Barack Obama's statement on the Connecticut shooting

The full text and video of the US president's response to the massacre at Sandy Hook elementary.

This afternoon, I spoke with Governor Malloy and FBI Director Mueller.  I offered Governor Malloy my condolences on behalf of the nation, and made it clear he will have every single resource that he needs to investigate this heinous crime, care for the victims, counsel their families.

We’ve endured too many of these tragedies in the past few years.  And each time I learn the news I react not as a President, but as anybody else would -- as a parent.  And that was especially true today.  I know there’s not a parent in America who doesn’t feel the same overwhelming grief that I do. 

The majority of those who died today were children -- beautiful little kids between the ages of 5 and 10 years old.  They had their entire lives ahead of them -- birthdays, graduations, weddings, kids of their own.  Among the fallen were also teachers -- men and women who devoted their lives to helping our children fulfill their dreams. 

So our hearts are broken today -- for the parents and grandparents, sisters and brothers of these little children, and for the families of the adults who were lost.  Our hearts are broken for the parents of the survivors as well, for as blessed as they are to have their children home tonight, they know that their children’s innocence has been torn away from them too early, and there are no words that will ease their pain. 

As a country, we have been through this too many times.  Whether it’s an elementary school in Newtown, or a shopping mall in Oregon, or a temple in Wisconsin, or a movie theater in Aurora, or a street corner in Chicago -- these neighborhoods are our neighborhoods, and these children are our children.  And we're going to have to come together and take meaningful action to prevent more tragedies like this, regardless of the politics.

This evening, Michelle and I will do what I know every parent in America will do, which is hug our children a little tighter and we’ll tell them that we love them, and we’ll remind each other how deeply we love one another.  But there are families in Connecticut who cannot do that tonight.  And they need all of us right now.  In the hard days to come, that community needs us to be at our best as Americans.  And I will do everything in my power as President to help.

Because while nothing can fill the space of a lost child or loved one, all of us can extend a hand to those in need -- to remind them that we are there for them, that we are praying for them, that the love they felt for those they lost endures not just in their memories but also in ours.

May God bless the memory of the victims and, in the words of Scripture, heal the brokenhearted and bind up their wounds.

Barack Obama wipes tears as he makes a statement in response to the elementary school shooting in Connecticut. Photograph: Getty Images.
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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/