Pension charge cap assessment 'not fit for purpose'


googleplus linkedin

Pension charge cap assessment ‘not fit for purpose’

Pension charge cap assessment ‘not fit for purpose’
The Department for Work and Pensions have been judged to have botched its assessment of the likely cost to the pensions industry by the Regulatory Policy Committee. The committee, working for the Department for Business, has ruled that the DWP’s impact assessment has cast doubt on its claim the cap would present no net cost to the industry.
The Times, p. 45
Also appeared in : City AM London, p.6

Military widows who move in with new lovers ‘betrayed’ over pensions
The Forces Pension Society, a military charity, has warned that the Government must change a “medieval” scheme that is depriving hundreds of Armed Forces widows of a military pension if they fall in love again. Anyone who has a pension under a less generous scheme that began in 2005 is not affected.
The Times, p. 6

Property shortage will see prices rise by eight per cent in 2014
House prices will rise by another 8 per cent next year due to the shortage of homes coming on to the market, surveyors have forecast.
Independent i, p. 4

Large drop in jobless total raises fear of mortgage rate rise
The Government yesterday hailed a sharp fall in unemployment but faced the prospect that improving market conditions could see voters’ mortgage payments rise before the general election.
The Independent, p. 10-11

EU reaches ‘momentous’ banking deal
The Chancellor last night hailed an agreement to form a European banking union that will protect the interests of Britain’s taxpayers. In Brussels George Osborne negotiated with fellow European Union finance ministers over a deal that gives the European Union new powers to prevent banking failures. The EU commissioner responsible for the banking reforms, Michel Barnier has hailed the agreement a “momentous day for banking union”.
The Times, p. 44
Also appeared in : City AM London, p.3, International New York Times, p.16, The Daily Telegraph Business, p.4, The Daily Telegraph Business, p.4

Market surprise
India’s central bank took markets by surprise yesterday when it left interest rates unchanged despite sharply higher inflation.
This abstract from the Financial Times was produced by Kantar Media
Financial Times, p. 8

Carney comes clean with introduction of plastic fivers
The Bank of England has announced the introduction of wipe-clean plastic notes with the first plastic tender entering circulation in 2016.
This abstract from the Financial Times was produced by Kantar Media
Financial Times, p. 2
Also appeared in : Independent i, p.6-7, The Daily Telegraph Business, p.5, The Guardian, p.30

New laws passed to reform sector
The government’s Banking Reform Bill has received Royal Assent and is now an Act of Parliament.
Independent i, p. 42

India takes wait-and-see stance on rates
India’s central bank surprised economists on Wednesday by holding interest rates steady, citing an expected reduction in food prices and a struggling domestic economy.
International New York Times, p. 18

Bernanke announces winding down of QE
The US Federal Reserve has announced plans to start winding down its programme of quantitative easing, reducing it from $85bn-a-month to $75bn next month, and will continue to reduce it in “measured steps” if the US economic recovery remains on course.
The Daily Telegraph Business, p. 1
Also appeared in : International New York Times, p.1

‘Burgeoning’ recovery at risk from rise in sterling, warns Bank
The Bank of England said yesterday that sterling’s recent strength poses risks to Britain’s “burgeoning” economic recovery. “Any further substantial appreciation of sterling would pose additional risks to the balance of demand growth and to the recovery”, minutes from the Monetary Policy Committee’s (MPC) December meeting showed yesterday.
The Daily Telegraph Business, p. 5

Bank of England has a poor record of forecasts, says Larry Elliott Four months ago, when unemployment stood at 7.8%, the Bank of England issued forward guidance on interest rates. Threadneedle Street said it would not even start to muse about an increase in interest rates until the jobless rate hit 7%. According to the Bank, this was likely to be in early 2016.
The Guardian, p. 30

The above articles appeared on 19/12/13 reproduced with the kind permission of Kantar Media UK. All rights reserved.

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