Press statements

Peter Glancy’s response to the latest HMRC figures on workplace pensions

Pete Glancy, Head of Pension Policy at Scottish Widows commented:

“Over the last 12 years millions of workers have been swept into saving for the future through auto-enrolment. But the work is not yet done. Some eligible groups still have relatively low pension participation levels - including 57% for employees of micro employers in the private sector and 73% for Pakistani and Bangladeshi employees. The gender pension gap continues to be a concern, and workers who are self-employed or in more casual employment also face significant challenges. 

“Our latest 20th annual Retirement Report shows only a third (34%) of people believe they are preparing adequately for retirement, and 38% are not on track for even a minimum retirement lifestyle - 3% higher than last year. 

“This needs to change, and auto-enrolment is a big part of taking on this challenge. Now is the time for action. Improving pension savings by extending the scope of auto-enrolment while looking at how much people are saving for the future, and how that can be increased is crucial.”

31 July 2024

Ross Easton’s response to the Pensions Bill mentioned within the King's Speech

Ross Easton, Head of Platform Propositions, Scottish Widows:

“We welcome any developments which make client verification quicker, simpler, and improve how the industry ensures safeguarding of client assets.  We look forward to seeing how the Digital Information and Smart Data Bill could be adopted within the industry to make key processes quicker and easier for advisers and their clients.”

17 July 2024

Peter Glancy’s response to the Pensions Bill mentioned within the King's Speech

Pete Glancy, Head of Policy at Scottish Widows said:

“This Bill helps make it possible to conclude worthwhile initiatives started by the previous Government which will help crack the retirement crisis in the UK, where the level of pension saving is significantly less than our international peers and millions of people still put nothing aside for later life.

“The big steps required will need a broad consensus, like that achieved by the Pensions Commission which brought the game-changing Auto Enrolment. What we now need is a ‘Lifetime Savings Commission’ that can consider how to bring better retirement outcomes for the nation by looking at broader savings challenges including financial resilience together and not as separate parts.”

17 July 2024

Peter Glancy’s responses to potential scrapping of NI and impact to state pension age for Nick Dawson at Daily Express

Pete Glancy, Head of Policy at Scottish Widows said:

"National Insurance was originally introduced to fund the NHS and the State Pension, but the reality today is very different. It’s just one piece of the tax puzzle alongside income tax, corporation tax and VAT, all of which flow into one central pot to fund public services. While scrapping NI would reduce one revenue stream for the Government, to suggest any direct link, and therefore consequence, to the State Pension is misleading and there is no reason that a change would impact State pension policy decisions."

13 May 2024

Responding to new research on the gender pensions gap

Jackie Leiper, Managing Director of Scottish Widows responds to new research on the gender pension gap.

"Far more needs to be done to tackle the gender pension gap - our research says that right now, more than a third of women are not on track for even a minimum retirement lifestyle."

"Action must focus on putting the right measures in place for women to be able to stay in high-quality employment whilst raising families, including improving access and funding for childcare."

"Pensions policy can also play a crucial role in helping lower-income women save. Without this, women in their 20s and 30s today could still be stuck in the pensions gap, left to face a real and unfair struggle in retirement."

7 Feb 2024

Responding to announcement from The Pensions and Lifetime Savings Association (PLSA) that the annual cost of a moderate retirement income for a single person has jumped £8,000 in the last year, from £23,000 to £31,300

Pete Glancy, Head of Pensions Policy at Scottish Widows responds to the announcement from The Pensions and Lifetime Savings Association (PLSA) that the annual cost of a moderate retirement income for a single person has jumped £8,000 in the last year, from £23,000 to £31,300.

"When looking at the updated figures from the PLSA, it’s important to understand how they affect people saving for retirement. Securing a guaranteed annual income of £23,300 for life would require a pension pot of about £500,000. However, securing an income of £31,300 requires a pension pot of over £750,000."

"The overall change in the forecast is largely due to an increase in people’s outgoings, including general cost of living pressures, the rise in the number of people carrying mortgages into or renting in retirement, and for those it’s the increased cost of renting due to the national shortage of housing."

"This highlights the urgency for the Government to establish a Retirement Commission, to look at all of the aspects of retirement planning in the round."

7 Feb 2024

Responding to news that the DWP has frozen AE thresholds for the next tax year

Pete Glancy, Head of Pensions Policy at Scottish Widows responds to the news that the DWP has frozen AE thresholds for the next tax year

"Low paid, part time workers and the majority of women are excluded from auto enrolment, including those who are higher earners but where their earnings come from multiple part time jobs."

"We believe that by removing the AE threshold of £10k, but allowing those low paid workers to opt out of the employee contribution, we can ensure that no-one is too poor to benefit from a contribution from their employer towards their retirement."

"However, during a time of slightly higher inflation, freezing the threshold in absolute terms will mean that more lower paid workers will benefit from AE due to wage rises over the course of the year."

7 Feb 2024