Euro vs Pound – Brexit Impact

Official figures have revealed that pension funds have plummeted a further £25 million into the red. The fall in bond yields – on which pension funds rely – has increased the pressure on the pots available to support final salary scheme pay-outs. At the end of May, the pension backstop PPF (Pension Protection Fund) revealed that the roughly five and a half thousand pension schemes it monitors have a combined deficit of nearly £295 billion. This is almost £25.5 billion worse than a month earlier.

Fears for the robustness of pension pots have been highlighted by the widely reported BHS deficit.  They come as a separate study reveals some of Britain’s biggest companies are paying shareholders a dividend bonanza despite huge deficits of their own. The Pensions Regulator have issued a similar warning in the past, saying: ‘It is important that employers treat their pension scheme fairly. We expect trustees to question employers’ dividend policies where debt recovery contributions are constrained.’ 

Norges Bank has recently introduced the new series of Norwegian banknotes, which display a rather unusual design.

Traditionally, as is the case in most countries, Norway’s banknotes have always been adorned with portraits of the country’s important historical figures. But this new series of currency has done away with tradition and instead features images with one theme tying them together: the sea.