View more on these topics

Smith hints at need to raise retirement age

Prime Minister Tony Blair has admitted that for many UK workers, pensions is the issue which concerns them the most.

In his speech to Labour&#39s conference in Blackpool last week, the Prime Minister made a brief reference to the worries that many employees have about the quality of their pension on retirement.

Work & Pensions Secretary Andrew Smith hinted in his speech that the retirement age may have to be raised, saying if people want a decent standard of living in retirement, they must accept that they would have to work longer and save more.

Pensions dominated the agenda at the Labour conference alongside the war in Iraq and the private finance initiative as subjects that party members were most eager to debate.

A survey of delegates on the first night of the conference found occupational pensions was the second most important issue after public services and well ahead of Iraq or other matters.

Smith said: “As we are living healthier, longer lives and want a secure retirement, the arithmetic is inescapable. We must between us save more, work longer or both.

“We must change the present cliff-edge at the end of working life, where on Friday someone is a valued member of the workforce but by Monday they are shunted into retirement.

“This will mean extending choice and removing financial penalties that stand in people&#39s way.”

Recommended

Bristol & West launches new core mortgage range

Bristol & West has launched a new core range of mortgages including fixed rates, tracker rates, buy-to-let and remortgage products. It has a five year fixed rate at 5.75 per cent and a loan to value of 85 per cent which it says is specifically aimed a remortgagers looking for a better deal. There is […]

Outside edge

Perhaps Luke March should approach Estelle Morris to supervise the remaining period until the December 31 deadline for mortgage advisers to achieve their minimum qualification.Then we could be confident that the deadline will pass without anyone knowing where they stand. We could revise the standards continually until the right political solution is found.However, just like […]

IFAs say Axa sneaked out second bonus declaration

IFAs have accused Axa of sneaking out a second interim bonuses declaration which sees payouts on with-profits slashed for the third time this year.The life office blames the latest cuts of 2 per cent to 8 per cent for bonds and up to 7 per cent for pensions on the falling stockmarket.In its annual declaration […]

&#39Loan cold-calling ban means big job losses&#39

Mortgage intermediaries are warning that FSA plans to ban cold-calling of potential clients would cause “mass unemployment” and put firms out of business unless they can find alternative sales channels.The proposals to prevent unprompted tele-canvassing and emailing to drum up new business, included in its near final rules section of CP146, would bring mortgage business […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com