UK Plc’s total deficit now stands at £710bn, the biggest level ever, according to PwC’s Skyval Index.
Defined benefit pension schemes – those which guarantee an income linked to savers’ final salaries – face a bigger deficit when interest rates fall as they struggle to earn strong, low-risk returns, reports The Telegraph.
Landlords have been told that BHS’s new owner could use company voluntary arrangements after the retailer brought in KPMG in the past fortnight to advise it on its options. It is considering closing several of its 160-plus stores in an effort to turn the business around.
Retail Acquisitions bought BHS from Sir Philip Green last year for £1 and is in the process of reviewing its operation. The new owner has closed six stores already, but further closures are on the cards as it looks to cut costs and deal with a pension deficit of more than £200 million.
When I was an undergraduate studying tax policy, I remember John Bulloch’s vicious attack on Pierre Elliott Trudeau’s tax reform package, which was particularly threatening to small businesses and investors. Bulloch, head of the Canadian Federation of Independent Business, was successful in paring back proposals that would have squeezed many Canadian entrepreneurs hard. As a result, the CFIB developed a very large membership and became one of the most powerful advocacy groups in Ottawa.
CALGARY • As the cost of wringing oil from Alberta’s bitumen deposits continues to edge up, companies are assessing whether to spend billions on new mining projects or pour money into steam-driven extraction.
Pushed by competition for materials and labour, supply costs for a new oil sands mine without an upgrader climbed 13.2% from a year ago to $68.30 a barrel, a study published this week by the government- and industry-funded Canadian Energy Research Institute said.
Many public employees utilize a tool, known as "salary spiking," to boost their annual pensions payment in retirement and we taxpayers get to foot the bill. So what is "salary spiking?" Typically, a public employee's pension benefit in retirement is equal to some percentage of their highest annual pay which is often their final year on the job. Fortunately for public employees who plan ahead, there are all sorts of fun games that can be played to "spike" your final year salary so that you actually earn more in retirement than you did on the job.