UK has ‘significant’ ethnic wealth gaps, latest data suggest November 27, 2020 Wealth in the UK is divided along ethnic lines, the latest data from the Office for National Statistics suggest. White British headed households were the wealthiest ethnic group, according to data collected between 2016 and 2018. White households had a median net worth of nine times that of Black African households, the least wealthy ethnic [...]
FTSE 100 slashes executive pensions following shareholder pressure October 17, 2020 Almost all of the companies in the FTSE 100 have pledged to slash executive pension packages in line with their wider workforce, following mounting criticism from shareholders. Research published today by the Investment Association (IA) showed that 98 per cent of FTSE 100 companies analysed have now either aligned the pension payouts of directors with [...]
Q&A: Top tips to consolidate your pensions in a post-Covid world September 11, 2020 Zoe Bailey, a director at financial planning specialist Tilney, goes through the pros and cons of consolidating your pensions Keeping track of multiple pension pots can be challenging – especially in times of economic uncertainty. As a result, simplifying your retirement funds and transferring them into one place can be an attractive proposition. However, there [...]
Rishi Sunak can afford to be bold on pension reform in his autumn statement September 8, 2020 Rishi Sunak’s summer economic statement was essentially an exercise in positivity. The update, given by the chancellor two months ago, was mainly focused on helping Britain emerge from the coronavirus pandemic in decent shape. However, as with the various virus-related schemes announced in his spring Budget, his new initiatives to kickstart the economy come at [...]
What will Rishi Sunak’s Budget mean for personal taxes? March 6, 2020 | City Talk With a commitment to leave rates for income tax, national insurance and VAT unchanged, the new Chancellor may be looking for other areas to raise tax in March’s Budget – possibly in capital gains tax and inheritance tax. In addition, the Conservative Party manifesto contained commitments to “review and reform” entrepreneurs’ relief (ER) as well [...]
Budget 2020: What is on the pensions industry’s wish list? March 4, 2020 As Rishi Sunak, the new chancellor, prepares for his first Budget next week, the pensions industry will be watching what happens with eagle eyes. Reports have circulated that the government, emboldened by its landslide General Election win last year, could bring in sweeping changes to how some people save for retirement. Some predict that Sunak [...]
Pension schemes slammed for ‘thin and non-committal’ climate change policies February 6, 2020 Pension scheme trustees are failing to comply with their investment duties on climate change, according to a new report. The UK Sustainable Investment and Finance Association (UKSIF) found that only a third of a sample of trustees have complied with legal transparency requirements and is calling on the Pensions Regulator to carry out a review. [...]
Pension savers can boost their retirement pots and help businesses to grow by investing in venture capital February 5, 2020 The world is getting richer. Every day, we find ways to do things more efficiently — and when we do, those benefits diffuse across the country and throughout the world. But this diffusion isn’t always noticeable, evenly spread, or quick enough for many. For the economic system to maintain legitimacy, people need to believe that [...]
Pensions dashboards: Minister urges providers to get data in shape January 23, 2020 Pension providers are facing demands to get customer data in a fit state for the introduction of pensions dashboards. Pensions minister Guy Opperman has urged companies to help pave the way for the dashboards – apps to help people keep track of their savings . The pensions dashboards will give people information about their pensions [...]
Watchdog warns financial advisers on causing ‘significant harm’ to clients January 21, 2020 Financial advisers were ticked off by the Financial Conduct Authority (FCA) today for causing harm to consumers. In a letter to chief executives, the FCA noted a growing number of cases where firms’ actions resulted in “significant harm to consumers’ financial well-being”. It picked out four ways in which clients could be harmed: receiving unsuitable [...]