Government reveals public sector pension overspend
Public sector pensions overpayments since 1978 exceed £120 million, the government has admitted.A minister has also said that claiming back the money would not be possible for cost reasons.Payments to workers such as NHS doctors and civil servants are included in the total.Some pensions are to be reduced from the start of the new financial year next April as a result of the finding.Liam Byrne MP, minister for the cabinet office, commented: "Some pensioners will have their payments reduced and others will see increases in their payments in 2009 which are less than the annual inflation uprating."He added: "The advice of the accounting officers of the schemes is that it is unlikely to be cost-effective to attempt recovery of these monies from individuals."News of the pensions reductions has yet to be given to the retirees affected.Public sector pensions in the UK hold estimated deficits exceeding £900 billion.
Summer dip hits the UK mortgage market
The Council of Mortgage Lenders (CML) has today revealed a 13% decline in UK mortgage funding in August. A total of £12.6 billion was advanced to homebuyers against £14.5 billion a month before, although the figure is a slightly more worrying 37% down on the corresponding period last year. So what is going on?
Despite the fact that mortgage lending is down month by month and when...
Home insurance shortfall highlighted by Axa
There is a £255 billion insurance gap for home contents cover in the UK, new figures from Axa suggest.The home insurance provider said that the average policy covers contents worth around £29,000.However, the average valuation of these contents from homeowners comes to £38,000 - leaving a £9,000 gap.This shortfall could potentially cause problems for policyholders who either have their home co...Read More
Alistair Darling threatens nationalisation for the UK banking sector
Alistair Darling has this evening threatened to nationalise the whole UK banking sector in a move aimed at bringing to the fore the ongoing battle between the government and the financial sector. There is no chance that the sector will be nationalised but the very fact that Alistair Darling has even mentioned the term should be a wake up call to those in the mortgage industry especially.
When financial scandals affect the person on the street
It has been revealed that a former British soldier who had lost his life savings in the alleged Madoff $50 billion fraud has taken his life with suggestions that he lost in the region of £1 million. This is the real cost of financial fraud and financial mismanagement in the world of today and more reason why investors need to be ultra-careful when investing their funds, particularly those on whic...Read More
Sean Quinn disappears from Irish Rich list
Sean Quinn, the founder of the Quinn group, does not appear in this weekend's Sunday Times Rich list for Northern Ireland, suggesting that his £2.3 billion wealth has plummeted. This has been a very difficult year for Sean Quinn, and other business people around the globe, and the recent news that the Quinn Insurance group has been placed into administration was obviously a bitter blow. It is...Read More