UK pensions: Shortfall in UK private sector defined benefit (DB) pension schemes has doubled over the last decade to £0.8 trillion March 29, 2016 Private sector defined benefit (DB) pension schemes carried a collective deficit of £0.8 trillion in 2015, around double the shortfall compared with roughly a decade ago, according to research out today. The study by JLT Employee Benefits discovered that DB schemes had £1.3 trillion in assets in 2015, compared with £0.65 trillion in 2006, but the schemes also had liabilities [...]
UK pensions: Nearly one year on from the introduction of the pension freedoms rules, annuities remain popular March 28, 2016 Nearly one year on from the introduction of rules designed to revamp the pensions system, annuity sales have bounced back, research out today has found. The study by the Association of British Insurers (ABI) discovered that 21,200 annuity plans, worth £1.1bn, were purchased during the fourth quarter of 2015, while 61,700 annuities, worth £3.3bn, have been bought [...]
Libor scandal: Judge orders former UBS and Citigroup trader Tom Hayes to pay over £878,806 March 24, 2016 Former UBS and Citigroup trader Tom Hayes was ordered to pay just shy of £900,000 by a court yesterday, or face yet more time in jail. Hayes, who was found guilty last August on eight counts of conspiracy to defraud for his role in manipulating Libor, was hit with an £878,806 confiscation order following a [...]
Phoenix Group Holdings share price up as insurance company reveals cash generation largely in-line with targets for year ended December 2015 March 23, 2016 Share price in Phoenix Group Holdings rose today after the company announced that its cash generation had met its targets, although profits slumped slightly for the year ended December 2015. The insurance company, which handles closed life funds, reported cash generation of £225m, safely in line with its target range of £200m – £250m, although down [...]
Burford Capital share price closes up after financial services company reveals revenues over $100m for the first time in its history March 23, 2016 Share price in Burford Capital closed up today after the financial services company reveals a boost to both its profits and revenues for the year ended December 2015. The company, which specialises in providing finance for litigation, announced profits before tax of $67.9m (£48.2m), up 19 per cent from $57.1m the year before, while revenues [...]
Profits slump for insurance market Lloyd’s of London despite growth in gross written premiums, as chief executive Inga Beale speaks out about terrorism March 23, 2016 Insurance market Lloyd's of London today announced that its profits had dipped slightly during 2015, although it had increased its gross written premiums. Lloyd's revealed pre-tax profits of £2.1bn, down compared with £3bn the year before, although the company said that it felt its profits remained significant despite a fall in returns on investments and increased [...]
Flash crash trader: Judge rules Navinder Singh Sarao can be extradited to the US to face trial March 23, 2016 A judge has ruled that Navinder Singh Sarao, the so-called hound of Hounslow, can be extradited to the US to face charges carrying a maximum sentence of 380 years. Sarao plans to appeal the verdict and has been released on bail. The US Secretary of State must now make an order for the extradition to the Home Office within the next [...]
Limited Eurostar service resumes between London, Lille and Brussels following Brussels attacks, as company advises those travelling tomorrow to leave an hour for check-in March 22, 2016 Eurostar resumed a limited service between London and Lille and Brussels this evening after initially suspending trains to Brussels following this morning's attacks. Our thoughts go out to everyone affected by today's events in Brussels. Please find the latest disruption info here: https://t.co/9y6G8LCyrQ — Eurostar (@Eurostar) March 22, 2016 At least 30 people have [...]
UK workers much less interested in salary when job hunting than their global counterparts and much more interested in the job description and type of work March 22, 2016 You may think you can lure top talent to your company by offering them wads of cash, but, if you're recruiting for your UK office, you might be disappointed. A study out today by ManpowerGroup Solutions has discovered that jobseekers in the UK are among the least likely to be motivated by salary, with only a quarter [...]
