Pension Deals – Win Win Lose http://winwinlose.net/ Thu, 17 Nov 2022 19:22:29 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://winwinlose.net/wp-content/uploads/2021/06/icon-9.png Pension Deals – Win Win Lose http://winwinlose.net/ 32 32 Delaying £86,000 care spending cap is a ‘betrayal’ of older people, critics say https://winwinlose.net/delaying-86000-care-spending-cap-is-a-betrayal-of-older-people-critics-say/ Thu, 17 Nov 2022 18:04:29 +0000 https://winwinlose.net/delaying-86000-care-spending-cap-is-a-betrayal-of-older-people-critics-say/ Delaying the £86,000 cap on care spending is a “betrayal” of older people, who may now be paying tens of thousands more ahead of the 2025 start date, critics say By Tanya Jefferies for Thisismoney.co.uk Released: 1:04 PM EST, November 17, 2022 | Updated: 1:04 PM EST, November 17, 2022 The Government is under fire […]]]>

Delaying the £86,000 cap on care spending is a “betrayal” of older people, who may now be paying tens of thousands more ahead of the 2025 start date, critics say

The Government is under fire for delaying the introduction of a £86,000 lifetime care spending ceiling until autumn 2025.

The announcement of the two-year delay in today’s fall statement sparked accusations from one critic of “betraying” the elderly.

Another said “many just won’t live to see the benefit”, claiming the decision could easily cost those paying for their care an extra £26,000 for every year of delay.

Spending cap: Older people may now have to spend tens of thousands of pounds ahead of the 2025 launch date

The previous scrapping of a 1.25 per cent increase in Social Security, which was meant to fund both the NHS and social care, had already raised fears that plans for a cap announced by Boris Johnson’s government might have to wait.

Reforms originally planned for next autumn would introduce a £86,000 cap on how much a person has to spend on care and raise the threshold for starting support from £23,250 to £100,000.

However, experts say the plan has a flaw and that poorer people could still spend most of their wealth, including their home, when they need care, while the better off would lose a relatively small part of their wealth.

The new life spending cap will also be based on some, but not all, of people’s private contributions to care, rather than their total costs.

It excludes anything local authorities deem unnecessary or not “eligible” for your care, any financial assistance they may provide for your expenses, top-up payments you may make for premium amenities such as better rooms, daily living or “hotel and accommodation costs” and all expenses for care before October 2025.

Today the Treasury said: “To protect quality public services on the frontline, access to finance for the NHS and social care will be increased by up to £8billion in 2024-25.

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“This will allow the NHS to take action to improve access to emergency and emergency care, reduce waiting times and mean twice as many people can be discharged from hospital into care every day from 2024.”

Stephen Lowe, director of pensions specialist Just Group, said: “Millions of people across the country will feel betrayed by the Chancellor’s decision to delay welfare reforms for another two years.

“These reforms took decades to prepare and were a flagship promise of this government’s election manifesto.

“Many people anticipated the implementation of this policy and are now being forced to go back to the drawing board.

“Make no mistake, the Chancellor’s actions today will result in many more older people having to make last-minute decisions about their care arrangements when they and their loved ones are in dire need.”

Steven Cameron, director of pensions at financial services firm Aegon, said: “Abandoning welfare again with a two-year delay will come as a blow to thousands who expect to start operating in October 2023 and means many have simply won the I will.” not experiencing benefit.

“It could easily cost those who pay for their care for each year of delay an extra £26,000 while also severely draining the savings of those with assets under £100,000 who will have to wait another two years for promised additional means-tested support .”

He added: “The £86,000 cap on ‘eligible’ personal contributions to care costs means that once implemented, those in need of care over a longer period of time will no longer face indefinite or ‘catastrophic’ costs for their care which can currently wipe out life savings .

“Eligible personal contributions made after October 2023 should have counted towards the cap, but the two-year deferral means only personal contributions made after October 2025 will count.

“Local authorities set ‘reimbursable’ costs based on what they would pay for the care they judge to be in need of a person.

“If you are in a care home you will have to pay ‘daily living expenses’ or ‘room and board’ and the new agreement sets this at a national, notional amount of £200 per week.”

Cameron explained that if a local authority paid £700 a week to a care home, £200 of that would be considered daily living expenses, which would have to be paid indefinitely even under the new agreement.

“Five hundred pounds a week will count towards the cap as eligible care costs, but with a 52-week delay, individuals have paid £26,000 before the clock starts ticking under the new deal,” he said.

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Rishi Sunak latest news: PM hints he will protect ‘triple lock’ on pensions https://winwinlose.net/rishi-sunak-latest-news-pm-hints-he-will-protect-triple-lock-on-pensions/ Tue, 15 Nov 2022 07:05:19 +0000 https://winwinlose.net/rishi-sunak-latest-news-pm-hints-he-will-protect-triple-lock-on-pensions/ See also: Sunak ‘unambiguously’ condemns Russia’s war in Ukraine at G20 summit. Sign up for the Inside Politics email for free daily updates on the biggest stories in British politics Get our free Inside Politics email Rishi Sunak made his strongest suggestion yet in Thursday’s fall statement that the “triple lock” pension would be retained. […]]]>

See also: Sunak ‘unambiguously’ condemns Russia’s war in Ukraine at G20 summit.

Rishi Sunak made his strongest suggestion yet in Thursday’s fall statement that the “triple lock” pension would be retained.

Mr Sunak said pensioners were “at the forefront of my mind” and insisted Chancellor Jeremy Hunt’s plan to raise taxes and cut spending had “fairness and compassion” at its heart.

Downing Street last month sparked fears that the triple lockdown could be scrapped and said it was “on the table” as Mr Sunak and Chancellor Jeremy Hunt drew up plans to fill what they warn would be a £60 billion -pound-hole in the nation’s finances.

The measure, which will apply to Britain’s state pensions, will ensure they rise in line with inflation, average wages or at a rate of 2.5 per cent – whichever is highest.

“My track record as chancellor shows that I care deeply about these pensioners, especially when it comes to things like energy and heating because they are particularly vulnerable to cold weather,” Mr Sunak told reporters en route to the G20 summit in Balinese.

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Ex-minister says Brexit trade deal with Australia ‘not very good’

Britain’s flagship post-Brexit trade deal with Australia “wasn’t actually a very good deal” and Britain “returned far too much for far too little,” admitted a member of the cabinet that pushed it through.

