‘Constitutional crisis’ as John Bercow blocks another vote on May’s Brexit deal March 18, 2019 Theresa May's bid to win parliamentary approval for her Brexit withdrawal deal has been dealt another dramatic blow after Commons Speaker John Bercow declared he could block any attempt to put the question to MPs again. In a surprise statement, Bercow said he would only allow the government to put its Brexit plan before MPs again [...]
New ‘halfway house’ pension scheme given the go-ahead in bid to reduce risk for savers March 18, 2019 Pensions secretary Amber Rudd has given the green light for a new, Dutch-style pensions scheme to enter the market, which bids to give savers more stability by pooling risk. The so-called Collective Defined Contribution (CDC) scheme, which is widespread in Denmark and the Netherlands, will be offered to Royal Mail workers first, before a planned [...]
Sir Philip Green set to axe jobs and stores in vast Arcadia restructure March 15, 2019 Sir Philip Green is set to close vast numbers of Top Shop, Dorothy Perkins and Miss Selfridge in a huge restructure of his Arcadia retail empire, it is reported. Read more: Philip Green closes 210 Arcadia stores over two years The high street billionaire is preparing a company voluntary arrangement (CVA) that could result in [...]
Just Group leads FTSE fallers after revealing £400m fundraising plans March 14, 2019 Retirement services firm Just Group has seen shares fall 11 per cent today after revealing plans to raise almost £400m to comply with new capital requirement rules as it unveiled a heavy loss before tax in 2018. The firm said it plans a debt offering of £300m and will raise a further £80m from an equity [...]
Spring Statement 2019: How investors can profit March 14, 2019 | City Talk By Jemma Jackson from interactive investor. There were no bunnies in the chancellor’s hat, but here are the ways investors can benefit this spring. As predicted, Brexit uncertainty torpedoed any chance of good news for the UK’s savers and investors in Chancellor Philip Hammond’s Spring Statement. We hear there’s a ‘deal dividend’ of £26.6 billion, [...]
Enrolling with the times: How the workplace pension hike could affect you March 13, 2019 Since the government began phasing in auto-enrolment almost seven years ago, 10m people have now joined their workplace pension scheme. By encouraging Brits of all ages to save for retirement, the auto-enrolment system was designed to stop the UK from hurtling head-first into a pensions crisis. So far, it’s been a success. Even more people are [...]
MPs investigate Debenhams’ pension schemes as retailer struggles to stay afloat March 8, 2019 MPs are scrutinising the Pensions Regulator’s possible involvement in Debenhams’ refinancing discussions after the retailer issued a second profit warning earlier this week. Read more: Debenhams shares jump on Mike Ashley power grab Work and pensions committee chair Frank Field wrote to the regulator’s chief executive, Lesley Titcomb, to probe its involvement with the struggling [...]
Pensions Regulator tells companies to prioritise pensions payments over shareholder dividends March 5, 2019 The Pensions Regulator has said employers who are unable to fill funding gaps in their pensions schemes should stop paying dividends to shareholders, amid concerned companies are prioritising shareholders at the expense of pension payments. The regulator said on Tuesday it was “concerned about the disparity between dividend growth and stable deficit repair contributions (DRC)”. [...]
London can strengthen its relations with Scotland March 4, 2019 On a brisk evening in January, I had the honour of hosting a Burns Supper at the Mansion House with the first minister of Scotland, Nicola Sturgeon. The night was complete with bagpipes, haggis, and of course a “wee dram” of whisky. The event brought together leading business figures from both sides of the border, [...]
New solutions needed for defined benefit pension schemes March 1, 2019 | City Talk The Cass Pensions Institute says new solutions are needed in stressed defined benefit pension schemes to prevent intergenerational inequities. The Institute has responded to the Department of Work and Pensions Green Paper, Security and Sustainability in Defined Benefit Pension Schemes. The Greatest Good 2 paper follows up and reconfirms the findings of an 2015 Pensions [...]