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Part-timers&#39 go-ahead to backdate benefits to 1976

Around 40,000 part-time workers have been thrown a pension lifeline by a House of Lords&#39 ruling which allows benefits to be backdated to 1976.

The landmark decision means IFAs have just six months after clients have left their employers to help them claim for their entitlements and potentially bolster their retirement income by thousands of pounds.

The struggle for part-timers&#39 pension rights started in 1990 when the European Court of Justice said the exclusion of part-timers from pension schemes discriminated against women, who make up the majority of part-timers.

However, many employers hit back, claiming that the costs would be too high to pay out any more than two years in backdated benefits.

Last May, the court ruled that a two-year limit was unlawful and last week the Lords confirmed that benefits could be backdated to 1976.

IFAs may now also have to work with their corporate clients to work out the costs.

Maddison Monetary Man-agement managing director Mark Howard says: “This could provide a big opportunity for IFAs and can have a positive impact on this situation.”

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Apple recently announced the highest-ever recorded quarterly net profit ($18bn), with the sale of 74.4 million iPhones helping the company deliver $74.6bn of revenue for the quarter ending December 2014. These sales were largely driven by strong demand for the new iPhone 6 and iPhone 6 Plus. Highlights included Chinese iPhone sales doubling year-on-year and unit growth of 44% in the US — supposedly a well-penetrated market. Apple ended the quarter with $178bn in cash on its balance sheet, having generated a staggering $30bn in free cash flow during the quarter.

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