A Guide to Pensions

Raymond Jones
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A Guide to Pensions

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Download this comprehensive report on pensions, including:

How much should I be putting in?

 

Government and Employer Contributions

 

Workplace Pensions

 

Government contributions/tax incentives

 

Types of Pension

 

The stark facts show clearly that anyone who can afford to make regular contributions towards building up a workplace or private pension to supplement their state pension, or provide their main source of income for retirement should do so.

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Weaker pound boosts UK holiday spending

Miranda Wadham
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Weaker pound boosts UK holiday spending
UK residents spent 15 percent more on their visits abroad in June 2017 than the same month the previous year, as the impact of a weaker pound weighs on the cost of holidays. However, the added expense didn’t seem to put UK residents off going abroad, with trips abroad rising by 4 percent to 7.2 million visits abroad in June 2017. UK residents spent £4.6 billion on their travels during the month, according to the Office for National Statistics. Conversely, overseas residents made 3.5 million visits to the UK in June 2017, a 7 percent increase from June 2016. £2.2 billion was spent by overseas residents on visits to the UK in June 17, a 2 percent increase when compared with June 16.

Hikma Pharmaceuticals shares plunge as US market stalls

Miranda Wadham
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Hikma Pharmaceuticals shares plunge as US market stalls
Shares in Hikma Pharmaceuticals (LON:HIK) fell over 10 percent in early trading on Thursday, after issuing a warning that annual revenue was likely to be at the lower end of guidance. The FTSE 250 pharmaceutical company said annual revenue was likely to be about $100 million lower at $2 billion. It also lowered its guidance for the sales of generic products, blaming it on an “increasingly challenging environment”. The Jordan-based company, which makes and sells branded and non-branded generic and injectable drugs, said it had also been affected by stiffer competition in the US. Its revenue estimate for the region was cut back to $620 million for the year, down from an initial estimate of $800 million in April. Shares in Hikma are currently trading down 13.75 percent at 1,141.01 (1045GMT).  

B&Q performance hit by poor weather, Kingfisher shares fall

Miranda Wadham
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B&Q performance hit by poor weather, Kingfisher shares fall
B&Q owner Kingfisher (LON:KGF) reported a £50 million loss on Thursday, after consumers turned their back on the DIY sector in the second quarter of the year. B&Q’s seasonal performance fell 11 percent after poor weather impacted sales, with sales at the home improvement chain down 8 percent in the second quarter. Problems at its French business continued, with “continued weaker” performance in the country leading to a 3.8 percent sales plunge to £1.2 billion.   Véronique Laury, Chief Executive Officer, admitted that” B&Q’s performance was impacted by seasonal swings across Q1 and Q2″, adding that the group had “continued to experience some disruption across the businesses, although on an improving trend.” “Availability of this year’s unified and unique product is now approaching normal levels. We continue to adapt new processes as our transformation progresses, which will support the significant amount of change planned for H2”, Laury said. “Having been very aware that this year would be challenging given the step up in transformation activity, we already have self-help plans in place to support our overall Year 2 performance, though we remain cautious on the H2 outlook for the UK and France as previously guided. We remain on track to deliver our Year 2 strategic milestones, and look forward to updating you on our wider progress in more detail at our H1 results.” Other firms in the sector also experienced a downturn during the quarter, Homebase owner Bunnings reporting a £54 million annual loss in its first full year of ownership of the DIY chain. Shares in Kingfisher are currently trading down 5.79 percent on the news at 291.20 (1019GMT).

Chinese growth “dangerous”, warns the IMF

Miranda Wadham
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Chinese growth “dangerous”, warns the IMF
The International Monetary Fund warned on China’s strategy for economic expansion, saying that Beijing was putting a higher priority on growth than economic output. The Chinese government have pledged to double the size of its economy between 2010 and 2020, with the IMF increasing its forecast for 2010 to 6.7 percent. However, it warned on Wednesday that debt as a proportion of gross domestic product was likely to rise from 235 percent to almost 300 percent by 2022. “International experience suggests that China’s credit growth is on a dangerous trajectory, with increasing risks of a disruptive adjustment and/or a marked growth slowdown,” the IMF said. Lucy MacDonald of Allianz Global Investors told the BBC that the levels of growth in China were at a “totally new territory”, adding that the risk of defaulting is higher because of how closed the economy is.  

UK jobless rate falls to 4.4 percent

Nicole Jeary
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UK jobless rate falls to 4.4 percent

Unemployment in the UK fell to 4.4 percent in the second quarter of 2017, the lowest level since 1975.

Unemployment for the quarter fell by 57,000 for the three months to June, marking the lowest level in over 30 years.

In addition, the figures released by the Office for National Statistics (ONS) revealed wage growth increased by 2.1 percent compared with a year previously. This marked a slight increase from 2 percent for the month before.

Ruth Gregory, UK economist at Capital Economics, said: “The latest labour market figures provided some signs that the tightening in the labour market may be leading to a recovery in wage growth at long last.”

Nevertheless, high inflation levels continue to impact upon real wages across the U.K. Inflation continues to hit 2.6 percent, with real earnings falling by 0.5 percent.

“The employment picture remains strong, with a new record high employment rate and another fall in the unemployment rate. Despite the strong jobs picture, however, real earnings continue to decline,” commented Office for National Statistics senior labour market statistician Matt Hughes.

Specifically, jobs were created in the construction, accommodation and food sectors, alongside the transport and storage industries.

