Pensionbee: Retirement platform says 56 per cent rise in savers puts it on profit path despite £19.5m loss March 16, 2023 London-listed fintech firm Pensionbee doubled down on its target of profitability this year today despite its losses widening to £19.5m in the past year. Adjusted earnings-before-deductibles losses at the pensions fintech jumped 19 per cent to £19.5m for the full year, up from £16.4m in 2021, which it said reflected “continued investment in growth” over [...]
Budget ‘returnerships’: Will Jeremy Hunt’s plans to get over 50s back to work, work? March 15, 2023 Scrapping the lifetime allowance on pensions was just one of several measures announced in the Spring Budget aimed at getting the over 50s back to work, Many argue the move will only affect one per cent of the population, and was aimed at stopping an exodus of NHS doctors – who have often built up [...]
Budget: Chancellor abolishes lifetime pension allowance saying ‘no one should be pushed out of the workforce for tax reasons’ March 15, 2023 Chancellor Jeremy Hunt has abolished the pension lifetime allowance and increased the annual tax free pension allowance by 50 per cent to £60,000 a year. The measure was one of several unveiled in the Budget and aimed at encouraging an estimated 3.5m people of pre retirement age back into the workforce. Hunt said: “Turning 50 [...]
Prudential: Insurance giant vows to stay listed on London stock exchange after posting uptick in profits on pivot to Asia March 15, 2023 Prudential today confirmed it intends to remain listed in the City following speculation the 175-year-old insurer had plans to switch the the London Stock Exchange for New York. A spokesperson for the insurance giant today confirmed to City A.M. the firm has “no plans” to exit the London Stock Exchange. It comes after Prudential today [...]
Truss mini budget chaos blamed for fall in mortgage lending, as value of new home loans dips and arrears rise March 14, 2023 A slump in mortgage lending during the last quarter of 2022 has been blamed on the aftermath of the Truss mini-budget, as the level of arrears crept up for the first time in nearly two years. Figures released by the Financial Conduct Authority (FCA) show the value of new mortgage commitments fell 33.5 per cent [...]
Pension explainer: The lifetime allowance and why it’s not just for wealthy savers March 14, 2023 Speculation is growing that the Chancellor of the Exchequer Jeremy Hunt is looking at increasing the pension lifetime allowance (LTA). The move is being interpreted as attempting to reverse the trend of early retirements and get more over 50s to consider re-joining the workforce. Mr Hunt is keen to bolster Britain’s workforce as he looks to deliver [...]
Budget: Hunt considering pension changes to encourage over 50s back to work March 14, 2023 The Chancellor is understood to be looking at increasing the pension lifetime allowance (LTA) in a move that is being interpreted as attempting to reverse the trend of early retirements. The PA news agency understands Jeremy Hunt is considering allowing workers to put more money into their pension pot before being taxed as part of [...]
ISA season: Beat inflation with an IFISA March 13, 2023 | Sponsored With inflation still hovering around 10 per cent, savvy investors across the UK are searching for the most lucrative opportunities to protect their portfolios from eroding in real terms. As we head into ISA season, there is also the opportunity to enjoy tax-free earnings on your investments, giving consumers an additional boost during the cost-of-living [...]
Rules protecting consumers will mean fewer mortgage applications, finance leader warns March 10, 2023 A new consumer duty placed on financial firms could lead to lenders being more cautious and fewer people able to access a mortgage, the chief executive of trade association UK Finance has told an industry gathering. David Postings told UK Finance’s annual mortgage lunch in London that the measure is a “well-meaning idea”. He said: [...]
If you can’t afford your mortgage: What the FCA’s lender guidance means for borrowers March 10, 2023 Successive interest rate rises are increasing mortgage costs for millions of borrowers, according to both regulators, lenders and advisers. One of the main City watchdog shas estimated an extra 356,000 mortgage borrowers could face payment difficulties by the end of June 2024, in addition to those who are already behind. The Financial Conduct Authority has issued final [...]