Shares in one of the biggest employers in Hove lost more than 10 per cent of their value after the budget today (Wednesday 19 March).
George Osborne, the Chancellor, effectively announced an end to compulsory annuities for people with occupational pensions.
Legal and General, which employs hundreds of staff in offices next to Hove Park, is one of the leading providers of annuities to British pensioners.
Shares in L&G fell 19p from 230p to 211p, down more than 8 per cent at the close, having fallen to below 198p at one point after the Chancellor sat down.
Annuities traditionally provided a secure income for pensioners but, in a climate of low interest rates, have become increasingly unpopular.
Last month in response to a consultation L&G said: “We believe the pension annuity remains the most appropriate choice for many consumers and if consumers shop around they can obtain good value for money along with the reassurance of a secure lifetime income the annuity provides.”
City Park employs 2,000 people. It is so highly valued by BHCC that in order to try to protect it from Pickles’ edict that offices can be converted to flats without a planning application, it placed an Article 4 Direction on it which forces an application.
On Thursday the protected area in Brighton will be reduced in size if recommendations to Policy & Resources committee are accepted.
City Park employs 2,000 people. It is so highly valued by BHCC that in order to try to protect it from Pickles’ edict that offices can be converted to flats without a planning application, it placed an Article 4 Direction on it which forces an application.
On Thursday the protected area in Brighton will be reduced in size if recommendations to Policy & Resources committee are accepted.
so today is Thursday …
so today is Thursday …
How times change ! In the 80s when I was at L&G , annuities gave 15% plus bonuses . nowadays it is 4 – 7 if you’re lucky . COME ON OLDIES ! Stop giving your cash to your ungrateful kids and grand-kids !! BUY a FERRARI , tour Europe , SELL the ferrari to a Russian in GREECE and BUY a YACHT and sail the seas . Come home penniless and get re-housed AND cash from the SYSTEM . God knows , YOU have paid into it ALL your life and , BY GUM , it OWES you !
How times change ! In the 80s when I was at L&G , annuities gave 15% plus bonuses . nowadays it is 4 – 7 if you’re lucky . COME ON OLDIES ! Stop giving your cash to your ungrateful kids and grand-kids !! BUY a FERRARI , tour Europe , SELL the ferrari to a Russian in GREECE and BUY a YACHT and sail the seas . Come home penniless and get re-housed AND cash from the SYSTEM . God knows , YOU have paid into it ALL your life and , BY GUM , it OWES you !