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Sir Fred Goodwin rejects calls for pension reduction
Sir Fred Goodwin has today rejected new calls for a reduction in his £700,000 a year pension after shareholders unanimously voted against the RBS remuneration report. While the vote by shareholders is not legally binding and cannot directly affect the pension paid out to Sir Fred Goodwin, it has given shareholders the opportunity to express their anger.
Ahead of today's AGM it was...
Osborne announced plans to help Greek based retirees
30/06/2015 Chancellor of the Exchequer, George Osborne, has set out plans to help thousands of retirees from the UK who currently live in Greece, and could be effected by the current crisis. When speaking to parliament yesterday, Osborne claimed that there were 40,000 UK residents livening in Greece, and 6,000 of these were receiving payments from the Department for Work and Pensions. Th...
Read MorePension Protection Fund changes investment criteria
The Pension Protection Fund (PPF), the safety net for the UK pension fund members, has today announced plans to widen its investment criteria to take in new areas of investment. Currently the PPF has a portfolio of around £4 billion which is predominantly invested in cash and bonds. The current benchmark target return for the fund is around 1.4% although this will be increased to 1.8% over the ne...
Read MorePwC advises pension age should be increased to 70
A report on the UK pension sector by PwC has advised the UK government to increase the state pension age to 70 years by 2046. This goes further than the UK government's current plans which will see the pension age in the UK increased to 68 by 2046. Currently the retirement age in UK is 65 for men and 60 for women although the retirement age for women is set to increase to 65 in the short term. So...
Read MorePhone fraud – Over 55s more likely to become victims
A recent study conducted by the Financial Ombudsman has revealed that people aged 55 years and over are more likely to become victims of phone fraud. This is when fraudsters pose as a bank or the police and request bank details to be given over the phone. The study, which reviewed 200 phone scam cases involving ‘vishing’ or a ‘no-hang up’ scam, has found that 80% of those who were tric...
Read MoreAegon withdraws guaranteed pension plan
In a fresh blow for the UK pension industry Aegon has been forced to withdraw its flagship 5 for Life Variable Annuity which guaranteed a minimum 5% annuity rate on pension arrangements. The plan will be replaced by the Secure Lifetime Income plan at the end of June which will also be a variable annuity arrangement but with no guaranteed minimum.
Slowly but surely we have seen a gra...
Scottish Widows to be named in £1bn pension advice case
Insurance giant Scottish Widows could be facing legal action over claims it misadvised pension schemes. In a dossier compiled by the Actuarial Review Company (Arc), which has been sent to the Financial Services Authority, it is alleged that as a result of the company's advice 100 pension schemes lost £300 million. The advice alleged to have been given by the insurer was to switch from guaranteed...
Read MoreGovernment pension bill collapses
Despite the fact that the UK pension industry has never been under greater pressure than today, the UK government has announced that its plans to introduce "personal accounts" to allow those on low and middle incomes to save for their retirement will be delayed by at least four years. Initially the government had promised the scheme would be in place by April 2012 and 10 million workers would be e...
Read MoreUsing your SIPP for property investment
Here's how you can cash-in on one of the longest standing advantages of having a SIPP - buying commercial property. There are just a few things you'll need to know. There are some great advantages associated with doing this; • Growth of the property will be free of capital gains tax and it will be free of inheritance tax on death. • Any rental income you make from the pr...
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