The "experts" have been calling a bottom on the recession, before it was even a recession.
Trader333
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My understanding of employer requirements for providing access to a pension are based on legislation that came into force in 1999 which is as follows:
This pretty much covers all UK based employees. There are only a very small percentage of employees that are not covered by this requirement. As such it is unlikely that there will be much of a big change when any new legislation comes in in my view.
It is law and is not an optional guideline.
Paul
This pretty much covers all UK based employees. There are only a very small percentage of employees that are not covered by this requirement. As such it is unlikely that there will be much of a big change when any new legislation comes in in my view.
It is law and is not an optional guideline.
Paul
Technically Fundamental
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Mish makes some good points on why the US housing market isn't goiong to recover anytime soon. Sure, the UK is not the US but still I can't see prices rising here and stagnating there and vice-versa.
These are his points
Fundamental Factors Affecting Housing
* Tougher lending standards: no more liar loans, bigger down payments, closer look at incomes, etc.
* Tougher appraisal standards
* The difficulty of finding jobs
* Wage and benefit cuts shrinks affordability for those who do have a job
* Huge bank-owned shadow inventories
* Huge developer shadow inventories, especially in condos
* Consumer willingness to "walk away"
* Rising delinquencies and foreclosures due to rising unemployment
* Rising taxes
* Overleveraged consumers
* Pent-up demand to sell in a "please get me out mentality" if prices rise just a bit
* The upcoming boomer retirement downsizing event
* A change in consumer attitudes regarding housing as an investment
* A new frugality in consumer attitudes towards debt in general
Mish's Global Economic Trend Analysis: Zombie Subdivisions and "Pig In The Python" Shadow Inventory
These are his points
Fundamental Factors Affecting Housing
* Tougher lending standards: no more liar loans, bigger down payments, closer look at incomes, etc.
* Tougher appraisal standards
* The difficulty of finding jobs
* Wage and benefit cuts shrinks affordability for those who do have a job
* Huge bank-owned shadow inventories
* Huge developer shadow inventories, especially in condos
* Consumer willingness to "walk away"
* Rising delinquencies and foreclosures due to rising unemployment
* Rising taxes
* Overleveraged consumers
* Pent-up demand to sell in a "please get me out mentality" if prices rise just a bit
* The upcoming boomer retirement downsizing event
* A change in consumer attitudes regarding housing as an investment
* A new frugality in consumer attitudes towards debt in general
Mish's Global Economic Trend Analysis: Zombie Subdivisions and "Pig In The Python" Shadow Inventory
Atilla
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TF - Pension reform 2010 is not the same as current pension law... Not sure I understand what you pasted that link in for? It is pretty dry. If you have nothing better to do read this which is at least has some pretty pictures in it. :cheesy:
Welfare Reform and Pensions Act 1999
Atilla
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Technically Fundamental
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"The Government is undertaking a landmark reform of the UK pensions system designed to deliver increased financial security for an ageing population."
"A second White Paper, Personal Accounts: a new way to save, published in December 2006, contained further proposals, with an emphasis on encouraging private saving. These measures were legislated for in the Pensions Act 2008, which became law in November 2008."
"November 2008 the Pensions Act 2008 introduced measures aimed at encouraging greater private saving. Most of the measures in the Act will come into effect from 2012. Key measures include a duty on employers to automatically enrol all eligible workers into a good quality workplace pension scheme (provided they are not already in such a scheme) and provide a minimum contribution."
That is exactly what we were all talking about earlier... ageing population... government policy... we weren't discussing the pensions act.
I'm unsubscribing now anyway this thread has becoming annoying.
"A second White Paper, Personal Accounts: a new way to save, published in December 2006, contained further proposals, with an emphasis on encouraging private saving. These measures were legislated for in the Pensions Act 2008, which became law in November 2008."
"November 2008 the Pensions Act 2008 introduced measures aimed at encouraging greater private saving. Most of the measures in the Act will come into effect from 2012. Key measures include a duty on employers to automatically enrol all eligible workers into a good quality workplace pension scheme (provided they are not already in such a scheme) and provide a minimum contribution."
That is exactly what we were all talking about earlier... ageing population... government policy... we weren't discussing the pensions act.
I'm unsubscribing now anyway this thread has becoming annoying.
Hilarious. I presume you meant this to be a major green shoot. Good old stats. We're all aware, or should be, how increases on previous months when volume is low or volatile are not that significant.
