A yes campaign poster in Dublin. Photo: Getty
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Will Ireland make history and vote for same sex marriage?

This referendum has brought a clear dichotomy in Irish society into sharp focus: the divide between traditional Catholicism and a more progressive, global outlook.

There’s now a mural of two women embracing on the side of a fifteenth-century castle in the Irish countryside. The man responsible, artist and secondary school teacher Joe Caslin, passionately supports a yes vote in Ireland’s upcoming referendum on equal marriage.

Ireland is set to make history this Friday as the first country to put the issue of same sex marriage to its citizens in a national popular vote. For young Irish people in particular – like the teenagers that Caslin himself teaches – the stakes are extremely high.

“The language that’s being used around this referendum can be quite horrific at times and there’s little empathy given to young gay men or women that are maybe on the cusp of coming out; that this is their lives,” Caslin told me last month when another of his murals appeared in Dublin city centre.

The Irish government’s proposal is superficially straightforward: to add a sentence to the constitution that will allow for same sex marriages. A previous court ruling means that, without this change, any marriage equality bill proposed by government could be open to constitutional challenge.

Over the past few months, the battle between the yes and no camps has been fierce, intensified by strict media regulations. Irish people have grown weary of the topic, subjected to an endless cycle of televised debates and newspaper columnists pushing for both sides. You can only imagine how difficult it must be to be gay in Ireland right now, watching as the country holds a nationwide discussion over whether you should have access to marriage, or simply be “grateful” for the existing civil partnerships.

The yes side – which includes all the major political parties – has been accused of “arrogance”, while the no campaign has controversially focused on adoption and surrogacy, issues that are not directly related to the referendum question (gay couples can already adopt and surrogacy is yet to be regulated in the country).

Many of Ireland’s potential yes voters – the younger generation – are now “economic exiles” who will not be able to participate in a decision that will have a massive impact on thousands of lives. Only those living outside the country for less than 18 months are eligible to vote and they must do so in person. As someone who has lived in the UK for a number of years, I know how hard it is not to have a vote on an issue of such national importance.

What has been heartening, though, is witnessing how the topic has engaged young people – both at home and abroad. Campaigns such as “Get the Boat 2 Vote” aim to encourage Irish people overseas who can vote to travel home to do so. From the diaspora, from Australia to Abu Dhabi, emigrants are urging those back home to use their vote as part of the #UseYourVote and #BeMyYes social media campaigns.

At home, some 28,000 student voters have been directly registered by the Union of Students in Ireland, which ran a nationwide sign-up campaign last year ahead of the referendum. Almost 66,000 new voters have been added to the supplementary register, many of whom will be young people voting for the first time.

Yet despite this drive, and the strength of umbrella group “Yes Equality”, Friday’s outcome is far from certain. Although the majority of last weekend’s polls gave the yes vote a clear lead, it will still be a nervous wait for both sides.

This referendum has brought a clear dichotomy in Irish society into sharp focus: the divide between traditional Catholicism and a more progressive, global outlook. But recent decades have seen rapid change – the motion to legalise divorce passed by just 0.6 per cent in 1996, and homosexuality remained illegal until 1993.

Last Sunday, the Catholic church upped the ante, with bishops’ letters advocating a no vote read out in parishes across the country. A poll carried out by Millward Brown for the Irish Independent gave yes a 53 per cent lead with no on 24 and “don’t knows” on 23 per cent. Convert those “don’t knows” into negatives and the gap looks very tight indeed.

Whatever happens on Friday, attitudes in Ireland are undoubtedly changing. This very public debate, which has forced people to come forward with their own personal stories, has only helped them to change further. Now the country is in a position where a yes to same sex marriage is a distinct possibility by the weekend. All we need to do now is wait.

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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/