Government consults on plans to modernise pension provision
The UK government is fast-tracking plans to modernise its own pensions system by broadening access to Collective Defined Contribution schemes.
CDC pension schemes were first introduced to the UK in 2022, and have the potential to deliver reliable returns for savers, while ensuring more predictable costs for employers.
Today, industry experts, savers and pension providers can have their say on new proposals to extend the current offering of CDC pension schemes to more employers, delivering better value for money for future pensioners and unlocking huge investment potential.
In Canada, the funds from pooled pension contributions are invested into a wider range of assets like infrastructure, startups and private equity – which can benefit the wider economy and boost returns.
Extending CDCs could similarly allow for greater return on investment for those saving into the schemes and allow for larger investment in the UK – supporting the Government’s growth mission to boost the economy.
Minister for Pensions Emma Reynolds said: “We are seizing this opportunity to modernise our pensions market to deliver better outcomes for millions of workers. People work hard to put money aside for their pension with every pay cheque. This significant innovation will offer a more predictable income and greater finance security for future pensioners.”
Currently only single or connected employers can set up CDC schemes, with the first scheme launched by the Royal Mail yesterday.
Building on the significant appetite from industry for extending CDC provision, the Government is now seeking to broaden access further by allowing unconnected multiple employer schemes – making this pension model more accessible to a wider range of businesses and employees.
This work builds on plans to review our pensions landscape as well as our new Pension Schemes Bill which could boost pension pots – with further consolidation and broader investment strategies to possibly deliver higher returns for pensioners.
The consultation seeks views from employers, industry experts, pension providers and the public on draft regulations and their potential impact.
The consultation will run for six weeks – running until 19 November 2024.
New team member, promotion, and investments at Mackworth Vehicle Conversion Specialists
Mackworth Vehicle Conversion Specialists, a provider of bespoke vehicle solutions, has appointed a new team member, made a promotion, and made a significant investment in facilities.
Mackworth has welcomed Phil Taylor as the new Quality and Compliance Inspector. With over five years of experience in quality assurance from his time at Toyota, Phil brings a wealth of expertise in maintaining high standards in the automotive industry.
At Toyota, Phil was responsible for conducting 300 checks in just five minutes on a rolling road, inspecting up to 280 vehicles daily.
At Mackworth, Phil’s role will be critical in ensuring that all vehicle conversions and modifications adhere to customer specifications and industry standards. He will be responsible for performing final quality checks on completed builds, verifying that each vehicle meets the bespoke needs of customers and adheres to Mackworth’s rigorous quality assurance protocols.
Andrew Kent, General Manager at Mackworth, said: “Phil’s eye for detail and dedication to quality will play a key role in enhancing the company’s operations, ensuring that all vehicles leave the facility ready for use and in perfect condition.”
Andrew continued: “Phil’s extensive background in quality assurance and his passion for the industry make him a valuable asset as Mackworth continues to grow and develop its capabilities.”
The company has also promoted Emma Ockhuis to Customer Sales Administrator. Emma has been with Mackworth for just over 12 months, during which time she has demonstrated exceptional dedication, attention to detail, and a strong passion for customer service.
Andrew said: “Emma has a fantastic work ethic and attitude; she’s always willing to go the extra mile for the team and our customers. Her positive approach and attention to detail have been invaluable, and she’s become someone the team can always rely on. Emma is not only efficient and organised, but she always brings her smile to work, creating a friendly and welcoming atmosphere for everyone.”
As part of its ongoing commitment to enhancing the work environment, Mackworth has invested £25,000 in upgrading its workshop toilet facilities. The new installation features automatic taps, promoting hygiene and water efficiency, along with efficient hand dryers, and modern cubicles and urinals. This investment aims to create a comfortable workspace for employees, ensuring the team can operate in the best possible conditions.
Frasers Group acquires over 1 million sq ft of retail assets
Frasers Group has made three real estate acquisitions in strategic retail locations.
The Shirebrook-based business has acquired Princesshay Shopping Centre in Exeter, Fremlin Walk Shopping Centre in Maidstone, and The Olympus Centre in Quedgeley.
Covering over 600,000 sq ft and including Princesshay Shopping Centre, this retail destination for shoppers in Exeter city centre and the wider region is home to more than 60 retailers across boutique, specialist and national brands.
Fremlin Walk Shopping Centre (350,000 sq ft) is a key retail destination in the heart of Maidstone, and home to major UK high street tenants.
