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BSA remains upbeat despite disappointing November

The Building Societies Association says the mortgage and savings markets are both in good shape despite the disappointing figures recorded in November.

It says building society gross mortgage advances dropped to £1,622m in November from £1,877 in October.

It says in the savings market building societies attracted £515m in November compared to £1,123m in October.

BSA director-general Adrian Coles says: &#34This month&#39s lending figures are the lowest for some time but it is important not to read too much into this.

&#34Interest rate cuts should boost consumer confidence and when lending and savings figures are seasonally adjusted they are at a normal level.&#34


Darling set to deliver pensions green paper

Social Security Secretary Alistair Darling will deliver his green paper on pensions to the Commons on December 15.The paper is expected to offer those earning less than £9,000 a guaranteed minimum pension.It is also believed to contain information about a scheme to offer middle income earners a 4 per cent top-up option on Serps and […]

Survey predicts radical changes to pension packages

Final salary pension schemes are set to disappear in the next 20 years according to a survey by consultants Bacon & Woodrow.The firm surveyed senior human resources and finance personnel representing over half a million employees to gain their views on what remuneration packages will be like in 2018.It is forecasting that final salary pension […]

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David Cameron appoints former adviser to Tony Blair as new pensions minister

Following a cabinet reshuffle in light of last week’s general election, David Cameron has announced that Ros Altmann will be replacing Steve Webb as pensions minister. As the industry works with one of the largest reforms to the sector in almost a century, the former adviser to Tony Blair has been tasked with ensuring that the pensions revolution does not stray off track.


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