pension provision worse, as employers cut back from existing contributions and means testing makes pensions unsuitable for the target group of low earners. Pensions Week 'Rethinking Pensions' proposal
Pensions Week called for a 500 word proposal for modernizing pension savings. Ros suggests moving away from pensions as a 'locked box' and adding flexibility with a new model for lifetime savings - a LifeSaver account. Sunday Post - Scandal of our different rules for banks' pensions
Feature article in Scotland's Sunday Post, discussing the injustice of taxpayers protecting bankers' pensions in full, while not paying anything at all to restore pensions of other workers. Guardian blog - public sector pensions will change
Guardian comment where Ros discusses the problems of public sector pensions and that change is inevitable. Yorkshire Post: Radical Rethinking - the only way to solve pensions crisis
Op-ed published in Yorkshire Post explaining why existing pension reform is inadequate and only radical rethinking will work. Yorkshire Post - if only Turner had been more radical
Editorial article written for Yorkshire Post, outlining the new views of Lord Turner and ruing the wasted opportunity of the Pensions Commission reforms, with Ros calling for more radical rethinking of both pensions and retirement.
Citiwire blog - MP
pensions Ros was asked to post a blog on Citiwire explaining the possible dangers of MPs having far better pension arrangements than other workers.
FT letter: Deflation
dangers disappeared, monetary easing must stop Letter published in Financial Times calling for an urgent end to quantitative easing now that deflation dangers have gone.
Daily Express –
Public sector pension costs must be
exposed Article published in the Daily Express explaining that transparency on the costs of MPs pensions and all other public sector pension schemes is even more important than the exposure of MPs expense claims.
Sunday Post –
Without final salary pensions, can we afford to
gamble our pension on the stock
market? Comment article published in Scotland's Sunday Post newspaper, outlining the problems facing individuals in planning for their retirement as employers pull out of final salary pension provision.
Citiwire blog –
A pension fund is not a pension
Blog written for Citiwire website explaining that those saving in a pension fund need to know the difference between a pension fund and a pension!
Independent website:
Have the markets ruined our presents and our
futures? Piece written the Independent newspaper's website, explaining the problems of falling markets which have hit the future pension security of millions of citizens.
Tiscali - Top tips
for pension planning Ros wrote a comment for the Tiscali website covering her eight Essential Pension Tips – trying to help people understand some of the important issues involved in planning for pensions.
Yorkshire Post op-ed
– pensions crisis worse than credit
crisis Op-ed published in Yorkshire Post explaining why the pensions crisis is likely to be worse than the credit crisis and lamenting the measures announced in the UK 2009 Budget which did not address the problems.
Planning for
Retirement – You're on your
own Ros was commissioned to write an independent report on the problems facing individuals who are trying to plan for their retirement. She covers the history of our pension system, the risks of relying too heavily on the stock market to deliver good pensions and discusses some of the misconceptions of pension planning. Do you know the difference between a pension fund and a pension? Do you know what options are available on retirement? Can you afford to gamble your future security? All these questions are touched on in the report. Copies of the report are available at www.metlife.com/rp
Citiwire blog -
Budget thoughts Ros explains what policies she would like to see for pensions in the 2009 Budget.
Sunday Post –
pensions and the budget: another missed
opportunity Article published in Scotland's Sunday Post newspaper, explaining how the recent budget measures were a missed opportunity to sort out our pensions crisis and will not deal with the problems. Could this be because policymakers do not have to worry about pensions themselves?
Sunday Telegraph
Comment – Without urgent action on pensions,
old age will be something to fear
Comment piece published in Sunday Telegraph explaining the inadequacies of the 2009 Budget's pension measures and the risks that millions will face an impoverished old age
Citiwire blog: Budget
pensions policy wishlist Blog on Citiwire website outlinining Ros's wish list for policies that the Chancellor could introduce to help pensions and pensioners in the forthcoming Budget.
Guardian comment:
Employers cut pension contributions – dangers
for retirement Guardian on-line Comment column in which Ros explains the dangers of a major pension company cutting its pension contributions in response to the credit crisis and cost cutting pressure. This will mean disappearing employer pensions and then disappearing retirement.
Telegraph: Inflation
is the big worry, forget deflation
myth Daily Telegraph 'Fundamentalist View' Column explaining Ros' view that deflation is a myth and we are heading for a big inflation problem which will hurt corporate bonds as well as fixed interest gilts, with investors needing inflation protection.
Yorkshire Post op-ed:
Pensions – we all face a poorer
future Op-ed published in Yorkshire Post explaining the dangers of employers cutting pension contributions and the Government's personal accounts encouraging further cutbacks in future. This is a pay cut today, will be a pension cut tomorrow and will mean delayed retirement or pensioner poverty in future.
