Ros Altmann Biography
Rosalind Miriam Altmann, Baroness Altmann, CBE (born 8 April 1956) is a British life peer, leading UK pensions expert, and political campaigner. She was appointed to the House of Lords following the 2015 general election as a Conservative, but describes her work both before and after the election as being politically independent, championing ordinary people and social justice.
Ros Altmann is a famous Activist, who was born on April 8, 1956 in United Kingdom.
According to Astrologers, Ros Altmann zodiac sign is Aries
A senior investment management role at Chase Manhattan, running the Bank’s international equity department in London, was followed by directorships at Rothschild International Asset Management and NatWest. Her work included advising on strategy for UK pension funds and funds established under the US ERISA rules, and advice to central banks. A full-time job gave her insufficient time with her young family, so in 1993 she became an independent investment consultant with clients including 3i group, BT, HM Treasury, Standard Life, the BBC, Sky and Channel 4.
Ros Altmann Net Worth
Ros Altmann is one of the richest Activist. Ros Altmann is also listed on the elit list of Richest Activist born on April 8 . According to our analysis, Wikipedia, Forbes & Business Insider, Ros Altmann net worth is approximately $1.5 Million.
|Ros Altmann Net Worth & Salary|
|Net Worth||$1.5 Million|
|Source of Wealth||Activist|
|House||Living in own house.|
The campaign which “propelled her into the media spotlight” began in July 2002 when Allied Steel and Wire, part of the former UK nationalised steel industry with plant in Sheerness and Cardiff went into receivership. Although their pension scheme was “fully funded” according to the prescribed UK government Minimum funding requirement formula, this level of funding was only sufficient to pay those already retired. The existing workforce, many of whom had very long service and were close to retirement, faced losing their entire pension, including their so-called Guaranteed Minimum Pension, which was introduced by the Government to replace some of their state pension entitlement, but which turned out to be neither guaranteed nor a minimum. The BBC’s Panorama programme asked Altmann to go to Cardiff to explain to the workers what had happened to their pensions.
The Penrose report, commissioned by the Treasury in 2001, was finally published in 2004 after delays due to vetting by Treasury lawyers. The report said that for a decade the company had promised its policyholders more than it could deliver. The Government Actuary’s Department had failed to understand Equitable’s statutory returns to the Department of Trade and Industry (DTI) throughout the 1990s and there was a lack of co-ordination between the DTI and the Securities and Investment Board. However Penrose deemed the regulatory failures were secondary and the public expected too much of the regulators. The European Parliament also said the government had failed to regulate Equitable Life.
Ros Altmann HeightRos Altmann's height Not available right now. weight Unknown & body measurements will update soon.
|Height & Physical Stats|
|Body Measurements||Under Review|
|Eye Color||Not Available|
|Hair Color||Not Available|
|Feet/Shoe Size||Not Available|
Altmann has also supported the 1,500,000 Equitable Life policyholders in their fight for compensation following pension losses blamed on inadequate government regulation of the company. Newspapers began questioning the adequacy of the company’s reserves in 1998 but the “Equitable Life scandal” became major news in 2000 when the House of Lords decided that the company had to honour its Guaranteed Annuity Rate promises. In 2001, close to collapse and now facing an additional £1.5bn shortfall met by raiding the with-profits fund, it put itself up for sale and stopped taking new business.
The Ombudsman’s report had been due at the end of 2005. Altmann, blaming delays on the investigated departments, accused the government of deliberately acting slowly, and called for prompt compensation. In January 2009, the government announced “a paltry compensation scheme” to be paid to those “disproportionately affected” as determined in a report to be produced by Sir John Chadwick.
In July 2004, Altmann was appointed by the Labour Lord Chancellor, Lord Falconer, to the Strategic Investment Board for a three-year term. The announcement cited Altmann’s work on the Myners Report and her then current position as non-executive policy adviser to the Policy Unit at 10 Downing Street on investment, pensions, savings and annuity policies.
Who is Ros Altmann dating?
According to our records, Ros Altmann is possibily single & has not been previously engaged. As of June 2021, Ros Altmann’s is not dating anyone.
We have no records of past relationships for Ros Altmann. You may help us to build the dating records!
Facts & Trivia
Ranked on the list of most popular Activist. Also ranked in the elit list of famous celebrity born in United Kingdom.
Altmann campaigned for many years for reform of the annuities market: in particular the sales process. She believed the sales process failed to ensure customers understood the risks of annuity purchase (even though the transaction was irreversible) and did not help them find the right type of annuity. Annuities were often sold without advice to customers who felt compelled to purchase an annuity if they needed income from their pension fund and did not have substantial sums. She called for change as long ago as 2001. As the Bank of England pursued its ultra-low interest rate policy and quantitative easing, Altmann continually highlighted the problems this caused to savers in general and pensions and annuities in particular. Altmann described the December 2013 Financial Services Consumer Panel (FSCP) report on Annuities as the “most damning indictment” of the annuity market she had seen. She added “It is failing a generation of pensioners. I have been calling for years for this to happen and I can only pray that now, regulators will be shamed into taking the action so badly needed in one of the last areas of financial services where rip off charges are still condoned.”
In her report “Pensions – Time for change” in October 2013, Altmann warned that the Act -under which employers started automatic enrolment in October 2012- could expose workers to “risky, hard-to-understand and outdated retirement saving schemes.” Workers with a defined contribution (DC) scheme were obliged to choose an annuity on retirement and “the risk of buying at the wrong time, choosing the wrong annuity or failing to find the right rate could increase the number of poorer pensioners by many millions.” She said that the Government’s reforms “require people “to be able to cope with risks that they do not really understand.” Her statement was followed the next day by a call from Prince Charles for a pensions industry ‘fit for 21st Century’ The UK budget of March 2014 addressed many of the criticisms, and journalist Rebecca Burn-Callander discussing her CBE award highlighted her contribution to avoiding exploitation of annuities.
She became well known in 2002 for leading the “pensionstheft” campaign on behalf of 150,000 workers and their families whose company pensions disappeared when their employers’ final salary scheme failed. Having been assured their pensions were safe and protected by law, these workers from companies such as Allied Steel and Wire, Kalamazoo Computer Group, Dexion, British United Shoe Machinery and UEF suddenly faced losing their whole life savings and her work contributed to establishing the Pension Protection Fund and the Financial Assistance Scheme. She has also supported the campaign for people whose pensions were placed in peril by Equitable Life.
In 2004, threatened by a back bench rebellion, the government introduced legislation to set up the Pension Protection Fund to help schemes which failed in future. It also offered limited retrospective compensation via a Financial Assistance Scheme, but only for those within three years of retirement and only for a small fraction of their pension while the majority of those affected would get nothing. This attempt to stave off political opposition did not address the injustices so Altmann helped the victims put together appeals via their MPs to the Parliamentary Ombudsman, Ann Abraham, who selected four representative complaints and launched a detailed investigation into the role of Government in these pension losses. The Ombudsman’s report was published in March 2006, and found official information “inaccurate, incomplete, unclear and inconsistent”. She recommended the government consider offering compensation for lost pensions and the suffering and distress caused. The report was immediately rejected by the Labour Government.