People who attempt to swap final salary company pensions for cash are being left in limbo following a controversial legal judgment. More than a quarter of a million savers have taken advantage of highly generous cash offers to give up membership of these workplace pension schemes in recent years. A pension that promises to pay £30,000 a year might be swapped for £900,000 or more in cash, for instance. Savers are also attracted by the extra flexibility and tax treatment on death of personal pensions. It is thought that £34.2bn was withdrawn from company schemes in 2017 alone. But future transfers are now under threat in the aftermath of a High Court ruling that will force Lloyds Banking Group to equalise benefits between male and female staff. According to Royal London, the mutual pension firm, some schemes have put a temporary block on transfers following the court case. Three female members of the high street bank’s scheme argued that their pensions had been … [Read more...] about Final salary pension transfers stall as High Court throws rules into doubt
Stallings financial group complaints
News / UK and world by Press Association October 2, 2018, 8:02 am FacebookTwitterLinkedInWhatsAppEmail Sign up to our Daily newsletter Revolution Bars bemoaned a “disappointing year” as a protracted takeover battle, extreme weather and the FIFA World Cup pushed the company to a full-year loss. The premium bars group – which operates the Revolution and Revolucion de Cuba brands – swung to a loss of £3.6 million for the year to June 30, compared to a profit of £5.1 million a year earlier. That was against an 8.7% rise in sales to £141.9 million, though like-for-like sales dropped 0.6%. The premium bars group said it was was hit by “well-documented levels of corporate activity”, having been the subject of a takeover tussle between rivals Deltic and Stonegate last year. It was also hit by “management changes” that included the resignation of its chief executive officer. Revolution Bars said: … [Read more...] about Revolution Bars bemoans ‘disappointing year’ as group swings to a loss
The Mayor of Liverpool has announced that, in partnership with Merseyside Police, developers and landowners will soon be the first in the country to be able to voluntarily undertake a police check as they submit plans to the city’s Planning Authority. The scheme, which Liverpool Council says will compliment its own due diligence process, will start in the autumn, with Merseyside Police carrying out the checks. The move follows heavy criticism of the council following the high-profile failure of city developments, particularly including New Chinatown. And it comes after a BBC Panorama documentary this week on failed developments in the north of England, including those in Liverpool that have been regularly covered by the ECHO. And last month the ECHO revealed that detectives were considering whether to mount a probe into investment fraud following complaints over collapsed developments across Liverpool. The council says Liverpool has been hugely successful in attracting … [Read more...] about Mayor Joe Anderson introduces police checks for developers after criticisms
Two things are certain about student development in Liverpool. One, there’s always a student housing project being built somewhere. And two, that people on social media will complain that too many student flats are being built. Right now the city skyline is studded with cranes building massive students developments, each housing hundreds of beds. And most Liverpool council planning committee meetings feature at least one large student development. So is there too much student development in Liverpool? As so often with regeneration matters, there isn’t a simple answer. The fact that major schemes are still ongoing and have attracted heavyweight financial backing shows there is an appetite to develop such properties. It’s not a simple matter of looking at numbers. Many critics point out the amount of existing accommodation in Liverpool and question why more is needed. But some of that new accommodation is actually REPLACING outdated existing stock, rather than adding to … [Read more...] about Are we building too many student flats in Liverpool?
Detectives are considering whether to mount a probe into investment fraud following complaints over a series of collapsed developments across Liverpool. The ECHO understands investigators at Titan – the North West’s organised crime fighting squad – are poring over details of failed schemes that are threatening to leave investors around £90m out of pocket. The crises engulfing the projects have attracted international concern – and even prompted the release of official guidance in Hong Kong, where some investors in Liverpool schemes now face losing their life savings. Today, the ECHO can also reveal: Officials in Hong Kong have referred several Liverpool schemes to the UK authorities. Two more major Liverpool projects have now been sold, the original development companies have entered liquidation and investors will lose money on them A further city centre site will no longer be developed – though buyers should get their money back Liverpool lies … [Read more...] about Police consider ‘investment fraud’ probe over stalled schemes which scar city