Pension company made to pay millions in consumer redress
During the back end of 2010, it was revealed that Scottish Equitable had fallen short in its administration, which meant that customers suffered a large amount of loss and a fair amount of difficulty. Scottish Equitable are a company providing pensions for a minimum 2 million people in the United Kingdom. Poor administration The Financial [...]
The coalition government have recently axed the Child Trust Fund (CTF) scheme in favour of the Junior Individual Savings Account (JISA), which is due for release on November 1st.
The Office of National Statistics (ONS) have published figures showing that only 33% of British workers are saving into any kind of pension scheme. Only 28% of women are contributing toward a private pension scheme, and the number of men with a scheme is only slightly higher at 39%.
Increasingly pensioners are ditching sleepy coastal towns and moving into Britain’s cities for their retirement, according to research by Anchor housing. This means that it is very important for providers to make it easy for those people to relocate when they want to. Bright Lights, Big CIty London was the top retirement destination of the [...]
New research shows that 20% of over-50s have reduced their spending on even essentials due to their worries over the growing cost of living. The increase in inflation, the stock market collapse and low interest rates are all contributing to the money worries older people are experiencing. Cost of living a bigger worry than health [...]
Consultant JLT Benefit Solutions believe gains made by schemes by switching indexation to Consumer Price Index (CPI) have been wiped out by falling interest rates.
A report published by the Centre for Policy Studies today, said even the full implementation of the Lord Hutton report on public sector pension reforms is unlikely to create a long term and sustainable state pension system.
In the three months to the end of June, British pension schemes sold defined benefit pension liabilities to banks and insurance companies at a steady rate. There is also a healthy level of transactions planned for the rest of the year, according to consultants Hyman Robertson.
A recent survey which has been carried out by Scottish Widows has revealed that nearly 50% of all workers under the age of 50 have confessed to not preparing for their retirement. The survey also showed that 40% of employees consider the pension scheme on offer when looking at potential employers. Lack of education What [...]
Lobby group Collective Defined Contribution Forum (CDCF) warned that retrospective legislation stemming from the Imperial Home Décor judgment could ruin the future development of collective defined contribution.
Data released by Office for National Statistics (ONS) show personal pension contributions have dropped 10% since 2007. Contributions dropped by £2.2 billion to £18.7 billion in 2009-10 from £20.9 billion in 2007-08, figures released yesterday (September 7, 2011) by ONS showed.
Employers can make contributions to the National Employment Savings Trust (NEST) using debit cards, a facility denied by most service providers.
A report prepared by the Leeds University Business School found accounting standards used now to estimate assets and liabilities of UK schemes undermine pension provisions.
Equity release specialist Key Retirement Solutions claimed many savers are may lose up to £5,000 for delaying purchase of their annuities in the hope of seeing their pension savings recover.
Warning employers against factoring in short service refunds when selecting a pension scheme, pensions minister Steve Webb said they will no longer be a part of future pension landscape.
Despite the recent slide in the markets, UK equity valuations are attractive in the medium term and are likely to add ‘alpha’ to pension funds, observed a fund manager.
