December 2017

11Dec

UK. Government urged to fasttrack ban on pensions cold calling

Pensions cold calling must be banned next year to prevent people being “avoidably conned out of their life savings”, an influential committee of MPs has said. The Work and Pensions Select Committee has warned the Government that the scale of the scamming is likely to be grossly underestimated by official reports. It has urged the Government to fasttrack an existing plan to ban the practice and also to do more to ensure that people are given guidance before they decide to...

December 11, 2017
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07Dec

UK will not pay lump sum Brexit bill, according to draft agreement

The U.K. will pay no upfront Brexit divorce bill to the European Union but will instead continue to act “as if [it] remained a member state” by meeting its ongoing liabilities as and when they arise for decades to come, according to a draft text of a joint agreement with the EU. The clause forms part of a proposed draft agreement between London and Brussels that was circulated among U.K. officials Monday, the contents of which have been shared with...

December 7, 2017
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06Dec

OECD: UK has lowest state pension of any developed country

Britain’s workers can look forward to the worst state pension of any major country, according to a report by the developed world’s leading economic thinktank. The Organisation for Economic Cooperation and Development (OECD) study calculated that a typical British worker will at retirement receive a state pension and other benefits worth around 29% of what they had previously been earning. That compares with an average of 63% in other OECD countries, and more than 80% in Italy and the Netherlands. The report...

December 6, 2017
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05Dec

EU court adviser says Britain was wrong to refuse transgender woman’s pension

Britain’s rejection of a transgender woman’s claim for a women’s state pension because she was still married to her spouse from before her transition is discriminatory, an EU court adviser said on Tuesday. Advocate General Michal Bobek of the Court of Justice of the European Union (ECJ) stated in a non-binding opinion that marriage status does not play a role in accessing state retirement pensions for people who are not transgender. “This amounts to direct discrimination on the basis of sex,...

December 5, 2017
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05Dec

UK. ‘Corbyn fear’ sees pension fund body advise Labour council to invest abroad

A Labour-controlled council has been advised to invest some of its £250m in pension assets overseas because of the “political risk” of a Labour election victory and “renationalisation” by a Corbyn-led government. A Camden council document posted online last week summarises the advice given by London CIV, a £5.6bn fund management group set up by local authorities to manage the pension funds of London councils. London CIV is chaired by Bob Kerslake, a former head of the civil service, and includes board...

December 5, 2017
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04Dec

UK. Two in 10 pensioners now living in poverty

‘UK Poverty 2017’ – which says it’s the first report of its kind to assess rates of poverty and how they are changing - claims that 14 million people across the UK do not have enough money to have an acceptable standard of living. That 14 million is made up of eight million working age adults, four million children, and 1.9 million pensioners. JRF says that while poverty levels have substantially improved over the last two decades among those that are...

December 4, 2017
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04Dec

UK Treasury Plans Tighter Regulation of Bitcoin and Cryptocurrencies

The British government is planning to introduce strict regulations of cryptocurrencies like bitcoin to combat crime like tax evasion and money laundering. The UK Treasury will lead the effort into regulating cryptocurrencies like bitcoin, bringing it under the purview of anti-money laundering and counter-terrorism financing legislation. A Treasury spokesperson said on Monday: "We have clear tax rules for people who use cryptocurrencies, and like all tax rules, these are kept under review. We also intend to update regulation to bring virtual...

December 4, 2017
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November 2017

30Nov

UK’s FCA starts civil proceedings over pension investment statements

Britain’s Financial Conduct Authority (FCA) has begun civil proceedings against Avacade and Alexandra Associates, alleging the firms made misleading statements about pension investments and carried out regulated activities in Britain without authorisation. The FCA on Thursday alleged that Avacade Ltd and Alexandra Associates (UK), trading as Avacade Future Solutions, promoted pensions and investments in alternative investments such as tree plantations. The FCA wants customers affected to be compensated and injunctions to prevent further breaches of rules and is also bringing proceedings...

November 30, 2017
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29Nov

Britain close to deal on Brexit bill with EU: sources

Britain has offered to pay much of what the European Union was demanding to settle a Brexit “divorce bill”, bringing the two sides close to agreement on a key obstacle to opening talks on a future free trade pact, EU sources said on Tuesday. The offer, which British newspapers valued at around 50 billion euros, reflected the bulk of outstanding EU demands that include London paying a share of post-Brexit EU spending on commitments made before Britain leaves in March...

November 29, 2017
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28Nov

As good as it gets? The adequacy of retirement income for current and future generations of pensioners

By David Finch & Laura Gardiner (Resolution Foundation) Recent strong growth in the incomes of pensioner households and reductions in pensioner poverty are to be welcomed. But set against much weaker incomes for working age households and the challenges younger generations are facing in accumulating wealth, anxiety is building that these outcomes may not be sustained for future generations of retirees. Their prospects are particularly uncertain given both the big shifts in pensions policy currently in train and the fiscal...

November 28, 2017
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