Jack Jones

Pensions policy officer at the TUC. Formerly journalist and egg.

[Chris Giles @ChrisGiles_]

The point of pensions is saving for spending in retirement. This is an extirely desirable outcome of a tax change

[David Robbins @David_J_Robbins]

Headline that @TheIFS has joined calls to shake-up pensions tax wrong in two senses: (a) their note today mostly summarises what they have said before; (b) many of their proposals are quite different from other people’s, and they oppose the idea that receives most coverage (flat rate relief).

[Mubin Haq @Mubin_Haq]

Of the 1.9M pensioners in poverty - just 300k are claiming pension credit. 1.6M will miss out on the winter fuel allowance. Using lower council tax bands as the access route would mean just 300k of pensioners in poverty miss out - great from @stevewebb1

https://t.co/snOO5jlKTP

[George Eaton @georgeeaton]

Interviewed TUC general secretary Paul Nowak, he calls for:

- Public sector pay to be restored to its 2010 real-terms level.
- Extra support for pensioners hit by winter fuel cuts and wealth taxes in the Budget. https://t.co/VsNkEUpgRt

[Jack Jones @jjonesTUC]

@BroadhurstBooks Such a loss to the town. Hope the booksellers are ok.
Broadhursts was my gateway to reading and part of the reason my 1-bed flat is basically made of books.
This will be the 1st Christmas in over 25 years without giving or receiving a book immaculately wrapped in brown paper.

[Jesse Griffiths @JesseLGriffiths]

In summary: many of the key issues are on the table, but the speed of this review means we need to focus on its role in raising ambition for bigger changes, and in building consensus for really fixing our broken pensions system.

/ENDS

[Jesse Griffiths @JesseLGriffiths]

Labour’s #pensions review is taking shape, with a quick phase 1 focused on boosting investment, then a Pensions Bill (to tie up ongoing reforms), then a phase 2 focussed on ‘adequacy’ - i.e. people getting decent pensions.

What do we know & what is there to play for?
🧵/1

[Sharon Graham @UniteSharon]

The politics of change cannot become about picking winners. Pitting young versus old or vice versa. It’s time to change course.

Defend the Winter Fuel Payment: https://t.co/e27xSA61qt

[Martin Lewis @MartinSLewis]

NEWS. ENERGY PRICE CAP TO RISE 10% on 1 OCT. (pls share). Here's my instant briefing incl who it'll hit hardest, why govt needs change winter fuel payments, standing charges & WHAT TO DO NOW. First, here's the average Direct Debit Cap (it varies by region)

ELEC
- Standing charge 60.99p daily (from 60.12p) UP 1.4%
- Unit charge: 24.5p per KwH (from 22.36p) UP 9.6%
GAS
- Standing charge: 31.66p daily (from 31.41p) UP 0.8%
- Unit charge: 6.24p per KwH (from 5.48p) UP 14%

Prices nearly double pre-crisis: This rise means this winter many will still be paying nearly double what they were pre-crisis. From 1 October, the vast majority of homes in England, Scotland & Wales will see costs jump 10% – so for every £100 you pay today, you’ll typically pay £110.

To be more accurate, as most of the rise is on the unit rate not standing charge, higher users especially those with gas, will overall see their costs rise by more than 10% rise, lower users less.

Govt must rethink Winter Fuel Payments or almost ALL pensioners will need to find £100s more than last winter. While energy will cost less than during last winter’s crisis time, the reduction in rates only equates to a drop of roughly £100 over the six winter months for a household with typical usage. Yet specific pensioner energy support has dropped by far more...

Last year pensioner homes got up to £300 extra per household cost of living support - that’s gone, and its loss alone is far bigger than the saving made by slightly lower rates.

Piling on top of that is the governments new decision to means-test Winter Fuel Payments, that will leave all except usually those who claim Pension Credit missing out on a further £200 - £300.

