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DWP admits pension statistics are wrong

DWP minister Andrew Smith has admitted official pension statistics should be treated with caution until the Office for National Statistics has reviewed its calculations. Tory DWP shadow David Willetts told Parliament the Government had overestimated the level of private pension provision by a third. Willetts said Britons are contributing £32bn a year into pensions rather than the ONS&#39s figure of £46bn relied on in the DWP Green Paper.

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Regulation forces out Canadian firm after Unum deal

Sun Life Financial of Canada has finally withdrawn from the UK market after offloading its group risk business to Unum Provident, blaming the hostile regulatory environment.The deal is expected to be finalised on February 28. It leaves SLFOC&#39s closed individual life and pension book as its only remaining UK presence.The firm says the high level […]

Europe to get boost from US package

The European market will continue to be volatile this year but there will be room for real improvement, according to Govett Investments. The firm says the EU economy will remain reliant on US developments and the recent package of tax breaks in the US will trickle down to have an impact on European markets. Govett […]

Grandfathering struck down

The response to the Government&#39s Green Paper from the media, many politicians and pension organisation has been generally negative although for different reasons.The criticisms fall into two main camps – those who wanted compulsion in some form, largely ill-defined, or not defined, and those who wanted something done to counteract the moves by employers to […]

Newcastle brings out third property bond

Newcastle Building Society has brought out the third issue of its guaranteed property bond. The bond works in a similar way to guaranteed equity bonds that are linked to stockmarket indices, but it is linked to the performance of the Halifax House Price Index for five years. To calculate the final returns, the level of […]

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