UK roundup: DWP, PPF, UK Coal

first_imgOnly 0.9m are less than 50% on track.Some 8.8m at risk of under-saving earn between £22,700 and £52,000 (€28,480-65,240) on annual basis, and are classed in the middle to high earnings bands.The government also said higher-income groups could benefit from increasing contribution rates to workplace pensions, but said more work was needed to find the perfect balance between contribution rates being high enough to provide adequacy, but not too high to discourage pension saving entirely.It said reforms to the state pension and auto-enrolment had reduced the number of people under saving by around 1m.Pensions minister Steve Webb said the state safety net would now allow many to maintain a comfortable retirement.“This new research shows that, by saving just a little more, a huge number of working people could make their future retirement so much more comfortable,” he added.In other news, the Pension Protection Fund (PPF) has taken over the 75.1% ownership of Harworth Estates Property Group previously held by the trustees of the industry-wide mining pension scheme, after its transfer into the lifeboat fund.The fund also confirmed it had taken control of other assets from the pension fund, which entered the PPF in July last year.The privatised entity of British Coal, UK Coal, saw its two pension schemes enter the PPF after the company restructured to avoid liquidation.The schemes were given a controlling stake in the property company formed as UK Coal was split into two separate mining and property companies, by then parent Coalfield Resources.As part of the deal, the PPF took an interest in the restructured UK Coal with debt instruments.CFO of the PPF, Andrew McKinnon, said: “We consider Harworth Estates to be a valuable asset, and we welcome the ongoing discussions with Coalfield Resources to maximise the value in this business for shareholders.”Coalfield Resources retains ownership of the remainder of Harwarth. A report from the Department for Work & Pensions (DWP) showed that almost 12m people were still at risk of not saving enough for retirement, despite government interventions to increase pensions savings.The government said its reforms, namely auto-enrolment, had made significant differences in retirement savings for lower earnings.However, middle to higher earners are at risk for an inadequate retirement, it said.While 12m people are saving too little, some 6m are 80% of the way to an adequate income.last_img read more

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Nets win over Bucks in biggest NBA upset in 25 years

first_imgThe Nets were 19-point underdogs but somehow pulled off the biggest NBA upset since 1993 when they beat the Bucks on Tuesday.Milwaukee was a heavy favorite heading into the game because Brooklyn was missing nine players. Garrett Temple is CLUTCH 🔥The Nets have beaten the Bucks 119-116.— ESPN (@espn) August 4, 2020MORE: Clippers’ Lou Williams addresses strip club visit: ‘Maybe it wasn’t the best-quality decision’The Brooklyn Nets just pulled off the largest NBA upset point spread-wise since 1993 (Mavs +19.5 over Supersonics), per @ESPNStatsInfo.Nets closed as consensus 19-point underdogs and beat the Bucks 119-116.— David Payne Purdum (@DavidPurdum) August 4, 2020The Bucks didn’t seem very motivated to win. Their defense allowed a 40-point first-quarter and didn’t play any of their starters after halftime — which probably has a lot to do with the fact that they’ve all but clinched the No. 1 seed in the Eastern Conference.There were some big betting winners and losers:Someone bet $800 on the Nets ML today… winning them $12.8K. 🤯 (via @WilliamHillNV)— Fliff Sports (@PlayFliff) August 4, 2020Nets (+1300) pull off the massive upset!One bettor placed $600 on them which paid out $7,800 💰— BetMGM (@BetMGM) August 4, 2020Two big bets came through on Nets moneyline at @BetMGM books.$600 on Nets at 13/1 paid out $7,800$400 on Nets at 13/1 paid out $5,200— Darren Rovell (@darrenrovell) August 4, 2020Biggest bet on Nets to beat Bucks we’ve found is an $800 pregame moneyline bet at +1300 at @FDSportsbook. Won $10,400.— Darren Rovell (@darrenrovell) August 4, 2020.@PointsBetUSA took a “significant number of $1K bets on Bucks ML.”A $1,000 bet on the Bucks would’ve won $32.30 …— Ben Fawkes (@BFawkes22) August 4, 2020A bettor at a @betmgm book bet $11,000 on the Bucks to win the first quarter against the Nets today. Would have paid out $1,834.They lost 40-34.— Darren Rovell (@darrenrovell) August 4, 2020last_img read more

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