I look forward to July 1st and the possibility that the next Mansion House Speech will bring forward progress towards a Britain properly funded and partially funded by pensions. I get this from Ros Altmann
We have the text of Ros Altmann in the Lords Debate on the Spending Review 2025 -in the House of Lords at 12:34 pm on 12 June 2025.
Value for Money for the taxpayer from the pension system? Maybe it should be measured by the value pensions are generating in the economy we pay tax and get paid our pensions.
Lord Spencer Livermore is clear about his position , speaking as a former Treasury Mandarin
I do not want to compete with these two statements, I will let them sit alone and you can read them in context by following this link.
I would like the taxpayer to get Value for Money for the tax revenue they forego to offer tax incentives to every saver into the private and public second pensions -second only to the state pension. The tax-payer can and should expect investment in the UK they are not getting. Only 2p in the £1 of money invested into Nest, the Government’s pension, is actually invested to fund UK businesses.
I hope that Baroness Altmann’s call for a direct link between the way we invest and the incentives we get for the way we invest are clear. If there isn’t a way to audit pension megafunds going forward, how will the tax-payer know pensions are working for them as tax-payers (rather than pensioners). Tax-payers are of course also pensioners in a system where we are all caught up, being both brings a universality to the argument that Altmann and Livermore bring to the Lords.
We need targets and a firm commitment to deliver and finally a means to measure if this is achieved and maybe this is what we are going to get over the next few years with the process starting on July 1st.