The new second-tier state pensions could cost the Government an extra £6bn when it is unveiled in the Welfare Reform and Pensions Bill on Wednesday.
The pensions is deemed twice as generous as state earnings related pension which it is replacing.
The second-tier pension also boosts entitlements to carers and others earning less than £9,500 a year.
Online trading is set to boom even though trade sharing is becoming riskier, according to industry experts.Last week Halifax suspended internet share dealing after customers were able to access other people's accounts. But this Monday 800 people registered for the Halifax service – twice the level of a normal day.The mess-up highlighted the problems with […]
Shares in internet company Freecom shot up on the companies debut on the Alternative Investment Market (Aim). Trade opened at 138 per cent premium on the initial public offering price – at 310p compared to the 130p initial offering. Freecom designs e-commerce packages for small and medium-sized firms. Share dealers speculate internet stocks are in […]
National Westminster Bank has made a further attack on the hostile £27bn bid made for the beleaguered bank by Bank of Scotland.Natwest chairman Sir David Rowland claims BoS managers believe the hostile approach has been mistaken. He said: “The meeting we attended with Bank of Scotland demonstrated a complete reversal of attitude by its management […]
National Mutual is launching an on-line quotation service for personal pensions in February. The service aims to provide IFAs with instant access to on-line quotations through a free internet-based service.IFAs will be able to key in the details of a client, giving the system the information it needs to generate a shortlist of suitable products.National […]
The Family and Childcare Trust’s annual survey has been widely reported in the media and the two headline figures were these: the average cost of a nursery place for a child under two has risen by 33 per cent since 2010; and the costs have risen by five per cent in a single year.
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The Organisation for Economic Co-operation and Development claims behavioural biases and low levels of financial knowledge are undermining people’s ability to make appropriate decisions for their retirement. The OECD’s Pensions Outlook 2018 says automatic features, default options and simple information and choice could combat the lack of financial literacy. The OECD’s view is that automatic enrolment […]
Aviva should pay £500 compensation for the way it handled an investment query that caused stress to a daughter who took power of attorney for her mother. In the Financial Ombudsman Service ruling, Miss S has power of attorney for her mother and complains Aviva delayed providing information about a bond. She goes onto argue […]
Advice is becoming a more risky business, meaning firms must rethink their approach to the issues they face Given the Financial Ombudsman Service’s compensation limit is set to rise to £350,000, it is time for advice firms to rethink their approach to the risks they now face. The FCA’s plan is for the new limit […]