New pensions buy-out company Paternoster today announced its first deal - the purchase of the final salary scheme of a London underwriting agency, reports the Times .
Paternoster will take on the assets and liabilities of the Cuthbert Heath Family Plan, a final salary scheme for employees of Cuthbert Heath Holdings.
Current employees of the company lost most of their pensions savings when the underwriting agency went bust three years ago but retired members of the pension scheme retained their benefits, says the paper.
Mark Wood, chief executive of Paternoster, said he had bought four other schemes but could not identify them until their members had been informed of the transactions.
Three of the schemes had assets of up to £10m and two are valued at between £10m and £50m, he said.
TWO DISTINCT housing markets exist in England and Wales with a booming market in London contrasting with near stagnation elsewhere, according to the latest Financial Times house price index.
In the third quarter of the year, London’s house prices rose at an annualised rate of 11%, while Wales, the region the with the second fastest price rises, recorded only an equivalent rise of 4.5%.
House prices have been falling in the North East of England, the East Midlands and have barely registered any rises elsewhere in England.
Across the whole of England and Wales, house price inflation in October was 6.6%, a touch up on September’s figure of 6.5%.
EASY ACCESS to credit and overspending is widening the already large savings gap in the UK and is causing great concern, according to Trevor Matthews, chief executive of Standard Life Assurance, reports the Scotsman.
Speaking at the Centre for Future Studies annual savings conference in London this week, Matthews talked of the country's "can't save, won't save" culture.
He said: "In the UK, there is a distrust of advisers, and the financial services industry in general, which fuels the 'can't save' and 'won't save' attitude of much of the population. We need to change attitudes and engage those who have become disenfranchised by concentrating on our propositions not products."
ROYAL BANK of Scotland has expanded its joint venture with Bank of China to include general insurance, even though the bank admits it could be bought out after three years, according to the Guardian.
RBS is convinced a lucrative market for insurance is beginning to stir as China's consumers adopt the buy now, pay later attitude of their western counterparts.
The bank bought a 6% stake in Bank of China last year as a precursor to a string of 50:50 ventures, initially selling credit cards and wealth management services.
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£300bn of liabilities
View from the front row
Transfer from occupational scheme
Appointed by FCA and PSR boards