Latest news with #LegalAndGeneral
BBC News
a day ago
- Business
- BBC News
Contract signed to transform old Northampton bus station site
An agreement has been signed to transform the site of an old bus station that was demolished a decade Greyfriars development in Northampton will include 1,000 homes, an amphitheatre, shops and 25-acre (10.1ha) site also includes two existing car parks, a disused corn exchange, and a derelict office Northamptonshire Council said the deal would "revitalise a long-neglected area of the heart of the town centre". Ever since Northampton's Greyfriars bus station, labelled "the mouth of hell", disappeared in a huge cloud of dust in 2015, the site has been vacant and agreement that has now been signed means work could be starting soon on a project that will, according to the council, "unlock the true potential of Northampton".The signatures on the document are those of the council and ECF which is a joint venture between the government's Homes England agency and private firms Legal & General and "placemakers" Muse. As well as the bus station site, the regeneration area includes the Mayorhold and Victoria Street Car Parks and the traffic islands either side of the bus is also the Corn Exchange, built in 1851, and Belgrave House - a giant 1970s brutalist office the plans, Belgrave House is set to become a "flexible space for established and emergent businesses". The Corn Exchange is likely to be turned into art and performance space, alongside a new amphitheatre on what is now the West Island.A park is included in the plan, occupying the area which is now Lady's plans include affordable, built-to-rent and student accommodation alongside shops, restaurants and leisure council claims 7,000 full-time equivalent jobs will be created during the construction phase and "over £1bn in economic value" will be "unlocked". James Petter, cabinet member for local economy at the Reform UK-controlled council, said: "The regeneration of Greyfriars will not only revitalise a key part of our town centre but also strengthen our local economy, improve connectivity, and create a more inclusive and vibrant place to live, work, and visit."Sir Michael Lyons, who chairs ECF, said: "Entering a development agreement will enable us to take the next important step in the delivery of this important opportunity."He added that both parties would now "move at pace" to deliver a masterplan for the project. Follow Northamptonshire news on BBC Sounds, Facebook, Instagram and X.
Zawya
4 days ago
- Business
- Zawya
Togo: African Development Fund and the Republic of Togo Sign Partial Credit Guarantee Agreement to support mobilization of EUR 200 million Sustainable Loan
The African Development Bank Group ( and the Government of Togo have signed a partial credit guarantee agreement to support the country's mobilization of a sustainable financing facility of €200 million. Provided by the African Development Fund, the concessional lending arm of the African Development Bank Group, this partial credit guarantee will enable the government of Togo to leverage its country performance-based allocation by four times to raise €200 million from international commercial lenders including Legal&General (L&G) and Deutsche Bank. The African Development Bank is lead arranger. Funds mobilized under the partial credit guarantee will be allocated to green and social projects including climate adaptation, biodiversity preservation, sustainable agriculture, access to clean energy and pollution control. This is in line with Togo's Sustainable Financing Framework as well as the country's 2020–2025 Government Roadmap, which prioritizes inclusive growth and climate-resilient development. "This innovative operation is the result of the strategic guidance provided by His Excellency Faure Essozimna Gnassingbe, President of the Council, aimed at mobilizing innovative and sustainable financing solutions to support Togo's development program. By securing this 20-year sustainable loan, we are sending a strong signal to international investors about the strength of our economic governance, our financial credibility, and our commitment to developing the country in line with the Sustainable Development Goals," added Essowè Georges Barcola, Minister of Economy and Finance of the Republic of Togo. "This transaction marks a significant milestone in Togo's sustainable development journey. By leveraging the Fund's guarantee products, Togo is not only accessing long-term, affordable capital but also enhancing its visibility among international investors. This operation is strengthening confidence in the country's credit profile and lays the groundwork for future market-based financing under increasingly favorable conditions,' said Solomon Quaynor, Bank Group Vice President for Private Sector, Infrastructure and Industrialization. Jake Harper, Senior Investment Manager, Asset Management at L&G said, 'Channeling debt financing for sustainable outcomes will generate momentum towards bridging the $4 trillion annual SDG funding gap. L&G is proud to have partnered with the Fund as its first non-bank beneficiary lender, and the Government of Togo to support the sovereign's crucial growth agenda. We believe these transactions and innovative financing methods are combating the historic risk-return misperception; and demonstrating the compelling investment opportunity for commercial institutional investors to contribute to global sustainable development with investment-grade credit risk.' 'Deutsche Bank is extremely honored to have been selected to work on this landmark inaugural exercise for the Republic of Togo together with our partners at L&G, as well as the African Development Fund, and also Global Sovereign Advisory, Financial Advisors to the country,' said Maryam Khosrowshahi, Deutsche Bank Managing Director, Chair Global Sub-Saharan Africa, Head Sub-Saharan Africa Coverage. 'Leveraging our notable track record of similarly structured financings as well as our close engagement with the AFDB/ADF and the authorities, we have been able to deliver long term funding to the country at efficient terms and in support of critical green and social projects under their Sustainable Finance Framework.' Approval of this sovereign operation comes as the African Development Fund enters the final stages of its 17 th replenishment process. The project aligns with the Fund's intended shift toward directly accessing capital markets. 