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The Sunday Times reveals a ‘Pensions SOS’, saying that even the rich won’t have enough for care fees. Wealthy savers who have maxed out their pensions are likely to be unable to afford the spiralling cost of old age social care, while savers who hit the £1.055m lifetime cap on money in a pension will not have enough income to pay for the cost of one year’s social care.
They also suggest that we forget Brexit and look towards continental equities, particularly the giants embracing new trends in food and drink.
The Financial Ombudsman Service is accused of letting down people whose partners control their money; the watchdog has “systemic problems” that prevent it from providing adequate support to victims of domestic financial abuse, according to the charity Women’s Aid.
The Sunday Telegraph reports on 91 ‘dog’ funds and their potential ‘pedigree’ replacements, based on Bestinvest’s biannual Spot The Dog fund report which highlights poor performers and possible alternatives.
They also warn that popular portfolios Schroder Income and M&G Dividend have been ranked among the worst funds that invest in British income stocks following a “dearth in dividends” paid to investors.
The duo – which hold £2.2bn and £1.2bn of people savings respectively – have been demoted to the “Black List”, a collection of poor performing income funds defined by wealth firm Sanlam.
The Mail on Sunday wonders whether George Osborne’s tax bombshell from five years ago has finally killed off the buy to let dream, reporting that the scrapping of tax relief on mortgage interest payments which kicks in from the start of the new tax year in April, will be the final straw for many landlords as the financial mathematics no longer work.
One in four landlords now says they are considering selling a property over the next 12 months. That’s equivalent to 500,000 of Britain’s two million property investors.
Talking of Chancellors, the paper tells new boy Rishi Sunak that he needs to make his mark early on, and they suggest that improving our pensions would be a tidy start.
Just a thought – “Horse sense is the thing a horse has which keeps it from betting on people.” (W. C. Fields)