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News review: pensions, legal costs, vulnerable clients

Millions facing shortfall in retirement despite auto-enrolment

22 October 2013

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Average earners who start saving at 22 only have a 50:50 chance of reaching an adequate retirement income, reports The Telegraph. The Pensions Policy Institute said Britain should consider mandatory pensions because even auto-enrolment means millions still face a shortfall in retirement.



A former City trader, who was ordered to pay £235,000 towards his former wife's legal costs in July, has now said he cannot afford to pay them despite opening £2m property in New York. The Times reports that a family judge described the spending power of Yan Assoun as "beyond the wildest dreams" of his estranged wife.



A woman suffering from Down's syndrome who was held in an English hospital for six months in 2003 and complained that her right to challenge the lawfulness of her detention had been violated will receive £3,700 in costs and expenses, reports The Law Society Gazette.



Same-sex marriage has been legalised in the Australian Capital Territory making it the first jurisdiction in the country to do so, reports The Guardian. The federal government is said to be launching a High Court challenge.



Slater & Gordon's planned Pannone acquisition has hit the buffers because of individual concerns, reports The Lawyer. More than 75 per cent of partners support the takeover, according to its sources.



Saga Legal has launched a guide explaining how to ensure that digital legacies live on as intended. Guide to Preserving your Digital Legacy covers everything from social media accounts to online logins for sites such as Amazon. Silver surfers are increasingly adopting the internet with nearly one in five aged 65 to 74 using social network sites, according to the Office for National Statistics.



Wealth managers are being urged to review their price structures by Pershing, whose post-RDR research found that many companies are moving to a fee structure based on percentage of assets. See Wealth Manager.



Numerous studies have suggested that poor sleep could be a cause rather than a symptom of Alzheimer's, reports The Times. Adam Spira, of the Johns Hopkins Bloomberg School of Public Health in Baltimore and lead author, said the findings meant it could be possible to "leverage sleep to prevent Alzheimer's or slow its progression".



Some 22 individuals may be investigated by Serious Fraud Office for alleged fixing of the key interest rate, reports The Telegraph. They have yet to be interviewed but could face criminal charges.



Co-operative Bank has lost its independence to two hedge funds and will list on the share market next year with bondholders taking over 70 per cent of the stock, reports The Times.

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