In a series of scathing remarks in the House of Commons, Johnson-era Environment Secretary George Eustice called on the government to acknowledge the Department of International Trade’s “failures” as it negotiates what it described as a “historic” deal last December.

The deals with Australia and New Zealand are the only new trade deals signed since Britain left the European Union, and the deals sparked claims of “betrayal” among farmers who feared being undercut by cheaper imports.

Alisha Rahaman SarkarNovember 15, 2022 07:05

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Sunak under fire for £63m Channel crossing deal

Prime Minister Rishi Sunak has been criticized by some of his own MPs amid concerns the recent Channel crossing deal is not enough to stem the migrant crisis.

The revised pact, worth around £63m, is an increase of around £8m to £9m a year from a similar pledge signed in 2021.

According to the latest pledge, the number of French officers patrolling the beaches of the country’s north coast is set to increase from 200 to 300 over the next five months.

Alisha Rahaman SarkarNov 15, 2022 6:52 am

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France and Britain sign agreement to curb Channel crossings. Will it work?

The UK has signed a new multi-million pound deal with France to curb English Channel crossings.

The UK government’s latest efforts to deal with the migrant crisis come as the number of people arriving on the south coast after traveling has surpassed 40,000 so far this year.

But critics accused the government of “reusing the same failed response”, with Conservative MP for Dover Natalie Elphicke saying the deal “falls short of what is needed”.

Alisha Rahaman SarkarNov 15, 2022 6:24 am

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The deputy prime minister “warned against his behavior” at the Foreign Office

Rishi Sunak is standing by Deputy Prime Minister Dominic Raab as further allegations about his behavior surfaced.

Reportedly, Mr Raab was warned about his behavior towards officials when he was Foreign Secretary.T

The concerns were brought to Mr Raab by Lord McDonald, the senior official at the Foreign Office, and the Mandarin also discussed the situation informally with the Cabinet Office’s decorum and ethics team. The guard reported.

In a radio interview yesterday, Lord McDonald admitted that allegations that Mr Raab might be a bully were plausible.

Mr Raab, who will represent Mr Sunak at Prime Minister’s Questions on Wednesday, has already been in the spotlight over allegations of clashes with Justice Department officials – staff were reportedly offered a “way out” from his department when he was reinstated in October.

Alisha Rahaman SarkarNov 15, 2022 6:04 am

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Rishi Sunak confronts Russia over Ukraine at G20 summit

Rishi Sunak slammed Russia at the G20 summit of world leaders in Indonesia and called on Vladimir Putin to “stop this barbaric war”.

Speaking to Putin’s Foreign Minister Sergei Lavrov at the conference table, Mr Sunak denounced the invasion of Ukraine as “illegal” and described Russia’s arming of food and energy supplies as “unacceptable”.

It was the first time a British Prime Minister had met a representative of the Moscow regime in person since the invasion began in February.

Andrew Woodcock reports from Bali.

Alisha Rahaman SarkarNov 15, 2022 5:28 am

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Tory-led councils warn Sunak of possible bankruptcy

Two Tory-led local authorities have warned Prime Minister Rishi Sunak that rising inflation will force them to file for bankruptcy.

In a letter to Mr Sunak, the heads of Kent and Hampshire Borough Councils said even “drastic cuts” in current services would not save the huge holes in their budgets.

“We cannot stand by and watch as two major counties sleepwalk into financial disaster,” the letter said.

It added that ministers would have a choice of properly funding councils or amending the law to remove the “outdated and underfunded” statutory obligation on city halls to provide services such as libraries and door-to-school transport.

The letter states: “The problem is simple: the extra money we can raise from council taxes and business taxes barely covers the normal inflationary pressures we face every year. As a result, significant growth, especially in adult and child social care, remains completely unfinanced.

“Without a fundamental change in the way these two services are funded, or our legal obligations, the entire upper tier of local government will soon cross the abyss.”

Alisha Rahaman SarkarNov 15, 2022 5:22 am

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Tax hikes for everyone and big hikes in mini-budget energy bills

Everyone in the UK will pay more taxes as a result of Thursday’s autumn declaration, Chancellor Jeremy Hunt said.

But the Chancellor was alerted to a possible rebellion by backbenchers in Tory MPs when former Cabinet Secretary Simon Clarke – a close ally of tax-cutting former Prime Minister Liz Truss – said he should opt for spending cuts rather than tax hikes “as well as he can”. “.

He also confirmed that post-April government support for energy bills will target the most vulnerable, at a cost expected to hundreds of pounds for millions of households.

Alisha Rahaman SarkarNov 15, 2022 5:03 am

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Rishi Sunak gives up promises to limit refugee numbers

Rishi Sunak has dropped a key promise by his Conservative leadership campaign to limit the number of refugees the UK takes in each year.

The Prime Minister said it was not possible to consider a cap until the flow of migrants crossing the English Channel from France by dinghy had been halted, which it would not happen “overnight”.

Meanwhile, Mr Sunak has strongly opposed mandatory ID cards after a Labor shadow minister circulated them as a way to reduce irregular immigration.

“I want to reduce migration over time,” he said.

“But I think the most urgent priority we and the British have is to get a grip on illegal migration and small boats. And that’s what I spend most of my time on.”

Alisha Rahaman SarkarNov 15, 2022 4:51 am

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PM risks angering Tory MPs by withdrawing Truss’ defense pledge

Prime Minister Rishi Sunak has embarked on a collision course with defensive hawks in his own Conservative Party by refusing to commit to increasing military spending to 3 percent of GDP in this week’s autumn statement.

Mr Sunak dismissed warnings that a retreat from his predecessor Liz Truss’ target would be seen by Russian President Vladimir Putin as a sign of weakness at a time when the West is backing Ukraine’s resistance to his invasion.

The Prime Minister announced the award of a new £4.2bn contract to BAE Systems to build five more warships for the Royal Navy, a move he said would strengthen Britain’s ability to counter Russian aggression .

Andrew Woodcock has more.

Alisha Rahaman SarkarNov 15, 2022 4:36 am

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Rishi Sunak urged increasing benefits with inflation

Prime Minister Rishi Sunak faced calls to raise all benefits in line with inflation, including those for working-age people, after hinting he would protect the “triple lockdown” on state pensions.

