Local Government Pension Scheme under pressure to drop active fund managers September 14, 2019 The Local Government Pension Scheme (LGPS) has said it is under pressure from government officials to switch to passive management after the suspension of the Woodford Equity Income fund in June. LGPS, which is the largest public-sector pension scheme in the UK with almost 6m members, has 60 per cent of its holdings in active [...]
Debate: Should the tapered annual allowance for tax on pensions be abolished? September 13, 2019 Should the tapered annual allowance for tax on pensions be abolished? Yes – Steve Webb is director of policy at Royal London. To understand why this issues matters, just look at doctors. Most senior doctors are well-paid and are in a good pension scheme. But when doctors who work harder can end up out-of-pocket, something [...]
Santander accused of circumventing professional PPI claims firms September 11, 2019 Professional claims managers have accused Santander of trying to minimise its PPI payments after the bank started going above their heads, dealing directly with customers. The bank confirmed it was talking to customers, skipping the claims management companies (CMCs) to save time on the process. Read more: Lloyds suspends share buyback as PPI costs rise [...]
What a con: Four common tactics used to scam pension savers September 11, 2019 The impact of pension fraud can be devastating, with victims losing an average of £82,000 last year. Even those of us who are savvy with our money can end up falling victim to fraud. In fact, it is estimated that five million pension savers in the UK are at risk, with 42 per cent of [...]
Just Group share price falls as new regulations slash profits by a quarter September 4, 2019 Life insurer Just Group shares fell 10 per cent this morning after it revealed profit fell more than a quarter in the first half of the year. The company suffered a hit after new rules from the Prudential Regulation Authority, which require more capital behind lifetime mortgages, which is one of its key products. The [...]
Mortgages, pensions and other savings products are not designed for self-employed workers – here’s what needs to change September 4, 2019 A growing number of us are choosing to go it alone. According to recent figures from the Office for National Statistics, the number of self-employed workers is now nearing the five million mark. That’s around 15 per cent of the UK workforce, and a million more people than the same period in 2009, with London [...]
Debate: Should we be worried that some over-55s are using their pensions to help younger family members buy homes? August 30, 2019 Should we be worried that some over-55s are using their pensions to help younger family members buy homes? Yes – Helen Morrissey is a pension specialist at Royal London. While it is natural for people to want to help their children get a foot on the housing ladder, the worry is that they could damage [...]
Watchdog opens door to PPI deadline reprieve as customers battle technical issues August 28, 2019 The regulator responsible for overseeing PPI claims has hinted that providers could extend tomorrow’s deadline if technical difficulties prevent customers from complaining about mis-sold policies. Consumers have to lodge claims with the provider that sold them the PPI policy, but people have complained of being unable to make claims with providers due to problems with [...]
Natwest customers wrestle with IT issues as PPI deadline looms August 28, 2019 Natwest customers have complained of being unable to make PPI claims ahead of tomorrow’s deadline for lodging complaints about mis-sold plans. Customers took to Twitter to express their frustration at not being able to make claims. “The [Natwest] website is down, personal banking on-line system is down and the PPI call line system is malfunctioning! [...]
One day to go until the PPI deadline: How to make a PPI claim August 28, 2019 Consumers are rushing to make last-minute PPI claims as tomorrow’s deadline looms. Here’s how to get your claim submitted before the cut-off time of 11.59pm on 29 August. What is PPI? PPI – or Payment Protection Insurance – was intended to cover loan repayments if the person who took out the loan became unable to [...]