Pension

Pension funds managing vast sums on behalf of retired people across Britain came close to collapse amid an “unprecedented” meltdown in UK government bond markets after Kwasi Kwarteng’s mini-budget, the Bank of England has said.Explaining its emergency intervention to calm turmoil in financial markets last week, the central bank said pension funds with more than £1tn invested in them came under severe strain with a “large number” in danger of going bust.The Bank said a dramatic rise in interest rates on long-dated UK government bonds in the days immediately after...

Wesleyan, the specialist financial services mutual for doctors, has called on the government to take immediate action to implement its new proposed changes to NHS pension rules.As part of the government's Plan for Patients, health secretary Dr Thérèse Coffey said she would “change” elements of the NHS pension scheme to help retain doctors, nurses and senior staff, as well as increase capacity.This included amending the revaluation date in the NHS pension scheme to reduce the risk of staff facing annual allowance charges as a result of rapidly rising inflation. Article continues after...