BRITAIN: ‘ RETIRED WORKERS COULD BE GIVEN RIGHT TO SELL THEIR PENSIONS TO HIGHEST BIDDER ‘

#AceFinanceNews – BRITAIN:Jan.04: Retired workers could be given the right to sell their pensions under plans floated by the pensions minister.

From April, working people will be able to cash in their pension savings for a lump sum when they retire.

Lib Dem Steve Webb said he wanted to extend this to existing pensioners.

Mr Webb said the plans were being drawn up by the Department for Work and Pensions, but said he did not yet have agreement from his Conservative coalition colleagues.

His plan would allow pensioners, if they wanted, to sell the annuities they had been required to buy under the old rules to the highest bidder.

This would allow them a lump sum to spend on what they liked, and could be used alongside other pensions they have accumulated, Mr Webb said.

He told BBC News his proposal would not be implemented by April when the changes affecting working people, announced in Chancellor George Osborne’s 2014 budget, come into force.

He said: “To be honest, I would hope that all parties will say that people who have worked hard and built up a pension pot should be given the freedom to do what they want with it, rather than have the government tell them how to spend their own money.”

#AFN2015

#annuity, #pension, #savings

Rising Cost Of Care Will Erode Pensioners Wealth

old age home

old age home (Photo credit: jaded one)

A joint report from the Department of Health, Department for Work and Pensions and Department for Communities and Local Government will warn this week that a rising number of elderly people face losing “almost all of their wealth” to pay for social care. The report warns that the country may not be able to afford to fund a £35,000 cap on care costs amid a rapidly expanding population. The submission notes that by 2030, the number of pensioners is forecast to rise by 51%, while the number of disabled older people is expected to increase by 61% to 4m. The Government predicts that these rises will lead to unprecedented pressure on the NHS, councils and the state pension system. As a result, the report estimates that number of older people forced to rely on families and friends for help with care costs will double by 2030.

#daily-telegraph, #department-for-communities-and-local-government, #department-for-work-and-pensions, #department-of-health, #economy, #environment, #government, #house-of-lords, #old-age, #pension, #politics, #social-work

Social Housing Dropped In Favour Of New Lending Policy

Taxes

Taxes (Photo credit: Tax Credits)

Whenever l read a post that says – We are here to improve or provide better ways to help you! My alarm bell’s say be careful look at the real picture at what they are not saying, not what they are!

Well this article says be careful !

Ministers are studying plans to boost house building by lending publicly owned land to developers and relaxing requirements for building schemes to include social housing. The recommendations are expected to be made in a report by Sir Adrian Montague. Under the changes, the government and local authorities would “invest” land they own with private developers or housing associations, which say they can raise money to build homes but cannot afford to buy land as well. The state would be repaid when the completed developments were sold to institutions such as pension funds, which have indicated they want steady income from rents but cannot take the risk of development or wait for their pay-back during the building phase. To further encourage developers, councils could be urged to relax requirements for developers to build social as well as private housing; in return, they would have to agree that the rented homes could not be sold privately for a minimum period.

So what is the real story and how is it hidden from our view, well simply it is too good to be true! Also it is the tax payer once again that will pay for both giving the land owned by them and also funding the building costs.

Let us cover the first part giving the developer’s land, they have aptly called,lending them publicly owned land! That is “give” for no payment then adding to include social housing, as a way to placate us. The fact it is given        ” free and gratis” does not really get too much of a mention. They go onto say we will invest [give] land to private developers and or housing associations, mention of private sets the antennae really ringing. Anything private or PFi says profit and the only reason this government would give land to private developers,is profit for them and not the taxpayer!

The next part is even better it goes onto say that once they are built and sold for rental to pension funds that have indicated they want a steady income! Again more private companies that invested taxpayers hard earned money into pension funds and then using various investments, into commercial managed property portfolios,lost it all and had to reduce people’s pensions. Does anyone remember the 1980’s Serp‘s ” State Earnings-Related Pension Scheme” well this was replaced by ” State Second Pension” but very few people realise it was used for paying unemployment benefit and had to be replaced.

So l see this as ” History Repeating  itself as private companies giving to private companies means nothing for the taxpayer but profits for the developer, pension funds and rental companies.

So who takes the risk? The taxpayer not the government as they will get paid back when the development is completed, as they do not want to take the risk!

So even the risk is to be taken by the taxpayer and the profit is to be taken by the private companies. So this is a no risk no payment and good return for this governments ” Cash for Contracts” supporters!

#business-and-economy, #housing-association, #housing-benefit, #leasehold-estate, #pension, #private-rented-sector, #property, #public-housing