NEWS WRAP - Shadow Foreign Secretary's Plan for Public Sector Pensions
Labour MP for Islington South and Shadow Foreign Secretary Emily Thornberry has published an article for Politics Home in which she calls for greater pensions freedoms for public sector workers.*
Written as part of her failed leadership campaign, the article named five major policy areas she felt the party needs to address in the future: climate crisis, the NHS, Social Care, affordable housing, and pensions.
In fact, the article was largely concerned with the issue of public sector pensions as Ms Thornberry warned that the country faced a "ticking time-bomb" in respect of the sums which will become payable in future decades. She quoted a 2017 estimate which suggested that public sector pension liabilities had a £1.7 trillion shortfall. She said that the public currently spends around £40 billion a year meeting this gap.
How much should you have already saved for your retirement?
Millions of employees work tirelessly for decades in the expectation of a comfortable retirement in the future. But for many UK residents retirement is an event to be feared due to lack of savings and pension.
To help you understand how much is needed for retirement we at Blacktower Financial Management have revealed how much you need to save, and top tips on how to save efficiently.
If you plan on living out your retirement years without worrying about finances, retirement saving is a must.
NEWS WRAP - Interest Rate Debate - Trust in Growth or Manage Risk?
The latest Purchasing Managers Index (PMI) survey describes widespread growth across the UK economy, with notable upturns in the services and manufacturing sectors.
The PMI records and aggregates the strength of various sectors of the economy and is often used to predict likely changes to interest rates. The fact that data for January indicated the most significant growth in 16 months, led many pundits to speculate on the unlikelihood of an interest rate cut by the Bank of England. And they were right.
The picture of growth was supported by numerous data channels. For example, figures from Rightmove revealed a 2.3 per cent month-on-month upturn on UK house prices in January, the largest ever recorded for the month, and this assisted the annual house price rise figure to 2.7%, the largest increase since 2017.*
NEWS WRAP - Lost Pensions Worth £37 Billion
Many British retirement savers could retire two years earlier than they realise, according to a new piece of research from pensions advice firm Profile Pensions*.
This, says the firm, is because one in four over 55s have lost track of their pension funds, a fact that helps to account for a significant proportion of the UK's approximately 1.6 million unclaimed pension pots. It is estimated that these funds have a combined value of around £37 billion.
The situation is even worse for younger retirement savers, with three in ten 25-34 year-olds saying they have lost track of a pension. One in ten respondents were not sure whether they would be able to account for all their pensions.