Savings Policy - Encouraging Long-Term Savings


Announcement that Ros will be offered a Ministerial post in the House of Lords new!
18 April 2015
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This is the Press Release announcing that Ros will be made a Peer after the 2015 General Election and will offered a Ministerial post in charge of consumer financial protection and financial education if the Conservatives form the next Government


Citywire interview: Shake up pension pricing to give transparency new!
6 May 2015
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Citywire interviewed Ros and published her aspirations for helping customers understand pension pricing, with clear and transparent fee structures in future and improved education and information


CityAM Feature on Ros – the Savers Champion talking about pension reforms, QE and life in the City
26 March 2015
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City AM newspaper interviewed Ros for a feature article about her life and her work


Budget 2015 – my thoughts – A Savings Revolution to follow the Pensions Revolution
18 March 2015
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Ros gives her thoughts on the 2015 Budget measures – a Savings Revolution


FCA mess up on advice
17 March 2015
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Professional Adviser reported Ros’ comments that the financial service regulator has not done enough to ensure financial advice is clear for customers and by allowing commission to be charged by ‘non-advice’ services it has put independent financial advisers at a disadvantage.


Hope for care saving incentives
3 February 2015
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Stock Market Wire carried an article calling for incentives to encourage people to save for social care needs in later life, perhaps alongside or within pensions with specific tax breaks


Most people don’t know enough to make good pension decisions
16 Janaury 2015
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The Herald newspaper explains why many people do not have sufficient financial information or education to be able to make good pension decisions


Interview - Ros Altmann talks about pensions, retirement and savings
4 November 2014
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Ros was interviewed for 'New Retirement' website about her role as champion for older workers and also her views on pension reform and rethinking retirement.


Yorkshire Post column - We need tax breaks for care savings
30 June 2014
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Ros wrote a column for the Yorkshire Post calling for new tax breaks to help people save for the looming costs of social care.


Bringing generations together in insurance of the future
24 June 2014
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Ros gave a presentation at the Swiss Re Centre for Global Dialogue conference explaining how the next generation can be brought into insurance - using family as a unit of product development.


Modernising insurance thinking for the next generation - a family model
24 June 2014
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Ros gave an interview for Swiss Re's conference on the next generation of insurance, calling for insurers to consider the benefits of selling to family units and engaging multiple generations together, rather than relying on intermediaries.


CityAM article - Making long term saving work for everyone
30 May 2014
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Ros wrote an article published in CityAM supporting calls for consideration of auto-enroling more low-paid workers, but perhaps ensuring they have more flexibility in their savings vehicles at work


Should we change tax relief
24 April 2014
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Ros explains how tax relief works, comments on its unfairness but cautions against making changes without careful modelling


Yorkshire Post: How insurers lost touch with their customers
31 March 2014
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Ros' views on why insurance companies have not always understood their customers' needs were published in the Yorkshire Post


Spectator blog - Ten things that have gone wrong in the UK insurance industry
30 March 2014
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The Spectator carried a blog from Ros outlining ten ways in which the UK insurance industry has been at fault and how it can change to better meet the needs of its customers.


Advice crucial to success of pension freedom
26 March 2014
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Ros welcomes the first day of new pension freedoms but expresses concerns that giving people access to good advice will be crucial to making the reforms a success for individuals.


What could be NISA - using ISAs to fund future care
24 March 2014
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Ros welcomes the Budget changes for ISA savings and calls on the Chancellor to use ISAs to incentivise saving for social care - perhaps allowing such savings free of inheritance tax.


CityAM lead comment: The pension revolution could restore Britains long-term savings culture
24 March 2014
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Ros wrote a lead article for CityAM explaining her belief that the measures in the 2014 could mark the start of a revival of Britain's long-term savings.


Express Budget Comment - No more rip-off annuities, a savings and pensions revolution
20 March 2014
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The Daily Express carried a Comment piece from Ros about the monumental changes to savings and pensions in the 2014 Budget.


