David Cameron at Prime Minister's Questions last Wednesday. Photo: AFP
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Mumsnet petitions to overhaul PMQs

More than 46,000 signatures and counting.

A petition launched by Mumsnet to overhaul PMQs has almost reached its 50,000 target in less than a week.

Justine Roberts, chief executive and founder of Mumsnet, created the petition after a survey of 1,200 members of the online forum revealed the level of disaffection British mothers feel with politics.

In a damning indictment of Westminster culture, when asked which characteristics would be advantageous in politics, 94 per cent of respondents said ambition, 92 per cent cited social connections, 86 per cent said ruthlessness, 84 per cent said being well-off, and 78 per cent said being male.

Nine out of ten Mumsnetters said they feel that the political culture in SW1 is sexist, while two thirds believe success in politics is all down to what school or university you went to and the "old boys' network".

Nearly two-thirds of respondents on the parenting site, which is 97 per cent female, thought that more women in top political jobs would mean politicians had a great understanding of their concerns.

Eight out of 10 do not believe that MPs conduct themselves well or that PMQs is effective. More than three quarters think it is “unprofessional and outdated”, while half think the weekly 30-minute session damages the reputation of Parliament.

The online petition at change.org describes PMQs as “one of the biggest turn-offs”. The petition states:

The Hansard Society have proposed a new kind of politics: a new, engaging way to conduct PMQs which can help rebuild trust in politics and politicians. This could include introducing rapid-fire Q&As, more open questions, taking questions directly from voters via social media, and penalties for MPs who behave badly... Join me in calling on David Cameron to pilot changes to PMQs along the lines proposed by the Hansard Society - before the next election.

It has received more than 46,000 signatures in less than a week, almost half the 100,000 needed for a petition to be formally considered for debate in the House of Commons.

Lucy Fisher writes about politics and is the winner of the Anthony Howard Award 2013. She tweets @LOS_Fisher.


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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/