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Why are our pensions in crisis?

Huge deficits mean around 600 pension funds are certain to collapse in the next decade, according to the Pensions Institute at Cass Business School. It says another 400 are also at risk. These funds have combined deficits of around £45 billion, a figure which could potentially overwhelm the PPF rescue fund.

Britain’s blue chips are dishing out billions more in dividends to shareholders despite a crisis in their pension funds. One investment group analysis shows that 54 companies in the FTSE 100 index have handed out £48billion to investors in the last two years despite having a £52 billion pension black hole.

Another commentator said that insufficient contributions to pension funds could leave companies with hefty liabilities which could drag on future performance and, ultimately, lead to staff receiving lower pensions if the business runs in to difficulties and enters administration.

This communication is for informational purposes only and is not intended to constitute, and should not be construed as, investment advice, investment recommendations or investment research. You should seek advice from a professional adviser before embarking on any financial planning activity. Whilst every effort has been made to ensure the information contained in this communication is correct, we are not responsible for any errors or omissions.

Other News

Pension Transfers – the need for advice

Island in the shape of the euro signThe UK government has admitted there are not enough pension transfer specialist advisers to deal with demand, particularly in the case of more complex transfers into overseas pensions. This was the government’s response in March to a consultation launched two years ago, on whether the need to take financial advice, introduced with pension freedoms, created difficulties for overseas residents – residents such as those living in Cyprus wishing to transfer their pension savings from the UK to a qualifying recognised overseas pension scheme (QROPS).

According to data from HM Revenue and Customs (HMRC), there were just short of 10,000 transfers to a QROPS in the 2016/2017 tax year. However, from these, only transfers of more than £30,000 would be subject to the advice requirement.

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Female Finance: International Women’s Day

International Women's DayInternational Women’s Day (IWD) “is a global day celebrating the social, economic, cultural and political achievements of women”, a sentiment we are delighted to endorse.

It is no secret that the financial services industry has traditionally been viewed as something of an “old boys’ club” – but this is changing as we see more women climb the career ladder in prominent financial companies across the world.

We spoke to some of the tenacious women in our organization, all of whom are happy to be blazing a trail for women in finance, about their thoughts on working in such a male-oriented industry, and what advice they had for other women starting out.

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