Ryan Shorthouse, chief executive of conservative think tank Bright Blue, said: “It is intellectually unsound to protect the value of the state pension in line with inflation but not universal credit. Either both increase with inflation, or both increase with income.”

Karl Handscomb, senior economist at the Resolution Foundation think tank, said: “As the cost of living crisis looks set to continue and potentially deepen over the next year, it is important that the Chancellor stands by the promises he made of his this summer recent predecessor, and now Prime Minister Rishi Sunak, that all benefits – for working-age families as well as pensioners – will be increased in line with prices next year.”

Andrew Woodcock and Kate Devlin report.

Alisha Rahaman SarkarNov 15, 2022 4:33 am

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Bill C-228: Pension Protection Laws Continue to Advance https://winwinlose.net/bill-c-228-pension-protection-laws-continue-to-advance/ Fri, 11 Nov 2022 04:25:06 +0000 https://winwinlose.net/bill-c-228-pension-protection-laws-continue-to-advance/ On November 3, 2022, a new law intended to give an additional priority to pensions in bankruptcy proceedings is one step closer to becoming law. Bill C-228 – “An Act Amending the Bankruptcy and Insolvency Act [“BIA”]the Companies’ Creditors Arrangement Act [“CCAA”] and the Pension Benefit Standards Act [“PBSA”], 1985” or “Pension Protection Act” for […]]]>

On November 3, 2022, a new law intended to give an additional priority to pensions in bankruptcy proceedings is one step closer to becoming law.

Bill C-228 – “An Act Amending the Bankruptcy and Insolvency Act [“BIA”]the Companies’ Creditors Arrangement Act [“CCAA”] and the Pension Benefit Standards Act [“PBSA”], 1985” or “Pension Protection Act” for short – was passed in the House of Commons on June 22, 2022 in the second reading and then submitted to the Standing Committee on Finance of the House of Commons for consideration. On November 3, 2022, the Standing Committee presented its Report on Bill C-228 to the House of Commons, proposing various amendments. The current version of Bill C-228 can be found here.

As the Standing Committee discussed the bill, committee members highlighted major bankruptcies, including Eatons, Sears, Nortel, Indalex and Grant Forest, and the importance of ensuring pensions are protected in such processes.

To provide some context for companies, lenders and others considering the potential impact of this bill, below is a brief description of the current BIA and CCAA pension protections, the expanded pension protections proposed in Bill C-228, and the potential impact of extended protections, the termination and severance priority added to the Act, and the next steps for Act C-228.

Current BIA and CCAA pension protection

Currently, the BIA and CCAA provide the following primary protections in relation to mandatory pension plans[1]:

  • Amounts deducted from an employee’s compensation for payment to the pension fund; and
  • unpaid “ordinary expenses”, defined contributions and amounts payable to the administrator of a pooled registered pension plan, each to the extent that such amounts are (or would have been required to be) paid by an employer to the fund set up for the purpose of the pension plan , if the prescribed plan had been regulated by law).[2]

Existing legislation protects such amounts by:

  • Provisions requiring that no CCAA plan of arrangement (CCAA s.6(6)(a)) or BIA proposal (BIA s.60(1.5)) be approved by the court with respect to an employer with a mandatory retirement plan unless the plan or proposal provides for the payment of such amounts and the court is satisfied that the employer can and will make such payments (the “Plan/Proposal Requirements“); and
  • Provisions granting security for such amounts over all assets of the debtor in bankruptcy (BIA s.81.5) or receivership (BIA s.81.6) which take precedence over any other claim, right, encumbrance or security against the assets of the bankrupt debtor, except for rights under Sections 81.1 and 81.2 (30-day commodities and farmers, fishermen, aquaculture priorities), amounts under subsection 67(3) deemed to be held in trust (with respect to bankruptcies) and securities under Sections 81.3 and 81.4 (Bankruptcy and receivership priorities versus current assets for $2000 in unpaid wages less amounts paid) (the “Legal security regulations“). It is noteworthy that such legal safeguards apply to all of the debtor’s assets, including current assets, equipment, real estate, intellectual property and other intangible assets.

Bill C-228 Extended Protection

Bill C-228 proposes to amend the plan/proposition requirements and statutory security requirements in the BIA and CCAA to expand the protected annuity amounts to also include:

  • an amount equal to the sum of all special payments determined in accordance with Section 9 of the Pension Benefits Standards Regulations, 1985 (the “PBSA regulations’) payable by the employer to the fund set up for the purpose of the pension plan to liquidate an unfunded liability or solvency deficit; and
  • any amount required to liquidate any other unfunded liability or solvency of the Fund.

This represents a significant extension of the priority for impacted defined benefit plans, as they would include not only “normal costs” (the cost of benefits incurred during a plan year based on a going concern assessment, excluding “bonus payments”) any arrears in the periodic payments required to settle a shortfall (“special payments”) and the actuarial shortfall itself, including the two liquidation costs:

  • an unfunded liability, which is the extent to which an actuarial valuation of the plan indicates that the plan is insufficiently funded to pay benefits that are or will be due if the plan is continued indefinitely; and
  • a solvency deficit, which is the extent to which an actuarial valuation of the plan indicates that the plan’s working capital is insufficient to meet the obligations that would become due if the employer ceased operations and wound up the plan.

The bill applies to any mandatory pension plan for the benefit of the bankrupt debtor’s employees if the company is an employer subject to the BIA or CCAA.[3]

Bill C-228 includes transitional provisions such that these changes will not apply to existing mandatory pension plans until 4 years after the Act comes into force.

The bill also proposes to amend the PBSA to require the Superintendent of Financial Institutions to report to the Treasury Secretary at the end of each fiscal year, including on corrective actions taken or ordered to deal with pension plans that fail to meet the funding requirements . The bill provides for the report to be tabled in each House of Parliament and forwarded to provincial finance ministers and provincial securities commissions. These requirements appear to be designed to increase transparency regarding potential funding issues that pension plans face each year.

effects

The expanded scope of the pension priorities proposed in Bill C-228 will be of particular interest to companies with mandatory defined benefit plans and their lenders, where those companies are “employers” subject to the BIA or CCAA. [4]

As various parties have suggested to the Standing Committee, it is possible that employers will phase out defined benefit plans in favor of defined contribution plans, or that employers with affected defined benefit plans may find it more difficult or costly to access credit. These outcomes may arise because lenders may find it difficult to monitor, predict and manage unfunded liabilities that are fluctuating but would still take precedence over their secured position.

