The charges levied by some fund managers could be eroding defined contribution pension schemes by up to 17 per cent, according to a report by the National Audit Office (NAO). The watchdog is calling for fund managers to be more accountable for how they manage the schemes, following a study into the regulation of defined [...]
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, [...]
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 [...]
Figures released by the Pension Protection Fund (PPF) revealed an improvement in the UK’s 7,400 defined benefit (DB) schemes in December, with the collective deficit falling to £33 billion in December from £92.5 billion the previous month. The PPF said not only is this is an improvement on the month, it is significantly better than [...]
Fears over the future of final salary pension schemes has reared its ugly head again after a report from the Association of Consulting Actuaries (ACA) revealed that nine out of 10 such schemes are now closed to new members. The ACA, which questioned over 300 companies, found that employers continue to shy away from these [...]
Final salary pension schemes may not have breathed their last breath, but they are certainly on the throes of extinction, an industry expert has claimed. Dr Ros Altmann, a former academic and independent expert on pensions policy and retirement, said when final salary pensions were first conceived, it was assumed they would be funded through [...]
According to actuarial consultancy, Lane Clark and Peacock (LCP), some of the UK’s largest employers are likely to offload their pension schemes during the next 12 months. LCP said the number of companies offloading their pension schemes to insurers has escalated over the last 6 months and the trend looks set to continue. The pension [...]
Outlook improves for UK economy
The UK economy could recover more quickly than expected according to economic forecasting group the Ernst & Young Item Club. The Item Club expects the UK to return to growth in the second half of this year, marking an end to the double-dip recession. However this depends on a solution being found to the debt [...]
Ulster Bank resumes normal service after IT glitch
Service at Ulster Bank should now be back to normal for most customers, following a computer failure almost a month ago at parent company RBS. The technical problem left 100,000 Ulster Bank customers without access to their accounts. NatWest and RBS customers also experienced problems after the computer failure on 19 June, but most of [...]
ABI says Labour’s pension warning is misleading
A new report by the Labour Party on pensions has been criticised by the Association of British Insurers (ABI) as badly timed and misleading. The report, by shadow work and pensions secretary Liam Byrne, supports earlier comments by Ed Miliband that pension fees and charges could erode half of a retiree’s pension fund. The Labour [...]
Rightmove reports fall in house prices
Property website Rightmove recorded a drop in the average asking price for residential property this month, representing the first fall since January. Average prices have fallen by 1.7 per cent, a drop of £4,138, with demand low due to the wet weather deterring potential buyers from viewing properties. The website also blamed the Olympics for [...]
Sharp fall in car insurance costs
The average cost of comprehensive car insurance was £797 in spring 2012, a fall of more than 7 per cent, or £60, compared with a year ago. The fall reverses a steady rise in the price of motor insurance premiums since 2009. A survey by Confused.com and professional services company Towers Watson revealed that men [...]
Funding for lending scheme to launch next month
The Treasury and the Bank of England have revealed details of their multi-billion pound ‘funding for lending’ scheme which will begin in August and run for 18 months. The initiative is designed to make it easier and cheaper for businesses and individuals to secure loans and mortgages. It is hoped that it will help to [...]
OFT to review Personal Current Account market
The Office of Fair Trading (OFT) is to assess whether banks have made it easier for customers to switch current accounts. Following a review in 2008 the OFT said that the personal current account market was not working well for consumers. It reported a lack of transparency over charges, making it difficult for customers to [...]
‘Black box’ motor insurance sales soar
Sales of telematic, or ‘black-box’, car insurance will reach 500,000 in the next two years, according to the British Insurance Brokers’ Association (Biba). The trade body for the insurance industry has recorded a five-fold increase in this type of motor insurance in the past two years. The use of telematic technology is proving popular because [...]
Mortgage lending increased by a third in May
Mortgage lending showed a “healthy improvement” in May despite continuing economic uncertainty and problems in the eurozone. The Council of Mortgage Lenders (CML) reported a 33 per cent increase in the number of new loans granted to home buyers, compared with the previous month. 48,300 new home loans were granted in May 2012, an increase [...]
Floods could increase home insurance costs for all
The growing risk of flooding in the UK could lead to an increase in the cost of home insurance for everyone, regardless of where they live. Britain has been awash with rain for the last three months and with many parts of the country suffering from repeated flooding, insurance companies are likely to miss their [...]
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