Unspontaneous protest

Press freedom in Sri Lanka, mace-wielding John McDonnell, the return of Wegg-Prosser - and much more

A Heath Row

I travel everywhere by organic dow, but don't necessarily expect others to live up to my absurdly high ethical standards, least not the masses of under-sunned Brits for whom the proposed new runway at Heathrow Airport will provide yet more exciting opportunities to flay themselves on Mediterranean beaches.

Not everyone is delighted by this prospect though, and among the political classes a surprisingly broad consensus has emerged against the plan. Green Queen Caroline Lucas compared plans for peaceful protests against the development to those of the suffragettes (er, didn't they throw an axe at the prime minister?), explaining that a new runway: "..would lead to spiralling carbon dioxide emissions, unacceptable noise pollution for millions living in London and the South East and worsening air quality." Other groups joining the 'Climate Rush' include the pleasant Christians at Ekklesia, whose co-director Simon Barrow recently wrote for newstatesman.com's Faith Column about the need to use our wealth for the common good – which presumably doesn't include holidays in Malta.

Rumbold on Pickled Politics felt that supporters of the runway had failed to articulate a plausible case, positing that more efficient airport management could solve many of Heathrow's current troubles. He argued that improved rail networks could help cut the number of flights in and out – obviating the need for the new runway and cutting carbon emissions.

Speculating over the fallout from the pending decision, Iain Dale predicted trouble ahead for Hilary "not a Bennite" Benn. He wrote:

"It's difficult to see how Climate Change Minister Ed Miliband could defend it, but he won't go. The one Minister I can see resigning is Hilary Benn, who has already made his position very clear.

As if that wasn't exciting enough, top celebs like Emma Thompson and TV's Alistair McGowan joined megabucks Tory candidate Zac Goldsmith (the only PPC I've ever seen with an art nouveau font on his website) in buying up tracts of earmarked land to thwart the developers. Will it work? Probably not, but worth a shot.

Thursday saw the project given government approval, provoking the ire of, amongst others, left-winger John McDonnell MP, who reached for the mace in what Iain Dale described as an “unspontaneous protest”…

What have we learned this week?

Terrific news: one of this blog's favourites, Ben Wegg-Prosser has been given a new platform! Labour List, the new enterprise of Derek Draper (unkindly monikered "Dolly" by bloggers of the right) promises posts from Benjamin, though the Moscow-based former Number 10 weblord has yet to contribute. The inevitable tussle between Labour List and the longer-established Labour Home to become the primary online base for activists is "absolutely on" sources behind the project whisper – so it may be worth keeping an eye on.

Around the World

Concerns over the state of press freedom in Sri Lanka peaked this week, with the murder of Lasantha Wickramatunga, a highly respected journalist who had consistently campaigned to expose corruption and human rights abuses. Chit Chat ran images from the scene, while London-based Rine mourned both his death and the state of government on the island, angrily asking:

"Who do we have at this moment who will fight against the injustice that is a corrupt government terrorising its own people under the veil
of a war?"

Lakimba was less gracious. Acknowledging that: "It is indeed sad news when a human being has been killed prior to their time," he added the caveat, "...even when a person with a twisted mind and a strong anti-Sri Lankan agenda like Mr. Lasantha Wickramatunga".

Videos of the Week

Following President Bush's melancholy and almost ruminative final press conference, numerous YouTubers decided to stitch together retrospectives. This is a rather beautiful look back on his eight baffling years in office.

Back in Britain, the Tories have launched a series of new ads highlighting the scale of the national debt, including this one, in which an adorable infant is born into a life of burdened misery thanks to the prime minister.

Quote of the Week

"Has some charmer organised a denial of service attack on LabourList just as it was being featured live on Channel 4 News? Bit of a coincidence that it should "go down" at the precise moment if there was no mischief afoot. Very strange."

A somewhat paranoid Chris Paul fears online sabotage.

Paul Evans is a freelance journalist, and formerly worked for an MP. He lives in London, but maintains his Somerset roots by drinking cider.
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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/