Such concerns formed part of the justification for including a four-year period before the relevant provisions of Bill C-228 apply after they come into force. The theory seems to be that the four year period will allow the companies in question to recover from their unfunded liabilities and solvency deficiencies or, failing that, they may in fact face other repercussions.

As Bill C-228 draws nearer to becoming effective, it will certainly be important for businesses and lenders to carefully consider whether the provisions apply to them or their customers and, if so, how best to manage the risks posed by the proposed changes can they be enacted. For lenders, this may include a review of their portfolio to identify defined benefit borrowers who may be impacted by this bill, and at least beginning a discussion with them about the best way to manage the increased risk for lenders that do would be created by this bill.

termination and severance pay

While Bill C-228 has been on the radar for its impact on pension priorities, the current draft of Bill C-228 also includes an amendment to the priority allocation scheme in Section 136 of the BIA to prioritize termination and severance payments.

This provision was not included in the original draft law but was added by the Standing Committee. The amendment, as a new section 136(d.001) of the BIA, would give precedence to termination and severance amounts. This priority is in addition to certain other claims that are given priority over unsecured claims (e.g. administrative expenses, bankruptcy fee, 3 month rent arrears and 3 month rent premium, etc.). As with all other preferential payments under Section 136 of the BIA, this priority is subject to the rights of secured creditors. It will be interesting to see if this provision will be the subject of further discussion when the bill returns to the House of Commons for its third reading.

Next steps for Bill C-228

Now that the report of the Standing Committee on Finance has been submitted to the House of Commons, the next steps for Bill C-228 are: a third reading in the House of Commons, a similar review in the Senate (first and second readings in Senate; review by a Senate committee that drafted the bill examines and submits a report to the Senate; and third reading in the Senate); and royal approval. With the backing of the Conservatives, Bloc Quebecois and NDP, the bill appears to have enough support to pass and it’s possible the remainder of the approval process could be completed before the end of the year, although the process continues until mid-year could be 2023.

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Court tells striking Kenya Airways pilots to go back to work https://winwinlose.net/court-tells-striking-kenya-airways-pilots-to-go-back-to-work/ Tue, 08 Nov 2022 19:32:00 +0000 https://winwinlose.net/court-tells-striking-kenya-airways-pilots-to-go-back-to-work/ NAIROBI, Nov 8 (Reuters) – A labor court on Tuesday ordered Kenya Airways (KQNA.NR) pilots to return to work by Wednesday to end a strike that has killed thousands of passengers at one of Africa’s key aviation hubs has stranded. Members of the Kenya Airline Pilots Association (KALPA), which represents around 400 pilots at the […]]]>

NAIROBI, Nov 8 (Reuters) – A labor court on Tuesday ordered Kenya Airways (KQNA.NR) pilots to return to work by Wednesday to end a strike that has killed thousands of passengers at one of Africa’s key aviation hubs has stranded.

Members of the Kenya Airline Pilots Association (KALPA), which represents around 400 pilots at the airline, went on strike on Saturday after failing to resolve a dispute over pension contributions and the settlement of deferred pay.

On Tuesday, a Labor and Labor Court judge ordered the pilots to return to duty “unconditionally” by 6 a.m. local time (0300 GMT) on Wednesday.

The court also prevented the airline’s management from taking disciplinary action against pilots involved in the industrial dispute.

The court had prevented the union from starting the strike and the airline attempted to subpoena the union officials for contempt of court after the strike began. The court will continue to negotiate the dispute, said Judge Anne Mwaure.

Kenya Airways welcomed the court’s orders and said they would comply.

The union said in a statement it had asked its members to report for work on Wednesday, as ordered by the court.

The pilots’ strike is estimated to have cost the airline more than $2 million a day so far, affected more than 10,000 passengers and resulted in the cancellation of dozens of flights.

Kenya Airways, which is nearly 50% government-owned, earlier said it plans to terminate its collective bargaining and recognition agreement with the pilots’ union, saying its current strike is unlawful and constitutes economic sabotage.

The union is calling for the resumption of regular pension payments to its members, which stopped in 2020 with the onset of the COVID-19 pandemic, and the payment of pension arrears. She also wants the airline to start paying salaries that have been deferred during the health crisis.

The airline’s management says it has been working hard to fully recover from the pandemic and blames pilots for jeopardizing that push.

Financial turmoil at Kenya Airways preceded the pandemic. The airline has slipped deep into the red after borrowing heavily to buy new planes at a time when its passenger business was collapsing, largely due to frequent militant attacks in Kenya.

Reporting by Duncan Miriri and Jeff Kahinju; Edited by George Obulutsa and Leslie Adler

Our standards: The Thomson Reuters Trust Principles.

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Teacher, whose center link was cut after winning the lottery, was held hostage by killers https://winwinlose.net/teacher-whose-center-link-was-cut-after-winning-the-lottery-was-held-hostage-by-killers/ Sat, 05 Nov 2022 14:59:47 +0000 https://winwinlose.net/teacher-whose-center-link-was-cut-after-winning-the-lottery-was-held-hostage-by-killers/ A disabled teacher whose Centrelink payments were cut after winning the lottery received a pension for being held hostage by convicted murderers. Craig Hill, 61, hit the modest $60,000 minor league win on Oct. 14 and will be paid $5,000 a month for a year from The Lott’s Set For Life game. However, he was […]]]>

A disabled teacher whose Centrelink payments were cut after winning the lottery received a pension for being held hostage by convicted murderers.

Craig Hill, 61, hit the modest $60,000 minor league win on Oct. 14 and will be paid $5,000 a month for a year from The Lott’s Set For Life game.

However, he was shocked to find that his disability pension would be reduced from $821.20 to $328.20 for two weeks because Centrelink considered him a “professional gambler”.

Mr Hill received a pension because he suffered severe mental damage when he was held hostage by inmates at Townsville Prison in 2019.

Craig Hill, 61, won the Lott’s Set For Life game, which pays out $5,000 a month for a year, but because the payments are recurring rather than a lump sum, Centrelink will match its fortnightly payments of $821.20 dollars to $328.20 every two weeks

He was teaching hardened criminals to read and write when a riot broke out in the main part of the prison and his nine students threatened him with their pens.

