TIME AND DISTANCE – THE FURNISHINGS AND INTERIORS TRENDS FOR 2011.

HOUSING UNITS

PRESS RELEASE

February 23, 2011.

TIME AND DISTANCE – THE FURNISHINGS AND INTERIORS TRENDS FOR 2011.

Photos here.

Spring and summer 2011 interior design trends will travel through time and distance according to the buying teams at one of the north west’s most influential home furnishings stores.

Designers and department heads at Housing Units know exactly where the horizons will be when homeowners home-in on their house style for this year.

“Outdoor will be particularly notable this year – designers across the board seem to be homing in on mixing cultures and heritage; this trend will use traditional craft and hand-drawn imagery inspired by a vast range of countries and cultures,” said Nick Fox of north Manchester-based Housing Units.

“We’re seeing a mix of African, Russian, Scandinavian and Indian influences across fabrics, metal work and ceramics. This includes well crafted pieces of furniture, while adding embroidered or patterned textiles for understated warmth, and tables will be dressed in hot summer colours – oranges, reds and pinks.

“At Housing Units we’re referring to it as ‘Folkloric’.

“Spring will be big in the house and home this year, where flowers, fabrics and homewares will be in a broad range of yellows and soft greens including khaki, moss and olive shades.

“There’ll also be white lacquer pieces and white porcelain, a look to bring brightness to the home. It’ll all be complemented with rattan garden furniture and natural wood furniture, a theme we’re calling ‘So Fresh’.

“Interiors are going to travel back in time perhaps more distinctly than ever before, with a clear 50s influence. Faded red, jade green and harvest gold are the key colours for this trend. Retro prints and mid–20^th century furniture shapes and styles are a prominent theme.

“But we’re also looking at a ‘Granny Chic’ trend, which will take a fresh direction this spring with contemporary graphics, updates on florals, crochet, china and all things quintessentially British and homespun.

“The main theme is of flowers on tableware, cushions in teal, maroon and muted gold and a real mix of nostalgic flowery wallpapers.

“Chalky Pastels will remain big in 2011 as they were in 2010, with dusty pink, mint green and pale blue becoming a key palette for spring/summer 2011.  Subtle hints of colours will be added to tableware and hard accessories, and the colour palette is combined with matt finishes. “

Housing Units – known for its top-hatted doormen - was established in 1947. It is a family-owned furnishings retailer based in Wickentree Lane, Failsworth, Manchester M35 9BA, next to Junction 22 of the M60. It stocks 30,000 high-quality lines across a range of departments in two buildings and prides itself on its unique style of customer service, the value of its goods and the shopping experience it provides.

Ends

Further information:

Iain Macauley

0161 929 0446/07788 978800

im@pressrelations.co.uk

www.housingunits.co.uk

LANDMARK REPORT REVEALS GRIM REALITIES OF LIFE FOR BRITAIN’S OVER 50s

DR ROS ALTMANN

DIRECTOR-GENERAL, SAGA

SAGA QUARTERLY REPORT

PRESS RELEASE

February 15, 2011.

LANDMARK REPORT REVEALS GRIM REALITIES OF LIFE FOR BRITAIN’S OVER 50s

Deep concerns about cost of living, income and unemployment hit quality of life

Policymakers warned as pre-retirees and lowest socio-economic groups suffer most
Video interviews with Dr Ros Altmann. http://www.youtube.com/watch?v=x2uaU2Qyjk4

The Saga Quarterly Report, a comprehensive analysis of the lives of Britain's 21 million over 50s, has uncovered a bleak picture.  The Report, published today, is the first authoritative study to combine serious economic analysis with evidence on well-being, happiness, worries and living standards of over 50s.  It makes grim reading. 

The quality of life for the over 50s is worsening as they are suffering falling income, rising inflation and higher unemployment.  They report being increasingly worried about the cost of living and are cutting back on life's pleasures, such as eating out and holidays.  Hardest hit are 50-59 year olds, and the lower socioeconomic groups across all over 50 age bands are suffering disproportionately. 

"People sometimes paint the older generation as ‘the lucky ones’ with fewer problems than others. The evidence does not support this view", says Dr. Ros Altmann, Director-General of Saga, the over 50s group.

