The Weekly Wrap: May 13 edition
A round-up of the pensions industry stories published across the FT Group in the past week, from Lloyds staff protesting at the appointment of a trustee board chair, to pensions and cattle coming top of the headlines Down Under.
The week in numbers
- Greece's new national pension has been set at £304 a month
- 23 per cent of British businesses list auto-enrolment and Brexit among their biggest worries
- Australia's proposed £255,000 lifetime cap could catch out Brits wanting to transfer their pensions
Greece approves pension and income tax reforms
FT: A bill to reform Greece’s pension and income tax systems has passed by 153 votes in favour against 144. Lawmakers stated that the pension bill protects current pensions and introduces a new ‘national’ pension of €384 (£304) a month after 20 years of work. “Our [government’s] mission is to put Greece back on its feet and on a path to growth,” Alexis Tsipras, the prime minister, said. The measures are part of a group of economic reforms Athens has agreed with its international creditors as part of the long-delayed first review of its bailout.
Auto-enrolment and Brexit top fears for UK businesses
FTAdviser: In a survey of 500 British businesses, 23 per cent listed auto-enrolment and the possibility of an exit from the European Union among their main concerns. The survey by insolvency adviser trade body R3 found that large businesses were most worried about a vote to leave the EU, while small and medium-sized enterprises with 11-50 employees were most concerned about auto-enrolment.
Lloyds staff in protest over new trustee chair
FT: Lloyds Banking Group staff have started a campaign in response to the promotion of Harry Baines, who served as company secretary and group counsel at HBOS at the time of its demise, to chair of the new single trustee board for the group's £30bn in pension assets. Lloyds Trade Union said thousands of scheme members have contacted their MPs in the past few weeks to voice their concerns over his appointment.
Rule changes could hit UK expats moving Down Under
FTAdviser: There are fears that the Australian government may impose an A$500,000 (£255,000) lifetime cap on superannuation contributions. The move, designed to prevent Australians from injecting large contributions into their pension funds, will also catch out Britons wanting to transfer their pensions. However, if the opposition Labour party wins in Australia’s July general election, the policy will be scrapped.
Aussie wholesale manager joins with PPF to buy stake in agricultural group
MandateWire Asia: The A$78.5bn (£40.1bn) wholesale fund manager QIC is teaming up with the UK’s Pension Protection Fund to purchase an 80 per cent controlling stake in the North Australian Pastoral Company. The deal is reportedly valued at $300m, and aims to tap into strong demand for good-quality beef in Asia. The agricultural group owns 5.8m hectares of land, home to approximately 178,000 cattle.
Most read on pensions-expert.com this week
Halcrow plots rescue of DB scheme
Pensions unfair to younger generation, industry says
Scams: What trustees can do to avoid members becoming victims
Discount rates and denial: Will local authorities soon see pension costs rise?
What role does property play in retirement planning?
Social media comment of the week
@pensions_expert oh the irony of @rosaltmann describing the regulator as a risk to pensions! @JohnRalfe1
— Sam Pickford (@pickfos) 10 May 2016