“They’re usually pretty well behaved, but one of the guards thought it would be funny to tell them I’m a former prison officer and I’m spying on them,” he told the Daily Mail Australia.

“It had a pretty detrimental effect, these guys are living for murder for a reason, they’re not super smart.”

Mr Hill said the prisoners prevented him from leaving the room, telling him: “If we have to kill someone because you are a former prison officer, you will be the first.”

The inmates brandished their pens like knives and threatened to stab him for the hour he was trapped in the classroom.

“A pen can do a lot of damage if you stick it in the carotid artery. I knew, OK, this is serious, it scared the shit out of me,” he said.

Mr Hill (pictured with his family) received a pension after suffering severe mental damage when he was held hostage by inmates at Townsville Prison in 2019.

Mr Hill (pictured with his family) received a pension after suffering severe mental damage when he was held hostage by inmates at Townsville Prison in 2019.

Two prison guards were stationed outside the room but appeared unaware of what was going on inside, leaving Mr Hill to draw on his decades of prison training.

“I made my excuses by telling them that they were really willing to give up their lives, even if they were going to live for life for murder, thinking they had nothing to lose,” he said.

“Because the unwritten rule is that if you harm a hostage, you don’t get out alive.

“Even though I was scared, I couldn’t show fear, if you show fear, they have power over you.”

After a terrifying hour, the inmates gave up and went back to their cells, leaving Mr Hill unharmed.

He flew straight back to his home in Brisbane but was towed back for the last five days under threat of being sued for breach of contract.

Luckily there were no more problems, but he was extremely stressed because he had to spend more time in prison.

Mr Hill had suffered from PTSD and schizophrenia, diagnosed a decade later in 2003, for three years as a prison officer at Goulburn Prison, and the hostage situation aggravated it to the point that he can no longer teach

Mr Hill had suffered from PTSD and schizophrenia, diagnosed a decade later in 2003, for three years as a prison officer at Goulburn Prison, and the hostage situation aggravated it to the point that he can no longer teach

Mr Hill said he also suffered horrific bullying from other prison staff, particularly one officer whose harassment began immediately.

“He told me teachers don’t earn meals and are forced to eat their lunches in the computer lab,” he said.

“He told us that teachers are ‘non-persons’.”

Mr Hill had suffered from PTSD and schizophrenia for three years as a prison officer at Goulburn Prison, and was diagnosed a decade later in 2003.

He said the hostage situation aggravated his PTSD, rendering him unable to continue as a teacher and rarely leaving the house.

“After a few weeks I couldn’t concentrate, I have a lot of stress and anxiety, I get panic attacks, especially when I leave the house,” he said.

“About once a month I have a good day and can go out, maybe to the local pub for a bite, but after a few hours I have a panic attack and have to go home.

“I have nightmares about prison, I wake up in a cold sweat.”

Mr Hill was approved for WorkCover just 18 days after his application, after Queensland Corrective Services dealt with it, but it expired after two years.

Since then he has been able to get by on his pension and his wife’s care allowance, as he depends on them to cope with the outside world.

Mr Hill claimed, after asking for a review, that Centrelink officials had also cut his wife's care allowance (pictured with him) by around the same amount as his pension

Mr Hill claimed, after asking for a review, that Centrelink officials had also cut his wife’s care allowance (pictured with him) by around the same amount as his pension

So when he won the $60,000 prize, he thought he’d finally taken a break, only for Centrelink to immediately cut his payments.

The Australian Taxation Office confirmed that his winnings were not taxable income, as is the case with all gambling payouts to the average player.

Mr Hill claimed, after asking for a review, that Centrelink officials had also cut his wife’s care allowance by around the same amount as his pension.

“I did the right thing and contacted Centrelink and they told me it counts as gambling income because it’s paid monthly,” he said.

“So I asked if I could deduct all my gambling losses for the last 20 years and they said no, you only become a professional gambler the day you win.

“If I won $600,000 playing Powerball it wouldn’t affect my pension, but since it’s paid monthly, I’m a professional player, it’s ridiculous.”

Since his WorkCover expired, he's been making ends meet on his pension and his wife's caregiver pay, as he relies on her to cope with the outside world

Since his WorkCover expired, he’s been making ends meet on his pension and his wife’s caregiver pay, as he relies on her to cope with the outside world

Mr Hill claimed Centrelink officials told him he could take the dispute to the Administrative Court of Appeal but then his entire pension for the past seven years could be examined.

“There’s a culture in some of these departments where they see customers as enemies, but if they didn’t have customers, they wouldn’t have jobs,” he said.

Mr Hill said he is far from a professional player, he only plays Powerball when the jackpot is high and has been buying Set For Life regularly since 2015.

“I don’t bet on the horses or go to the casino, I might have a little whip on the poker machines every now and then,” he said.

Mr Hill, a former Australian Democrat vice president, said Government Services Secretary Bill Shorten could intervene but his office had not been cooperative.

He also asked The Lott to ask if the winnings could be paid out all at once to avoid the issue, but he claims the company declined and gave no reason.

“Everyone has the ability to solve the problem, but nobody wants it,” he said.

He does sporadic office work from home, which he reports on a profit and loss statement that he files with Centrelink every three months.

The Lott’s Set For Life lottery has a grand prize of $20,000 per month for 20 years. Mr. Hill won a lower league paying $5,000 a month for a year

The Department of Social Services said unless specifically exempted by law, few amounts of income are excluded from welfare calculations.

“Lotto winnings that are received on a regular basis, for example monthly indefinitely, are assessed as income for the period to which they relate,” it told Daily Mail Australia.

“This is in line with the principle of targeting aid to those who need it most. A periodic lottery win is an ongoing source of income that can be used for self-sufficiency.’

The department acknowledged that if Mr Hill had received the payout as a lump sum, it would not have counted as income.

However, any valueable assets purchased with it and any current income – such as rent from a property or bank interest – would be.

Mr Hill said he is far from a professional player, he only plays Powerball when the jackpot is high and has been buying Set For Life regularly since 2015

Mr Hill said he is far from a professional player, he only plays Powerball when the jackpot is high and has been buying Set For Life regularly since 2015

Just because the lottery winnings were tax-free didn’t make a difference whether they could be assessed as income.

“The social security system measures a person’s need for income support and their ability to contribute to their own livelihood,” it said.

The department said Mr Hill’s wife’s carer payment was affected because the retirement income test uses the gross income of both partners, even if one of the partners is not receiving a pension.

