LONDON, March 30 (Reuters) – A lack of specialist advice to
all but the well-off leaves a plethora of pitfalls lying in wait
for the millions of British pensioners looking forward to their
impending freedom to choose where to invest their retirement
The British government has introduced a series of changes to
the pensions and savings industry in recent months to give
people more control over their money, including higher
thresholds for tax-free savings and the removal of the
obligation to buy an annuity at retirement to guarantee an
income for life.
EDINBURGH, March 14 (Reuters) – British pension funds are
coping with low bond yields and high share prices by seeking
riskier investments, in a hunt for the returns they need to meet
their obligations to pensioners.
Collectively managing at least 2.5 trillion pounds ($3.69
trillion), pension funds are reeling from six years of
money-printing by central banks globally, which has depressed
yields so much that some bonds even cost investors money to hold
EDINBURGH, March 13 (Reuters) – Weeks before Britons get
free rein over how to spend their pension pots, industry players
say it is unclear how many will choose to leave the safe harbour
of an income-bearing annuity.
Some retirees are expected to ditch plans to buy those
previously obligatory annuities in favour of more flexible
pensions, while others could pay off debts or even splash out on
treats such as a luxury cruise, in a huge shake-up for the
EDINBURGH (Reuters) – An international accounting standards body said on Thursday it was looking at developing new accounting methods for “hybrid” pensions which did not fit easily into standard categories.
Companies around the world are moving away from expensive “defined benefit” or final-salary based pension schemes, which guarantee an income on retirement, in favor of “defined contribution” schemes.
EDINBURGH, March 12 (Reuters) – The European Union is
expected to make clearing of interest rate swaps mandatory from
later this year, the bloc’s securities market watchdog said on
The 28-country bloc is rolling out rules to make derivatives
safer and more transparent after their opacity exacerbated the
2007-09 financial crisis.
EDINBURGH, March 11 (Reuters) – Pharma and tech stocks will
make up an increasingly large chunk of equity indices as people
live longer and computers cut business and trading costs, the
chief executive of the world’s largest listed hedge fund said on
Manny Roman, ceo of Man Group, said computers would
change the nature of work.
“The shelves in the supermarket will be filled by automata,
while scores of new jobs will be created,” Roman told Reuters on
the sidelines of a pensions conference.
EDINBURGH (Reuters) – Britain’s pensions market is entering unchartered territory where people can blow their savings in Las Vegas or fall prey to scams unless they get proper advice on alternative ways to use their pension pots, a top regulator said on Wednesday.
Martin Wheatley, chief executive of the Financial Conduct Authority (FCA), told a conference that the industry would be entering “the great unknown” when reforms are introduced next month.
By Carolyn Cohn
(Reuters) – The Wikimedia Foundation believes it can win its
case against the U.S. National Security Agency because it has
evidence that mass surveillance had caused it harm, Wikipedia
co-founder Jimmy Wales said on Wednesday.
Wales also said he thought the lawsuit, brought Tuesday by
Wikimedia and rights groups, would end up in the U.S. Supreme
Court because either side is likely to appeal any ruling against
EDINBURGH, March 11 (Reuters) – Britain’s pensions market is
entering unchartered territory where people can blow their
savings in Las Vegas or fall prey to scams unless they get
proper advice on alternative ways to use their pension pots, a
top regulator said on Wednesday.
Martin Wheatley, chief executive of the Financial Conduct
Authority (FCA), told a conference that the industry would be
entering “the great unknown” when reforms are introduced next
LONDON, March 10 (Reuters) – Insurer Prudential said
on Tuesday its chief executive Tidjane Thiam is leaving to take
the reins at Credit Suisse, as it reported a 14 percent rise in
operating profits in 2014, sending its shares lower.
Prudential released its results nearly two hours ahead of
schedule, after the Financial Times reported late on Monday that
Thiam would replace Brady Dougan at the Swiss bank.