Guarantee for every pension

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Guarantee for every pension

Guarantee for every pension
Millions of workers can look forward to a guaranteed pension under new Government proposals to persuade people to save for their old age. Pensions Minister Steve Webb said: “Many people are concerned about the complexity of pensions and the jargon used. We want to make the system as simple as possible and remove any fears about losing money. We want people to know that whatever they save, they will get back. ”
Daily Express, p. 1

Rip-off pension firms cash in
Workers heading into retirement could be ripped off unless they shop around for the best deals, according to experts. Financial companies are making huge profits on the annuities they sell – some as much as 20pc.
Daily Express, p. 2

Dent in pension deficits
The total deficit of defined benefit pension schemes run by FTSE 100 companies has improved by £8 billion from the position 12 months ago, according to JLT Pension Capital Strategies, a consultancy. Total deficits of such schemes at the end of 2012 were £50 billion. It said the fall in deficits reflected the stock market rally and also large capital injections made by companies into their schemes.
The Times, p. 33

Osborne’s bank reforms inadequate, say MPs
The parliamentary commission on banking standards has concluded that the government’s proposal for the regulator, the Financial Policy Committee (FPC), to review the strength of the ringfence between high street and riskier investment banks was “wholly inadequate”.
The Guardian, p. 21
Also appeared in : Daily Mail, p.4, Daily Express, p.52, Daily Mail, p.10, Financial Times, p.3, Financial Times, p.1, The Independent, p.47, The Times, p.33, The Daily Telegraph Business, p.1

RBS’s branch sale progresses to crunch meetings with investors
The bid for RBS’s Williams & Glyn branches will gather pace today as investors hold crunch meetings with Andrew Higginson, the man leading a takeover attempt.
The Daily Telegraph Business, p. 5

Boost for business
The Lloyds TSB regional purchasing managers’ index has concluded that business activity improved in seven out of nine UK regions last month, with the north-west seeing the greatest expansion. David Oldfield, Lloyds director for SME & mid-markets banking, said: “Businesses kept up growth in February, and there was a welcome gradual rebound in demand following the decline seen at the end of last year.”
The Guardian, p. 21

Battle is joined over black hole in banks’ accounts
The Financial Policy Committee, the new body at Threadneedle Street that oversees the banking industry, is considering putting a figure of between £5 billion and £50 billion on industrywide capital shortfall in the British banking sector.
The Times, p. 33

It’s so unfair, say ‘under-paid’ bankers
Nearly two-thirds of London bankers think they were underpaid last year and half believe they have been treated unfairly.
The Daily Telegraph Business, p. 3

Banks rush to redraft executive pay deals
Focus on how banks across Europe are racing to amend executive pay deals by the end of the month in an attempt to adhere to new EU bonus rules and secure shareholder approval at upcoming annual meetings.
This abstract from the Financial Times was produced by Kantar Media
Financial Times, p. 1

Chancellor ‘must act to boost growth’
Two of Britain’s biggest business lobby groups will ask the Chancellor today to take urgent action to boost growth in next week’s Budget by encouraging companies to invest in infrastructure and reviving Britain’s flagging housing market. The CBI will call on George Osborne to shift £2.2 billion to high-growth areas such as housing. The EEF manufacturers’ organisation wants the Budget to focus on investment in infrastructure and increasing competition in banking for small and medium-sized companies.
The Times, p. 39

Sovereign wealth funds are about to get wealthier
Sovereign wealth funds are predicted to grow by $1 billion a day this year, according to a new report from TheCityUK.
The Times, p. 34-35

ICICI chief says Indian banks need to expand
Chanda Kochhar, chief executive of ICICI, has said that India’s leading banks need to mimic the mass scale of Chinese financial institutions if they are to meet increasing demands for infrastructure investment and economic development.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 15

The above articles appeared on 11/03/13 reproduced with the kind permission of Kantar Media UK. All rights reserved.

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