Government told its new pension system is 'not fit for purpose'

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Government told its new pension system is ‘not fit for purpose’

Government told its new pension system is ‘not fit for purpose’
A leading report is to warn that the UK’s new pension saving system is not “fit for purpose” at a time when retirement prospects in the UK are more uncertain than ever and state pensions are being slashed.
The Independent, p. 52
Also appeared in : Independent i, p.41, Metro London, p.50

Over-50s plan to work past pension age
A restructuring of the pension industry was called for last night as a survey found that almost a third of 50 to 60-year-olds do not plan to stop work when they hit traditional retirement age.
The Daily Telegraph, p. 16

SAVINGS
Savers who need to access cash in fixed ISAs early will suffer fewer penalties with Virgin Money’s new one year ISA. An early withdrawal costs 60 days’ interest.
Metro London, p. 51

Pension expert warns schemes are outdated
A major new report claims that up to 11m new pension savers risk slipping into poverty in old age due to poorly designed government-backed saving schemes.
City AM London, p. 15

UK banks set to face pension fund pressure
UK banks may be have to inject millions into their pension funds when the banking reform bill takes effect, requiring them to split deposit taking from investment and trading activities.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 17

Help to Buy risks house cost bubble, says Lloyds
Lloyds Banking Group has warned that the government’s Help to Buy mortgage scheme risks creating a dangerous bubble in property prices unless steps are taken to free up planning restrictions.
This abstract from the Financial Times was produced by Kantar Media
Financial Times, p. 1

Mortgage lending on the rise
Lloyds Banking Group has returned to positive growth in the past quarter after nearly five years of negative net mortgage lending, driven by the government’s Funding for Lending scheme.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 19

help to get on the ladder
It has been revealed that young people have never had a harder time buying their first home. Student debt, high youth unemployment, low wage inflation and rising living costs are all squeezing incomes. Meanwhile, property prices are rising at the fastest rate in more than three years – first-time buyers can expect to pay £127,000 on average, according to Halifax Bank. No wonder, says Nitesh Patel, a housing economist at Lloyds Bank, that more people are seeking help from their parents (and sometimes grandparents).
The Independent Family and Home, p. 2

Boost for Osborne as Help to Buy makes his bank less bad
It has been revealed that the Help to Buy scheme could boost the value of the Government’s bad bank and accelerate the repayment of its £42 billion taxpayer loan. The potential benefit to the public finances was highlighted by Richard Banks, who runs the bad bank, which contains Northern Rock and Bradford & Bingley loans and is the country’s fifth-biggest mortgage provider.
The Times, p. 37

Overdrafts ‘as punitive as the payday lenders’
A campaign has been launched today urging the Government to crack down on all forms of credit and stop banks and plastic card companies – not just payday lenders – ripping off borrowers with excessive charges.
Independent i, p. 39
Also appeared in : Metro London, p.51, The Times, p.2

Tucker: US banks would not need taxpayer bailout
Five years on from the government’s enormous intervention to bail out the UK financial system, the Bank of England’s deputy governor has said that US banks can survive without taxpayer assistance.
City AM London, p. 5

EU ministers head for clash over backstops for weak banks
EU finance ministers are set to clash this week over the public safety net for the European Stability Mechanism.
This abstract from the Financial Times was produced by Kantar Media
Financial Times, p. 6

Rise in demand boosts output
London achieved the fastest rise in business activity in September but northwest England and the east Midlands were not far behind, a survey of 1,200 employers by Lloyds Bank Commercial Banking has found.
This abstract from the Financial Times was produced by Kantar Media
Financial Times, p. 4

Companies lack trust in forecasts, warns study
Less than half of all finance professionals at UK companies think the forecasts they rely on are reliable, a report published by PricewaterhouseCoopers has warned.
The Independent, p. 51

Canadians plot raid on RBS arm
Royal Bank of Scotland’s US retail banking arm could be the subject of a bid from TD Bank, one of Canada’s biggest lenders.
Independent i, p. 41

The above articles appeared on 14/10/13 reproduced with the kind permission of Kantar Media UK. All rights reserved.

Charterbridge Private Financial Planning, Independent Financial Advice, Thornbury, Bristol.