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Politicians issue fresh call for secondary annuities market

first_imgA group of UK politicians has backed a move to re-examine the case for a secondary annuity market in the UK.Six MPs have backed an early day motion in the UK’s lower house of parliament, calling for a new debate on whether individuals who have already bought an annuity should be given more freedom to access their pension savings.The government proposed a secondary market for annuities in 2015, but abandoned it a year later, saying that “creating the conditions to allow a vibrant and competitive market to emerge, with multiple buyers and sellers of annuities, could not be balanced with sufficient consumer protections”. It also estimated that the market would be small, with only 5% of annuity holders expected to take advantage of any new flexibilities.However, in the motion posted last month, MPs highlighted that some retirees “may need to access funds from their annuity in times of need” and called for legislation “to allow 5m retirees to safely partially sell their annuity”.  The politicians included Ruth George, a Labour party member of the Work and Pensions Select Committee, and Stephen Lloyd, the Liberal Democrat party’s spokesman for work and pensions issues.Ros Altmann, who was pensions minister while the initial discussions about a secondary annuity market were taking place, has called for government to “reconsider” the idea. UK newspaper the Daily Mail has been calling for such freedoms for two years with its reader campaign dubbed ‘Unlock Our Pensions’. This week, US annuities trading company DRB Capital provided funding for a separate ‘Your Pension, Your Choice’ campaign.Since 2015, people approaching retirement have had more flexibility regarding how they can access their defined contribution (DC) retirement savings, including taking larger cash sums and accessing flexible drawdown products. The new campaigns want these flexibilities to be extended to those who have already retired.However, some have questioned the claims backing the campaigns. Ralph Frank, head of DC at Cardano, highlighted that retirees in the UK had not been forced to buy an annuity since 1995. He added: “Prior to the announcement of the freedom and choice reforms in 2014, 25% of DC retirees did not buy annuities – so were the 5m really ‘forced’ to do so?”Frank also warned against setting a precedent for other forms of pension.“The consequences, perhaps not unintended by those behind the campaign, are potentially massive,” he said. “Even Pandora would hesitate opening this box. We certainly shouldn’t be lifting the lid. At a time when the suitability of DB transfer advice is under scrutiny, is it necessary to add further case studies?”In a blog post yesterday, Tim Sharp, pensions policy officer at the Trades Union Council, also warned against the idea of a secondary annuity market.“Polling by Age UK found few annuity holders want to sell, but that those who do are likely to be poorer,” he said. “Would someone who sold their annuity payments be deemed to have deliberately deprived themselves of assets and therefore denied benefit payments? We simply don’t know.“It all adds up to a lot of risk and uncertainty for savers, which is one reason why this half-baked idea was shelved the first time round. Helping savers get a good deal in retirement is a laudable aim. But reheating these flawed plans is not the answer.”last_img read more

Lions sign Jermaine Kearse after disappointing season with Jets

first_img How to get Calvin Johnson back in Lions family: ‘Put that money in my pocket’ While Detroit didn’t reveal the terms of the contract, ESPN reported that it’s a one-year deal worth $1.35 million that has a max of $2.3 million and a guarantee of $350,000.In a corresponding move, the Lions waived receiver Jordan Smallwood. Related News Now Kearse will be reunited with Bevell, who was fired by the Seahawks last season and recently hired by the Lions.He’s expected to serve as a sturdy backup for receivers Marvin Jones and Kenny Golladay, who both have not fully practiced yet due to being in the rehab group.Danny Amendola was also was signed to the team this offseason and is expected to be the slot receiver. However, the Lions are thin when it comes to talent further down the depth chart. Lions’ Damon ‘Snacks’ Harrison, Darius Slay skipping minicamp in hopes of reworking contracts, report says Kearse, 29, went undrafted in 2012, but eventually was signed by the Seahawks, where he worked under offensive coordinator Darrell Bevell.In five seasons with Seattle, he caught 153 passes for 11 touchdowns and 2,109 receiving yards.He remained in Seattle until 2017, when a trade sent him over to the Jets. In his first season with New York, he caught 65 passes for 810 yards and five touchdowns, marking one of his better seasons in the league.However, he struggled under rookie quarterback Sam Darnold last season, catching just 37 passes for 371 yards and one touchdown. It was one of his worst seasons in the league. Jermaine Kearse is heading to Detroit.The receiver signed a contract with the Lions, the team announced Wednesday. Le’Veon Bell says relationship with Jets coach Adam Gase ‘is great’last_img read more

Mourinho challenges Klopp to explain Sh10.4bn signing of van Dijk

first_imgBut Mourinho reminded Klopp about his comments when United bought Pogba for a then world record fee of Sh12.4bn (£89m) from Juventus in the summer of 2016.The German said then: ‘Other clubs can go out and spend more money and collect top players, yes. But if you bring one player in for Sh13.9bn (£100m) or whatever, and he gets injured, then it all goes through the chimney.READ: Mourinho challenges Klopp to explain Sh10.4bn signing of Virgil van Dijk after Liverpool boss criticised £89m outlay for Paul Pogba“Do I have to do it differently to that? Actually, I want to do it differently. I would even do it differently if I could spend that money. I want a special team spirit – I don’t feel it is necessary, I want it,” he said.“The day that this is football, I’m not in a job anymore. Because the game is about playing together.”Virgil van Dijk became the most expensive player in history, costing Liverpool Sh10.4bn (£75m). Photo/COURTESYMourinho seized the opportunity to take issue with Klopp when asked about the Van Dijk deal at his weekly press conference on Friday, with a thinly veiled accusation of hypocrisy.“I think the one to speak about it in a specific way has to be Jurgen, and if I was one of you I would ask him about his comments about one year ago,” he added.“Virgil van Dijk is the most expensive defender in history of football. Is he better than (Paolo) Maldini, (Giuseppe) Bergomi or (Rio) Ferdinand? You cannot say that, is just the way the market is and you pay or you don’t pay.”“If you pay obviously you pay a crazy amount of money but if you don’t you don’t have the player. Is as simple as that, so no critics at all about what Liverpool did, is just the way it is. But not speaking specifically about that case because in Liverpool they do what they want to do and I am nobody to comment on what they do.”“The reality is that if they think that the player is the right player for them and they really want the player, they pay his amount or they don’t have the player because that is the way the market is at that time.”“So when we compare now the amount of money certain managers and clubs spend, you cannot compare the realities.”–By Daily Mail-0Shares0000(Visited 1 times, 1 visits today) 0Shares0000Mourinho seized the opportunity to take issue with Klopp when asked about the Van Dijk deal at his weekly press conference on Friday, with a thinly veiled accusation of hypocrisy.LONDON, United Kingdom, Dec 29 – Jose Mourinho has challenged Jurgen Klopp to explain Liverpool spending Sh10.4 bn (£75m) on Virgil van Dijk after the Anfield boss criticised Manchester United’s world record signing of Paul Pogba last year.Van Dijk will become the most expensive defender in history when he completes his move to Liverpool from Southampton next week.last_img read more