It is currently undergoing extensive refurbishment ahead of the opening of a multi-brand 70,000 sq ft FRASERS flagship store, offering consumers access to more brands from the Group’s ecosystem including a Sports Direct, USC, Evans Cycles, GAME and Jack Wills. A 5,000 sq ft FLANNELS store is also set to open this month.
The Olympus Centre (65,000 sq ft) is a fully-let retail park located in the Quedgeley area of Gloucester. Strategically positioned, the retail park has good access to a thriving local catchment population and has strong fundamentals as a retail destination.
The three centres see an annual footfall of almost 17 million visitors.
Michael Murray, CEO of Frasers Group plc, said: “The acquisition of Princesshay, Fremlin Walk and The Olympus Centre reinforces our commitment to investing in physical retail. Securing properties which serve as the primary retail destination for the community remains a top priority for us.
“Such acquisitions unlock new growth opportunities for our retail concepts, while revitalising high streets and physical shopping locations up and down the country. At Frasers, we strive to re-invent and elevate retail for UK shoppers, bringing the very best brands, environments, and experiences to all our customers across the country.”
Frasers Group was advised by James Keany, Executive Director, Head of National Agency at CBRE on this acquisition.
Derby City Council instructs Salloway to sell Allestree Hall
Salloway Property Consultants have been instructed by Derby City Council to sell Allestree Hall.
Set in 8.7 acre grounds and including the former stables and icehouse, the building is steeped in history and character but requires new owners to repurpose and restore the building back to its former glory.
Allestree Hall was built in the early 1800’s on land previously owned by the Mundy family of Markeaton Hall.
Commissioned by Bache Thornhill, Architect James Wyatt was instructed to build an imposing mansion within a country park setting. The Grade II* listed building was built over three storeys with Ashlar stone elevations with sash windows and a central full height bow with a foundation stone bearing the initial JW and dated 1802.
The house was used as a residence from the early 1800s up until the late 1920s with notable stewards amongst others including William Evans, Sir Thomas Williams Evans, Colonel Herbert Johnson.
In 1928 the property was sold to Commercial Constructions Limited who broke the estate up, before disposing of this in 1936. Following the onset of the wars the property was utilised by the National Fire Service as the County Headquarters, albeit conflicting reports suggest that Sherwood Foresters Regiment occupied the property during a similar period.
In 1946 Derby City Council acquired the hall and subsequently converted some of the grounds into an 18-hole golf course. In November 2020 the golf course closed with the land returned to nature to become the UK’s largest urban re-wilding project.
The picturesque setting and scale of this property means that there is great potential in what the building could be utilised for and, subject to meeting the necessary planning and listed building requirements, Salloway believe that the building may be adaptable for educational, office, leisure and recreational or residential use.
“We went live with the property on Friday afternoon and given the volume of enquiries and requests for further information we are looking to conduct block viewings with an intention to draw interest to a close, by late October/early November,” said Chris Keogh, Associate Director, Salloway.
Refurbishment begins at Sutton Theatre
Sutton Community Academy’s theatre has now been stripped out ready for refurbishment works to begin.
The works are part of Ashfield District Council and Sutton Community Academy’s plans to upgrade the theatre, which will be rebranded and opened to the public as Cornerstone Theatre. The project is being funded as part of the Council’s £6.27m Future High Streets Fund, and is central to their plans to revitalise Sutton town centre.
The new theatre, which is due to be completed mid-2025, will allow residents and visitors to watch professional theatre performances, cinematic experiences, music and comedy nights in the heart of Sutton. Students at the college will continue to use the theatre for their performances and will give them valuable experience in a high-quality facility.
Cllr Matthew Relf, Executive Lead for Growth, Regeneration, and Local Planning, said: “This project will help us achieve our goals of creating a vibrant and safe night-time economy in Ashfield. We are so proud to be investing in arts and culture, to allow more people of all backgrounds, young and old, in Ashfield and beyond to experience the magic of cinema, live theatre and music right here on their doorstep.
“All our regeneration projects, funded through over £100million external investment, have the common aim – to create an Ashfield that is a great place to live, work, play, study and visit.”
New dressing rooms and a green room, toilets – including a changing places room – foyer and box office will be created to accommodate the improved theatre. Inside the theatre itself the auditorium will be completely refurbished with new flooring, ceiling, acoustic wall treatments and doors.
A new retractable seating system will provide seating, and specialist lighting will also be installed. Considerations are being made to ensure the theatre will be an accessible space for staff, performers, and the audience.
Simon Martin, Vice Principal at ATTFE, said: “ATTFE is hugely excited to be involved in the inception and the future running of the Cornerstone facility. Sutton-in-Ashfield and the surrounding area has long needed investment in and opportunities for cultural experiences of all sorts, and Cornerstone will provide these for the direct communities, neighbourhoods, and families that we serve.”