Government is only
making pension problems worse with
QE Article published in Scotland's Sunday Post newspaper, outlining why it is wrong to print money to buy gilts. Quantitative Easing will not revive the economy unless the money printed actually goes to the parts of the economy which need it. Meanwhile, it is damaging pensions enormously.
'QE' –
the wrong policy fighting the wrong
enemy Article published in Scotland's Sunday Post newspaper, explaining the dangers of 'Quantitative Easing' – the fancy name for printing money.
FT Money Comment
piece – Rate cut dangers – beware
inflation Comment article commissioned by the Financial Times for FT Money, outlining the dangers of sharp rate cuts for pensioners, for the economy and for future inflation.
Evening Standard
response - Who's to blame for the
crisis? Letter published in London Evening Standard responding to an article by Chris Blackhurst apportioning blame for causing the current crisis. Ros explains that she believes the Bank of England's warnings were ignored while the FSA encouraged or turned a blind eye to irresponsible lending activity by banks.
Latest rate cuts will
lead to inflation, won't solve the problems and
are unfair Article featured in Scottish Sunday Post, where Ros explains why the latest cut in interest rates will cause more damage to savers and pensioners and will lead to inflation that will cause yet more damage to pensioner incomes.
Blog entry on
Guardian Money – dangers of rate
cuts Blog commissioned by Guardian Media for Guardian Money website explaining the dangers of continued rate cuts to such low levels and warning that this policy will worsen economic outcomes, not improve them.
Parliamentary
Briefing on credit crisis and pensions policy
reform Parliamentary Briefing funded by ESRC for All Party Parliamentary Group on pension reform. Ros explains what policymakers need to be aware of and makes proposals for reforms to assist long-term sustainability.
Interactive Investor
- why bother with pensions? Article written for Interactive Investor website, explaining how the credit crisis has been a disaster for pensions and that Government policy is helping to undermine pensions even further.
Labour's Legacy -
destruction of pensions published in Scottish Sunday Post explaining that the era of final salary pension schemes is now closing and that Government policy has hastened the demise of a once-thriving private pension system in the UK.
FT Comment piece -
Better ways out of this crisis Comment article published in the Financial Times outlining some of the mistakes of the policy response so far and suggesting potentially more effective alternative policies to cope with the downturn.
Yorkshire Post -
Crisis needs a more intelligent
response An op-ed published in the Yorkshire Post - Ros explains why she believes it is wrong to cut interest rates further, the damage this can do and that a more intelligent, targeted approach is required to this crisis with Government taking charge and lending direct to companies.
Rate cuts could make
the economy worse, not better Ros explains why cutting interest rates even further from here is not sensible and causes significant damage to pensioners living on their savings. She highlights the iniquity of pension credit assumption that poor pensioners earn 10% interest on their savings.
Falling markets,
crumbling pensions Article published in House Magazine examining the credit crisis, stock market falls and policy response have impacted pensions and the implications for public spending.
Reassessing
investment risk Letter published in Financial Times suggesting that the concept of investment risk has been misunderstood - expected returns may not be each investors' achieved returns, but investors have acted as if their returns on risky assets will somehow be guaranteed.
State pensions are in
a mess - radical reform urgently
required Article featured in Scottish Sunday Post explaining how UK state pensions are inadequate, current reforms will not deliver what we need and recommending a radical overhaul to finally treat our pensioners decently.
Pension development
forecasts for 2009 PProfessional Pensions asked Ros to give her forecasts for pensions in 2009.
Pension Predictions
for 2009 Pensions Management magazine asked Ros for her predictions for pensions in 2009.
We need an
independent inquiry into public sector
pensions Letter published in Financial World magazine highlighting the lack of transparency in public sector pensions and calling for an independent inquiry into the developing public sector pensions aristocracy.
Brown's pensions
policy record Article published in Sunday Post in Scotland explaining how Government pensions policy has been a disaster.
Public sector
pensions aristocracy Article published in the Yorkshire Post contrasting the effects of the credit crunch on private sector and public sector schemes and calling for transparency on accounting for public sector pensions.
Women's pension
reform inadequacies Feature article published in Financial Adviser explaining why the latest round of pensions reforms designed to help women are more spin than substance and could be dangerous for some lower income women who fail to get advice.
Financial crisis and
pensions Article published in Unite Magazine, explaining the dangers of emergency protection of bank deposits 100% while pensions are far less protected and the long term risks of making short term savings more secure than long term investments.