“This is based on the principle that couples can pool their resources for mutual benefit,” it said.

“Accordingly, each spouse’s income is assessed for Social Security retirement income testing purposes.”

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Empower’s $362 million book for its Dubai IPO was covered in hours https://winwinlose.net/empowers-362-million-book-for-its-dubai-ipo-was-covered-in-hours/ Mon, 31 Oct 2022 10:06:21 +0000 https://winwinlose.net/empowers-362-million-book-for-its-dubai-ipo-was-covered-in-hours/ (Bloomberg) – Dubai’s stake sale to Emirates Central Cooling Systems Corp. received more orders than shares on offer within hours of the book opening, the latest example of listings in the Middle East attracting overwhelming investor interest. Most read by Bloomberg The district cooling company known as Empower set the price range at 1.31 dirhams […]]]>

(Bloomberg) – Dubai’s stake sale to Emirates Central Cooling Systems Corp. received more orders than shares on offer within hours of the book opening, the latest example of listings in the Middle East attracting overwhelming investor interest.

Most read by Bloomberg

The district cooling company known as Empower set the price range at 1.31 dirhams ($0.36) to 1.33 dirhams per share for the sale of 1 billion shares, or a 10% stake, by the Dubai Electricity & Water Authority and Emirates Power Investment firm for a statement on Monday. A message sent to investors a few hours later and seen by Bloomberg said demand was outstripping transaction size.

Empower’s IPO is part of Dubai’s privatization effort to increase liquidity and keep up with a spate of share sales in neighboring Abu Dhabi and Saudi Arabia. The emirate’s three listings this year, including DEWA’s, have collectively raised about $7.6 billion.

Empower will announce final pricing on November 9th and will make its commercial debut on November 15th. UAE Strategic Investment Fund, Shamal Holding and Abu Dhabi Pension Fund are cornerstone investors with total commitments of up to Dirham 335 million.

The Middle East has emerged as a bright spot for IPOs amid muted activity elsewhere, thanks to high oil prices and outperforming stock markets. Tens of billions of dollars in order books have become commonplace as investors flock to the region’s markets. Saudi energy utility Marafiq announced last week that its $897 million IPO attracted $52.5 billion in orders.

With robust equity markets in the region, the operator of a private school in Dubai, Taaleem Holdings PJSC, said on Monday it is trying to raise 750 million dirhams from an IPO. It is a rare private sector listing in the UAE, which has been dominated by deals from state-owned companies so far this year.

Founded nearly two decades ago, Empower is 70% owned by Dubai Electricity. The company expects to pay a minimum annual dividend of 850 million dirhams for two years after the IPO and based on the offer price which implies a dividend yield of 6.4% to 6.5%.

“Amid Dubai’s expansion plans, robust residential property growth and booming hotel capacity, we believe Empower represents a unique and attractive investment proposition for all investors,” Chief Executive Officer Ahmad Bin Shafar said in the statement.

Citigroup Inc., Emirates NBD Capital, Merrill Lynch International and EFG-Hermes are leading the IPO. Moelis & Co. is Empower’s independent financial advisor.

Continue reading:

  • Empower is set to borrow $1.5 billion to fund the pre-IPO dividend

  • Empower sees minimum dividend of 850 million dirhams/year after IPO

  • Middle East IPO momentum unfazed by global doldrums: ECM Watch

–With the support of Swetha Gopinath.

(Updates with terms in first two paragraphs, background in sixth.)

Most Read by Bloomberg Businessweek

©2022 Bloomberg LP

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Cobham’s pension plan agrees £530million annuity deal with Standard Life https://winwinlose.net/cobhams-pension-plan-agrees-530million-annuity-deal-with-standard-life/ Thu, 27 Oct 2022 19:54:06 +0000 https://winwinlose.net/cobhams-pension-plan-agrees-530million-annuity-deal-with-standard-life/ Cobham Pension Plan, of Bournemouth, England, has completed a £530 million ($593 million) pension transaction with Standard Life, the organizations said in a joint press release. All plan participants are now covered by pensions following the deal and a similar transaction in 2013, the press release said. Standard Life has closed £3.2bn in bulk pensions […]]]>

Cobham Pension Plan, of Bournemouth, England, has completed a £530 million ($593 million) pension transaction with Standard Life, the organizations said in a joint press release. All plan participants are now covered by pensions following the deal and a similar transaction in 2013, the press release said.

Standard Life has closed £3.2bn in bulk pensions to date. Rhian Littlewood, Standard Life’s senior business development manager, said in the press release that the transaction demonstrates the importance of fiduciaries being agile to take advantage of favorable market opportunities. The trustees of the Cobham Pension Plan initially approached the market to secure a retiree-only transaction, but found they were able to fully collateralize their liabilities, he said.

Sven Lewis, chief financial officer of sponsor Cobham Limited, said in the press release that since Advent’s acquisition of the technology company three years ago, “we have had a clear plan to de-risk our pension scheme”, including more than £150m of the increased cash investment Advent into retirement provision.

The latest transaction closed in August with Lane Clark & ​​Peacock acting as senior advisors to the trustees for this transaction, with additional support from AR Pensions and Wellbeing Consulting. Legal advice was provided to Standard Life by Squire Patton Boggs and Sacker & Partners and CMS Cameron McKenna Nabarro Olswang, the press release said.

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Divorced people don’t forget about retirement – lexology https://winwinlose.net/divorced-people-dont-forget-about-retirement-lexology/ Tue, 25 Oct 2022 11:16:51 +0000 https://winwinlose.net/divorced-people-dont-forget-about-retirement-lexology/ Weak, forgetful woman? I don’t, and so Imogen Tew’s (FT Personal Finance (22/10)) report on women receiving equitable divorce pensions calls for a post. Apparently, St. James’s Place had determined through an FOI request (from whom?) that between 2016 and September 2021, fewer than one in seven consent orders in which the parties either negotiated […]]]>

Weak, forgetful woman? I don’t, and so Imogen Tew’s (FT Personal Finance (22/10)) report on women receiving equitable divorce pensions calls for a post.

