Britain’s younger generation are urged to plan ahead after new evidence reveals they will otherwise have to survive on a fraction of current retirement incomes October 11, 2016 Britons are facing the prospect of having to survive on a quarter of current average retirement incomes in the future as defined contribution schemes fail to yield returns anywhere near those provided by defined benefit schemes. Read more: The government's creating a new pensions and debt advice service A report by Centre for Economic and Social Research revealed the gloomy [...]
PPF releases deficit figures for September, buoyed by bond yields heading back north October 11, 2016 Aggregate deficits faced by the government's pension lifeboat edged down in September, finally levelling off after a summer that has seen an astronomic rise in shortfalls. The Pension Protection Fund (PPF), which employers pay into via a levy and effectively underwrites the defined benefit pension liabilities of Britain's companies, said that its aggregate deficit stood at £420bn at the end of [...]
Official statisticians reveal what Britons think will make them the most money for later years October 11, 2016 Britons think the best way to save for retirement is to invest in property rather than a pension scheme, according to research by the Office for National Statistics (ONS). Although respondents to the ONS survey admitted that an employer pension scheme was a safer way to save, nearly half felt that investing in bricks and mortar was best way to [...]
Asia minister announces “technopreneur” tie-up between Britain and Indonesia October 11, 2016 The Foreign Office has announced a new trade partnership with Indonesia to create a generation of “technopreneurs”, providing a signal of how post-Brexit Britain intends to look beyond the EU in developing economic ties. Britain's Asia Minister Alok Sharma MP, will unveil the plans during his trip this week to Indonesia, Singapore and Thailand. The project will fund training for young scientists [...]
Pure Gym gathers sufficient investor interest but pulls London listing October 10, 2016 Britain's largest gym chain will pull its planned London listing tomorrow after concerns from board members over challenging initial public offering market conditions. Pure Gym had planned a £190m share sale and it is understood that the company had gathered sufficient investor interest for the proposed listing. Read more: Pure Gym unveils plans to float on London [...]
Expert for select committee slams Bernard Matthews’ sale and takes aim at insolvency laws October 10, 2016 Evidence submitted to an influential committee of MPs has highlighted concerns over the fate of the Bernard Matthews' pension scheme which has been a casualty the turkey company's pre-pack administration. According evidence submitted by Professor Prem Sikka, Bernard Matthew's administrator Deloitte "carefully crafted" a strategy to "dump" the pension scheme. He has reported his findings to the Work [...]
Third quarter results reveal steady growth at Moet Hennessy Louis Vuitton October 10, 2016 Luxury goods group Moet Hennessy Louis Vuitton reported a positive first nine months of the year with sales of over €26bn. Like-for-like sales increased by five per cent in the first nine months compared with 2015 and all five of its divisions revealed solid single-digit growth. Read more: I'll drink to that: LVMH boss gets on board with wine app The Paris-based group [...]
JCB quits membership of the CBI following differences of opinion on Brexit October 10, 2016 Digger giant JCB has quit the Confederation of British Industry (CBI) owing to frustration at the industry body's anti-Brexit position. JCB chairman Anthony Bamford was vocal in his support of Britain's exit from the EU and wrote to all 6,500 employees of the Rocester-based company, telling them that the UK had "little to fear" from a Brexit vote. Read more: JCB to [...]
CMS merges with two rivals in deal to create sixth largest UK law firm October 10, 2016 Partners at three City law firms have voted in favour of combining their businesses in a deal that will create the sixth largest UK law firm and the sixth largest global law network. CMS UK, Nabarro and Olswang will merge in a deal that is anticipated to complete on 1 May 2017. Partners of Nabarro [...]
The board of SVG is now considering two sale options with a third waiting in the wings October 10, 2016 A bidding war for SVG Capital (SVG) has ignited after HarbourVest upped its offer in an attempt to challenge the board's previously preferred option. SVG is in detailed discussions with a group of investors led by Goldman Sachs and the Canadian Pension Plan Investment Board (CPPIB), who came in with an eleventh hour offer to purchase the [...]