How the credit crisis
affects pensions Article published by Pensions Management Institute in PMI News giving Ros' views on how the credit crisis is likely to affect pensions in the UK.
Final chapter for
final salary Article published in the Yorkshire Post explaining why the latest falls in asset prices have led to worrying deficits in UK final salary pension schemes, which will hasten the demise of such schemes.
Parliamentary
Ombudsman supports Equitable Life
victims Article published in Financial Adviser commenting on prospects for Equitable Life victims following the Parliamentary Ombudsman's recommendation of compensation.
When
'hands-off' regulation means 'eyes
shut'! Article published in the Daily Telegraph with Ros' commenting on the prospects of more fighting ahead for Equitable Life victims, despite the Parliamentary Ombudsman's recommendation of compensation.
CII Thinkpiece on
personal accounts and annuities
advice Article published by Chartered Insurance Institute (CII) giving Ros' views on why generic advice for personal accounts will not work, but it could be very helpful for annuities.
'Bonus Years'
- FT letter about longer working
lives Letter published in the Financial Times explaining that policy needs to help people prepare for a period of part time work at older ages that can benefit them, the economy and society - the possibility of us all enjoying our 'bonus years'.
Parliamentary Monitor
'vox pop' on Alistair Darling's first
budget Ros gives her views for Parliamentary Monitor on what might be expected in Alistair Darling's maiden budget speech.
FTfm
'Feedback' column, why BT trustees should
not just switch from equities to long
bonds Article published in FTfm explaining why suggestions that BT's pension fund accounting problems and long-term asset-liability mismatch will not be solved by switching from equities to bonds. More radical and broader thinking is required.
Financial Adviser
'Time to Listen to Some
Reason' Article commissioned by Financial Adviser magazine describing the Victory for the Pensions Action Group in the Court of Appeal and explaining why the Government's consideration of appealing further to the House of Lords is a waste of time and taxpayer's money.
Saga article about
victory in Judicial Review Court of Appeal
case Article written for Saga website describing the victory in the Court of Appeal and the Government's humiliating defeat which saw its appeal against the High Court Judicial Review verdict dismissed.
House Magazine
article 'Hard luck and promises' about
successful Parliamentary campaign
Article published in the House Magazine (Parliamentary Weekly) explaining some of the anguish involved and lessons learned in battling on behalf of the impoverished members of failed company pension schemes.
Daily Mail
'Monday Column' – Mervyn King must be
re-elected Ros wrote her personal view for Daily Mail expressing support for Mervyn King to be re-elected as Governor of Bank of England.
Letter published in
FT on personal accounts reform Letter published in Financial Times explaining why the proposed Personal Accounts pension reforms are dangerous for lower earners and the interaction with means testing must be properly addressed now.
Money Marketing
article about Northern Rock and
FAS Article written for Money Marketing explaining how the Government's refusal to offer fair compensation to victims of pension scheme wind-ups is impossible to sustain after its decision to bail out Northern Rock savers 100% at a cost of billions of pounds of taxpayers' money.
Article for Public
Service Review on Liability Driven investing
(LDI) Article published in Public Service Review explaining that LDI is all about understanding and managing risk, not just about switching from equities to bonds.
Daily Mail article
outlining injustices of Government
policy Article published in Daily Mail on 24 September 2007 explaining why the lack of compensation for pension victims is indefensible after the hurried bail-out of Northern Rock depositors.
Money Marketing
article on double standards of Northern Rock
rescue Article published in Money Marketing magazine explaining the injustices of bailing out Northern Rock savers 100% while offering pension savers far less security.
Saga website –
introduction to SIPPs Article for Saga website explaining the basics about Self Invested Personal Pensions (SIPPs).
Impact of recent
market turbulence on pensions Ros' comments on how the recent turbulence in credit and equity markets is likely to affect pensions, both final salary and money purchase.
Saga website –
update on Pensions Action Group
campaign Article for Saga website updating members on the latest developments in the campaign for compensation for those who lost their pensions when their final salary scheme failed.
Saga website –
Introduction to annuities Article written for Saga website, explaining the basics of annuities and factors to think about before buying.
Come on Gordon – sort out this
mess Lead comment published in Sunday Telegraph as an open letter calling on Gordon Brown to end the suffering of the victims of scheme wind-ups by adopting the amendments recently passed in the House of Lords.
Reform of Public Sector
pensions Article written for Public Servant magazine outlining some expected developments in the public sector pensions debate.
Ros Witness Statement for Second
Judicial Review Ros' Witness Statement submitted to the High Court in support of the application for a Second Judicial Review. The case for expedition and the suffering that is being left unaddressed is highlighted.