WBR Group sponsors Navali Navratri event, supporting Saarthi charity
Leicester-based WBR Group, the independent provider of SSAS services and tax experts, has sponsorsed the Navali Navratri event organised for the fourth consecutive year by the Saarthi Charitable Foundation.
Navali Navratri, a nine day Hindu festival dedicated to the Goddess Amba, celebrates the triumph of good over evil and special events will take place on Friday 4th, Saturday 5th and Sunday 13th October.
The festival events, which started on Friday, are being held at the sports centre at Rugby College on Technology Drive.
WBR Group’s support for this event is particularly meaningful as one of their own, Dimple Joshi, is the driving force behind both the charity and the events.
Dimple’s journey into charitable work began in 2019. To celebrate her exam success, her parents made a significant donation to the Guria Foundation Charity in India, which aids children suffering from exploitation.
Dimple Joshi, WBR Group, said: “I couldn’t think of a better way to celebrate my exam success than by helping others and my parents were in a fortunate position to be able to do this. I dedicate all of this to them. They chose the Guria Foundation as its purpose is to provide aid for children suffering exploitation.
“Wanting to ensure their donation made a genuine impact, as a family we spent time with the Charity’s founder, interacted with workers, and connected with the children benefiting from the foundation’s work. This experience had a lasting impact on me. I was overjoyed to be able to see their work and the time we spent with the children was priceless and left us feeling that we had made a meaningful impact on young lives.”
Inspired by this experience, Dimple and her parents founded Saarthi, a registered charity dedicated to supporting various initiatives and touching many lives.
The name “Saarthi” roughly translates as someone steering a chariot. The word represents guidance, leadership, and participation in a significant journey.
Saarthi aspires to embody these values by assisting individuals in need across India and being part of their lives.
Dimple added: “This is just the beginning for the charity, and we hope that it will continue to grow and bring real, tangible benefits to people. There is a lot of work ahead and we are looking forward to providing much needed help and support for the people in India and elsewhere.
“The charity will assist in making changes to the life outcomes of the many people it supports. Our goal is to expand our reach to as many people as possible in the future.”
The organisers of Navali Navratri have expressed immense gratitude for WBR Group’s continued support through generous donations.
Tom Moore, CEO of WBR Group, said: “At WBR Group, we believe in the power of giving back and supporting communities both locally and globally.
“Our involvement with Saarthi and the Navali Navratri event is a testament to our commitment to making a positive impact. We are proud to support such a meaningful cause that not only celebrates cultural heritage but also brings tangible benefits to those in need.
“As we look forward to launching our own charitable foundation, we are excited to continue expanding our support for diverse charitable initiatives, with Saarthi being a shining example of the difference we aim to make.”
Barratt’s £2.5 billion purchase of rival Redrow Homes cleared
The Competition and Markets Authority (CMA) has cleared Leicestershire-based housebuilding giant Barratt’s £2.5 billion purchase of rival Redrow Homes.
It follows the CMA concluding a Phase 1 investigation into the deal, where it found an area of concern regarding the supply of new build private residential housing in Whitchurch and Nantwich.
The businesses each have major, competing, developments in one of the towns and have agreed to sell remaining homes through an independent agent, with Savills appointed for this.
Moreover, a monitoring trustee and an independent professional quantity surveyor will be appointed to monitor and oversee the merged entity’s compliance with commitments including that unbuilt houses and unbuilt infrastructure in Redrow’s Kingsbourne development in Nantwich are constructed to Redrow’s quality standards and completed in a timely manner; and that aftersales services are provided to all homebuyers to a level meeting or exceeding Redrow’s pre-merger standards.The CMA has now published its acceptance of Barratt and Redrow’s undertakings and will not be referring the acquisition to a phase 2 investigation.
Barratt will commence the integration of the businesses.
David Thomas, CEO of Barratt, said: “Today is a significant milestone for Barratt Redrow, as we come together as one organisation. With this combination, we have created an exceptional housebuilder in terms of quality, service and sustainability, able to accelerate the delivery of the homes this country needs.
“Together, we offer a broader range of homes and price points for our customers who we will continue to put at the heart of everything we do. Our focus now is on integrating our businesses as efficiently and effectively as we can to deliver the expected benefits of the Combination.
“We will leverage the best of both companies to deliver significant benefits to our people, our customers and our supply chain partners, and ensuring that Barratt Redrow is set up to deliver long term value to all of its stakeholders.”
