March 2023 | Fair Point | abrdn Financial Fairness Trust Newsletter

29 March 2023

When I’m 64 (or 67, or is that 68?)

We’ve been thinking a lot about pensions this month. We think about pensions a lot anyway, but the Chancellor’s changes to pension regulations have brought the topic into focus. We recently supported The IFS to publish a paper which considered the effects of raising the state pension age (or not), read more on that. We are also going to be working with The IFS in a joint major review of pensions, it will assess what pensions policy and the economic environment mean for future retirees, next month’s newsletter will have more on the review. 

If you don’t know your DC from your DB, or you’re interested in finding out how the triple-lock came about, listen to Felicia Odamtten and Steve Webb on our pensions podcast.

Project in focus - Living Pensions

We told you we were we thinking about pensions a lot. This month the Living Wage Foundation launched the “Living Pension Employer” standard to reduce risk of poverty for low-paid workers in retirement.

The project (supported by the Trust) was launched with six employers signed up to the standard on the back of news that over half of pension savers feel like they will never be able to retire. Over the next year the team will be working to encourage more employers to sign up to the standard, we’re hoping it can replicate the success of the Living Wage campaign.

Read the press release

What’s new? British employment insurance

This month the Fabian Society (supported by the Trust) reported jobseeker’s allowance is worth 12 per cent of average earnings, statutory sick pay 16 per cent and maternity payments 25 per cent. Researchers are calling for a British employment insurance. The insurance would provide generous paid leave and temporary benefits when people have to stop working, with payments based on recent earnings. A YouGov poll revealed high public support for the proposals.

Read about what they found

What about the Budget?

For a Budget that two months ago was being billed as a non-event, this one made some pretty major changes, especially to childcare and disability benefits. Does this month’s Budget get us closer to financial fairness? Our Policy Advisor, Donald Hirsch, takes a look.

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