Briefing for Peers ahead of Lords vote
on compensation amendments Briefing sent by Ros to members of the House of Lords to help them understand the proposed amendments to Clause 18 of the Pensions Bill calling for the FAS to be increased to PPF levels and paid immediately.
Saga website –
different types of annuity you can
buy Article for Saga website explaining the different types of annuities available.
House of Commons to vote on amendments
to Pensions Bill Release expressing hopes that Government will be defeated in the Commons vote on providing fair and quick compensation for those who have lost their pensions, via cross-party amendments to the Pensions Bill.
The Cold, naked truth – Budget
announcements more spin Article published in Financial Adviser which explains that the recently announced extension to the Financial Assistance Scheme is not worth £8bn at all, but the real cost of the FAS is just £1.9bn, which will be further reduced once tax and benefits are accounted for. The Chancellor had an opportunity to provide a fair solution but opted for more spin instead.
Money Marketing feature on ‘The
Muddled Maths’ of the Chancellor on FAS Article published in Money Marketing explaining why the extension to the FAS that the Chancellor announced in the Budget was not all it appears to be and will not deliver a fair solution at all.
PMI Opinion Piece on Judicial Review
verdict against Government Opinion Piece published in PMI Magazine explaining that the Government has been found guilty in the Judicial Review and asking PMI members to support the Parliamentary moves for compensation.
Global Pensions magazine article on
Judicial Review verdict Article published by Global Pensions Magazine explaining that the Government has been found guilty of behaving unlawfully and irrationally when rejecting the Parliamentary Ombudsman’s report and refusing to accept maladministration..
Professional Pensions article on
Judicial Review verdict Article published in Professional Pensions magazine explaining that the Government has been found guilty in the Judicial Review.
House Magazine article –
‘If I was in charge of pension
reform…' Article published in the House Magazine explaining what Ros would like to do if she were in charge of pension reform!
Letter explaining injustices of deemed
buyback Letter written to Professional Pensions magazine explaining why deemed buyback is not working and that members cannot get any advice to understand what they need to do. If they have AVC’s these are confiscated if they choose deemed buyback.
Understanding and managing pension fund
risk Letter published in Global Pensions magazine explaining why pension fund trustees should not necessarily be switching to bonds and that searching for asymmetric returns and using alternative assets and derivatives can improve portfolio efficiency.
Financial Adviser feature on the
proposed new personal pension accounts Feature explaining why Ros thinks the proposed personal accounts should not be introduced and that they are likely to worsen pension provision in the UK – and also may lead to pensions being bought by those for whom they are not suitable.
FT letter on the injustice of unfunded
public sector pensions being contracted out Letter published in the Financial Times explaining that unfunded public sector pensions are contracted out of the national insurance system and that this is economically nonsensical, merely allowing public sector workers and employers to pay lower national insurance and passing the costs onto future taxpayers.
Financial Adviser feature discussing
expected Government pension proposals Feature article written for Financial Adviser assessing the expected pension reforms to be announced in the Queen’s speech in Parliament.
Feature article on annuities for
Corporate Adviser magazine Article published in Corporate Adviser magazine, discussing some of the shortcomings of the current annuity market and how ineffective the open market option is in practice.
Pensions crisis – it’s real
and getting worse Foreword published in ‘The Pensions Report’ in October 2006, explaining the results of a the comprehensive survey of investor and provider attitudes to pension provision in the UK, highlighting that trust and confidence in pensions have been destroyed in recent years.
PMI Soapbox – please support
compensation for wind-up victims Article published in Pensions Management Institute (PMI) magazine, calling for the pensions industry to support the campaign for compensation for those affected by wind-up.
What’s wrong with the White
Paper? Article published in Parliamentary Monitor magazine explaining why the latest round of pension reforms will definitely not be the last.
Government’s pension White Paper
not good enough Article published in ‘Parliamentary Brief’ (Volume 10, No. 10), explaining the background to the UKs pension problems and why the latest White Paper reform proposals will not provide a sustainable solution.
Let’s rip it up and start
again’ - Critique of Government’s
White Paper reforms Article published in Financial Adviser explaining why the Government’s White Paper pension reforms do not go far enough, leaving the system still in need of a radical overhaul.
Examples of how loss of final salary
pension on wind-up has devastated people’s
lives Article published in Sunday Telegraph explaining why the Chancellor’s pensions policies could destroy our once-thriving UK pension system.
New investment thinking for
trustees Article published in ‘Trustee newsletter’ Volume 2, Issue 3, explaining that pension fund trustees need to focus on risk as well as returns in their investment portfolios.