"Some are fine, but the majority are currently struggling and the worst affected are just short of retirement.  Their pensions will not deliver the income they were expecting, their savings income has evaporated and more are losing their jobs.  Once out of work, they find it hard to get back in.  In short, their lives may never recover, but their plight has so far been ignored by policymakers."

The Saga Quarterly Report is the first to combine hard economic data with survey evidence on well-being.  This echoes the Government's upcoming initiative to measure national well-being, due to start in April 2011.

Saga commissioned respected independent economists at the Centre for Economics and Business Research (Cebr) to analyse official economic data for the over 50s, showing trends in their income, unemployment and cost of living.  Saga also commissioned Populus to conduct a nationwide survey, asking more than 10,000 over 50s about developments in their happiness, health, standard of living and leisure spending as well as reporting their increasing worries. Cebr analysed these Survey results to compile the Saga Quality of Life Index (QOLI) for the over 50s, which is an innovative indicator of well-being for this important group.  Combined with the economic data, the Saga Quarterly Report provides a comprehensive picture of life for Britain's over 50s.  It will be updated every three months.

"The Government itself wants to move beyond just looking at economic factors when assessing the nation's progress.  Saga agrees and has taken the initiative to do this for the over 50s," stated Ros Altmann.

Key findings of the Saga Quarterly Report

• Over-50s quality of life has worsened over the past year
• 50-59 year olds and the lowest socio-economic groups across all over 50 age bands are having the toughest time
• Inflation is higher for 50-64 year-olds than for the rest of the population
• Unemployment for the over 50s is 69 per cent higher than it was pre-recession, compared with a 55 per cent rise across all age groups
• Long term unemployment has hit the over-50s hardest, with 43 per cent on the dole for more than a year (compared to 27 per cent of 18-24 year-olds)
• Rising cost of living is biggest worry for over-50s (63% more concerned than a year ago)
• Falling income from savings worries over half (54%) of over 50s
• Nearly half the over-50s have cut down on eating out to save money.

Charles Davis, Cebr economist said: “This report should prove a highly important piece of regular quarterly research.  As the UK’s population of people over 50 continues to grow it is imperative that their concerns and challenges are tracked and understood.

Ros Altmann added, "As the Pensions Bill has its second reading in Parliament, policymakers need to recognise these realities.  The unemployment findings are particularly worrying.  If the over 50s are increasingly locked out of the labour market, measures to increase the state pension age too rapidly could do more harm than good.”

“There are 21 million over-50s in Britain, and if they’re cutting back on spending it could have massive implications for the economy.”

ENDS

NOTES FOR EDITORS

1.  The Saga Quarterly Report combines hard factual statistical data from official sources (such as Office for National Statistics and Family Expenditure Survey) with Saga’s own exclusive nationwide Populus Survey of more than 10,000 people aged over 50.

In identifying some of the key drivers that impact the daily lives of this age group and by tracking the quality of their lives, Saga hopes the Quarterly Report and its Quality of Life and Price Indices will improve the understanding of the lives of the over 50s, challenge the way society perceives age and ensure that the concerns and interests of the over 50s are on the agendas of politicians, decision-makers and the media.

2.  Each report will include The Saga Quality of Life Index which measures perceptions of happiness, standards of living and health and has been modelled by Cebr from Saga Populus Survey data to form an Index which can be tracked over time.

Saga Quality of Life Index - January, 2011

3.  The Report also includes the Saga Price Indices, which are bespoke measures of price inflation for the over 50s, showing how inflation is affecting the cohorts age 50-64, 65-74 and the over 75.  These indices have been compiled for Saga by the Cebr, using statistical data from the Family Expenditure Survey to re-weight the official basket of the consumer prices index to represent the spending patterns of each age group. 

4.  David Cameron announced last November that he wanted a better measure of how the country is doing than gross domestic product (GDP) or other economic indicators.  He said ''it is high time we admitted that taken on its own, GDP is an incomplete way of measuring a country's progress''.  He said it should be replaced by charting national well-being, adding that 'the country would be better off if we thought about well-being as well as economic growth''.  A new measure of national well-being ''could give us a general picture of whether life is improving' and eventually 'lead to government policy that is more focused not just on the bottom line but on all those things that make life worthwhile.''  From April 2011, the Office for National Statistics will start the ''National Well-being Project'' which will ask people to rate various measures of their own well-being and result in the first official 'happiness index' in 2012.  David Cameron, as well as other world leaders considering similar moves, are responding to calls by economists such as Joseph Stiglitz and Amartya Sen, who argued that countries should include more subjective indicators in measures of prosperity, and should move away from the standard economic measures.  Saga decided the over 50s could not afford to wait any longer, as the policy debate should be informed about their well-being now.  Our report shows that we were right.

