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Sunday 23 March 2014

In these Breaking News bulletins we link to other sites stories
specifically relevant to Democratic Republicanism

All these bulletins will be catalogued on the website
to assist in formulating policy

Peter Kellow, DRP Leader, comments...

The penny is beginning to drop about the implications of Osborne's pension reform.

In Newsletter No 123 yesterday, headlined:

Basic principle of pensions jettisoned for short term economic and electoral fix

we pointed out how Osborne has opened a can of worms and we described some of those worms in detail.

True to his Tory form, Ed Milliband threw his support behind the moves

David commented on the DRP blog

"Excellent article Peter. The fawning in the press over the pensions change in Osborne's budget has been pitiful. The purpose is clear as day."

RickyRm also picked up our comment on the fawning lazy press writing:

"In only twenty-five years, we have gone from having the best collection of newspapers and TV programmes in the World to having just about the worst of any large European country. "

Add your comment to the blog here

Now the Guardian has belated realised that the appeal to freedom and choice has a hollow ring.

The Observer, Sunday 23 March 2014

Pension reform may threaten right to free social care, warn charities

People who cash in pension savings could find themselves trapped into paying care bills they could have avoided

People who cash in their pensions in order to save or invest the money risk losing their right to free social care if they fall ill or become too frail to look after themselves, leading charities have warned.

Following chancellor George Osborne's budget announcement that people will be able to take more money out of their pensions under more favourable tax arrangements without having to buy an annuity, there are increasing fears that some will make ill-informed decisions that could backfire.

On Saturday both the Joseph Rowntree Foundation (JRF), which works to combat poverty, and Age UK, Britain's largest charity for the elderly, said people without large assets who cashed in pension savings could become trapped into paying care costs which they would have avoided if the money had remained invested in a pension.

Pensions experts also said that people would suddenly find that money they had withdrawn from pension pots could become treated as assets in divorce settlements after the new rules are introduced next year.

Osborne's sweeping plans now have all-party backing after Labour threw its support behind moves that will give people greater control over their pension savings.

Read full story ......