The FT has reported today that: The Pension Protection Fund is in talks with Sir Philip Green and British Home Stores that could see the loss making department store chain offload responsibility for 20,000 pensioners on to the government-backed rescue agency. Officials are understood to have asked the retail billionaire who owned the store until
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This is from the Guardian this morning: More than 200,000 people have emptied their pension pot or withdrawn cash from it after the relaxation of rules on accessing retirement savings this year. The first comprehensive independent analysis shows that 204,581 people have taken advantage of the pension freedoms bought in by George Osborne on 6
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Yesterday’s stock market turmoil, whatever its long term impact, hints at a much bigger problem than a simple over valuation of Chinese shares needing adjustment. It is also a bigger issue than our failure to address the issues that 2008 made clear had to be addressed, important as that is. What it suggests, with its
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Four things have reminded me of a blog I wrote earlier this year in holding pension funds to account for the actions they take on behalf of their supposed members. The first has been the controversy on chief executive pay and what needs to be done about it. The second is my blog on People’s
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Yesterday the Centre for Policy Studies claimed that pensioner households that received more in income from the state than they p[aid in tax were a burden that justified further welfare reforms. That’s nonsense. But what the CPS ignored is that the cost of tax relief for private pensions is now a staggering £48 billion a
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As the Guardian has noted this morning: The UK’s fund management industry is “ripe for investigation” because of “an alarming lack of transparency that surrounds [its] pay and practices”, the influential Institute of Directors said on Sunday. Simon Walker, director general of the IoD, said “uninterested” financial regulators should wake up “to avoid another scandal
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I have been arguing for well over a decade that pension funds should be focussing their investment efforts on long term bonds issued by local authorities, government and related organisations who use the capital entrusted to them to invest in long term infrastructure such as housing, transport, hospitals, schools and so on. My logic has
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The FT ran a story a day or so ago with the headline: PM accused of overlooking potential UK pension fund investment To give a taste it began: David Cameron is overlooking billions of potential investment held by British savers while asking foreign governments to put money into UK infrastructure , according to a major
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I think I am fit enough to share press releases I like. This one is from the UK based Local Authority Pension Fund Forum, issued overnight. I think this shareholder activism a big step forward: London: In a global first, a group of institutional asset owners and managers are jointly calling for comprehensive transparency and
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