Pension deficits hit a record year-end high as experts warn on implications January 3, 2017 Britain's pension gap almost doubled during 2016 to the highest ever year-end level, according to data released today. The aggregate deficit of defined benefit pension schemes leapt to £434bn, according to JLT Employee Benefits, up from £233bn, 12 months before. Although deficits have pared back from all-time highs of over £500bn in August, experts predicted bumper pension [...]
Working for longer isn’t an option for those who are forced into early retirement, survey finds January 2, 2017 Many of the Britain's workers are being forced into early retirement due to illness or redundancy according to new figures released today. More than four in 10 of retired people have been forced to quit full-time positions due to circumstances outside of their control, a survey by Just Retirement has revealed. The news is a concern [...]
Trinity Mirror defends buyback amid pension shortfall criticism January 2, 2017 Newspaper publisher Trinity Mirror has defended a £10m share buyback amid criticism over its £426m pension shortfall. Frank Field, chair of the influential work and pensions select committee, has called on the Pensions Regulator to block the buyback, while the move has also been criticised by former Tory pensions minister Baroness Altmann. Read more: New [...]
Over half of consumers expect to still be paying off Christmas shopping this time next year December 28, 2016 Nearly nine out of 10 people in the UK will wake up with a post-festive spending hangover in 2017, according to price comparison service uSwitch. Britons are heading into the new year with an average credit card debt of £636 after consumers put £11bn on plastic to fund Christmas. In a survey of 1,261 adults, uSwitch estimate [...]
Pensions Regulator racks up external costs of £1.4m on probe into BHS and Sir Philip Green December 21, 2016 The pensions watchdog has so far incurred external costs of at least £1.4m from its investigation into BHS and Sir Philip Green, City A.M. has learned. The money, nearly £400,000 of which is in legal expenditure, is in addition to internal costs for the Pensions Regulator (TPR), which has 16 staff working on the probe, [...]
With changes to buy-to-let and a falling Lifetime allowance, 2016 was the year when venture capital trusts and other alternative investments went mainstream December 21, 2016 When life gives you lemons, make lemonade, so the saying goes. This blend of optimism and pragmatism has been vital during 2016. And those qualities continue to serve the financial services industry well, given the rule changes that are keeping product providers, financial advisers – and investors – on their toes. Take the recent adjustments [...]
Three become one: Experts welcome government’s pension advice simplification plans December 19, 2016 The government has revealed plans to overhaul its financial advice services, consolidating three bodies down into one. Under proposals released by the department for work and pensions, the Money Advice Service, the Pension Advice Service and Pension Wise will be replaced with a yet-to-be-named single new body. "This new single body will be a place people can [...]
Up a bit, down a bit: Last minute changes to Lifetime Isas prove they’re a bad idea, says former pensions minister December 14, 2016 A former pensions minister has hit out at the government's last-minute fiddling with Lifetime Isas, saying it is proof the initiative "has not been properly thought through". Steve Webb lamented the news the Treasury will scrap exit fees on Lifetime Isas in the first year of their existence. “This announcement is a further sign that the [...]
The hell of being middle-aged: The financial pressures of children and ageing parents mean that 45 to 54 year-olds are more likely than any other group to be saving nothing for retirement December 14, 2016 New research has found that an overlooked "sandwich" generation is saving surprisingly little for retirement Young people between the ages of 25 and 34 are often singled out as being the most hard done by in the UK today. Rates of home ownership within this group have fallen dramatically since the early nineties, leading many [...]
More pressure on Fox-Sky deal as pensions lobby group wades in December 13, 2016 Rupert Murdoch’s proposed Sky takeover came under further scrutiny today as a pensions lobby group stressed the need for an appropriate premium to be paid for the business. Murdoch’s 21st Century Fox is expected to make a firm £10.75-per-share cash bid for the 61 per cent of Sky it does not already own before the end [...]