Balfour Beatty agrees new deal to delay pension fund payment February 24, 2015 INFRASTRUCTURE group Balfour Beatty has worked out a deal with the trustee of its pension fund to delay payment of an £85m deficit agreed at the time of the Parsons Brinckerhoff disposal. The company agreed heads of terms with the fund’s trustee, and Balfour will now make the payment over eight years, instead of one [...]
Working five years longer boosts pension pots by a third February 24, 2015 The secret to a more comfortable retirement is to stay in work that little bit longer, new research has shown. Staying in full-time employment for five years after the retirement age, while continuing to pay into a private pension, could lift final weekly incomes by a third according to the Pensions Policy Institute and Friends [...]
Fire Brigade Union forges ahead with 24-hour strike over pension dispute February 23, 2015 The Fire Brigade Union is planning a 24-hour strike this week over a new “unworkable” pensions scheme being put forward by the government. Firefighters throughout England – but no other part of the UK – are planning to walk out from 7am on Wednesday (February 25). They will attend a rally in Westminster. The [...]
Nutmeg ready to shake-up UK pension market February 22, 2015 Online wealth management group Nutmeg is today launching its first personal pension in an attempt to disrupt the UK pensions sector. Nutmeg co-founder and chief executive Nick Hungerford says current offerings on the market are “complicated, underfunded and in need of some massive changes.” “We know there’s a massive deficit in pensions savings; company pensions [...]
Pensions group calls for a new industry body February 22, 2015 The UK government is facing calls to introduce a new independent Pension Commission to deal with problems in the sector and produce better policy. The International Longevity Centre-UK and Prudential have published a report today highlighting the fact that current policy is not enough to secure adequate retirement incomes for many, and retirement planning is [...]
Labour could cut pensions tax relief to fund tuition fees reduction February 21, 2015 Labour is planning a possible tax raid on pensions in order to fund a cut in tuition fees, it has emerged. Ed Miliband is planning to cut tuition fees from £9,000 to £6,000 if Labour wins this year’s General Election, but will need around £2bn a year to fund the scheme. According [...]
Free market think tank Centre for Policy Studies sounds alarm over pension reforms February 20, 2015 A free market think tank has warned over government plans to overhaul the current pensions system in May, saying freeing people from obligation to buy an annuity exposes them to "potentially dangerous" risks. In his 2014 budget, Chancellor George Osborne abolished the obligation on retirees to buy annuities – a guaranteed life income – with their [...]
UK house prices: Is the government’s pension reform about to put strain on the property market? February 16, 2015 Britain is in the grip of a property shortage, and it could be about to get worse. New legislation means that from April many pensioners will be able to cash-in their pension pots, with many expected to invest in the buy to let market. The market seems ill-prepared for such interest. Data from Rightmove, the [...]
Businesses cut employee benefits with changes to pension plans February 11, 2015 Businesses are cutting the benefits they give their employers, so that they make up a smaller proportion of their overall salaries. According to a survey of mid-sized companies by professional services firm Towers Watson, the proportion of companies spending over 20 per cent of employee salary costs on workplace benefits has dropped from [...]
George Osborne sets sights on pensioner votes with extension of 65+ bonds deadline past General Election day February 8, 2015 Chancellor George Osborne yesterday revealed that the government will now be offering £15bn worth of controversial so-called pensioner bonds, with an extended application deadline that falls on 15 May – one week after the General Election. The 65+ guaranteed growth bonds, as they are officially known, offer marketing leading rates, at 2.8 per cent interest [...]