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?
Pension transfers who can do what and when
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
RUNAWAY British GP Titus Bradley and his girlfriend Noemi Gergely have been found dead in Cape Verde in an apparent murder-suicide. The pair vanished a year ago after allegations of money going missing from Dr Bradley’s four taxpayer-funded practices. Here is what we know so far… Who was Dr Titus Bradley and where are his surgeries? Dr Titus Bradley was a 42-year-old British GP, based in Hastings, East Sussex. He was originally from Llanelli, Wales. The respected doctor ran four surgeries in the Hastings area – two of these are now closed and two are under new ownership. In 2012, his marriage to Lucy, 45, broke down amid rumours of an affair with a colleague – the pair had one son. He later met Hungarian Noemi Gergely in a London club where she was a PR girl. Last April, the keen sea angler failed to return from a three-week fishing trip to the South Atlantic’s Ascension Island, leaving his surgeries in chaos. Who was Noemi Gergely? Noemi Gergely was … [Read more...] about Who was Dr Titus Bradley, when was he found dead in Cape Verde and why did he go on the run with girlfriend Noemi Gergely?
Ad Feature PUBLISHED: 11:50 24 April 2018 | UPDATED: 11:52 24 April 2018 Peter Sharkey Home ownership in Germany is less of an obsession Picture: PA Archant A Generic Photo of a woman cycling in Berlin. See PA Feature TRAVEL Berlin Weekend. PA Photo/Thinkstockphotos. WARNING: News that around one third of millennials could still be renting by the time they retire is likely to have triggered a wave of understandable despondency amongst 20 - and 30-somethings, the cohort for whom property ownership may, at the moment, appear a distant dream. This column is brought to you in association with Almary Green. Photo: Almary Green How best to respond? There are not many options: millennials can either shrug and accept their fate, pointing to countries such as Germany where property ownership is less of an obsession (around 60% of Germans rent their homes – the percentage is even higher in Switzerland) and ask if it is worth emulating people in these countries? Alternatively, … [Read more...] about ‘Mum, Dad, now about your house…can I have it?’
In the Government's 'Roadmap on Pension Reform', which summarises the Government's latest thinking on pensions, it has stated that one of its aims is that there will be no further increase in the State pension age prior to 2035 - other than those already provided for in 2021 and 2028. It has also pledged to ensure that any change to the State pension age after 2035 will be directly linked to increases in life expectancy. The Government has also stated that it plans to give at least 13 years notice of any planned changes to the State pension age - before implementation begins. It will do the first review of State pension age in line with life expectancy in 2022 - which would allow for an increase in 2035. Should the Government stick to the goals it has set out in its roadmap, if it does increase the State pension age beyond the age set for 2028, it will be 2035 at the earliest when it does so - and as you will have reached the State pension age before the year 2035, you have no … [Read more...] about Could State pension age increase again?