5.  Saga has a number of case studies of people in their fifties who have been badly hit by rising cost of living, and/or falling savings income and/or long-term unemployment and are willing to explain how they feel left out by Government policy and hard hit by the economic backdrop.

The Saga Quality of Life Index

The Saga Quality of Life Index is comprised of three equally weighted sub-indices:

1. The Standard of Living Index – which is based on answers to the survey question: “Over the past year, how has your standard of living changed?”
2. The Happiness Index - which is based on answers to the survey question: “All things considered, since last year would you say you are much more/more/about as/less/ much less happy?”
3.  The Health Index - which is based on answers to the survey question: “Compared to this time last year, how is your health?”

Answers to the questions (which are multiple choice) are scored according to the following conventions:

A weighted average of the survey responses, based on these scores, yields each of the sub indices. A score of 100 would imply that every survey respondent has indicated much improved outcome for the sub index. A score of -100 would imply all respondents indicating a much worse outcome.

The Saga Quality of Life Index is the (equally weighted) average of the Standard of Living, Happiness and Health sub-indices. It too is limited to the range -100 to 100. A score of 100 would imply that every survey respondent has indicated much improved standard of living, happiness and health compared with 12 months ago. A score of -100 would indicate much worse outcomes, for each of these indicators, for each survey respondent.

Ends

Further information:

Iain Macauley

im@pressrelations.co.uk

07788 978800

www.saga.co.uk

WOMEN’S STATE PENSION IMPLICATIONS EXPLAINED

DR ROS ALTMANN

DIRECTOR-GENERAL, SAGA

PRESS RELEASE

February 1, 2011.

WOMEN’S STATE PENSION IMPLICATIONS EXPLAINED.

Dr Ros Altmann, a leading economist and Director-General of over-50s organisation Saga, says that the UK’s 500,000 older women are on a collision course with Government pensions policymakers.

“Handbags at dawn will be as nothing once the penny drops with hundreds of thousands of UK women and it hits home that the retirement for which they have planned for decades in some cases is going to be a very different one – not just delayed, but also under-funded. And worse still, for the vast majority it is far too late to make contingencies,” said Dr Altmann. (Video 1)

“Across the country I’m hearing from women who are suffering that sudden sickening realisation that their destiny in retirement is not in their own hands – this is not about luxury retirement villas, this is about affording the basics. And they can do absolutely nothing about it.

“Proposals to increase the state pension age for women to 66 by 2020 seem to have unfair and disproportionate consequences for a significant number of women already past their mid-50s who have no time to make up for the lost pension income they have been expecting.  (Video 2)

“Around 500,000 women already over 55 will see their pension age rising by more than one year – and that is on top of increases of three or four years that they were required to accept in the 1995 Pensions Act.  They were assured by the new Government last year, in its Coalition Agreement, that women's pension age would not rise again before 2020 - but those assurances have been broken.

“As part of the measures to cut Government spending, the coalition announced that women's state pension age – which is already being increased from 60 - will start to rise even faster to reach age 66 by 2020.

“This means that between 2010 and 2020, women's pension age will increase by six years, while men's pension age will be raised by just one year. These new extra increases for women start from 2016, but for men the increase is just one year and only starts from 2018.

“These changes were not mentioned before the election and, indeed, the Coalition Agreement stated that women's state pension age would not rise further before 2020.

“Hundreds of thousands of women will be affected adversely.  These women were told, some years ago, that their pension age would increase from 60 to around 63 or 64. They accepted this change without fuss and set about planning their finances in anticipation of receiving their state pensions later than previously expected. (Video 3)

“But the Government has suddenly moved the goalposts on them. From 2016 onwards, women’s pension age is being increased again. For some unlucky women, by up to two more years.

“By suddenly making them wait so much longer, they face a shortfall of more than £10,000 and they simply will not have time to make appropriate financial arrangements to offset those losses. (Video 4)

“The Government announced these plans unexpectedly. Its paper explaining this decision concedes that women will not have time to plan, but still asserts that the change is not disproportionate.