New rail link could create 3,000 jobs, says Midlands Connect
Midlands Connect believes that if the rail link is constructed between Coventry, Leicester and Nottingham 3,000 roles will be created during the lifetime of the construction and in the supply chain.
This peaks in 2031 at around 850 and averages at around 400 every year. The majority of the roles predicted are skilled occupations in engineering, operatives or project management.
The company also believes 70 apprentices could be recruited and trained over the course of the programme.
A spokesman said: “Over the course of the seven-year project, linking Coventry, Leicester and Nottingham by rail could generate an additional £68m in economic value as a result of jobs created in both of the Midlands, and nearly £11m in Social Value benefits – which include environmental benefits, wellbeing benefits and social benefits. This is on top of the traditional transport and wider economic benefits outlined in the business case, which amounted to £170m at the last update.
“Journey times along the route would be cut significantly, with trips from Coventry to Leicester falling from 54 to as low as 30 minutes, with trips from Coventry to Nottingham falling to around 65 minutes. Loughborough and East Midlands Parkway could also have new, direct and more frequent links to Coventry.”
Currently, just 3% of trips between Coventry and Leicester are made by train; compared to 30% of journeys made between Coventry and Birmingham.
Average speeds for trains between Coventry and Leicester currently fall under 30mph, compared to average speeds of over 100mph for trains from Coventry to London.
Andrew Clark, Integrated Transport Programme Lead at Midlands Connect said: “This project is so much more than just a rail scheme, it will create high-skilled and high-paid jobs, grow our economy and kick-start careers, thanks to the creation of apprenticeship roles.
At the moment it can take up to 70 minutes to travel less than 25 miles between Coventry and Leicester, and passengers have to change trains halfway – it’s simply not good enough – our plans will fix that and link key Midland cities, once and for all.”
Sir Peter Soulsby, City Mayor of Leicester said: “This project is a priority for the Council. It will allow people to travel easily between Leicester and Coventry. Only 3% use the train now as there is no direct service, leading to high car use, on congested roads.
“The creation of high-skilled, high-paid jobs, is a bonus, as is the creation of apprenticeship roles, kick-starting careers. This all helps to deliver a stronger economy as well as social value benefits to our local community.”
The times they are a-changing: By Jennie Brown, tax partner at Streets Chartered Accountants
With the upcoming budget expected to bring significant changes, Jennie Brown, tax partner at Streets Chartered Accountants, considers what may be on the way.
The October budget is right around the corner. It could bring major changes to a whole range of estate planning taxes, especially Inheritance Tax (IHT) and Capital Gains Tax (CGT). Set down are some thoughts, identifying possible changes that might be on the way and how they might impact on your personal wealth and the financial well-being of your family. If you’re serious about protecting your wealth, it’s time to brace yourself. Here’s what might change:
Inheritance Tax: changes are widely expected
The government could be eyeing cuts to IHT reliefs, which may reshape your estate planning strategies. Here’s where the biggest impacts may lie:
- Increasing IHT rates
- Business Property Relief (BPR):
- Agricultural Property Relief (APR): could farmers get taxed more?
- Nil Rate Band and Residence Nil Rate Band: are limits changing?
- CGT rate hikes: sell now or risk higher rates
- CGT reliefs: will entrepreneurs lose out?
- Anti-Avoidance Crackdowns: be aware of possible anti forestalling
Motorpoint Group returns to profit
Motorpoint Group, the Derby-based independent omnichannel vehicle retailer, has returned to profit.
According to a half year trading update for the six months ended 30 September 2024 (H1 FY25), profit before tax is expected to be £2m, improving from a £3.7m loss in the same period of last year.
Meanwhile, the businesses saw strong retail volume growth of 17% in H1 FY25 compared with H1 FY24. It comes as the firm highlights easing macroeconomic headwinds in H1 FY25, used car prices and margins remaining broadly stable and customer sentiment improving.Mark Carpenter, Chief Executive Officer of Motorpoint Group PLC, said: “The resilience of the Motorpoint business model has been proven once again and I am delighted to confirm that the successful execution of our Brilliant Basics programme during FY24, alongside the easing of macroeconomic pressures, has resulted in a return to profitability.
“We also welcomed the first interest rate cut in August, the same month that we achieved our highest performing retail volume since March 2022.
“This solid performance in the first half of the year stands us in good stead as we look to progress our strategy to accelerate growth, and I would like to thank our incredibly hardworking colleagues for what they have delivered so far this year. I am confident that we are entering the second half with strong momentum.”