Demographic dangers for growth -
Sunday Telegraph Article published in the Sunday Telegraph, explaining how the Chancellor, Gordon Brown, has squandered the benefits of favourable demographic trends and is leaving the next administration to cope with the economic dangers of ‘demographic drag’.
Money Marketing article on fight for
compensation Article published in Money Marketing magazine, on 2nd August 2006, highlighting the various pressures on Government to comply with the Parliamentary Ombudsman report and also the European Court ruling, calling for full compensation for those who have lost their pensions.
Open Letter to John Hutton published in
Daily Telegraph – How do you sleep at
night? Open letter to Secretary of State for Work and Pensions, John Hutton, pointing out the errors in his evidence to the Public Administration Select Committee and criticising the Government’s heartless and shameful treatment of the victims of pension scheme wind-ups.
Financial Adviser comment –
scandalous attempts by Government to deny
occupational pension policy errors Article published in Financial Adviser giving criticising the Government’s attempts to squirm out of taking responsibility for occupational pensions policy errors, despite the Parliamentary Ombudsman’s report showing its guilt in this affair.
Concerns about USS pension fund Letter published in Financial Times following John Plender’s article about the decision by Universities Superannuation Scheme to leave employer contributions unchanged, despite large deficit and suggesting that asset allocation can help overcome deficits.
Letter to Professional Pensions calling
on Government compensate victims of scheme
wind-ups Letter published in Professional Pensions magazine, calling on the Government to compensate victims of scheme wind-ups urgently.
FT Trustee
summer school – Trustee investment
duties Article published in FTfm for their Trustee Summer School examining the demands for Trustee Knowledge and Understanding (TKU) of investment issues and using modern techniques to replace the traditional hopeful ‘punt’ on equities and bonds.
FT letter talking about difference
between funding and solvency standard Letter published by the FT on 12th April 2006, explaining that members were led to believe their pensions were risk-free and that they were funded for 'solvency', when they were really only subject to a 'minimal' funding standard which proved hopelessly inadequate, but they were never warned of the risks.
Daily Mail ‘Monday View’
column – Ministers’ great pensions
betrayal Article published by Daily Mail explaining how the Government’s rejection of the Parliamentary Ombudsman report has betrayed the nation and undermined pensions confidence still further.
Article in ‘Public Servant’
Journal ‘ New Thinking on Pensions’ Article published in ‘Public Servant’ Magazine, discussing the future for UK pensions, trends in occupational pension schemes and flexible retirement policies of the future.
House Magazine ‘Assurances that
final salary pensions will be protected by
legislation are threadbare – forked tongues on
funds’ Article published in the Commons ‘House Magazine’ explaining how, despite Government assurances to the contrary, final salary pensions were not properly protected by legislation and how the Government’s rejection of the Parliamentary Ombudsman report is unsustainable.
Pension wind-ups scandal worse than
Maxwell Professional Pensions piece published on 23rd March 2006, outlining Ros’ views of the Parliamentary Ombudsman report and Government’s rejection of it. Explains why this situation is worse than the Maxwell scandal.
Money Marketing article –
restoring confidence in pensions Article printed in Money Marketing asking how Government can hope to restore confidence in pensions, if it ignores the Parliamentary Ombudsman report and refuses to acknowledge its mistakes in handling final salary pensions.
Money Marketing article on the effects
of pension tax reform ‘A-day’ Comment published in Money Marketing outlining Ros’ expectations of the tax reforms for pensions introduced on 6th April 2006.
FTfm article on swaps and liability
matching Article published in FTfm comment section explaining why pension funds may be able to better match their liabilities by using swaps and derivatives, rather than just switching to bonds.
FT letter discussing why switching to
bonds is likely to prove unwise for pension funds
with large deficits Letter published by Financial Times explaining why switching to bonds will be unlikely to cure pension fund problems and could make them worse, whereas considering swaps may be a better alternative.
Reforming state pensions is affordable
if existing spending is reallocated more wisely Op-ed piece published in Financial Times advocating radical reform of state pensions. Ros explains why muddled thinking on pensions is preventing an affordable reform programme which could put pension policy on a sustainable path for the 21st Century, but some of the existing spending needs to be reallocated.
Article to be published in Pensions
World magazine outlining women’s pension
reform Article to be published in Pensions World magazine, explaining why women’s pensions need to be reformed urgently and how the system currently discriminates against women.
Letter published in the FT asking why
employers should be compelled to contribute to their
employees’ pensions Letter published in the Financial Times suggesting that there is no intellectual case for compelling employers to contribute to pensions, that this is simply a form of taxation and that pension contributions should really be up to the individual.
