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The Money Centre to cut up to 35 jobs

The Money Centre is to cut up to 35 jobs across a number of departments within the next two months.

The Money Centre currently employs 105 staff at its Norwich head office.

TMC director Lynsey Sweales says: “It is with reluctance we have to consider redundancies as well as budget cuts, but the recent downturn in the property market and the withdrawal by lenders of a number of buy-to-let mortgage products has resulted in slower business for us. We will do all we can to limit the number of staff that will be affected and to help those that are to get
new jobs.”

All staff have been offered the opportunity to take voluntary redundancy and
the directors are working closely with human resource consultants Croner on the redundancy process.

She adds: “The success of the company has in large part been due to our ability to recognise what the market needs and to react quickly. The changes we have
announced will ensure we continue to be in the best shape to operate in this
tighter market and to be ready when the market picks up again.”


Melting pot

Over the past few years, the FSA and the Treasury have been trying to improve the annuity position for those retiring with a money-purchase pension. It is important that they get this right. The at-retirement market is set to explode in size, with Watson Wyatt predicting that it could rise from £13bn today to £49bn by 2017. Most people in this market will buy an annuity with their pension pot.

Yield results

The overall aim is to allow investors to compare fund yields on a like-for-like basis, helping them understand what yields show and how they are calculated and giving information about the dist-ributions they might receive from funds.

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