Fogwill & Jones Asset management Limited
Tel: 0114 258 8899
Email: info@fogwilljones.co.uk
The latest industry news and updates
Standard and Poor’s have downgraded Spain’s debt rating by two notches today, which will cause the country to face a “crisis of huge proportions” according to Spain’s Foreign Minister Jose Manuel Garcia-Margallo in a radio interview. Unemployment has risen by 24% in the first quarter, one of the worst unemployment figures in the developed world and retail sales have slumped as the recession hits consumer spending.
Worries about the recession and general financial prospects has kept British economic morale low according to a survey today. The headline consumer confidence index as measured by polling company GfK NOP remains at -31 in April, in contrast to economic forecasts of a small improvement to -30.
In a move expected to prevent benefits being undervalued by up to £20 billion, the Financial Services Authority (FSA) have confirmed that they will change the way pension transfers are calculated. FSA director Sheila Nicoll is quoted as saying “In the vast majority of cases someone in a defined-benefit pension scheme will not be better of transferring to a personal pension. The new assumption will make it tougher for advisors to make the case for a transfer. As a result of these new rules, we would expect the number of pension transfers to decrease, leaving pension scheme members better off.”
The Office for National Statistics (ONS) has published a paper outlining the UK’s 2010 pension statistics. This includes data showing that he UK owed £7.1 trillion in pension obligations at the end of 2010 of which £5 trillion was owed by the Government, this includes £3.8 trillion for state pensions and £900 million for unfunded public sector pensions. Private sector workplace pension liabilities were £1.7 trillion.
The FTSE 100 fell more than 2%, the French CAC dropped almost 3% and Germany’s DAX fell 3.5% today as European markets dropped due to anxiety about the first round of the French elections. Current President, Nicolas Sarkozy, narrowly lost the first round of the Presidential election to Francois Hollande, a member of the socialist party who pipped Sarkozy in Sunday’s 10-candidate first round by 28.6% to 27.2%.
Tailor made portfolios for individuals and companies
Tax advice & mitigation for even the most complex situations
Trusts are no longer just for the very wealthy, learn more here
Subscribe to our regular email newsletter for more market insights, news and advice...