“Women are already at a pension disadvantage relative to men. This generation of women earned less during their working lives. They were often barred from joining private pension schemes when they started working. Many had to interrupt their careers for child-raising, giving them less chance to build up a pension outside the state system and receive less state pension as well. (Video 5)

“Others have already made careful plans for their retirement, some are seriously ill.

“These women have often already retired to look after older or younger relatives and most are not earning enough currently to be able to save the thousands of pounds necessary to replace the lost state pension. The decision is clearly discriminatory.

“Women accept the need to equalise pension ages, but the timetable proposed is unfair. The outrage is clearly demonstrated in the countless letters that we have received from our members.

“Saga’s survey of more than 12,000 men and women aged over 50 reveals that 74% said that even though the Government needs to raise money, the change in women's pension age as proposed is not the right way to proceed.

“The Government urges people to plan carefully for their retirement. Yet women who did exactly that have had the rug pulled from under them by the Government itself. Saga is calling for the Government to reconsider its plans.” (Video 6)

What could the Government do instead? – favoured option:

Delay the increase in women's pension age until 2020. Between 2010 and 2020, women's pension age is already set to increase from 60 to 65. By 2020, the pension age for men and women will be equalised at 65. Waiting until 2020 before starting to increase women's pension age still further will allow men’s and women's pension ages to rise in tandem to 66, perhaps by the end of 2020. This would allow more time to prepare, affect fewer people and not interfere with the existing timetable of pension age changes.

Further options:

At the very least, surely the Government must limit rises in women's pension age to ensure nobody suffers a rise of more than one year in pension age within ten years of their expected pension date.

In order to protect the most vulnerable women (and men) the Government could also leave Pension Credit eligibility at the current state pension age timetable, rather than increasing the age at which pension credit begins in line with rising women's state pension ages. This would at least ensure that the poorest will not be left to rely on just unemployment benefit.

In addition, the Government could consider exemptions for seriously-ill women (and men) and allow them to retain the currently planned pension ages until 2020.

It is also essential that the Government makes it clear to women exactly what is being proposed, as many still are unaware of the plans.  Ros Altmann said: “The Government itself is still misleading women with its official website. (Video)

“Despite the announcement of these reforms the changes have not been accurately reflected on the Government's own state pension age calculator on the Directgov website. (http://pensions.direct.gov.uk/en/state-pension-age-calculator/home.asp),” said Ros Altmann.

“A small caveat under the calculator that signposts further information on the ‘proposed’ changes is simply not enough. The calculator should either be withdrawn or amended to reflect the new proposed dates – immediately.”

Ends

Further information:

Iain Macauley

im@pressrelations.co.uk

07788 978800

www.saga.co.uk

SAGA WELCOMES INDEPENDENT MCFALL INQUIRY INTO RETIREMENT SAVING.

DR ROS ALTMANN

DIRECTOR-GENERAL, SAGA

PRESS RELEASE

February 1, 2011.

SAGA WELCOMES INDEPENDENT MCFALL INQUIRY INTO RETIREMENT SAVING.

Pensions are past their sell-by date – we need more creative thinking on long-term savings.

Lets’ abolish private pensions - and encourage longer working lives.

Dr Ros Altmann, Director-General of Saga, says the news that the National Association of Pension Funds has asked Lord John McFall to chair an independent inquiry into retirement savings is most welcome.  

Dr Altmann says the current pension system is no longer fit for purpose, with the majority of moderate and low earners having lost faith in the whole pension saving idea.  

“A pension is really just a special form of long-term savings.  If we abandon the word pension for anything other than state pensions, then we can create a better new savings vehicle to revive the savings culture and provide later life income,” said Dr Altmann.

Dr Altmann says there are several issues:

“Pensions have disappointed many of those now approaching retirement.  Many people now coming up to retirement are finding that their pension income is significantly below the levels they were expecting.  Charges have been too high, investment returns have been too low and annuity rates have plummeted, leaving most private pension arrangements woefully below expectations.  Lord McFall, in his role as Chairman of the Treasury Select Committee, has witnessed the problems and is well-placed to consider the issue carefully.

“There are millions facing pension penury. With our ageing population, the coming years will see more and more people reaching retirement and suddenly finding their income will be inadequate.  There has not been enough honesty about what pensions can do.  