Comments on proposals of Pensions
Commission Second Report Article prepared for Financial Adviser giving Ros’s reaction to the pension reform proposals contained in the Pensions Commission final report.
BBC website published Ros’s views
on reform of occupational pensions Article published on BBC website discussing the crisis in UK occupational pension provision, problems faced by employers and members and recommendations for radical reforms.
DC pensions issues being overlooked as
trustees focus on sorting out DB Article published in Financial Times FTfm November 2005 discussing concerns about a ‘governance gap’ in UK occupational pensions, as trustees and the industry seem to be focussing primarily on sorting out problems of defined benefit schemes, while not paying enough attention to the needs of new defined contribution arrangements.
Why has Government policy to encourage
saving failed? Article published in Money Management outlining the failure of pension policy reforms and discussing possible reasons why the Treasury seems to have failed to encourage more pension savings.
Daily Mail article ‘Women deserve
pension equality’ Article published in Daily Mail Monday View column on 3rd October 2005, outlining why women in the UK are treated as second class citizens in pension terms and that urgent radical reform is required to deal with this.
Trying to Retire in a Man’s
World Article published in Financial Adviser explaining the unfairness of women’s pensions and why reform is long overdue.
Global Pensions article outlining
injustices of women’s pensions Article written for Global Pensions magazine, explaining why women lose out in our pension system and examining the reforms which are needed.
Contracting-out has failed Article published in Financial Adviser on 8th Sepetmber 2005, following the FSA study of contracting out, demonstrating that this has provided poor value and explaining Ros’s view that contracting out should be abolished as part of radical pension reforms in the UK.
Global Pensions article giving
Ros’s on the risk-based PPF levy Article published in Global Pensions explaining that Ros considers having a PPF essential and the risk-based levy is a sensible proposal.
Pension funds using hedge fund
investments Article published in UBS Wealth Management magazine explaining some of the weaknesses of the lifecycle approach to investing and the need for diversification in investor portfolios.
FT letter final salary pensions
confidence trick July 2005 Letter published in the Financial Times on 7th July 2005, outlining why UK Government pension policy is responsible for lulling members of final salary schemes into a false sense of security, which allowed employers to get away with making pension promises which they could not afford. This is the fault of Government failure to tell members the truth, rather than malicious employer actions.
Financial Adviser feature on future of
UK occupational pensions Feature published in Financial Adviser magazine, outlining Ros's views on the future for occupational pension provision in the UK, movement away from final salary schemes and role of financial advisers to help make defined contribution provision work better.
Feature article published in Daily Mail
on pension reform Feature article published in Daily Mail on 31st May 2005, explaining why Ros believes UK pension policy is in a muddle and her proposals for radical and sustainable reforms, to help overcome the crisis which we face in pension provision in this country.
FT comment piece on pension reform Feature Comment piece published in the Financial Times on 16thMay 2005, explaining Ros's views on what has gone wrong with our pension system and her proposals for radical pension reform.
Article for Engaged Investor on FAS
inadequacies Article published in 'Engaged Investor' explaining why Government announcements on the Financial Assistance Scheme do not remedy the injustices suffered by wind-up victims.
Global Pensions article on PPF Article published in Global Pensions, explaining the benefits of having the Pension Protection Fund.
Response to Government consultation on
FAS regulations Ros's response to the DWP consultation paper on regulations for the Financial Assistance Scheme - explaining why it is hopelessly inadequate.
FTfm opinion piece on need for
including Opinion piece published in Financial Times FTfm supplement, arguing that pension fund trustees need to consider diversified range of investments, not just equities and bonds and that switching from equities to bonds, if funds are in deficit, may be the least efficient way of reducing risk.
Professional Pensions column on urgent
post-election pension reforms Article published in Professional Pensions in April 2005, outlining Ros's views of urgent pension reforms required after the General Election.
Letter on gradual retirement Letter written to Financial Times explaining why encouraging gradual retirement is a key element of pension reforms.
Pensions Management article on trustees
and annuity reform Article published in Pensions Management outlining problems of annuity purchase and urgent reforms required to make open market option work better. Also warning trustees of defined contribution schemes to take care to ensure appropriate annuities are purchased for members.
Pensions Week article on unfairness of
FAS announcements Article published in Pensions Week explaining why the Government proposed Financial Assistance Scheme is wholly inadequate and expressing the hope that the Parliamentary Ombudsman investigation will prove Government maladministration means the need for compensation, rather than assistance for wind-up victims.