Times Thunderer : At last we will trust people with their own money
20 March 2014
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The Times published a Comment piece from Ros welcoming the new Budget measures that will allow people to choose what to do with their pensions.


Express - Osborne boosts savers and pensioners
20 March 2014
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The Daily Express carried a Comment piece from Ros welcoming the new freedoms for savers and pensioners.


Can the Chancellor's savings revolution deliver the Tories the next election?
20 March 2014
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Can the chancellor's savings revolution deliver the Conservatives the next election?


Altmann welcomes pensions and savings revolution
19 March 2014
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Ros' thoughts on the Budget we highlighted by StockMarket Wire.


FT Comment - UK Budget 2014: A watershed moment for pensions and savings
19 March 2014
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Ros explains why the 2014 Budget measures are so significant for pensions and savings and will be both popular with the public and also bring in extra revenue for the Chancellor.


Budget 2014 - Ros' Wishlist granted! End of forced annuities
19 March 2014
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Ros welcomes the revolution announced in the Budget for pensions and savings, with increased flexibility for ISAs and more pension savings taken as cash - she has called for these changes for many years.


Wishlist for 2014 Budget
18 March 2014
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Ros issues her wishlist for the Chancellor's Budget, calling for relief for savers, more flexibility for pensions and savings and no more meddling with pension restrictions.


Sunday Post - Time to give savers a break in Budget 2014
17 March 2014
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The Sunday Post supported Ros' views that the Chancellor needs to ensure the Budget works well for savers and improve the flexibility of ISAs and pensions.


Shocking figures show largest fall in long-term savings since 1970s
4 December 2013
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Ros comments on latest Bank of England figures showing £23bn was taken out of long-term savings in the past year, partly driven by Funding for Lending's impact on saving rates


Where have all the savers gone - Chancellor needs to act in his Autumn Statement
3 December 2013
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Latest figures show the largest fall in long-term savings since the 1970s - Ros calls for the Chancellor to address this with extra help for savers in his Autumn Statement


Well done Mr. Carney - FLS should have focussed on business lending long ago
28 November 2013
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Ros welcomes the news that the Bank of England has decided the Funding for Lending Scheme should focus only on business lending and not mortgages next year. This should have happened at the start, but is welcome now nevertheless to take pressure off the housing market.


Allowing AIM stocks in ISAs
1 July 2013
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Ros explains why she believes the Treasury's announcement that ISAs will be allowed to invest in AIM stocks is sensible, but of course these will probably add to the risk level of a portfolio.


Why we must help savers
16 November 2012
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Ros calls on the Chancellor to free up the investment restrictions on ISAs, to allow savers to hold all their allowance in cash.


FSA finally gets more real on investment return forecasts
2 November 2012
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Ros comments on the FSA's recommendations that investment return forecasts for pensions should be lowered to become more realistic - better late than never!


City AM: Auto-enrolment needs to foster a broader savings culture
27 September 2012
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Article published in City AM explaining the dangers of auto-enrolment and the need for flexibility in savings policy.


Citywire blog - Bank of England policies put financial advisers in a pickle
26 September 2012
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Ros wrote a blog for Citywire explaining the difficulties for financial advisers when advising on pensions in the current exceptional interest rate environment.


Let Savers Decide what to do with their money
16 September 2012
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Ros published an article in the Mail on Sunday, explaining why the Government should allow savers to use their full annual ISA allowance for cash if they need to, rather than having to gamble half on the stock market.


Sign this petition to call on Government to lift ISA restrictions
16 September 2012
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Mail on Sunday has set up an e-petition calling on the Government to lift restrictions on ISAs, so that people can hold the full annual allowance in cash, rather than having to gamble half on stocks and shares.


Let's have Care ISAs to start the savings we need for care
9 July 2012
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Press Release welcoming calls from influential Tory MPs for the Government to introduce care ISAs and perhaps family care saving plans to help people prepare for care - Social Care reform will still require a care savings culture and so far there are no incentives to save for care - and indeed most people don't realize they even need to.


