Financial News

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Tata Steel is offering a £520 million one-off payment to the British Steel Pensions Scheme in a proposed deal that would see the Pension Protection Fund taking a stake in the business. The proposal is designed to act as a settlement to offload the...
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Most Britons do not trust what politicians have to say about tax, a new survey has revealed. The Financial Times reported on a survey by the Association of Chartered Certified Accountants (ACCA) that revealed only six per cent of households earning under...
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The snap general election has opened up a great deal of uncertainty over pensions policy, but the manifestos of the various parties and the policy of the government when it is over could help resolve them, pensions firm Aegon has said. Pensions Director...
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Former Pensions Minister Baroness Altmann has set out her own 'manifesto' for older voters ahead of the general election, including a number of significant changes to the pensions system. Most notably, she has advocated moving from the current...
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A Labour government will raise income tax on those earning over £70,000 a year, Shadow Chancellor John McDonnell has pledged. Mr McDonnell unveiled the policy as the party starts to gear up for the snap general election called by Prime Minister Theresa...
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Men have three times as much saved in a typical pension pot as women have, Aegon's Readiness report has revealed. The survey, produced to mark two years since pension freedoms were announced, found men have £73,600 saved on average while women have...
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The former owners of the Bernard Matthews food chain declined a takeover offer because it would have saved the pension fund and thus made less money for them than the 'pre-pack' insolvency process that saw the pension fund having to be rescued by the...
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Royal Mail has announced its intention to stop paying into its pension plan next year, a move that has boosted its share price but has angered unions, who are threatening industrial action. The company said the £7.4 billion scheme, which has 90,000...
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Britain has one of the highest rates of self-employed people without pensions in the industrialised world, according to a new survey. Research by Aegon carried out in 15 countries in the Americas, Europe, Asia and Australia has found 60% of self-employed...
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The Labour Party is to commit to retaining the triple lock until 2025, with shadow chancellor John McDonnell announcing the pledge today. Mr McDonnell will say: "I am delighted to be launching this pledge card that will inform many elderly people in our...
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The chair of the House of Commons Treasury Committee Andrew Tyrie MP has called for tax experts to be brought in to give oral evidence to enable members to better scrutinise the tax measures of Budgets and finance bills, but a government minister has rejected...
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The Pensions Protection Fund (PPF) has played down concerns that business leaders might seek to dodge their responsibilities to pension fund members by opting for 'pre-pack' insolvency measures that lead to pension fund responsibilities being shelved....
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The Treasury has been accused of cynically exploiting the revision of business rates in a bid to make a "tax grab" of £3 billion in extra revenue. The re-evaluation, which was the first for seven years, will see some firms appealing their...
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The new making Tax Digital system has been launched, but the pilot has run into early teething troubles as it has struggled to deal with the complexity of changes to tax. The Financial Times reports that changes to dividends and savings income taxation have...
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The number of people taking advice on their pension options is "worryingly low", financial services firm LV= has said. Research carried out to mark two years since the introduction of pension freedoms has revealed 61% of those planning their...
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BMW workers are to stage eight 24-hour strikes in their dispute with management over plans to change the final salary pension scheme. The announcement of the industrial action comes after members of the Unite union voted overwhelmingly in favour of strike...
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It is now two years since the introduction of pension freedoms - and a new study has indicated that the policy has spurred people on to save more into their pension funds. Research by Aegon has found 14% of the working population are saving more in a private...
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New car sales soared in March as motorists rushed to beat the deadline for the imposition of the new vehicle excise duty (VED) that came in this month. New car registrations - which indicate sales taking place - reached 562,337 last month, 8.4% higher than...
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The modernisation of workplace pensions is a key priority for independent governance committees (IGCs) as they work with the government and the pensions regulator, a report by Aegon's IGC has emphasised.  In its second annual report, the IGC noted...
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The government has hinted that drivers of diesel cars hit by the so-called 'toxin tax' could be about to get some help in places where they also face local pollution charges. Many cities in the UK are planning to impose charges on diesel cars and...
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Workers at BMW plants in Britain are set to strike over pensions, after a union ballot came out firmly in favour of industrial action. The ballot revealed 93% of Unite members are in favour of striking against proposals to close the final salary pension...
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A report into the funding of the NHS in Scotland has recommended that a separate 'health tax' be implemented to pay for improvements to the service. Former Health Secretary Alex Neil said the plan, part of a 10-point list of ideas, is "deeply...
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Internet giant Google has revealed it paid £36.4 million in tax in the UK in the year ending 30th June 2016, following a controversial deal struck with HM Revenue and Customs. The company said it paid "all the taxes due in the UK" last...
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Sir Philip Green gave preferential treatment to the Arcadia pension scheme over BHS, by making more efforts in the former case to plug the deficit, according to chair of the House of Commons Work and Pensions Select Committee Frank Field. The committee has...
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The prototype of the Pensions Dashboard has been revealed to the government, with ministers getting their first glimpse of a system designed to help people see all their pensions savings and entitlements online in one place. Managed by the Association of...