'This transaction also showcases the innovative use of the ADF guarantee to increase financing volumes available for low-income countries, beyond the traditional performance-based allocations. It marks the first use of the Guarantor-of-Record structure with the ADF sharing a portion of the guarantee exposure with highly rated credit insurance partners,' said Hassatou N'Sele, Bank Group Chief financial Officer and Vice-President. Distributed by APO Group on behalf of African Development Bank Group (AfDB). Media Contact: Olufemi Terry Communications and External Relations media@ About the African Development Bank Group: The African Development Bank Group (AfDB) is Africa's premier development finance institution. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). On the ground in 34 African countries with an external office in Japan, the AfDB contributes to the economic development and the social progress of its 54 regional member states. For more information:
Yahoo
5 days ago
- Business
- Yahoo
Starting with £20,000, this 5-stock SIPP could generate a £1m pension pot
Wouldn't it be great to have a Self-Invested Personal Pension (SIPP) worth £1m? Well, if someone started with savings of £20,000, received dividends each year of 8.4%, reinvested all income generated, and kept going for 49 years, they would get there. Alternatively, a lump sum of £10,000, topped-up by an annual contribution of £2,000, would – with a yield of 8.4% — get to seven figures, six years earlier. I could list many other scenarios that would achieve the same end goal. But the general point I'm trying to make is that it's possible to create a large pension pot by investing in high-yielding shares over an extended period. In my two examples, I assumed an annual return of 8.4%. This is the current (30 May) average of the five highest-yielding stocks on the FTSE 100. Stock Yield (%) M&G 9.1 Legal & General 8.8 Phoenix Group Holdings 8.5 Taylor Wimpey 8.0 British American Tobacco 7.4 Average 8.4 Experienced investors will know that these types of stock should be treated with caution. A high yield might be a temporary phenomenon caused by a falling share price. When a company's earnings come under pressure, its stock market valuation might fall quickly. But there's often a delay before its dividend is cut. However, despite this 'health warning', these top five Footsie yielders have a good track record in making generous returns to shareholders. For example, Phoenix Group has increased its dividend every year since 2019. In cash terms, it's now 17.4% higher than five years ago. Taylor Wimpey reduced its payout during the pandemic but it's been reasonably consistent since – 8.58p (2021), 9.4p (2022), 9.58p (2023), and 9.46p (2024). M&G has a relatively short history as a standalone company – it was demerged from Prudential in 2019. However, each year, it's increased its payout. British American Tobacco last cut its payment in 1999. Of the five, there's one that I have in my portfolio. Legal & General (LSE:LGEN), the pension and savings group, is popular with income investors like me. During the pandemic, it kept its dividend unchanged for one year. If it wasn't for this, it would be able to claim that it's increased its payout every year since the global financial crisis of 2008/09. For 2025, it's promised a 5% increase. A 2% rise has been pencilled in for 2026/27. The group's Institutional Retirement division is doing particularly well. It's currently working on £34bn of new deals. An ageing population clearly helps long-term earnings. But much of the anticipated growth's expected to come from the acquisition of third-party pension schemes. However, it operates in an increasingly competitive industry, which could put pressure on its earnings. Also, its share price performance has been disappointing in recent years. But the principal reason why I bought the stock is because of its above-average dividend, which appears to be secure for now. That's because, in my opinion, the group remains financially robust — it has over twice the level of reserves that the regulator requires it to have. And I'm not alone in thinking the group has strong prospects. Of the 15 brokers covering the stock, only one is recommending its clients to sell. The consensus is for earnings to grow by an average of 11% a year up until 2027. The should provide plenty of headroom to cover the pledges made to increase the group's dividend. For these reasons, I think it's a stock that income investors could consider adding to their portfolios. The post Starting with £20,000, this 5-stock SIPP could generate a £1m pension pot appeared first on The Motley Fool UK. More reading 5 Stocks For Trying To Build Wealth After 50 One Top Growth Stock from the Motley Fool James Beard has positions in Legal & General Group Plc. The Motley Fool UK has recommended British American Tobacco P.l.c., M&g Plc, and Prudential Plc. Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Here at The Motley Fool we believe that considering a diverse range of insights makes us better investors. Motley Fool UK 2025 Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Sky News
27-05-2025
- Business
- Sky News
The 'ludicrous' divorce settlements leaving many women 'devastated'
