A Sad Pension Perspective

 

I appreciate that the subject of pensions can offer dryness of Sahara proportions and seldom do I get accused of being exciting whenever I bring it up socially. I am boring enough as it is without compounding a listener’s misery further!

 

However, there has been some really interesting insight at the frustrations that Ros Altmann has incurred.

 

Her background is worthy of respect and her opinion is always of value. It is rare that she does not have her finger on the pension pulse. Her background has never been political, as she gained prominence as a pro bono campaigner for consumer rights on pensions and fought more corners against the Government for justice on the subject than she really should have. My cap is doffed.

 

Last year from left-field, she was appointed by then Prime Minister David Cameron as Pension Minister. However, such is her drive for fairness, she quit her post within a year.

 

Never one to back out of giving an opinion, she offered the following (and very concerning ) observations of her time as Pension Minister:

 

“It was a truly shocking experience. If you are a minister who actually wants to get things done, you have to fight constantly. The whole system seems geared to stopping ministers from trying to do too much and from engaging properly with the public or indeed the media. If I spoke to journalists directly, without prior permission or officials present, the whole machine would come down on me like a tonne of bricks.”

 

“Officials and other departments can also often prevent policy being made in the interests of the public. Much of my time was spent fighting to stop bad policies being pushed through, leaving less room to push better policies forward.”

 

“The bottom line is that I have seen how short-term political considerations can derail sensible long-term pensions policymaking. Trying to fight from within is like swimming against a tide, as urgently needed policy proposals are often rejected in favour of shorter-term political expediency.”

 

Pensions by their very nature are long term yet it is evident from Ros Altmann’s observations that they will not be used for anything other than short-term political point scoring.

 

Is it really any wonder that there is so little trust in pensions as a legitimate savings medium?

 

Perhaps the biggest question though……what’s in it for MP’s to change the culture and create solid long term pension policymaking when they are only ever guaranteed to be in position for 5 years?

 

All in all, very sad.