While there's a strong argument for ending the universality of Winter Fuel payments, eligibility is being squeezed to too narrow a group. Those just above the thresholds will be hardest hit. I'm due to meet the Chancellor in a couple of weeks, and will then be urging her to look at methods to widen eligibility – such as to homes in council tax bands A to D – an imperfect but workable proxy for lower household incomes.

People can and should save by switching: The cheapest year-long fixes on the market right now are about 7% LESS than the new October price cap, but they mightn’t be around long, That looks a good deal, as its currently predicted once rates go up they won’t come down. Don’t just jump on any fix though, if you’re going to lock-in you want to grab the cheapest for your use and location, so use a whole-of-market comparison, like MSE’s Cheap Energy Club, and find out who will let you fix for less.

Alternatively deals like E.on Next’s Pledge, or EDF Ensure are effectively discounted trackers, where they move with the price cap, but the unit rates or standing charges are guaranteed to be lower. And for more sophisticated energy users the Octopus Agile and Tracker tariffs where prices move rapidly can be far cheaper.

Consultation to reduce Standing Charges launched: The Standing Charge is a daily poll tax that means everyone with gas & electricity pays a minimum £338 a year even if they don’t use it. This moral hazard penalises lower users, often many who are vulnerable, and means they will face a proportionately larger rise.

I've long called for change, so welcome today's long promised consultation on reducing standing charges today - though I'm slightly disappointed even the maximum proposed reduction is only £100/yr - but I'll hold judgement until I've read the consultation in full.

[Trades Union Congress @The_TUC]

The gender pensions gap means women effectively go 4.5 months of the year without a pension.

That means the average woman effectively stops receiving their pension today - compared to the average man.

Ministers must set out a plan for closing the gap including:

✅ Auto pension enrolment for lower paid jobs
✅ Fix staffing crisis in social & child care
✅ Universal, flexible, high quality childcare
✅ Extra state contributions for unpaid carers

Far too many women are consigned to poverty in retirement.

[Jack Jones @jjonesTUC]

@ProspectPension More details here:
https://t.co/wnHlx3jQQp
And the full @ProspectUnion report here:
https://t.co/qyJxt89tij

[Jack Jones @jjonesTUC]

Today is gender Gender Pension Gap Day - the point of the year at which the average woman would stop getting any money if she took her pension at the same rate as the average men.

Which is a long-winded way of saying the gender pension gap is HUGE.

[Jack Jones @jjonesTUC]

@ProspectPension -Fixing our broken child and social cares systems
-Expanding auto-enrolment to bring more low paid workers into workplace pensions
-Requiring employers to act to reduce pay gaps
-Introducing a carers credit so that those with caring responsibilities build up extra state pension

[The i Paper @theipaper]

‘Unfair’ gender pension gap means men get £7k more each year through retirement

https://t.co/Fc2RbF7XDu

[Ros Altmann @rosaltmann]

Government urgently needs to halt its decision to scrap #pensioner winter fuel payments. THREE ways to avoid axeing Winter Fuel Payments, by ROS ALTMANN https://t.co/SMxTfsONe0

[James Moore @JimMooreJourno]

A look at the Taxpayers Alliance claims over public sector pensions. They don't stack up. MPs on the other hand...
Me for @IndyVoices

https://t.co/DwhVsAwZIf

[Jack Jones @jjonesTUC]

Or we could just focus on trying to make retired paramedics and teachers poorer in future.

[Jack Jones @jjonesTUC]

Excellent from @JimMooreJourno pushing back on the Taxpayers' Alliance nonsensical attack on public service pensions

Extra daft as the call to replace decent DB pensions with inferior DC would send costs soaring as well as cutting pensions for nurses etc
https://t.co/4V5exG5Oda

[Jack Jones @jjonesTUC]

Maybe the takeaway from analysis that an average private sector worker, working full time and paying into a pension scheme every single year until they're 68, would see their income halve in retirement is that employers must put in more than 4%.