Reforming tax relief 'will encourage pensions'

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Reforming tax relief ‘will encourage pensions’

Reforming tax relief ‘will encourage pensions’
A new report from the Pensions Policy Institute indicates that tax relief does little to encourage workers to contribute to their pensions. The authors of the report argue that a flat rate of tax relief for everyone would provide a greater incentive for basic-rate payers to save, although such a move would be difficult to administrate.
The Times, p. 34

Big falls in UK pension fund market
The UK’s pension fund market has been registering big falls in assets under management since the financial crisis.
This abstract from the Financial Times was produced by Kantar Media
Financial Times FT fm, p. 1

Complex investments take a back seat
The top 25 pension managers saw their UK assets under management increase by 9.6% in 2012, according to FTfm’s latest annual survey.
This abstract from the Financial Times was produced by Kantar Media
Financial Times FT fm, p. 10

Pension Protection Fund digs deep in UK Coal deal
After UK Coal went into administration last week, the Pension Protection Fund took on its two pension schemes, resulting in the organisation’s largest ever loss.
This abstract from the Financial Times was produced by Kantar Media
Financial Times FT fm, p. 12

Defaults double for European commercial mortgage securities
According to S&P’s, defaults among financial instruments backed by European commercial mortgage payments have more than doubled.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 15

Fabulous Fab: Tourre faces his first day in court
Former Goldman Sachs banker Fabrice Tourre will be appearing in court in New York today, on the first day of his civil trial.
City AM London, p. 7
Also appeared in : The Times, p.33, Financial Times, p.7, Financial Times Companies and Markets, p.16

Honeymoon is over for Carney as inflation bites
Bank of England governor Mark Carney is expected to face his first major economic hurdle this week with inflation likely to have reached a 14-month high. Tomorrow’s raft of economic data includes the producer price index and retail price index for June as well as Office for National Statistics house price figures for May.
City AM London, p. 15
Also appeared in : The Daily Telegraph Business, p.7

Ailing Co-op Bank could seek billions from taxpayers
Should the Cooperative Bank fail to get bondholders’ approval for its rescue plan which will cost bondholders £500m, the group is threatening to put the bank into resolution with the Bank of England. Such a move would likely involve taxpayers’ money being used to provide bridging finance. In 2008, £11bn was loaned to Bradford & Bingley in such circumstances. £8bn remained outstanding in March 2012.
The Daily Telegraph Business, p. 1

FCA chairman faces fresh calls to quit over Co-op
The chairman of the FCA John Griffiths-Jones, is facing fresh calls to resign over the crisis at the Co-operative Bank. Griffiths-Jones was formerly KPMG chairman, the accountant which audited the Co-op Bank, HBOS, Bradford & Bingley and Kaupthing, all of which have failed.
The Daily Telegraph Business, p. 5

Co-op investors close to getting financial advice
Small bondholders in the Co-op Bank could receive financial advice, paid for by the bank, within weeks. The bank has a £1.5bn capital hole to fill, with the burden expected to be split between the Co-op Group – paying £1bn – and investors – paying £500m.
City AM London, p. 5

Co-op ‘misled’ pensioners
The Co-operative Bank reassured pensioners that their investments were safe a month before announcing plans to slash their savings as part of a bailout.
Independent i, p. 42

Cable’s bank ‘may not meet the needs of UK business’
Director of policy and external affairs at the British Chambers of Commerce, Adam Marshall has called on the Government to expand its vision of its £3.9bn Business Bank.
The Daily Telegraph Business, p. 3

Greece picks Eurobank to buy Postbank
Greece has agreed with its Eurozone and IMF backers to sell Postbank and Proton Bank by today.
City AM London, p. 11

US banks eye metal storage exit
JPMorgan Chase and Goldman Sachs are looking to sell their metal warehousing units.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 15

Markets make best case for impact of Glass-Steagall
John Authers comments on how a cross-party Senate group in the US have introduced a bill to reinstate Glass-Steagall’s split of commercial and investment banking.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 16

UK banks’ rates put payday lender ‘to shame’
Jonathan Straight, chief executive of Straight, has said that mainstream UK banks charge interest rates that would “put Wonga to shame”.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 16

EUROBANK CHOSEN BY GREECE TO BUY BANK AS PART OF BAILOUT
Greece’s bank rescue fund said it has picked Eurobank to buy New Hellenic Postbank as part of consolidation in the sector and to meet a condition for the next installment of the Greek bailout.
International Herald Tribune, p. 17

Feel–good factor prompts Bank to rethink QE plans
The Bank of England is set to shelve plans to extend quantitative easing (QE) for the rest of the year as a raft of surveys reveal that businesses and consumers are in their cheeriest moods since the start of the recession.
Daily Express, p. 44

The above articles appeared on 15/07/13 reproduced with the kind permission of Kantar Media UK. All rights reserved.

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