Posts From January, 2013

Pension scheme closures speed up 

Sunday, January 27, 2013 4:40:00 PM Categories: pensions

The closure of private sector pension schemes accelerated in 2012, says the National Association of Pension Funds. Its annual survey found that only 13% of final-salary schemes were open to new joiners, down from 19% in 2011. Meanwhile 31% were now closed to existing staff as well, up from 23% the previous year.

The NAPF said new staff in the private sector now had "next to no chance" of joining a final-salary scheme and the decline would continue.

Joanne Segars, chief executive of the NAPF, said: "The pressures on final-salary pensions have proven too great for many businesses. The growing liabilities fuelled by quantitative easing will have been a factor behind the record hike in closures."

"What was once the norm is now a very rare offer. And those who are currently saving into one may find it gets closed," she added.

The NAPF survey covered 1,018 schemes run by 280 private sector firms.

Emergency funds: Are you using yours? 

Wednesday, January 23, 2013 4:19:00 PM Categories: Economy

Families are being left financially vulnerable as interest on existing debts is eroding money set aside for emergencies, a charity has warned. The StepChange debt charity suggests that UK households face debt interest payments of £189 a month on average. It suggests this is eating into their financial buffer for unexpected expenses, such as a broken boiler.

A separate report suggested that one in five people were set to retire in 2013 still having outstanding debts. The survey, for insurer Prudential, found that the proportion of potential retirees with debts was the same as 2012, but the amount that they owed had fallen by about £7,000 to £31,200.

If you are being affected by this or would like to discuss setting up an emergency fund please get in touch.

Happy New Year..... same old problems 

Wednesday, January 16, 2013 2:58:00 PM Categories: RDR

Happy New Year to all of our clients at Whichers IFA Ltd. We hope you had a great break and enjoyed the festivities.

Hopefully you are all now well aware of the new world we entered on 1st January 2013, which is due to the Retail Distribution Review (RDR). Unfortunately this new world feels like the end of the world at the moment due to the wide range of issues the new changes have brought about. We are working hard to resolve these issues but continue to be open for business.

If you have any questions about RDR or any other areas you would like to discuss please get in touch.