Close Brothers: How the motor finance scandal reshaped one of ‘Europe’s least cost-efficient lenders’
Pension Insurance Corporation sees benefits of bond issue as profits rise March 16, 2015 Pension Insurance Corporation (PIC) has posted pre-tax profit of £170m for the year to 31 December 2014, up from £114m in 2013. The specialist insurer also reported new pension business premiums of £2.6bn across 19 transactions, with clients, including French oil group Total and management consultancy firm Aon Hewitt. PIC raised £300m through a bond issuance [...]
Budget 2015: New pensions changes to allow savers to cash in annuities March 16, 2015 George Osborne’s crunch pre-election Budget will give savers who already own an annuity the power to cash it out. This new loosening of pensions rules builds on changes in last year’s Budget, and was confirmed by the Treasury yesterday. The Treasury says that it will give greater flexibility to five million pensioners who already own [...]
ITV in countdown to legal scrap over pension plans for Charles Allen execs March 16, 2015 ITV is preparing for a legal battle to take back almost £40m from a pension scheme for former chief executive Lord Charles Allen and three of his former colleagues. The broadcaster is seeking to free up assets that were placed in a ring-fenced retirement plan 15 years ago, when Lord Allen was head of Granada, [...]
One in three 2015 retirees have no idea about pension changes March 16, 2015 Almost one third of people due to retire this year have not heard of the pension changes which are due to come into force on 6 April, research from retirement specialist Prudential reveals this morning. According to the company, the retirees who are aware that a broader range of retirement income options will be available [...]
Pensions shake-up: George Osborne mulls further change to annuity rules March 12, 2015 Chancellor George Osborne is considering including a further shake-up of pensions rules in his crucial pre-election Budget next week, to allow pensioners to sell their existing annuities for cash. From next month those over 55 years old will be able to cash in their pension pot instead of buying an annuity to be paid out [...]
Budget 2015: Current pensioners could sell their annuities for cash under new rules March 11, 2015 Current pensioners might be able to sell their annuities for cash under new plans due to be discussed by senior government ministers on Friday. According to the FT, if the proposals go ahead retirees would be allowed to sell their annual income contracts to insurers on secondary markets. In return, they would receive a cash [...]
Here’s why chancellor George Osborne’s pensioner bond bonanza won’t translate into votes March 11, 2015 George Osborne's so-called "granny bond" scheme has been heavily criticised as a blatant bid for the older vote, however new research has shown the chancellor's expensive giveaway is unlikely to pay off for the Tories. Rate setters at the Bank of England have held the main interest rate at a record low 0.5 per cent [...]
MPs want pensions watchdog to protect retirees from themselves March 9, 2015 Pensioners need a tough new regulator to protect them from making bad decisions with their savings, an influential group of MPs said today. The Financial Conduct Authority (FCA) is not sufficiently focused on pensions, and so a new single regulator is needed, MPs on the Work and Pensions Select Committee said. They called for the next government [...]
Athens set to raid pension funds to make ends meet this month March 3, 2015 Greece could raid the cash reserves of pension funds and public sector entities in a bid to cover its funding needs this month. Athens – which has monthly needs of about €4.5bn (£3.27bn), including a wage and pension bill of €1.5bn – is running out of options to fund itself despite a deal with the [...]
City watchdog launches study into pension fund fee structure March 2, 2015 THE FINANCIAL Conduct Authority (FCA) and the Department for Work and Pensions (DWP) have called on members of the country’s investment industry to help fashion new rules on how workplace pension scheme costs should be reported to savers. From April this year, Independent Governance Committees (IGCs) and pension scheme trustees will be required to report [...]