FT letter on economics of pensions and
risk Letter published in Financial Times in March 2005 commenting on article by Joseph Stiglitz on US pension policy. The letter suggests that transferring costs of pensions from state to private sector does not make the risks disappear.
Financial Adviser feature on Financial
Assistance Scheme Feature article published in Financial Adviser explaining why the Financial Assistance Scheme is inadequate and outlining hopes for the Parliamentary Ombudsman inquiry to rectify the injustices suffered by victims of pension scheme wind-ups.
Pension Reform in 2005/6 Article published in 'Pensions and Investments UK', discussing implications of planned pension reforms for occupational and personal pensions in 2005/2006. Impact on investment of pension fund assets, trustees of occupational schemes and the new tax regime for contributions.
Moving Pension Thinking into 21st
Century Article published in 'Money is Changing' Special Report on Financial Services Marketing, published by Dig for Fire. The article examines the need to re-think retirement, reform state pensions and encourage longer working lives, to move pension thinking into the 21st Century.
The Times letter urging compensation
for wind-up victims Letter published in The Times, praising Patience Wheatcroft's sympathy for the plight of victims of pension scheme wind-ups and the urgency of Government compensation.
LIMERICK about FSA
'guarantees' Personal View column published in Financial Times, explaining why the stakeholder savings initiatives have not worked and are unlikely to do so. The target market is not benefiting and providers are not keen to offer these products.
FT personal view on failure of
Stakeholder policy initiatives Limerick published in Financial Adviser highlighting FAS double standards on refusing to acknowledge any wrongdoing in calling final salary pensions 'guarantee' with no risk warnings, when in truth these pensions were not guaranteed at all and tens of thousands of people have lost their entire pensions!
Balancing a Portfolio over a
Lifetime Article published in UBS Wealth Management magazine explaining some of the weaknesses of the lifecycle approach to investing and the need for diversification in investor portfolios.
Article in The Times on Financial
Assistance Scheme empty promises Article published in the Times explaining why the Financial Assistance Scheme may sound good, but it is not able to deliver meaningful help to the majority of victims of pension wind-ups and calling for proper compensation to be paid.
Letter commenting on pension burdens
faced by UK employers Letter published in Employee Benefits Magazine explaining why employers have been asked to shoulder too much of the pensions burden and that the 'standard' two-thirds final salary pension has become unaffordable for most people.
FT letter on US pension reform
proposals Letter published in Financial Times pointing out parallels between Bush pension reform proposals and UK pension policies over the past 20 years which have contributed to our pensions crisis.
FT Personal View on problems of savings
products for mass market Personal View article published in Financial Times, explaining the problems of stakeholder product reforms, mass market investors being left out, providers concentrating on high net worth clients and lack of economies of scale in savings products. Ros suggests consideration of National Savings as the ideal 'Sandler' products.
Financial Adviser feature on failure of
Government policy to encourage savings Feature article published in Financial Adviser highlighting the failure of Government policy to stimulate more savings. The article explains that policy has only focussed on supply side issues (informed choice, stakeholder) but not demand (no new incentives, people don't want to save) . Ros outlines the need for new incentives for both employers and employees.
FTfm article on recent hedge fund
performance Article published in FTfm, discussing the recent performance of hedge funds and what this implies for the future.
Article for Daily Express on Pension
Reform Proposals Article published in Daily Express, outlining Ros’s proposals for pension reform.
Financial Adviser feature on
structuring investment options for money purchase
pensions Feature article published in Financial Adviser, October 2004, outlining Ros's suggestions for structuring investment options for money purchase and stakeholder pensions, with sensible default options.
Telegraph article on how pension reform
affects you Article published in Daily Telegraph on October 9th 2004, discussing the effect of the 2004 Pension Reforms by the Inland Revenue. It argues that these reforms could change the entire nature of pensions in future, turning them into a short term exercise for those on higher rate tax.
DWP figures for wind-up victims Press release discussing of figures released by the DWP, showing its estimates of numbers of people potentially eligible for the Financial Assistance Scheme.
Why are many SME’s not providing
pensions? Press release highlighting the implications of the findings of research by the Pensions Institute, explaining why smaller companies are no longer keen to provide pensions.
Is compulsion a sensible way
forward? Press Release explaining why Ros does not believe compulsion is the best policy option to adopt, in order to encourage pensions.
Press Release on Treasury Select
Committee Report on Long-term Savings Press release discussing the findings of the Treasury Select Committee report on long term savings in the UK.
Strategic asset allocation for pension
funds Article published in ‘FTfm in September 2004 outlining the differences in strategic asset allocation aims between defined benefit and defined contribution schemes and the issues trustees should be considering.
