The first bust company pension schemes to be bailed out under the recently-formed Pension Protection Fund were named today, says the Daily Telegraph .
The PPF will pay benefits to members of the Chilton Scotland Pension Scheme, the Padiham Retirement Benefits Plan and the BDH Retirement Benefits Schemes.
Only 46 people stand to benefit from the initial payout, but thousands more are likely to benefit in the future.
The paper quotes Lawrence Churchill, PPF chairman, as saying: "From here on in there will be a continuous flow of schemes completing their assessment period and their pensioners will feel reassured that their income every month comes from a known, trusted and stable source."
CLAIMS HIGH street lenders offering mortgages worth up to five or six times annual salaries are behaving in a dangerously irresponsible way were rejected yesterday by the Governor of the Bank of England, reports the Times.
In a sanguine assessment of the controversial recent trend, Mervyn King argued it was natural, since house prices are now higher relative to other items of household spending, people should have to devote more resources to their mortgage.
King said present lending practices by banks and building societies were far less excessive than in the early 1990s and there was also little risk of a repeat of the blight of “negative equity” after the house price slump that took place then.
THE COMPETITION Commission has told home credit lenders they must start sharing data to increase competition in the market in a bid to bring down prices, says the Guardian.
However, in its final report on the industry published today it stopped short of imposing a price cap, which it said would hit vulnerable consumers.
For the last two years the commission has been investigating the £2bn doorstep lending industry after unearthing a lack of competition in the market which results in consumers typically being charged £60 in interest for every £100 borrowed.
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