The British economy is beset by poor productivity - and it is about to start putting a real squeeze on growth. Its effects have been cushioned by high employment, but with few workers left to add to the Labour market, the only way to boost GDP is to improve productivity. With his deficit target under threat from productivity downgrades, the Budget represents the Chancellor's best chance to tackle the problem.Read More
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The Liberal Democrats insisted the triple lock for state pensions form part of the Coalition Agreement in 2010. Since then welfare spending on pensioners has gone up by 10% but down 5% for working households, driving young voters towards Labour.
The early response to automatic enrolment has been positive but the government can still do more to encourage saving, especially for the young and the self-employed.
Michael Johnson outlines some reforms to pensions and savings that political parties should consider while writing their General Election manifestos.
The 2015 liberalisation of pensions was welcome but the risk management is needed.Michael Johnson proposes "auto-protection" at private pension age.
Michael Johnson reports on the "Lost Decade" for the local government pension schemes that has seen costs skyrocket with no reward for savers.
The State Pension is facing fiscal calamity. Total spending on it has increased by 25% since 2010-11. Michael Johnson urges the Government to take action.
The recent publication of the Savings (Government Contributions) Bill confirmed that the Government intends to press ahead with the Lifetime ISA, to be launched in April 2017. This is welcomed.
Fully functioning, the pensions dashboard could become the ultimate disruptor of incumbent industry providers, but merely providing information will not embed the dashboard into the consciousness of the general public.
The UK pensions and savings arena must be simplified in order to secure Britain's long term savings future. We could gravitate to a purely TEE framework, which would require the accommodation of today's EET-based defined benefit (DB) schemes.
Michael Johnson urges the government to introduce a Workplace ISA to complement the recently announced Lifetime ISA. Auto-enrolment's reach should then be expanded, and both the Lifetime and Workplace ISAs included within its legislative embrace.
The introduction of the Lifetime ISA, as first proposed by the CPS, is a triumph for savers. However the Government must now act to ensure that the full benefits of the new pensions product can be realised.
The Greek Pensions system is close to collapse: there are just 138 people in employment for 100 Greek pensioners – compared with 275 in the UK.
The failing LGPS (2014) must be overhauled and replaced with a new sustainable, defined contribution scheme: LGPS (2018).
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