I never quite get over the magic of snowy weather. That feeling you get when you throw back the curtains and everything is carpeted in a thick layer of fresh snow. The Walker family love it too - though I could have lived without the endless snowballs. But cold weather can bring distress to many people who need additional support at this time of year. A cold snap can confine older people or those with medical conditions to their homes and leave them feeling isolated. Being neighbourly is even more important in these trying times. I popped round to check on a few people who live locally last week. Aside from making sure they had heating and groceries, it struck me that there are lots of things we can do to help those more in need, regardless of the weather. Here are a few tips on how to help people who might need it the most. Beating the scammers Con artists target older people disproportionately for ‘push payment’ fraud and its many variations. Take a little time to warn … [Read more...] about What you can do to help people trapped or at risk from the cold weather
Pension transfers who can do what and when
Answer: There has been a big decline in the number of defined benefit (DB) pension schemes in recent years. For many schemes, a combination of increased longevity, low interest rates and changes in accounting rules have resulted in scheme liabilities outweighing assets - a funding deficit, and an increasing cost burden on sponsoring employers. Many schemes are either closing to new entrants, closing to future benefit accruals or winding up altogether. An added problem for employers and trustees is that for many DB schemes, deferred members outnumber current active members. (Deferred members are former employees who still have a benefit entitlement in the scheme and have not yet retired.) In an attempt to ease the administrative and financial headache associated with these scheme members, many trustees and employers have contacted former employees and reminded them of the option they have to transfer out to alternative pension arrangements. Sometimes a financial incentive to do so is … [Read more...] about Should I accept pension transfer value?
0 Post a comment Thursday, 16 August 2018 - Business by Duncan Foulkes - Business editor [email protected] STEVE LOCKING of LMS Partners helps to cut through the mass of information on the issues. In the three years since pension freedoms were introduced in the UK there has been a noticeable rise in requests to transfer out of final salary or defined-benefit (DB) pension schemes. Steve Lockingm managing director of LMS Partners, is a well-known and respected figure in the island’s financial sector with more than 30 years’ experience in banking and independent financial advice. We asked him to cut through the mass of information currently available about pension transfers, and provide some much-needed clarity. Q1: Apart from Pension Freedoms, are there any other factors that are driving increased interest in transferring out of DB schemes?Steve Locking: Whilst the introduction of Pension Freedoms was radical and has undoubtedly facilitated this … [Read more...] about Expert provides clarity on key issues around pension transfers
A disabled Leighton Buzzard pensioner has criticised Nationwide for stopping cash deposits by a third party due to fears over money laundering. Margaret Brown, 88, of Miles Avenue, used to get her granddaughter to pay money into her bank account for her due to her disablity. But now, after a review of the anti-money laundering procedures, she, as the account holder, has been told she is the only peson who can pay it in. She said: “I am disabled and I struggle to get out, my granddaughter used to help me. She would get my pension from the Post Office, I would take the money I need for the week and then she would go to the bank and put it in my account for me. Now we can not do this. Nationwide have said that only the account holder can pay money into their account. When I asked what I am supposed to do about getting my own money into my own bank account, they said I can give a cheque to my grand-daughter to pay in. That is just ridiculous.“I contacted my MP Andrew Selous … [Read more...] about Disabled Leighton Buzzard pensioner criticises Nationwide for stopping cash deposits by a third party over money laundering fears
2 July 2018 EconomicsFinance It’s 10 years since the global financial system almost sent the world into a great depression. Yohann Koshy takes stock of what went wrong and where we are now This moment – a decade since the global financial crisis – is an ellipsis. We are between destinations, with no reliable map and uncertain co-ordinates. In September 2008 the fourth-largest US investment bank, Lehman Brothers, founded in 1850, filed for bankruptcy. It looked as if the global financial order, even capitalism itself, was next. Mohamed El-Erian, CEO of PIMCO, a large US investment management firm, asked his wife to withdraw as much money as possible from the ATM in case the banks didn’t open.1 An anonymous hedge fund manager in New York fired off a short email to a journalist: ‘It feels a little like the end of the world.’2 The world almost did end. And everything stayed the same. Time was borrowed in the form of nationalizations, cash … [Read more...] about When the world almost ended