We'll save in the future if we spend more on social care now
8 July 2012
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Ros wrote an article for the Sunday Telegraph, explaining why we must not think too short-term about social care reform - if we don't fund it now, it will cost more later. People need to save for later life care needs.


Auto-enrolment may be missing a chance to revive long-term savings culture
24 May 2012
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Press Release highlighting Ros' comments at the CCW Pensions Lecture, in which she challenged the idea of auto-enrolment only into pensions and called for a broader definition of long-term savings for workplace incentives.


Pensions Need an Image Makeover
20 April 2012
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Press Release commenting on latest figures showing pension contributions and coverage falling sharply and ISAs more popular.


Budget contains stealth tax for middle income pensioners but £140pw pension good
21 March 2012
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Press Release analyzing the Chancellor's Budget and explaining the good parts and not so good parts


Baby boomers need better savings policy
9 March 2012
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Blog highlighting Ros' views on how QE has damaged the interests of older generations


It's time to consider savers again
5 March 2012
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Press release marking the third anniversary of the Bank of England's record low 0.5% interest rates, calling for the suffering of savers to be addressed, perhaps with higher Cash ISA allowances to help older people receive more interest tax free


Pensions needs more flexibility
25 January 2012
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Press Release explaining why the inflexibility of pensions is leaving many savers with nothing - using ISAs may be better than only pensions.


Incentivising care saving is important
October 2011
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Ros explains why we really need better incentives and a sensible framework to help people plan to save for care needs in later life, at the moment they have no idea what to do.


Access to pension fund money would ensure more people contributing
21 September 2011
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Ros' ideas on allowing people access only to their own contributions, but not employer contributions or tax relief are supported by the FT.


Telegraph support for early pension access
21 September 2011
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Ros' ideas for allowing people access to their pension fund, so they can, if they need to, withdraw their own contributions (but not employer contributions or tax relief). This would encourage far more people to contribute in the first place, while also ensuring they do have some pension fund building up.


It's time to show some financial fairness to forgotten over 50s
20 September 2011
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Ros' article published in the Yorkshire Post explaining that savers must not be made to suffer and Government should extend ISA allowances so that savers can have more income from their savings.


Seeking Solutions for Suffering Savers - Raise the ISA allowance
8 September 2011
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Ros calls for a higher ISA allowance in order to offset the impact of ultra-low interest rates on savers. Allowing interest tax-free would be the equivalent of an interest rate increase of 1% - 3% for taxpayers.


Oh no, NS&I tax free inflation-linked bonds withdrawn!
7 September 2011
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Ros comments on the disappointment that National Savings has withdrawn its inflation-linked savings certificates (and its fixed savings certificates) which were the best way for savers to protect themselves, tax free, against inflation.


People are just not saving for care!
September 2011
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highlights that almost no money is being set aside for care, even though people know it is important. They are just not saving.


A victory - cheques are saved!
23 August 2011
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Press release welcoming the decision by the UK Payments council to reverse its plans to abolish cheques.


WRIC - Press Release on Lord McFall's report
1 August 2011
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Press Release on Lord Mc Fall's report on pension reform does not really go far enough. Pensions need rebranding, it's not just high charges that are the problem.


A victory - Plan to abolish cheques is scrapped
August 2011
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Ros welcomes the decision by the UK Payments council to reverse its plans to abolish cheques. A victory for common sense.


Give pensions a new name - and a lottery
14 May 2011
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Ros' ideas for £1m lottery prizes to entice people to save in a pension are highlighted in the Yorkshire Post.


Press Release welcoming return of inflation linked bonds
12 May 2011
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Press Release welcoming the reintroduction of National Savings & Investments' 5-year inflation linked bonds, at last offering savers a safe way of protecting at least some of their savings against inflation.


CII - Encouraging Long Term Savings
May 2011
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Ros' article appeared in the Chartered Insurance Institute publication in which she recommends possible solutions to close the savings gap.


Telegraph Expert View - Budget ignores savers and pensioners
26 March 2011
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Expert View column published in the Daily Telegraph highlighting that the Chancellor's Budget contained nothing for savers and little for pensioners, with a cut in Winter Fuel allowance hidden away.