Figures revealed that those on controversial ‘zero-hour’ contracts had also lessened, an encouraging development for many seeking more work stability.

“The number of workers born elsewhere in the EU continues to increase, but the annual rate of change has slowed markedly,” Hughes added.

Whilst Prime Minister Theresa May announced back in January her intention for the U.K to leave the single market as part of Brexit negotiations, it remains to be seen what the final agreement regarding EU citizens residing and working in the U.K will be.

Brexit negotiations continue to play out in Brussels, with key issues of migration, customs and trade being a key concern for both parties.

The latest figures caused the pound sterling to bounce 1 cent up against the dollar as the market reacted to the news.

Nestlé removes walnut from Walnut Whip as shrinkflation continues

Miranda Wadham
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Nestlé removes walnut from Walnut Whip as shrinkflation continues

Sweet manufacturer Nestlé have announced they will be removing the nut from the top of their Walnut Whip sweets, in the latest sign of ‘shrinkflation’.

The price of nuts has risen exponentially, causing Nestlé to remove the walnut from the top in its new versions of the sweets.

‘Shrinkflation’ has led to the downsizing of thousands of products as the cost of ingredients soar, meaning consumers are paying the same price for smaller products. According to figures from the Office for National Statistics, over 2,500 every day household products have shrunk in size over the past five years but continue to be sold for the same price.

Whilst chocolate bars have been subject to this controversy for some time, the ONS found that toilet rolls, coffee and fruit juice were also being sold in smaller packet sizes.

Indian buyers turn to London property as rules relax

Miranda Wadham
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Indian buyers turn to London property as rules relax
Indian buyers have become the second largest purchaser in Prime Central London, following a change in legislation increasing the amount of capital buyers can bring into the UK to $250,000 per person. Indian buyers now account for 22 percent of sales, according to London Central Portfolio’s latest sales audit, representing a 5 percent increase from two years ago. In terms of value, Indian buyers represented a third of the total spend over the last 12 months, with their average purchase price of £1.77 million being slightly higher than the market average of £1.6 million. In contrast, buyers from continental Europe have fallen significantly due to increased uncertainty following the UK’s Brexit vote, from 24 percent two years ago to 7 percent over the last 12 months South East Asian buyers took top spot as the largest buying population, representing 36 percent of all purchases. “London has remained attractive to international buyers as a safe haven asset class with the rule of law and proper title to property. As India has become a more challenging place to invest in with high loan interest rates and rising prices in the main urban centres, together with increasing global political and economic uncertainty, Indian buyers with a larger amount of capital to spend have increasingly turned to London as an investment destination of choice,” says Naomi Heaton, CEO of London Central Portfolio. “As sterling has weakened against foreign currencies, representing a 20 percent discount for USD denominated investors compared with two years ago, we are now seeing Indian buyers becoming an increasingly dominant force in the marketplace.”

Total eclipse of the… stock market?

Miranda Wadham
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Total eclipse of the… stock market?
As the financial industry quietens down for the summer, the stock market has stayed within a narrow range. Even as companies report earnings, many investors are sitting on the side lines waiting for signs of life. The markets are less volatile than they have been in the years since the 2008 financial crisis; however, there are indications that this could be about to change. “Insights into stock market trends often come from quirky places. Financial astrologists attempt to predict market trends based on the sun, moon and stars, while others make decisions based on unlucky coincidence and superstition”, says Mark Taylor, CEO of Selftrade from Equiniti. “With company valuations at unusual highs some are pointing to solar and astral events that are happening in the next month to make worrying predictions.” Much is being made in the US of the so called “Great American Solar Eclipse”, which takes place on August 21st. The Harriman Stock Market Almanac recently reviewed 15 solar eclipses visible from America since 1900, and found that just 13pc of the days before an eclipse experienced a positive return, compared with 47pc for the day itself and 80pc on the day afterwards. “On the day before and the day of each eclipse the average return of the Dow Jones index was minus 0.3 per cent, and the average on the day after the eclipse was just 0.2 per cent. The trend indicates that superstitions around eclipses still exist – will the pattern repeat next week?”

How low could the FTSE 100 fall?

Raymond Jones
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How low could the FTSE 100 fall?
The FTSE 100 has been on a hell of a run. Since intraday lows of around 5,500 February 11th 2016, the FTSE has rallied over 37%, recording a number of all-time record highs along the way. The FTSE 100 has been helped higher by a rally in base metals and a weakening in sterling following the EU referendum. Unfortunately for stock market bulls, these catalysts are starting to recede and Trump’s latest foray into international relations with North Korea is adding further pressure to share prices. Having given up over 200 points in less than two days, the FTSE 100 could be set for further falls, but where could it fall to? Key Support Levels The first level of support is at 7300. This level formed a double bottom in late June/early July which acted as a base for a leg above 7500. If this fails, one would eye 7244 and the 200-day moving average. This is also in close proximity to 7250, a key level of support held throughout March and April of this year. A significant break of 7250-7244 opens up the door to 7100 which we see as the most critical level of support in the near term. 7100 is the 23.60% Fibonacci retracement level of the rally starting February 2016 and acted as a support level in late January and April. A break to the downside here puts the bears in the driving seat. 7000 will offer a psychological level of support but as soon as we see a series of prints starting with a ‘6’ the market could well to take the FTSE down to 6798 and the 38.2% Fibonacci Retracement relatively quickly. Beyond this, we are looking at 6550 and 6300.
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