Britain’s younger generation are urged to plan ahead after new evidence reveals they will otherwise have to survive on a fraction of current retirement incomes October 11, 2016 Britons are facing the prospect of having to survive on a quarter of current average retirement incomes in the future as defined contribution schemes fail to yield returns anywhere near those provided by defined benefit schemes. Read more: The government's creating a new pensions and debt advice service A report by Centre for Economic and Social Research revealed the gloomy [...]
PPF releases deficit figures for September, buoyed by bond yields heading back north October 11, 2016 Aggregate deficits faced by the government's pension lifeboat edged down in September, finally levelling off after a summer that has seen an astronomic rise in shortfalls. The Pension Protection Fund (PPF), which employers pay into via a levy and effectively underwrites the defined benefit pension liabilities of Britain's companies, said that its aggregate deficit stood at £420bn at the end of [...]
Official statisticians reveal what Britons think will make them the most money for later years October 11, 2016 Britons think the best way to save for retirement is to invest in property rather than a pension scheme, according to research by the Office for National Statistics (ONS). Although respondents to the ONS survey admitted that an employer pension scheme was a safer way to save, nearly half felt that investing in bricks and mortar was best way to [...]
The Pensions Regulator is seeking more power to stop another BHS-style pensions crisis October 11, 2016 The Pensions Regulator (TPR) is seeking more powers to prevent another pensions crisis on the scale of BHS'. In evidence given to the Work and Pensions select committee, TPR has called for a mandatory clearance process for some corporate transactions, such as a company being sold when its pension scheme is underfunded, as was the [...]
Is the tumbling pound providing a correction, or are we losers now? October 11, 2016 A strong currency can be a sign of a country’s economic success. When a currency rises against another, those earning income in it have greater spending power. Equally, a weaker currency is considered by some to be a source of national embarrassment. Last week’s sterling crash was rather embarrassing for Britain – the pound fell 4.2 [...]
The victims investment fraudsters are targeting are richer and savvier than you think October 10, 2016 Are you a 65-year-old man with £30,000 plus in savings? Happen to live in a metropolitan area? You're a prime target for investment fraudsters – or so says some rather in-depth profiling carried out by the City of London police. According to stats from Action Fraud and the City of London police 77 per cent of people [...]
Consumer spending bounces back in September October 10, 2016 The last of the summer sun brightened consumers’ spending habits for September, rising 2.4 per cent on an annual basis. That was the highest level seen in the past five months, according to Visa’s latest Consumer Spending Index update. August had been fairly flat, up 0.1 per cent, which was the weakest seen in nearly three [...]
The government’s creating a new pensions and debt advice service October 9, 2016 A new service will be created to advise consumers about pensions and debt as the government puts plans into action to replace the much-criticised Money Advice Service (MAS). A new body to provide people with financial guidance will be launched, combining MAS along with two pensions advice groups – the Pensions Advisory Service (TPAS) and Pension [...]
The majority of people in these five British regions have less than £100 in savings October 7, 2016 There's been much talk of a debt-fuelled recovery in recent years – but now worrying research suggests people in five parts of the country are taking that to heart. Research by the Money Advice Service (Mas) suggests 44 per cent of people in the UK are "non-savers", with less than £100 in the bank. That means [...]
Alternative mortgage lender LendInvest posts a 133 per cent rise in revenue as profit flattens out October 7, 2016 Alternative mortgage company LendInvest has posted a 133 per cent increase in gross revenues for the year to 31 March 2016. Revenue leapt to £32m, up from £14m in the year before. Profits for the lender – which is targeting the funding gap left by the retreat of high street banks from the sector – remained flat however, coming in at £3.4m, up [...]