Maximum efficiency at maintaining professional standards

Alice O'Keeffe's "Squeezed Middle" column.

The computer screen is swimming in front of my eyes. I pull together every fibre of mental strength to finish my sentence: “. . . streamlining the governance structures of the organisation for maximum . . .” For maximum what? Accountability? Efficiency? Cabbage? Impact! Impact. Phew.

This is my first attempt to work since baby Moe was born. Isla, a former colleague who now has a high-up job in the arts, has asked me to help write an annual report. I get a decent day rate and I can do it from home. If I don’t mess it up, there may be more work forthcoming.

This is a cheering prospect, as we are crazily broke. My clothes are actually threadbare: the other day, I was chatting to some rather stylish mothers outside Larry’s nursery and only realised when I got home that my jeans had ripped right across the arse – and not in an on-trend way. Also, the fateful day on which we will have to renew the car insurance is looming. So I am definitely not in a position to look a gift horse in the mouth.

The problem is that baby Moe is still not sleeping properly. For a reason I have not yet managed to identify, he wakes up several times a night and often howls for more than an hour before, equally inexplicably, popping his thumb into his mouth and drifting off again. I have ruled out hunger, illness and teething. Cuddles work but only temporarily. Even Calpol seems to be losing its magic.

I am trying to implement a draconian sleep-training regime but it is difficult when you are so exhausted that you would gladly pawn your own grandmother for an unbroken four hours. Last night was particularly bad. At one point, I found myself semiconscious on the floor, with Moe draped across my face.

Anyway, here I am, a Writing and Editing Professional. I’m still in my pyjamas, yes, and smeared with porridge, maybe, but I’m nevertheless the Solution To All Your Editorial Needs.

“Er, I think he needs a feed.” Curly pokes his head around the door. He has been trying to keep Moe quiet in the other room so I can concentrate. I stagger across the room, crashland on the sofa and take Moe in my arms. As he suckles away, a delicious wave of relaxation sweeps over me. I lean my head back and close my eyes, just for a moment, until . . . “Babe, I’m sorry, I’ve gotta go.” Curly has his hand on my shoulder. I wrench my head from the cushions and stare at him uncomprehendingly. Go? But his course doesn’t start until seven. And I’ve only got to page three of the report. And the deadline is tomorrow. “I’m sorry. I didn’t want to wake you up.”

He strokes my head. Moe, who after this marathon nap will definitely be awake all night, nuzzles innocently into my armpit. “Perhaps you should tell them you can’t do this work. You’re not ready.”

“I can’t pull out now!” I disentangle myself and run wildly back to my desk, my hair a mess. “I’ve committed . . . my reputation . . . have some standards . . . I’m a professional!”.

Alice O'Keeffe's "Squeezed Middle" column appears weekly in the New Statesman magazine.

Alice O'Keeffe is an award-winning journalist and former arts editor of the New Statesman. She now works as a freelance writer and looks after two young children. You can find her on Twitter as @AliceOKeeffe.

This article first appeared in the 15 July 2013 issue of the New Statesman, The New Machiavelli

Show Hide image

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/