James Coney  

Stop changing the pensions goalposts

James Coney

James Coney

And I promise you this, when younger workers find out they are essentially cross-subsidising the pension of older workers, and those in retirement see their pension payments fall, there will be hell to pay.

Any move to change occupational pension schemes just ends up with disaster – which is why everyone should be in DC.

I would love to have years of final salary – if not that then I would have been really happy to have kept my career average scheme.

But I am an economic realist – if only the unions and the government were too.

The civil service, MPs, teachers, judges, the police – everyone should be in DC.

Not least because it would focus the minds, and encourage a little more personal responsibility, and help those setting policy understand the realities of the modern workplace.

Then there would be no more worrying about tinkering because of funding or rising life expectancy liabilities, and we could all get on with just saving for retirement without goalposts constantly moving.

And one thing is certain, it would definitely make advisers’ lives easier.

Old jar, new tricks

The other day, I was telling someone about how I still enjoyed playing hockey because it was a break from the weekly routine.

“Oh that’s so good for your mindfulness,” came the reply, which made me immediately hate them and hockey.

This rebranding and relabelling of old habits is doing the rounds at the moment, even in saving.

Suddenly everyone is talking about technological solutions to “round up” your spending and put it in a savings pot.

That is just the techie version of putting your spare change in a jar – which is what my grandad used to do.

Bitcoin resurge

And so the Bitcoin marketing campaign begins again.

A couple of weeks of rallies in the price, and suddenly my inbox is filled with interview opportunities and hokum research from exchanges you have never heard of.

It leaves you in no doubt who exactly is getting rich from this latest surge. And it is not those who are investing.

James Coney is money editor of The Sunday Times