Budget Highlights
23 March 2011
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Press Release explaining the highlights of the latest Budget measures, with little comfort for savers and pensioners as they seem to be very low down the Chancellor's priority list.


Respite for savers? - Will NS&I inflation certificates return?
23 March 2011
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Ros welcomes indications in the Budget that National Savings and Investments will be allowed to reintroduce its very popular inflation-linked savings certificates - which were withdrawn from sale just as inflation started soaring.


Welcome to John McFall's pension inquiry - let's overhaul savings
1 February 2011
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Ros welcomes the new independent inquiry into Pension and Savings reform. Pensions need an image makeover.


Pensions need an image makeover
4th January 2011
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Ros comments on latest ACA survey results confirming disillusionment with pensions and says pensions need an image makeover so people actually want to contribute.


Yorkshire Post - Unlocking Pensions could lead to better savings culture
December 2010
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Ros' article published in the Yorkshire Post welcoming consultation on early access to pensions and calling for pensions to be re-designed, so saving can be ISAs or pensions.


Daily Mail article - Savers must be encouraged not discouraged
4 October 2010
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Ros wrote an article for the Daily Mail explaining the dangers of discouraging savings and the importance of long-term policy thinking rather than short-term fixes.


Yorkshire Post 'It's time to stand up for responsible savers'
29 September 2010
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Op-ed published in the Yorkshire Post criticizing monetary measures that discourage saving, especially as more baby-boomers reach their 50s and 60s and will need money to live on in future.


Daily Express feature article 'Bank of England must show more respect for savers'
29 September 2010
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Feature article published in the Daily Express arguing that the Bank of England's policy of punishing savers and encouraging them to spend their capital is dangerously short-sighted.


Bank of England wrong to target savers
26 September 2010
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Press Release criticizing Bank of England Deputy Governor, Charlie Bean, who suggested that monetary policy was deliberately trying to get savers to spend their money, ignoring dangers for pensions and long-term economic stability in an ageing population.


Ros backs Save our Pensions Campaign
25 March 2010
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Article in FT Financial Adviser Magazine highlighting that Ros is backing their Save our Pensions Campaign.


Credit crisis and pensions policy
9 December 2008
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Presentation given to House of Commons All Party Group on Social Security, explaining the inadequacies of recent policies for dealing with the credit crisis and suggesting alternative solutions.


Cutting interest rates is like a tax increase or a pension cut - it's wrong!
December 2008
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Ros explains why cutting interest rates even further from here is not sensible and causes significant damage to pensioners living on their savings. She recommends bringing back the 10p tax band to improve incomes for all taxpayers and improving the state pension to help all pensioners over age 75.


Financial crisis and demographic dangers of current Government policy
1st October 2007
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Presentation given to LSE conference on Financial Markets Crisis, explaining how savers will be affected and the need to restore savings incentives.


Breathtaking double standards offering 100% compensation to Northern Rock depositors
18th September 2007
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Release highlighting the injustice of Government immediately rescuing Northern Rock savers with a 100% guarantee, while continuing to maintain that taxpayers can't compensate pension victims who have been struggling for years with no pension.


Saga website – introduction to SIPPs
September 2007
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Article for Saga website explaining the basics about Self Invested Personal Pensions (SIPPs).


Press Release on FSA Retail Distribution Review
28th June 2007
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Ros' comments on FSA Retail Distribution Review consultation paper on selling savings products in the UK.  Ros suggests the only people called 'independent advisers' should be those who can sell across all products.


Money Marketing article on the effects of pension tax reform ‘A-day’
February 2006
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Comment published in Money Marketing outlining Ros’ expectations of the tax reforms for pensions introduced on 6th April 2006.


U turn on pension simplification reforms is a shambles
December 2005
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Press Release discussing Ros’s view that the government’s climbdown on allowing residential property into personal pensions and last-minute changes of pension simplification tax rules is the right decision but dreadful timing.  The Government should never have proposed this and should have listened to warnings over the last 2 years that such changes would lead to huge losses of tax revenue.


