Give me Jimmy Savile over Tamara Ecclestone any day

Ostentatious shows of wealth didn’t detract from the late Sir Jimmy Savile’s generosity.

Ostentatious shows of wealth didn’t detract from the late Sir Jimmy Savile’s generosity.

Is there anybody more tasteless than Tamara Ecclestone? With her haut-chav dress sense, cupboards stuffed with once-worn Louboutins, garages full of Ferraris and, on Friday, a TV programme dedicated to her absurd life, Ecclestone is surely the airbrushed face -- actually, the entire embodiment -- of unacceptable capitalism.

Like Peter Mandelson, I can do filthy rich, and I have no problem with people like Ecclestone having huge piles of inherited dough. What gets me is the ostentatious consumption and the showing-off. If I were as rich as Ecclestone, I'd keep quiet about my gewgaws, and certainly wouldn't parade them on TV or in some Desmond glossy.

It's not only vulgar, but deeply insensitive to those who are paid badly, if at all. Besides, someone should tell Tamara that stealth wealth is far more attractive than her über-garagiste bling, but then maybe she's not trying to impress the likes of me. Her type of man probably wears those heinous blue suede slipper-shoes with crests on them, and wears £1,000-jeans and an untucked white shirt and smokes the type of fags you can only buy in Monaco.

In his way, the late Sir Jimmy Savile was just as tasteless, with his chunky gold jewellery, massive cigars, heinous tracksuits and insistence on the latest Roller or Bentley. On the surface, Sir Jimmy was certainly Tamara's kind of guy. But that's the point - it was just the surface. Sir Jimmy's appearance was purely an act, all for show, part of the brand.

The point about Sir Jimmy was not the bling, but the giving. According to his obituary in the Times, Sir Jimmy was said to have given away 90 per cent of his earnings to charity. Thanks to the £12m he raised, the National Spinal Injuries Centre at Stoke Mandeville Hospital was established. For many years, Sir Jimmy worked one day a week as a hospital porter at Leeds Infirmary. He was a regular visitor to Broadmoor, and even headed a group that helped to run the hospital.

"But what about all my charity work?" I can hear Tamara screaming. "I'm an ambassador to PETA! I was creative director of the 2010 Great Ormond Street F1 party! I'm active with the Dogs Trust!" Chief among Tamara's charitable achievements is her campaign against -- wait for it -- foie gras.

According to her website, and this is hard to read without laughing, Tamara has "personally contacted all the teams and sponsors involved in Formula 1 motor racing to advise them about this cruel food and to ask them to pledge never to serve it at events". Wow, way to go Tamara! Well done! And such a pressing and important issue for you to throw your wealth behind!

If Tamara really wants to live her life well, she should take a look at Sir Jimmy. You're allowed your bling and your cash if you really give to charity, and I don't mean accepting twinkly ambassadorships and going to fundraisers.

What Tamara should do is to take off the Manolos and the slap, tie her hair back, and quietly and anonymously work in a local hospital or hospice.

Maybe she already does that, in which case, I apologise and I shall give up foie gras. But somehow I doubt it.


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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: products-and-investments/ pensions/pensions2015/