Mallett : Altmann sets out 'wishlist' to improve lives for over 50s

Chancellor George Osborne's autumn statement is unlikely to provide as much excitement as the radical reforms for pensions and savings in his Budget in March, the Government's business champion for older workers, Ros Altmann, says. But she expects more announcements that will have an impact on pensions and the lives of the over 50s in the statement on Wednesday. And she has also compiled her own 'wishlist' of further reforms that may or may not happen. Measures which are likely include: - Learning the brand name of the free pensions guidance service - Joint life annuities will pay income to widows or widowers tax free - The FCA may announce the results of its Thematic Review of annuities - No changes to pensions tax relief - More details about spending on infrastructure and she says it would be "great if this could include new incentives for pension funds to invest". Altmann's wishlist of measures which are still needed: - Incentives to save for care e.g. Care ISAs that can be passed on IHT free - New measures to help older workers stay in or return to work - Rules to ensure pension companies treat annuity customers fairly She says: "As the population ages, it becomes increasingly important to ensure people are able to work in later life if they want to. Currently, too many people leave the labour market relatively early for a variety of reasons. This premature retirement represents a loss to the individuals as well as a loss to the economy. "If more older people stop work they will have lower lifetime incomes and economic output will decline. We have had tremendous success in reducing youth unemployment, but further measures are needed to tackle the problems of older age unemployment as well. There remains widespread ageism in the workplace, but Government could help improve the employment prospects of unemployed over 50s, or help people either stay on or return to work in later life, by encouraging employers to retrain and recruit older people. "Apprenticeship and work experience schemes for young people are often subsidised, which has caused employers to ignore older people for such opportunities. I am hoping that there may be increased emphasis on creating work and training opportunities for older people. "This is in all our interests. The more older people there are in work, the better their own prospects will be and the better the outlook for economic growth. Old people do not take jobs from the young. Indeed the academic studies clearly show that having more older people in work is associated with higher employment and wages for young people. "In my role as business champion for older workers, I can see the clear need for special interventions to encourage later life working. I have called for 'mature apprenticeships', 'returnships' and ongoing training for all ages and hope that the Government will respond." Story provided by StockMarketWire.