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Savings Policy - Lifetime Saving
Framework and savings incentives
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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article (PDF 466kb) | send a comment
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
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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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