“And pensions are too complex and inflexible. Pension rules are hugely complex and the inflexibility of pensions often deters savers from paying in.  The majority of people are reluctant to commit money to a ‘locked box’ where it feels as if their earnings are being confiscated from them at younger ages, they are powerless to control it, and cannot get it back for decades.

“People have lost faith in pensions. There have been too many scandals and too many disappointments for people to easily trust pensions now.  With most households experiencing higher debt burdens, the idea of locking money away in a pension - especially for the young - often puts people off saving altogether.  

“Pensions are great for the top earners; the very well-off have benefitted enormously from our pensions regime.   Those with large incomes, especially those on higher rate tax - about 15% of taxpayers - can take advantage of generous tax relief, but the rest of the population who pay just basic rate tax are not well incentivised to part with their money.  Basic rate tax relief is not enough of an incentive to offset the restrictions and complexity of pension savings.

“Meanwhile, the state pension means-test undermines mass-market pensions.   “For those on lower or moderate incomes, the operation of Pension Credit – to which half of UK pensioners may be entitled – means pension saving could be unsuitable for large chunks of the population.  They may well be better off with an ISA, rather than a pension.

“State pensions must be reformed to provide decent social welfare minimum.   The UK state pension is also too low for many people; we have about the lowest state pension in the developed world.  Government plans for improving the state pension so far fall well short of what is needed.  Unless the state pension can provide an adequate social welfare minimum, without mass means-testing, it will not be possible to safely save to supplement this state payment.  The sooner we get a decent state pension, the better.

“Pensions could be extended to include ISAs – it is important to encourage saving.  The current policy of workplace saving is only focussed on the pensions vehicle.  

“This prevents younger workers from contributing, especially if they have large debts.  At the moment, employers only have to contribute to a worker’s pension, not any other savings vehicle.  

“This means that people who are put off by the restrictions of the pensions vehicle will lose their employer contribution altogether.  I hope that Lord McFall will carefully consider the merits of encouraging or auto-enrolling people into a savings plan, even if it is not a pension, so that we get people saving in some form – or helping them to pay back their student debts perhaps - even if it is not pensions.  If the worker is willing to put 4% of his or her earnings into a savings account, they will currently not get the employer contribution and, therefore, be less likely to save.  By taking advantage of other savings vehicles as well, we are more likely to revive the ‘savings habit’.

“Why not abolish the word pension for anything other than the state pension?   The public has a negative perception of pensions, for a number of reasons.  The fact is that pensions are just a special kind of long-term savings, and if we manage to change their image, perhaps more people will be persuaded to save.  

“Call them ‘LifeSavings’, provide better incentives  perhaps a matching incentive rather than tax relief - and even attach a lottery to pensions so that you are entered for a draw to win £1million if you contribute.  The industry can come up with creative new products that allow you to save for your old age.

“The financial industry wants us to believe that more savings will solve the problem – this is only part of the answer.  While there is no doubt that we need to consider how to improve long-term savings, most people will simply not be able to save enough to provide a reliable retirement income unless the number of years over which they save increases substantially and the number of years during which they need to draw a pension reduces significantly.  

“It is not realistic to expect people to save enough for, say, 30 years of working life, to support themselves at a decent level for, say, 30 years of retirement.  If they save for more years and are retired for fewer years, this becomes more realistic.

“Working longer is part of the solution – it’s not just about saving more. The bottom line is that pensions cannot do what people are expecting them to do.  We need to wake up to financial reality before it is too late.  As people are living so much longer, they also need to consider working longer too – so that retirement does not last for so many years.  Ideally, a phase of life in your 60s and 70s when you will want to work part-time, not full-time, but still be earning money to supplement your income would be the ideal way forward.

“Finally, retirement saving is not just about pensions – what about funding care needs in later life?   While this independent Commission is considering how to fund retirement and reinvigorate retirement savings, it will also be important to examine the need for funding long-term care, that is the next crisis facing us after the pensions crisis.  With more baby-boomers reaching their 60s, 70s and 80s in the next two decades, we know that the need for expensive care at the end of their lives will rise sharply.  No money has yet been put aside for this, so saving is not just for pensions, it also needs to build in care costs as well.”

Ends

Further information:

Iain Macauley

im@pressrelations.co.uk

07788 978800

www.saga.co.uk