Locked up with writers

No duffers, no loons, they could cook, they were funny and twisted and many of them had nice mums -

Once again I am hunched in the only office I may ever know – a train - my own lovely home being a distant memory filled with housework and DVD’s I haven’t watched for ages. On this occasion I’m in a Birmingham-bound diesel office which has managed to sneak out of Edinburgh Waverly without being – thus far – stymied by all of the apocalyptic and mysterious things that happen to the rail network on Sundays. Yes, dear reader, I am mad enough to attempt Sunday travel.

Sitting opposite me in a kind of smiley coma is Gill Dennis the splendid creature responsible for writing, among other things, the screenplay for “Walk The Line”. We have just tutored a screen writing course and, having talked and thought almost continuously for five days we now find it challenging to organise complex tasks like blinking. Occasionally we cry. I may even be crying now.

Tutoring residential courses represents a delicious kind of community-based Russian roulette for writers. There you will be, trapped in a remote location with a number of complete strangers in order to Teach Something About Something, perhaps with another writer who may or may not turn out to be going through a drug-induced internal soap opera, or a sex-induced external soap opera, or a typing-induced grand opera.

Expecting typists to respond warmly to group experiences always seems odd to me. We are not naturally hugging, sharing, orderly folk. We have the power to transform The Walton Family Eats Dinner into The Manson Family Gets Even. Before arriving at one of these things – on a train – I am always assailed by similar questions. Will there be more than one nutter? Will inappropriate sexual behaviour in thin-walled bedrooms cause conflict/envy/bootleg recordings? Will we end up building a rudimentary altar and sacrificing the weakest participant? And, most importantly, will all the writing be shit?

Happily – miraculously – this course involved 100 per cent charming and co-operative people who could also write like the stars I hope they become. All sixteen of them - no duffers, no loons, they could cook, they were funny and twisted and many of them had nice mums. Plus, Mr. Dennis is one of nature’s gentlemen and a joy to be around. Much fun was had, much work was done – and I got to enjoy being slightly teary on the final evening as work was presented and everyone found out how good everyone else was.

If only there was a British film industry it would all have had a point. If only there was a Scottish film industry and the powers that be weren’t more interested in rebranding themselves than making watchable, unique films that would entertain, enlighten and delight. If only they were interested in the arts at all – we could be another Ireland. But we’re not.

Lately, I’ve also managed to lie in a couple of pals’ spare bedroom and finish the first draft of a short story. (I will commence serious rewriting once I have finished this.) As said pals were away for the weekend and left me in charge of their children – no, that’s not arrestable, I am in fact a competent warder/baby sitter – I had the incalculably wonderful experience of introducing two ankle-biters who don’t have a telly at home to the full glory that can be squashed into three box sets of Dr Who.

They are excellent young people – partly because their parents love them and they have not been accosted by television and partly because they have gone to a school that treats them like human beings and has equipment and proper teachers and lots of running about and mild risk – they just didn’t have the doctor.

And now they do. Ah, the flinching, the giggling, the looking away, the being surprised when tricky situations are not resolved by murder, the gentle exploration of a world that loves adventure and intelligence and curiosity and human potential. A television show that respects the viewer. They have only a vague idea of how rare that is. But they now do know how good the doctor is. I growed up with him around and they can, too. He’s where the BBC keeps what’s left of it’s soul.

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Stability is essential to solve the pension problem

The new chancellor must ensure we have a period of stability for pension policymaking in order for everyone to acclimatise to a new era of personal responsibility in retirement, says 

There was a time when retirement seemed to take care of itself. It was normal to work, retire and then receive the state pension plus a company final salary pension, often a fairly generous figure, which also paid out to a spouse or partner on death.

That normality simply doesn’t exist for most people in 2016. There is much less certainty on what retirement looks like. The genesis of these experiences also starts much earlier. As final salary schemes fall out of favour, the UK is reaching a tipping point where savings in ‘defined contribution’ pension schemes become the most prevalent form of traditional retirement saving.

Saving for a ‘pension’ can mean a multitude of different things and the way your savings are organised can make a big difference to whether or not you are able to do what you planned in your later life – and also how your money is treated once you die.

George Osborne established a place for himself in the canon of personal savings policy through the introduction of ‘freedom and choice’ in pensions in 2015. This changed the rules dramatically, and gave pension income a level of public interest it had never seen before. Effectively the policymakers changed the rules, left the ring and took the ropes with them as we entered a new era of personal responsibility in retirement.

But what difference has that made? Have people changed their plans as a result, and what does 'normal' for retirement income look like now?

Old Mutual Wealth has just released. with YouGov, its third detailed survey of how people in the UK are planning their income needs in retirement. What is becoming clear is that 'normal' looks nothing like it did before. People have adjusted and are operating according to a new normal.

In the new normal, people are reliant on multiple sources of income in retirement, including actively using their home, as more people anticipate downsizing to provide some income. 24 per cent of future retirees have said they would consider releasing value from their home in one way or another.

In the new normal, working beyond your state pension age is no longer seen as drudgery. With increasing longevity, the appeal of keeping busy with work has grown. Almost one-third of future retirees are expecting work to provide some of their income in retirement, with just under half suggesting one of the reasons for doing so would be to maintain social interaction.

The new normal means less binary decision-making. Each choice an individual makes along the way becomes critical, and the answers themselves are less obvious. How do you best invest your savings? Where is the best place for a rainy day fund? How do you want to take income in the future and what happens to your assets when you die?

 An abundance of choices to provide answers to the above questions is good, but too much choice can paralyse decision-making. The new normal requires a plan earlier in life.

All the while, policymakers have continued to give people plenty of things to think about. In the past 12 months alone, the previous chancellor deliberated over whether – and how – to cut pension tax relief for higher earners. The ‘pensions-ISA’ system was mooted as the culmination of a project to hand savers complete control over their retirement savings, while also providing a welcome boost to Treasury coffers in the short term.

During her time as pensions minister, Baroness Altmann voiced her support for the current system of taxing pension income, rather than contributions, indicating a split between the DWP and HM Treasury on the matter. Baroness Altmann’s replacement at the DWP is Richard Harrington. It remains to be seen how much influence he will have and on what side of the camp he sits regarding taxing pensions.

Meanwhile, Philip Hammond has entered the Treasury while our new Prime Minister calls for greater unity. Following a tumultuous time for pensions, a change in tone towards greater unity and cross-department collaboration would be very welcome.

In order for everyone to acclimatise properly to the new normal, the new chancellor should commit to a return to a longer-term, strategic approach to pensions policymaking, enabling all parties, from regulators and providers to customers, to make decisions with confidence that the landscape will not continue to shift as fundamentally as it has in recent times.

Steven Levin is CEO of investment platforms at Old Mutual Wealth.

To view all of Old Mutual Wealth’s retirement reports, visit: www.oldmutualwealth.co.uk/ products-and-investments/ pensions/pensions2015/