When the FSA says
‘guarantee’ it doesn’t mean a
guarantee Press release explaining that the FSA refuses to accept any responsibility for telling members of final salary schemes that their pensions were guaranteed, when in fact they weren’t. It criticises the double standards apparently being used by the Regulator.
Government failed to listen to
Actuaries' warnings, must now compensate Article published in ‘The Actuary’ magazine, entitled ‘The Truth about Pensions’ explaining how the Treasury failed to listen to the Actuaries’ warnings about pension scheme wind-ups in 2000 and why compensation from the Government is essential in order to restore confidence in pensions.
Rethinking Retirement Article published in ‘The Tomorrow Bulletin’ discussing the Tomorrow Project report ‘Opportunity of a Lifetime’ and setting out Ros’s proposals for radically rethinking the concept of retirement and introducing a lifetime savings framework.
Hedge fund investing for institutions
to become mainstream Article published in the Alternative Institutional Investment Review, July 2004, explaining why Ros believes hedge fund investing will become mainstream and institutions will come to realise that including hedge fund investments can reduce portfolio risk and improve overall portfolio efficiency for long term investors.
Press release discussing problems for
members of Turner and Newell pension scheme Press release discussing the problems for T & N pension scheme members and the inadequacy of the Government’s £400 million Financial Assistance Scheme.
Tax relief is not fiscally neutral Letter published in Financial Times, arguing that tax relief is not fiscally neutral and is a major example of targeting incentives on top income groups.
Financial Adviser article reviewing
Treasury Select Committee report on long term
savings Article published in Financial Adviser in July 2004, discussing the findings of the Treasury Select Committee report on long term savings.
Trustee Responsibilities Article published in Financial News in June 2004, examining responsibilities of trustees in both defined benefit and defined contribution schemes.
Letter explaining my role in the
campaign for compensation Letter published in Money Marketing magazine in June 2004, explaining why I believe that Government must compensate and my role in helping pro-bono, not as any kind or paid lobbyist.
FT ‘Personal View’ article
questioning the inadequacy of Government policy to
encourage savings Article commissioned by Financial Times for ‘Personal View’ column, discussing Government policies to encourage savings and questioning why they seem to be targeted only at the top earners, rather than trying to encourage those who do not pay higher rate tax.
Pensions and Compensation article Article published in Public Service Review: Finance, Summer 2004, arguing the case for compensation for those who have suffered the injustice of losing their company pension on scheme wind-up.
'New Thinking on
Pensions', Public Servant, April 2006 'Support for Compensation', Pensions Management Institute, July 2004 'Rethinking Retirement', published in 'The Tomorrow Bulletin', July 2004 'Hedge fund investing to become mainstream', Alternative Institutional Investment Review' July 2004 'Compensation Essential for wind-up victims', Public Service Review: Finance, Summer 2004 'Including hedge funds in Institutional Portfolios', Public Service Review Journal, Autumn 2003 'Government Savings Policy' published in Consumer Policy Review, July 2003 'Encouraging Savings Through the Life-Cycle', Journal of Financial Services Marketing, Issue 7/4, 2003 'What has happened to our pensions?' published in Parliamentary Monitor, June 2003 'Beyond Tax Relief', Chapter 3 in W Paxton (ed) 'A Wealthy Society? Progressive and Coherence Asset-Based Welfare' IPPR London 2003 forthcoming 'Gradual Retirement' published in 'Pension Funds and Their Advisers, March 2003 'Modelling Changes to Pensions Tax Relief' published by Aberdeen Asset Management, February 2003
‘Let’s Get
DC Right Before It’s Too Late’, Journal
of Pensions Management, Volume 7, Number 1,
September 2001.
‘An Analysis of
Occupational Pensions in Britain’, Applied
Economics Journal, 1982.
‘Incomes of the
Early Retired’, Journal of Social Policy,
April 1982.
‘State Pensions,
Taxation and Retirement Income’ with A.B.
Atkinson, published in ‘Retirement Policy
– The Next Fifty Years’ (Ed. M. Fogarty)
1982.
‘Take-Up of
Supplementary Benefit by Male
Pensioners’, SSRC Research Programme on
Taxation, Incentives and Distribution of Income,
Discussion Paper 25, 1981.
‘Occupational
Pensions In Britain’, NBER Summer
Institute Paper No. 80-1, December 1980.
Ph.D.
THESIS: Funded by Social Science Research
Council. Also published many articles and interviews in press, journals and industry magazines, including Pensions World, Wall Street Journal, Professional Investor, Global Finance, Institutional Investor. |