Apparently, St. James’s Place had determined through an FOI request (from whom?) that between 2016 and September 2021, fewer than one in seven consent orders in which the parties either negotiated their financial entitlements in the divorce themselves or with legal input, contained an order split or division or the earmarking of a pension scheme. Only 80,290 out of 602,491 – just over 13% – agreed to such an order. This was in contrast to “about 40%” – i.e. about 240,996, who also obtained such orders, but did so in the contested proceedings. So the couple went to court and argued over finances and a judge issued a decision.

First, the headline “Divorced Forget Retirement” couldn’t have been more misleading and less helpful to those worried they missed a trick or should have gotten something they didn’t have. No one who ends their marriage, male or female, employed or doing household chores while married, “forgets” about retirement. Most worry about how to make ends meet after the breakup — how to move, pay the bills, raise the kids, save for the future, and plan for their retirement. The idea that women, who actually have smaller pension pots because they were not the higher or continuous earners in the marriage, are “forgetting” about their retirement is offensive.

Second, and for reassurance, since 1973 the court (which ultimately authorizes any financial outcome between the parties, whether by agreement, through mediation or arbitration, or at the end of a contested hearing) has had to consider the needs of both parties and all resources in the family (including pensions). ) and share them fairly. It’s an arbitrary balancing act. Judges also don’t “forget” the retirement of divorcing wives, but immediate housing and income take precedence.

Orders are neither agreed nor imposed without both parties and a judge understanding “what” is to be shared – including pensions or how people will live in their retirement. A great deal of time and effort is expended in understanding the present value of an annuity or what it might bring at retirement date given the parties’ age and tax status and state pensions. Some pensions cannot be divided by an English court anyway. Often, annuity actuaries must be hired to calculate what percentage split could result in equal income in retirement.

The article mentioned other options, including earmarking (receiving income from the other spouse’s pension pot when they retire, rather than a share of the pension if an amount is debited from their pension and credited to the seeking spouse’s pension pot) and “offsetting” ( a person may have more than one other type of asset – often the entire marital home until the youngest child leaves school when they are expected to move to a smaller home to free up funding for their retirement), but no FOI- Inquiry was able to demonstrate why certain financial arrangements were made.

The parties, their advisors and ultimately the court will always consider whether the deal or decision is legally fair, and that includes considering where the parties will remain after retirement.

Retirement may not be that big of an issue for those under 40, especially as retirement ages rise and many people who are getting divorced need to use their retirement resources in creative ways to free up cash for more immediate needs rather than plan for their future.

Third, this article should not encourage spouses to fight pension disputes in court. There is widespread support from the Government and Sir Andrew McFarlane, the head of the court’s family division, to ensure that spouses do not rush to court to fight over money. Mediation, arbitration, cooperative approaches, all leading to an injunction, are quicker and cheaper than litigation and involve pension and retirement considerations. Less conflict in the family also leads to better outcomes for the children.

All parties to a divorce should have access to good legal and financial advice in order to make informed decisions about their financial future.

Forget fear and face the future.

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Where’s the food workers’ cut in the sale of Acme properties? https://winwinlose.net/wheres-the-food-workers-cut-in-the-sale-of-acme-properties/ Sat, 22 Oct 2022 11:15:00 +0000 https://winwinlose.net/wheres-the-food-workers-cut-in-the-sale-of-acme-properties/ If the Federal Trade Commission approves the $20 billion sale of Acme Markets owner Albertsons to Kroger as planned next month, the private equity investors who control this conglomeration of US grocery and drugstore chains will be nine times as big have squeezed out a lot of profit as they have invested since 2006. That’s […]]]>

If the Federal Trade Commission approves the $20 billion sale of Acme Markets owner Albertsons to Kroger as planned next month, the private equity investors who control this conglomeration of US grocery and drugstore chains will be nine times as big have squeezed out a lot of profit as they have invested since 2006.

That’s about triple what you and I and our retirement savings (if any) would have gotten if we’d invested our money in the S&P 500 stock index over the same period. And it’s much more so as food worker wages have risen, even with pandemic-era gains caused by labor shortages and hiring competition from Amazon and other warehousing and delivery companies.

These investors, led by private equity giant Cerberus Capital Management, amassed the 2,300 businesses that now make up Albertsons in a series of complex transactions. In addition to Acme, these include Safeway, Jewel-Osco, Vons, Shaw, and more than a dozen other brands.

Cerberus doesn’t always hit the bull’s eye: The 30-year-old company lost $2 billion in Chrysler’s 2009 bankruptcy. For the grocery bet, it spread its risk by teaming up with four major real estate investors, including Lubert-Adler, the Philadelphia-based real estate partnership, whose clients include the Pennsylvania Public Pension Plans.

After years of merging, consolidating, and modernizing the businesses, these pros took Albertsons public in a stock offering last year, but still control over 50% of the shares and will be the biggest beneficiaries of the Kroger deal.

For example, Lubert-Adler owns about 10.9% of Albertsons and will turn its $300 million investment into $2.7 billion if all goes according to plan. (With the government still reviewing the sale, founders Ira Lubert and Dean Adler didn’t want to speak when I called last week.)

The deal also includes a big kiss goodbye: After Albertsons used its pandemic-era profits to pay off many old debts — and reduced its debt-to-revenues ratio from nearly 5 to just 1 — the company has agreed to pay declared the private equity fund and other current investors an additional $4 billion – $6.85 per share – as a “special dividend” on November 7th.

That’s more than two years of profits for the company, meaning Albertsons has to borrow at today’s rapidly rising interest rates, pushing the debt ratio to as high as 2.5, still well below pre-pandemic levels; or use proceeds from asset sales the government is expected to require as a condition of the deal in Midwestern and Western states where Kroger and Albertsons businesses compete.

The payout has drawn critics who belittle store improvements, new technology and other investments by private equity owners, and see investors like Cerberus and Lubert-Adler as scavengers who are squeezing target company employees and weakening the firms they buy and sell , when they buy and sell them they are done wringing out profits and payouts.

“This will severely weaken the indebted grocery chain. Regulators need to step in and stop this looting of the company,” wrote Eileen Appelbaum, the Penn and Temple-educated economist and author of Private equity at workand co-director of the Center for Economic and Policy Research, a think tank in Washington, DC

“It’s a really big concern for the unions: If you pull $4 billion out of these companies, what financial position is this company going to be in? We’ve had some discussions about this, our international union is hiring financial professionals and law firms, and I think they’re going to try to stop or block that payment,” says Wendell Young IV, president of the Philadelphia-based United Food and Commercial Workers Local 1776 represents workers at Acme and 100 other companies, primarily in Pennsylvania.

