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Companies fail to plug the pensions black hole says Deloitte

Companies have failed to plug the pensions black hole in 2005 which at year-end stood at 75bn according to Deloitte actuaries.

The total deficit has grown from around 65bn at the start of the year despite the fact that market value of pension scheme assets has increased by 15 per cent in 2005.

Deloitte actuaries estimate the stock market would need to rise by a further 30 per cent to eliminate the UKs pension deficits.

Consulting partner David Robbins says: The year 2005 is the year in which the UKs finance directors have finally accepted that pension deficits are company debt. Companies are now starting to use new and innovative ways to manage this debt. With the increasing pressure from the PPF, the regulator, and Lord Turner, we are advising companies that addressing the problem now could save a lot of headaches later.


Standard health plan for over-55s

Standard Life Healthcare has launched a product aimed at people over 55. EspiritHealth offers up to 65 per cent no-claims discount.Standard Life Healthcare chief executive Mike Hall says: “EspritHealth encompasses that ethos at an affordable price, which we know is a particular issue as people get older.”

Abbey for life

AbbeyFlexible PlusType: Flexible tracker mortgageTracker term; Lifetime of loanTracker rate: 0.49% above Bank of England base rateMinimum loan: 25,001Maximum loan: Up to 90% of valuation subject to a maximum of 500,000, up to 85% of valuation subject to a maximum of 850,000, up to 80% of valuation subject to a maximum of 1.5m, up to […]

Industry picks up pieces after Brown’s bombshell

Following Chancellor Gordon Brown’s Sipp bombshell in December 2005, life and pension offices must be wondering what other surprises the Treasury has up its sleeve this year. Standard Life is optimistically lobbying the Government to reverse its decision by allowing buy-to-let property in Sipps. Scottish Equitable is asking the Treasury to allay fears of a […]


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