BMW workers vote in favour of strikes at UK factories over final salary pension closure November 8, 2016 The number of Minis and Rolls-Royce cars rolling off the production lines in the UK could be considerably disrupted after thousands of workers balloted in favour of strike action. BMW, which owns the two iconic brands, is planning to close its UK final salary pension scheme. Read more: Unite ready to fight BMW over pension changes A raft of [...]
Sainsbury’s to reveal how much its pension scheme has grown over the last six months November 6, 2016 Sainsbury's pension scheme deficit is expected to have ballooned by up to £900m over the last six months when the company releases its interim results on Wednesday. The supermarket's pension hole stood at £390m in March but analysts are predicting that a chasm will have developed. Market expectations are that the deficit will be between £900m and £1.3bn. Read [...]
MPs want to scrap the pensions triple lock to help millennials November 6, 2016 A group of top MPs have called on the government to scrap the favourable triple lock on state pensions because it favours the baby boomer generation over struggling millennials. The MPs said the promise to guarantee the state pension with a yearly rise in line with either inflation, average earnings or 2.5 per cent, whichever [...]
Pensions Regulator steps up probe into Sir Philip Green November 2, 2016 The Pensions Regulator (TPR) has tonight intensified its investigation into Sir Philip Green as it seeks to end the crisis engulfing the retirement scheme of collapsed retailer BHS. Lesley Titcomb, the head of the pensions watchdog, announced late on Wednesday that TPR is to escalate its enforcement action as it seeks redress for 20,000 BHS pension scheme [...]
Rich grandparents are your ticket to a comfortable retirement: why liberalising inheritance tax rules could significantly reduce the UK’s pension saving shortfall November 2, 2016 It is no great secret that today’s young people are at serious risk of being poor in their retirement. While asset-rich baby boomers hoard their wealth, eight years after the financial crisis, working age people are stuck with low wage inflation, and depressed returns on any savings they can scrape together after paying their rent [...]
Companies need to tell us the real numbers when it comes to pension deficits, say experts October 31, 2016 Some of Britain's high profile corporate failures could have been avoided if details of their pension scheme deficits had been made clearer according to experts. In a wide-ranging review of the FTSE 350, covenant experts, Lincoln Pensions, called for a greater level of transparency in company’s annual reports. "We believe that many of the issues [...]
Know your benefit crystallisation event from your pension input period with our A to Z of pensions jargon October 28, 2016 National Pensions Awareness day came and went last month, with no apparent impact on people’s understanding of one of the best ways of saving for retirement. The Bank of England’s media-savvy chief economist Andy Haldane said in May that even he was unable to understand pensions because the system is so complicated. This situation is [...]
An intergenerational study reveals millennials are ridiculously optimistic about when they’ll retire October 28, 2016 Britain's 20-somethings have unrealistic expectations as to when they will retire, thinking that they will be able to down-tools much earlier than any other age group. Those aged between 20 and 30 think that they will retire halfway between their 60th and 61st birthday. Across all age groups, Britons think on average that they will retire just before their [...]
Don’t rely on downsizing to make up for your insufficient pension October 27, 2016 After years of runaway house prices, few will be surprised that a sizeable proportion of the UK’s net wealth is tied up in property. The latest ONS statistics show that dwellings make up a massive 62 per cent, or £5.5 trillion, of the country’s £8.8 trillion total. So it is also unsurprising that many see [...]
This government will be more radical on savings and pensions than you think October 27, 2016 For all her bold ambitions to reshape Britain’s economy in a more interventionist direction, Theresa May is unlikely to spend as much time on domestic matters as she might like. Brexit is said to be the most fiendishly complicated task Whitehall has had to undertake since the Second World War, touching nearly every area of [...]