The union and other 34-state residents of both chains fear the cost of paying back Cerberus, Lubert-Adler and the other private investors “will show up at the negotiating table for lower wages and benefits,” Young added. Merger-related debt is as common as mergers in the grocery chain.

Young notes that his union had a series of “nasty fights with Acme” even before the former owner, Sam Skaggs’ American Stores, was bought by Albertsons in 1999.

union leaders talk hard; it is part of the negotiations. Given Kroger and Albertson’s long history as unionized companies – now competing with non-union grocers from Walmart to Wegmans – there is reason to believe that the enlarged Kroger and its unions will come to terms with a larger, more efficient competitor, that provides pensions and medical care Plans that distinguish the chains as unionized employers are more likely to go ahead.

When Skaggs’ company hired Wall Street bankers and threatened to sell Acme stores, the union hired its own investment bank and attempted to buy them (as it did earlier A&P stores to shut down the former SuperFresh chain establish).

In the late 2000s, when Albertsons merged with the SuperValu group of stores and managers were demanding cuts, the union ran a “walk and work” picket campaign to pressure the company to continue benefits without breaking its contract.

Young said similar tactics could pressure Kroger into committing to funding wages, benefits and store needs before paying off investors — and that the pro-labor Biden administration or even state antitrust authorities could help convince employers change their deal to be more worker-friendly.

But it would be unusual for the FTC, the Securities and Exchange Commission, or any other federal agency to step in and stop the Albertsons from paying investors a fat dividend, says Charles Elson, a corporate governance consultant based in Newark, Delaware.

That’s because Kroger, the buyer, has agreed to accept Albertsons even without the $4 billion, he added. “If Kroger thought taking the money out was going to ruin Albertsons, they wouldn’t buy it,” Elson added. “Kroger needs to produce results for his own investors.”

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ALEX BRUMMER: The high cost of the triple lock pension https://winwinlose.net/alex-brummer-the-high-cost-of-the-triple-lock-pension/ Wed, 19 Oct 2022 20:48:23 +0000 https://winwinlose.net/alex-brummer-the-high-cost-of-the-triple-lock-pension/ ALEX BRUMMER: It’s not obvious that the country can afford to meet its triple lock pension commitment By Alex Brummer for the Daily Mail Released: 4:48 PM EDT, Oct. 19, 2022 | Updated: 4:48 PM EDT, Oct. 19, 2022 They recognize that the Prime Minister’s credibility is shaken when she endorses a policy in the […]]]>

ALEX BRUMMER: It’s not obvious that the country can afford to meet its triple lock pension commitment

They recognize that the Prime Minister’s credibility is shaken when she endorses a policy in the House of Commons, and questions are immediately raised about how long it will take for it to be reversed.

Liz Truss backed the triple lock – the best of median wages, consumer price inflation, or 2.5 percent – on next year’s state pension increases.

With the annual consumer price index (CPI) rising at or near its peak of 10.1 percent, it’s not obvious that the country can afford to meet its obligation to retirees with a record rise next year.

They recognize that the Prime Minister’s credibility is shaken when she endorses a policy in the House of Commons, and questions are immediately raised about how long it will take for it to be reversed

Social and political support for advancement is far more compelling than the economic arguments. Pension advocates argue that after a modest 3.1 percent increase in pensions last year, not passing on a full pension increase would be a betrayal of the social contract between the government and older citizens.

Technically, Social Security contributions pay for state pensions and are an entitlement. In reality, most of the funding comes from all taxes.

In the war between the generations, many younger people, weighed down by college debt, resent the idea that the fruits of their hard work should go to a group that was once beleaguered by college scholarships and is sitting in their homes on large capital gains while they cannot climb the ladder.

The other side of the story is that the UK state pension system is among the worst in the developed world. It condemns millions to freezing in their homes and shopping at Aldi or going to the local food bank.

The economic arguments for the pension jump are weak. At a time when government and employers are being encouraged to maintain a wage-price spiral by keeping wage settlements below headline inflation, it does not do well to single out one group for special treatment.

Chancellor Jeremy Hunt is looking to improve the tally ahead of the Halloween financial event and the cost of the triple lockdown could be seen as prohibitive by mandarins.

“Chancellor Jeremy Hunt is trying to better balance the books ahead of the fiscal event of Halloween.”

The rise in September CPI is worrying. Most worryingly, core inflation, which excludes energy and food, soared to 6.54 percent from 6.26 percent.

Bank of England Governor Andrew Bailey, who misjudged inflation as temporary a year ago, is now concerned about secondary effects. When inflation expectations rise, this feeds back into higher wage settlements, raising the prices of goods and services.

Hunt didn’t help by scrapping the energy price guarantee for 2024, which could help anchor expectations. Corporate rates are due for a CPI hike, which in turn could impact inflation if the costs are passed on.

All of this suggests that the bank is tightening its monetary policy stance in November, with a three-quarters, or a full point, hike from the current 2.25 percent. The consensus at the International Monetary Fund is that if inflation is to be contained, it is better to move hard and fast. Be prepared for more pain.

Rich loot

Trading and making deals has long been Goldman Sachs’ primary focus. No wonder, then, that she is withdrawing from her online retail bank Marcus. It’s being consolidated with Asset and Wealth Management, suggesting it no longer wants clients of modest means.

When it comes to attracting retail customers in the UK, the American giants can’t decide whether to enter or exit the roundabout. Citigroup announced last month that it was closing its UK retail operations to focus on wealthy customers.

JP Morgan is going in the opposite direction with the launch of British digital bank Chase, which is expected to employ more than 400 people. The bank could feel that it is making a terrible mistake if the chancellor chooses to keep the 8 percent bank tax surcharge or a reduced level of 5 percent when the corporate tax rises to 25 percent in April. The headline tax rates play a role.

Amazon unbound

Amazon launches a home insurance portal

Amazon launches a home insurance portal

The UK is a pioneer in digital comparison sites. The arrival of the ultimate disruptor Amazon, launching a home insurance portal after signing up with Co-op, the Allianz-owned part of LV and Ageas Insurance, is not welcomed.

Moneysupermarket’s shares fell 8 percent and Future, owner of Go Compare, fell. First Jeff Bezos came for books, then groceries, the cloud, satellites and now insurance. His ambition knows no bounds.

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