Why has Government policy to encourage saving failed?
November 2005
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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.


Speech at Labour Party Conference fringe on encouraging retirement provision
26 September 2005
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Presentation given at B&CE fringe meeting at Labour Party Conference in Brighton, discussing Ros’s views on how to get people to provide for their retirement.


Long-term savings in the 21st Century - IMA conference, London
16 June 2005
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Presentation given at the Investment Management Association conference, London, outlining policies required to stimulate long term savings, pension reform and alternative investment approaches in the UK.


Long term savings and the future for life assurance companies - IEA Annual Conference, London
23 May 2005
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Presentation given at the 8th Annual Conference of the Institute for Economic Affairs, in London, discussing the role of Government, insurance companies and the financial services industry in the future of long term savings in the UK.


FT personal view on failure of Stakeholder policy initiatives
January 2005
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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.


Balancing a Portfolio over a Lifetime
1st Quarter 2005
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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.


Closing the Savings Gap - CSFS Conference
25 November 2004
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Presentation at Centre For Future Studies Conference in London on closing the savings gap, outlining how Government and the financial services industry can work together to encourage more savings.


FT Personal View on problems of savings products for mass market
November 2004
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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
October 2004
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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.


Press Release on Treasury Select Committee Report on Long-term Savings  
September 2004
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Press release discussing the findings of the Treasury Select Committee report on long term savings in the UK.


Presentation for FSA Consumer Panel
September 2004
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Presentation made to the FSA Consumer Panel on the topic of ‘what I would do if I were on the FSA Consumer Panel'.


When the FSA says ‘guarantee’ it doesn’t mean a guarantee
August 2004
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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.


Tax relief is not fiscally neutral
July 2004
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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.


Rethinking Retirement
July 2004
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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.


Financial Adviser article reviewing Treasury Select Committee report on long term savings
July 2004
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Article published in Financial Adviser in July 2004, discussing the findings of the Treasury Select Committee report on long term savings.


FT ‘Personal View’ article questioning the inadequacy of
Government policy to encourage savings
June 2004
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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.


The Importance of Independent Advice in Savings Policy
September 2003
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Presentation given at ‘Money Marketing Live’ Exhibition in Manchester on 23rd September 2003, explaining the problems of pension coverage, Government pensions policy and the importance of independent advice in the savings process.


Cost of Giving Extra Savings Incentives to Basic Rate Tax Payers
March 2003
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Modelling work carried out by Datamonitor to estimate costs of giving extra government incentives for saving in a matching scheme, rather than using tax relief. Funded by Aberdeen.


Sandler Products - Independent Advice is Essential to Avoid 'Mis-Buying'
February 2003
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An article written for Financial Adviser commenting on why financial advice is still so important even when offering simple products.


Developing a Lifetime Savings Framework
January 2003
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Article prepared for Journal of Financial Services Marketing to describe the setting up of a Lifetime Savings Account to encourage savings throughout the lifecycle.


Beyond Tax Relief
September 2002
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An article that describes moving away from tax relief towards a better savings incentive system - giving higher and fairer incentives to most people.


Comments on Sandler Review
July 2002
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An analysis of the Sandler Review of Retail Savings in the UK - assessment of its merits and deficiencies.


How Pension Tax Relief Benefits The Better Off
April 2002
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These are two slides which demonstrate examples of the regressive effect of tax relief on pensions and possible contribution to inequality of wealth among the elderly.


Reform of Policy to Encourage Savings
February 2002
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Recommendations for changes in policy to encourage savings through the lifecycle.


 

Encouraging Savings In The UK – A Lifetime Savings Framework
January 2002
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or
view PowerPoint presentation (pdf 263kb)

Slides and transcript of a speech given at the Institute of Actuaries ‘Ageing Population’ conference in Edinburgh on January 21st 2002. This describes proposals for a new type of 'wrapper' in which to hold all a persons savings throughout their lifetime, from short term investments to pensions and equity release.


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