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.
With a tech industry one-third the size of California’s, Canada has confounded expectations by becoming a leader in the booming market for artificial intelligence. Pioneering technologies developed in Canadian labs can be found in Facebook’s facial recognition algorithms, Google’s Photos app, smartphone voice recognition and even Japanese robots.
Now Canada risks losing its AI edge to Silicon Valley.
The research also reveals that the average man aged over 55 will cash in £21,143 of his pension with women taking out just £4,861. More than one in 20 men plan to go on the holiday of a lifetime, while the UK car industry looks to be in line for a boost with 5 per cent saying they will finally buy the motor they always wanted.
Meanwhile one in 50 men confess they have no intention of telling their partner what they’ll get up to with their pension pot. Indeed 1 per cent plans to leave their other half once the money comes in.
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.