What I do think funny though, and again it shows how interpretable stats are, is this stat presented as a good thing
"Some 45,000 home loans were granted for house purchases - just 6% lower than the same month the previous year"
So, volumes were actually lower this June than last June when average UK prices were in the middle of a steep downward slope. No wonder prices are 'bottoming' with such low volume - a supply squeeze, that tells you little about the availability of credit or future repossessions.
Maybe they are 23% higher but maybe they're not.
The banks are getting a lot of stick for not lending so they have an agenda to promote the fact that they are lending. And this is why they've been advertising in the broadsheets saying
we're lending, look how much we've put into new businesses and mortgages etc. Then they will put their spin on the figures and hey presto. all is well.
Then they'll end it with some 1984 crappy marketing slogan like -
"RBS - we're commited to lending for a brighter future"
The banks are getting a lot of stick for not lending so they have an agenda to promote the fact that they are lending. And this is why they've been advertising in the broadsheets saying
we're lending, look how much we've put into new businesses and mortgages etc. Then they will put their spin on the figures and hey presto. all is well.
Then they'll end it with some 1984 crappy marketing slogan like -
"RBS - we're commited to lending for a brighter future"
Trader333
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I cannot see anything that changes the existing requirement of employers. What it is more focused on (in my view) is forcing people who do not want to save money for a pension to do exactly that. So in essence it will be another way of the government forcing people to spend money on something that at the moment is optional.
Paul
Atilla
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Well dear Xeno, I would not have called it a major green shoot as you presume. Simply that Anley only posted up all negative stuff and I'd just threw a minor green shoot in their to add balance and harmony... 😉
It would have to have been a major green shoot to counter the wealth of facts that were quoted. And it wasn't.
The 'balance' you speak of has not even been approached
Whilst I do respect your opinion, and even your style, you have responded very little to most of the facts I've posted, and it's clear you have a major vested interest. I'm afraid I'm not convinced at all.
Atilla
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I have no interest in convincing anyone to any of my thoughts or ideas as it is of absolutely no consequence to any outcome of anything... What I do enjoy is the exchange of ideas and a little banter at times.
I doubt you respect my opinion
I did not say a balance was approached but I do believe Anley's list needed more balancing with some positive news
I have no recollection of reading your facts
I have no vested interests associated with T2W or what I say or do on this blog.
I think you have a major flaw in the interpretation of the written word - misquoting and being dellusional.
I merely pasted a hyperlink to a news article in response to Anley's list of negatives. How you read perceive or digest that piece of information is purely up to you.
You have a major comprehension issue of the written word.
Ee
Well, the facts are there in my posts. Stuff like the QE/wealth destruction ratio, or rising unemployment.
The 'vested interest' is quite clearly the fact that you've just bought a second property. No?
Saying 'I'm not convinced' is a perfectly reasonable response in the 'exchange of ideas' - don't take it so personally. In fact, I see no need to get personal at all, as you have done. However, if you have taken offence then you have my apologies and I'll leave this thread.
Well, the facts are there in my posts. Stuff like the QE/wealth destruction ratio, or rising unemployment.
The 'vested interest' is quite clearly the fact that you've just bought a second property. No?
Saying 'I'm not convinced' is a perfectly reasonable response in the 'exchange of ideas' - don't take it so personally. In fact, I see no need to get personal at all, as you have done. However, if you have taken offence then you have my apologies and I'll leave this thread.
Atilla
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You are dellusional. You do have an interpretation and comprehension issue. Nothing personal. No offence taken. 👍
I see. I think it's you who needs the dictionary. While you've got it, look up 'vested interest' and see whether it would include someone who has taken a risk on property prices and would like to be right about his view rather than wrong. Then look up 'delusional', the insult, and see if it squares with 'nothing personal'
Then when you've done all that, look up 'comprehension' of the written word, and appreciate the irony.
Atilla
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Nothing like 'property prices' to get people going 🙂
I've been saying it for a long time (but I could be wrong) until the majority of people in this country stop thinking that the planet revolves around the UK property market, the UK property market is probably going one of 2 directions, sideways or lower.
I've been saying it for a long time (but I could be wrong) until the majority of people in this country stop thinking that the planet revolves around the UK property market, the UK property market is probably going one of 2 directions, sideways or lower.
Atilla
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Atilla
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