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Pensioners face future cost crunch

Workers will need to save “far more” than 10 per cent of their salaries just to get the same provision as today&#39s pensioners according to a report by the Faculty and Institute of Actuaries.

Young people may have to pay as much as three time the amount paid by their parent&#39s generation.

The actuaries urge pension providers to give contributors more information about the real costs of pensions in the future.

30-year-olds who contribute10 per cent of their salary can expect to have a pension of just 24 per cent of salary at retirement age.

Chairman of the working party and co-author of the report Paul Meredith says: “We believe that there is a pension cost crunch ahead.”


Halifax swoops in on St James

Halifax, the UK&#39s largest mortgage lender, is buying a 60 per cent share in St. James&#39s Place Capital in an agreed takeover which values the life insurer at £1.27bn .The £760m purchase gives the bank a bigger share of the long-term savings market among the wealthy and compliments Halifax&#39s existing savings business which it conducts […]

Investment for Venture Capital

Changes to the Enterprise Investment Scheme (EIS) and Venture Capital Trust (VCT) scheme were announced to improve the way they work, make the schemes more attractive to investors and benefit small higher risk companies seeking funding.The changes will, primarily, reduce from 5 years to 3 years (for shares issued on or after 6 April 2000) […]

Mig review too late for the start of stakeholder

The pension industry believes the Government has woken up to the threat of a pension misbuying scandal but warned it may be too late for the first stakeholder clients.The Chancellor announced a review of the minimum income guarantee in Tuesday&#39s Budget.The pension industry had feared that, under current rules, saving into a stakeholder would become […]

Employee Share Schemes

Following last year&#39s Budget the Chancellor issued a consultation document on the introduction of a new type of all-employee share scheme. The motives behind the scheme are the same as others, to incentivise employees through ownership of shares in their own companies. The tax breaks proposed will, potentially, be more generous than the existing savings […]

Simon Fletcher

Auto-enrolment: pay attention or pay the price

By Simon Fletcher

As a chief executive officer of a business in the financial services sector, I have been dealing with the introduction of auto-enrolment for our clients for some time, but I can also speak from an employer’s point of view, having to go through the process ourselves.


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