Budget 2015: Current pensioners could sell their annuities for cash under new rules March 11, 2015 Current pensioners might be able to sell their annuities for cash under new plans due to be discussed by senior government ministers on Friday. According to the FT, if the proposals go ahead retirees would be allowed to sell their annual income contracts to insurers on secondary markets. In return, they would receive a cash [...]
Here’s why chancellor George Osborne’s pensioner bond bonanza won’t translate into votes March 11, 2015 George Osborne's so-called "granny bond" scheme has been heavily criticised as a blatant bid for the older vote, however new research has shown the chancellor's expensive giveaway is unlikely to pay off for the Tories. Rate setters at the Bank of England have held the main interest rate at a record low 0.5 per cent [...]
MPs want pensions watchdog to protect retirees from themselves March 9, 2015 Pensioners need a tough new regulator to protect them from making bad decisions with their savings, an influential group of MPs said today. The Financial Conduct Authority (FCA) is not sufficiently focused on pensions, and so a new single regulator is needed, MPs on the Work and Pensions Select Committee said. They called for the next government [...]
Athens set to raid pension funds to make ends meet this month March 3, 2015 Greece could raid the cash reserves of pension funds and public sector entities in a bid to cover its funding needs this month. Athens – which has monthly needs of about €4.5bn (£3.27bn), including a wage and pension bill of €1.5bn – is running out of options to fund itself despite a deal with the [...]
City watchdog launches study into pension fund fee structure March 2, 2015 THE FINANCIAL Conduct Authority (FCA) and the Department for Work and Pensions (DWP) have called on members of the country’s investment industry to help fashion new rules on how workplace pension scheme costs should be reported to savers. From April this year, Independent Governance Committees (IGCs) and pension scheme trustees will be required to report [...]
Smart Pension is a startup that wants to make auto enrollment a cinch for small businesses February 26, 2015 Auto-enrollment might be good for employees, but getting the paperwork done in time for the deadline (which, fact fans, is 1 March for businesses with 54-57 employees) is creating a headache for entrepreneurs. Step forward Smart Pension, a startup which has just closed a £1.5m funding round, with backers including the likes of Zoopla investor William [...]
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 [...]