European Court rules that UK pension lifeboat must lift compensation cap September 6, 2018 The Court of Justice of the European Union ruled today that pensioners should receive at least 50 per cent of the value of their pension in the event that their employer goes bust. The UK’s pensions lifeboat, the Pension Protection Fund (PPF), had capped compensation for those that had lost their pensions when their employers [...]
Child trust funds: Should you trust your teenager with their financial future? September 6, 2018 On the surface, a product that is designed to encourage parents to save money for their children sounds ideal. But child trust funds (CTFs) are riddled with problems. The first CTFs reached maturity at the beginning of this month, potentially giving some 16-year-olds partial control over a big pot of cash. Introduced by the then [...]
Pensions provider Just delays dividend amid mortgage rule change fears September 6, 2018 Pensions provider Just Group has delayed issuing its half-year dividend due to the threat posed to its finances by new lifetime mortgage rules. The life insurer also reported an 85 per cent increase in its adjusted operating profit to £124m for the six months ending 30 June after “exceptional sales growth” of its retirement products. [...]
ISA saver numbers fall to lowest level since 2000 August 31, 2018 The number of savers using ISAs has fallen to an 18-year low as consumers seek alternative investment methods. New account numbers fell to 10.8m in 2017/18, the lowest number since 2000, according to new figures published by HMRC today. However, although there are fewer accounts, the amount of money being saved in ISAs has increased hugely – [...]
The simple changes that could save the Lifetime Isa August 31, 2018 It’s never been harder for young people to get on the property ladder, and yet they’re not being given the tools or information they need. The Lifetime Isa was supposed to help, but ended up leaving a lot of people confused. While some are calling for it to be scrapped altogether, I think the Lifetime [...]
Claim-hit Wonga stops taking loan applications as it ‘considers its options’ August 30, 2018 Wonga appeared to be on the verge of folding this morning, as it made the decision to stop taking new loan applications. The payday lender told customers that it “continues to assess its options” in the wake of a huge number of compensation claims that led to shareholders providing an emergency £10m earlier this month. [...]
Three major growth themes August 29, 2018 | City Talk Scientific advances bring both threats and opportunities for investors. Technological progress can render some business models obsolete, but at the same time open up new avenues of growth and wealth creation. Taking a thematic approach is one way to try and profit from a changing world. This involves investing in a collection of companies in [...]
Report highlights huge divide between public sector and private sector pensions August 27, 2018 PUBLIC sector pensions are three times more generous than their private sector counterparts, despite being paid for through general taxation, a new study has revealed. According to the Tax Payers’ Alliance, a 25-year-old employee entering the public sector on the national average wage of £28,600 per annum, would enjoy a far larger a pension pot [...]
Investment Trusts can add a new dimension to a portfolio August 23, 2018 | City Talk Collective investments such as unit trusts and investment trusts let you access investment opportunities and spread risk across dozens of different companies. Investors’ money is pooled together and run by a manager who buys and sells stocks and shares on their behalf to create a diverse portfolio. While unit trusts and OEICs are structured as [...]
Tips for travellers when shopping for a currency card August 23, 2018 Travellers cheques. Remember them? Cue confused expressions from anyone under 25. You may be surprised to hear that some banks still offer these cheques, which can be exchanged when you go abroad for hard currency (though you’re limited to just six of the major currencies). Fortunately, this outdated mode of currency exchange has now been [...]