A PRIVATE members' Bill is being presented to one of the House of Commons select committees on Wedne...
A PRIVATE members' Bill is being presented to one of the House of Commons select committees on Wednesday, arguing for the abolition of compulsory annuity purchase at retirement, reports the Daily Telegraph.
Edward Garnier, Conservative MP for Harborough, has already managed to get his Retirement Income Reform Bill with crossparty support through two readings with cross-party support, but there could be problems now as he is proposing pensioners be required to buy enough annuity income to stay off state benefits, and then spend the rest as they like.
Stats offered the Telegraph suggests a pensioner needs around £80,000 minimum income from their pension fund, along with use of all benefits, free rent and council tax that comes with it.
But if the Bill doesn't reach final voting by the end of the parliamentary session, it is likely to be dismissed.
THERE'S more bad news for Aberdeen investors this morning, as it has missed its own deadline set for the sale of its £80m property division and is still fighting legal action from one of its former clients, says the Scotsman.
Aberdeen Property Investors said it would have sold the property by June, but the main concern for analysts and investors now is thought to be whether the property group will be devalued by around £130m and sold for less because of the delay.
Jove Investment Trust is also taking legal action against the firm about AMM's fund management after sacking them in November, just after the firm had been substantially devalued.
NINE former non-executive directors of Equitable Life will find out in September whether they can ask for legal action brought by the new management team to be struck out in the High Court, says this morning's Times newspaper.
Former executive directors are being sued by the new board of the struggling life company, but non-executives claim they have no case to answer because they were not being kept informed about the insurer's financial state of affairs.
But Equitable, in a counter reaction, has said it will "oppose any attempt to have the action struck out".
AND UK fund managers actually had a better year in the bear market than seems to have been suggested, according to this morning's Times newspaper, as a report from IBM indicates their profitability increased by almost a fifth last year.
While it may be that the profit margins are looking better, IBM points out in its annual survey that the improved gains are as a result of cost reductions as well as new money being managed by the firm.
It also turns out that the bigger fund houses made the biggest improvements compared with the boutiques and smaller firms, but all saw their total new funds under management increase to 8% from 4.5% in the retail investor sector.
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