Archaic laws surrounding UK defined benefit pension promises are not fit for purpose June 4, 2016 The proposed and unprecedented plan to change the basis for Tata steel members’ future pension increases from Retail Price Index to Consumer Price Index is another reality check of the real pressure faced by companies which are trying to remain competitive and, at the same time, honour generous legacy defined benefit (DB) pensions, which in many [...]
Proposed government plans on steel pensions could see oldest pensioners losing out on thousands, warns former minister June 4, 2016 Proposals to rule changes for the British Steel Pension Scheme could strike the oldest and most vulnerable pensioners the hardest, a former pensions minister warned today. Steve Webb, who is now director of policy at Royal London, said his firm's calculations suggested that an 80-year-old currently receiving an income from the scheme could be as much as £10,000 [...]
Muhammad Ali dead ages 74: Heavyweight boxing icon known as “The Greatest” dies after being hospitalised with respiratory issues June 4, 2016 Boxing icon Muhammad Ali has died aged 74, a spokesman for his family has confirmed. Ali, who was born Cassius Marcellus Clay Jr, died on Friday. He was hospitalised the day beforehand for treatment for a respiratory issue, although the cause of his death has not been disclosed. The three-time heavyweight champion of the world had also suffered from [...]
Stream of new evidence, including further details from Anthony Gutman of Goldman Sachs, creating yet more confusion about BHS £1 sale June 3, 2016 The stream of evidence being drip fed to MPs about the £1 sale of BHS is creating further confusion and questions, the chair of the work and pensions committee said today. Commenting on further details his committee had recently received, Frank Field remarked that what he was now learning was causing him to question some of [...]
Supermarket sweep: Sainsbury’s boss Mike Coupe on for 86 per cent payrise June 3, 2016 J Sainsbury has proved that it is undeterred by the general shareholder sentiment this AGM season, awarding chief executive Mike Coupe an 86 per cent payrise. As revealed in the supermarket's annual report, which was published today, Coupe will receive £2.8m for his efforts for the 2015-16 financial year, up from £1.5m the year before. However, the paypacket for Coupe, [...]
Gazumping is a go! This is how many property purchases fall through June 3, 2016 Some would-be homeowners are learning the hard way that, even if the ink's dry on the contract, it doesn't guarantee they'll be moving in any time soon. More than a quarter (28 per cent) of homebuyers have had a house purchase fall through after they've had an offer accepted, research out today has found. The [...]
Storm Desmond alone caused £597m in insured damages, according to new estimates June 3, 2016 Never mind Eva and Frank – figures out today show that Storm Desmond alone cost the UK £597m in insured property losses. While that may sound like a large chunk of cash, this third estimate to be produced by PERILS is actually a reduction on the £662m it forecast back in March. This map, provided [...]
This is how many people think they won’t be able to afford to leave anything to their loved ones June 3, 2016 They say you can't take it with you but a significant number of people are worried that they can't leave it behind either. Less than a third (28 per cent) of those retiring this year think they can afford to leave an inheritance, research released today has found. The study by Prudential discovered that the [...]
Libor charges brought in the US against two former Deutsche Bank traders June 3, 2016 Two former Deutsche Bank workers were indicted in the US yesterday evening on allegations of manipulating US dollar linked Libor. Matthew Connolly, 51, of New Jersey, and Gavin Black, 46, of London, have been accused of taking part in a scheme to rig the benchmark rate so that it better suited their own or their former employer's trading positions. The [...]
