Finance IQ: Hello and welcome to this IQPC podcast presented by Finance IQ in conjunction with the forthcoming Fiduciary Management Summit due to take place in April in London. I'm your host, Helen Winsor, and today I'm delighted to be joined by an expert in the field, Penny Green, Chief Executive of Saul Trustee Company. Penny, welcome to the show. Great of you to join us. How are you today?
P Green: Pleasure! I'm very well, thank you.
Finance IQ: I've got a few questions for you today. First and foremost, what do you make of Steve Webb's announcement on the flat rate state pension schemes? People will now have to make 35 years' worth of National Insurance contributions to be eligible. What will happen to the people who can't make this?
P Green: I don't think that it's too different from the existing system whereby to obtain a full, basic state pension you have to have made contributions for a certain period of time. In the current system if you have paid in for fewer than the requisite number of years, which has changed over time which is why I'm hesitant here, then you get a reduced level of basic state pension.
I haven't seen the detail of the announcement and I'm sure that this is something that is still being worked on at the DWP, but I cannot imagine that there wouldn't be some kind of similarity of approach in terms of the universal state pension that has been announced by Steve Webb.
Finance IQ: Thank you. We're now nearly six months into auto-enrolment. What do you think are the public perceptions of it? And do you think that it's actually sustainable?
To download the rest of this interview and find out what Penny said in response to the next question, please click here: http://www.fiduciarymanagementsummit.com/