Actuarial Post: Betting your pension

January 15, 2019 Tom Murray

pension freedom Actuarial Post pension funds annuities

Betting your pension This article was originally commissioned for Inner Workings, a monthly column written by Tom Murray, in the  December 2018 edition of the Actuarial Post.   The move by the government to reduce the shocking social side effects of fixed-odds betting terminals, mainly based in bookmakers’ shops, was welcomed by many in the UK as a good start in dealing with the issues that can arise from addiction to these machines.  Under the new law due to come into effect in 2019, the maximum stake will be reduced to £2, thereby requiring 50 losing spins to lose what could have been lost before on a single spin.
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[Pension] freedom’s just another word for nothing left to lose

March 02, 2016 Tom Murray

pension freedom

[Pension] freedom’s just another word for nothing left to lose Midst the cacophony of the Brexit debate and the speculation over the shape of the next budget, the actual effect of the last major changes to the pension system is being glossed over.
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2015 UK budget expands pension freedom strategy

April 23, 2015 Tom Murray

Pensions UK pension freedom Lifetime allowance Annuity

  Eat, drink and be merry for tomorrow we die... Oops, maybe not!
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Pension ‘bonanza’ headlines encourage poor decision-making

January 16, 2015 Tom Murray

Pensions UK Centre for the Modern Family house deposits pension freedom

The media has been full of ‘pension bonanza’ headlines to describe the pension freedoms that come into effect this April. A lot of articles have focused on the dangers of people using up their pensions in a crazy burst of consumer spending giving rise to the ‘Lamborghini’ pensioner stereotype. Thankfully, it appears that the average pensioner is more sensible than this and according to the International Longevity Centre - UK (ILCUKs) research of over 5000 pre-retirees, almost 75% of them prioritise a secure guaranteed income over an income that might vary depending upon financial markets.
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When TLC isn’t enough, LTC comes into it’s own

October 28, 2014 Tom Murray

protection x factor Pensions UK LTC

Over the last decade, the autumn television season has been dominated by a battle between ITV’s The X-Factor and the BBC’s Strictly Come Dancing. While initially the X-Factor led the way and regularly thumped Strictly in the ratings, the gap has been narrowing and for the last couple of years it is Strictly that is the dominant offering on the television. One of the factors involved in this turn-around is the audience the two shows are pitched at, with the X-factor being aimed at a younger audience than Strictly. The improvement in Strictly’s ratings mirrors the ageing of the UK, as the rate of increase in the older segment continues unabated.
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Lovely, Jubbly – pension’s freedoms brings opportunity for the Del Boys

October 24, 2014 Tom Murray

Pensions UK guidance pension freedom del boy

The current spate of pension reform is posited on the idea that pension money is the saver’s own money and that therefore they should be entitled to do what they like with it. However, the ageing population means that supporting people through their old age will become ruinously expensive for the country by the middle of this century. The fact that government is pushing people to save for this very specific reason is being completely ignored in the desire to please the grey vote by giving them full control over their savings.
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The FCA should apologise to Pension Providers and IFAs

October 17, 2014 Tom Murray

Pensions UK pension provider trade magazines pension freedom

For the last decade, the FSA, and latterly its reincarnation as the FCA, have lambasted pension providers and the financial advisers that recommend their products. The FCA have criticised their work and insinuated that the IFAs and providers are ripping consumers off and need huge amounts of regulation to prevent them from essentially robbing the consumers.
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