Nearly a quarter (24 per cent) of private-sector final-salary pension schemes were closed in 2011, according to the National Association of Pension Funds (NAPF). In comparison, just 3 per cent of final-salary pension schemes closed in 2008, while the proportion increased to 17 per cent in 2010. It is estimated that the closure of this [...]
Employees who have been with a company for less than two years will no longer be eligible for a refund of the money they have paid into a defined-contribution pension scheme, under proposed reforms. The change, which is designed to stop employees leaving a firm without a pension, has been welcomed by the National Association [...]
According to a report by the Office for National Statistics (ONS), the number of people paying into an occupational pension has slumped to a level not seen since 1956. Last year, there were 8.3 million people contributing to an occupational pension (3 million in the private sector and 5.3 million in the public sector). This [...]
According to the National Association of Pension Funds (NAPF), final salary pension scheme closures are on the increase. These types of schemes are becoming significantly more expensive to operate and costs are likely to rise. As a result, the rate of decline appears to be picking up, said the NAPF. The Association said 17% of [...]
A report by the National Association of Pension Funds (NAPF) has found that just 23% of final salary pension schemes in the private sector are open to new members, compared with 28% a year earlier. As a result of the findings, the NAPF has issued a warning to the Government to introduce measures to help [...]
The Pension Quality Mark has been launched in a bid to help potential employees assess the quality of a work-place scheme on offer, as well as making them more attractive and understandable to employees. It also hoped the award will boost the take-up of pension savings – particularly among younger employees. The scheme is being [...]
M&S Money launches 3% cash ISA
M&S Money has launched an Advantage Cash ISA paying 3 per cent, and which allows transfers in from other ISAs. It can be opened with a minimum deposit of £100 lump sum followed by minimum monthly deposits of £25. The 3% rate is variable, but there is no short-term bonus so the return won’t plummet [...]
Google suspends UK Compare Mortgages site
Google has closed its UK mortgage comparison site which it launched in July last year, after it proved to be less popular than expected. Mortgage comparison sites are designed to allow visitors to compare mortgages quickly and easily without having to visit each lender’s individual site. Google was competing with several well-established comparison sites, including [...]
AA launches ‘black-box’ policy for young drivers
The AA is launching an innovative car insurance policy called Drivesafe which could help younger drivers save up to £850 a year. Younger drivers already pay substantially higher premiums than other motorists and these costs are increasing. A new study by Confused.com suggests insurance costs for younger driver have gone up by 5.7 per cent [...]
ATOL scheme updated to protect online bookers
ATOL, a financial protection scheme managed by the Civil Aviation Authority, is being extended to protect up to six million more holidays a year. The scheme ensures that holiday makers do not lose out financially if a travel company collapses, and that they are not stranded abroad. An increase in the number of holidays booked [...]
Home repossessions lowest for four years
The number of UK homes repossessed fell to 36,200 in 2011, significantly below the Council of Mortgage Lenders’ forecast of 40,000, and lower than 2010 when 37,100 homes were repossessed. With interest rates remaining low and lenders adopting a sympathetic attitude to customers in financial difficulty, repossessions fell to their lowest level since 2007. However, [...]
Monthly pay lasting just 17 days
Workers are running out of money just 17 days after receiving their monthly pay, according to new research by the Halifax bank. This means that the average UK worker spends half the month worrying about money. The study, based on the responses of more than 2,000 adults, found that 10 per cent of workers start [...]
Women disadvantaged by auto-enrolment changes
Government proposals to increase the auto-enrolment threshold to £10,000 could put 1.8 million women at risk of missing out on a pension, the TUC has warned. Under the auto-enrolment scheme, which will be phased in from October, private sector employers will automatically enrol workers between the age of 22 years and the state pension age, [...]
Emergency household repairs company Homeserve is taking longer than expected to get back on track after its operations were suspended last October. The company expected customer numbers to fall by 5% this year but it has increased this estimate to 8% and announced the loss of 200 jobs. It estimates that renewal revenue in 2013 [...]
Sale rumoured for Yorkshire and Clydesdale banks
There is growing speculation that National Australia Bank (NAB) may sell Yorkshire Bank and Clydesdale Bank after the Australian parent company announced a strategic review of the two banks’ operations. The Australian economy is performing well and NAB reported strong profits for the final quarter of 2011 but with the UK economy at a virtual [...]
More women experiencing debt difficulties
Women in Debt, which offers female-focused debt advice, has warned that the number of UK women facing serious debt has grown significantly over recent years. The organisation believes that more women will need advice on solving debt problems in the future because they are building up an unsustainable level of indebtedness. Women in Debt’s director, [...]
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