Abandoning her career to look after their two daughters was what Isobel's* ex-husband wanted. Six years after their divorce, she earns a quarter of his salary while caring for the children six out of seven days. Despite having two university degrees, she is "trapped" on universal credit and frustrated with a "ludicrous" divorce system that didn't account for years of unpaid work to support her ex and raise their family. "I feel hugely let down and I feel cheated by a system that feels so orchestrated towards women being on the back foot," said Isobel, 44, from Berkshire. Data suggests she is not alone. Divorce slashes women's household incomes far more than men's, new research by Legal and General has revealed. Wives can expect their income to be halved on average in the year after ending the relationship, compared with a 30% drop for husbands. A closer look at Isobel's divorce settlement - and why half didn't seem anywhere near fair Isobel was earning £19,500 working for a pharmaceutical company in 2007 when she married her ex-husband. She took voluntary redundancy while on maternity leave in 2008 and over the next nine years only briefly worked part-time. "It [the jobs] didn't last very long because he didn't manage very well with me being at work," she said. When they divorced in 2019, she had been back in work for two years. But her care assistant salary was just £17,000 - much less than her likely salary if she hadn't given up her career to be a mum. As for her husband - he was now taking home approximately £52,000. In a roughly even settlement, she was awarded the car, one buy-to-let flat with £50,000 equity, and £55,000 of £200,000 equity from the family home, plus child maintenance. He was awarded the remainder of the equity and a separate buy-to-let flat. She spent £20,000 on solicitors' fees and, given her low wages, much of the rest of her capital was used to pay off debt accumulated after separating and renting from 2018 onwards, she said. "Why on earth would it [the settlement] be a 50-50 split when my earning capability is a quarter of what he earns?" said Isobel, who is now a nurse on £25,000 a year while her ex-husband earns six figures. "I've had six years out of work, I'm the primary carer for the children, I'm never going to be able to get a job that gives me £100,000, am I? That's ludicrous. And why is that not taken into account?" Some more data Double the number of divorced women (14%) have cut their hours to manage caring responsibilities compared with men (7%), Legal and General (L&G) found. "Women still pick up the majority share of caring responsibilities, both for children as part of the family unit, but also elderly relatives," said Lorna Shah, managing director of retail retirement at the pension provider. Shah sees a lot of cases where married women prioritise the family unit over their own financial well-being and long-term earning potential. Emma Hitchings, professor of family law at the University of Bristol, agrees: "Wives, and particularly mothers, are in a precarious financial position at the point of divorce." Her wide-ranging 2023 study, Fair Shares on Divorce, found married women were more likely to be employed part-time, with 28% taking home under £1,000 a month compared with 10% of men. One key asset that's often overlooked - pensions Pensions are one of the three main assets divvied up in any divorce settlement, alongside capital and housing. Yet Hitchings said her study found there is a "lack of awareness, understanding and interest in pensions" on divorce. "Women are far more likely to surrender any rights over pensions," said Shah, adding they often prioritised the family home. Legal and General found 28% of women waived their rights to access their partner's pot, compared with 17% of men. This is despite women having smaller pensions for the same reasons their wages are lower post-divorce: the gender pay gap (which stands at 7%), longer parental leave and more career breaks for childcare. "There's a reticence for some women to call on their partners' pensions," said Shah. "I think it feels like it's not theirs, but obviously if they've had joint finances as part of a marriage, then actually they've contributed to that in other ways and therefore it should all be considered." Grace's divorce and her husband's 'hidden' pay rises Among the women waiving that right is Grace*, 48, from the Midlands, who feels "forced to take the bare minimum" in her ongoing divorce proceedings. Her husband has offered her £70,000 if she doesn't make a claim to his pension or future earnings, she said, and she feels she has to agree so she can leave their home as quickly as possible with a deposit for another house. "I'm devastated if I'm being honest with you because all I ever worked for was just to have a solid home and a family." In 2005, she gave up her £26,000 job at an energy company and the £160,000 home she owned in Greater London to move in with her husband-to-be and his children. Grace said she invested £30,000 in renovating their home in the Midlands and, while still working full-time, took on the role of "homemaker". "I would be the one looking after the house, the general running, the washing, the cleaning and all the typical wifey things." Her husband took control of all the finances - to the point she was "shocked" to find out he had not disclosed pay rises from £50,000 to £80,000. Grace earns £26,000. "I feel incredibly ripped off - manipulated. I feel hopeless," she said, adding the house she once owned in Greater London is now worth approximately £400,000. "The worst thing is that I feel it's really hard to wrap my head around everything after having let go for so many years to let him control everything - and then trying to make the right decisions when you're emotionally distraught all the time." Knowledge is power Lack of understanding is common in divorce proceedings, Professor Hitchings' study found. Again, the division of pensions provides a perfect illustration. That's because pension sharing requires a court order, and there is less understanding of the process since legal aid for private family proceedings in England and Wales was cut in 2015, she said. In 2023, only 11% of divorcees with a pension yet to be drawn had made an arrangement for pension sharing. Some 37% did not know the value of their own (let alone their ex-spouse's) pension. Around 10% of homeowners with a mortgage did not know what the equity in their home was at the point of divorce. Karen Stainton, 55, found her background in finance invaluable during a protracted and painful divorce 10 years ago. She offered to pay her ex-husband a £135,000 lump sum out of the proceeds of the house, in return for him waiving access to her pension. "And why should he, after he'd not given me any child benefit or helped me look after the kids after the split," she said. She took on three jobs and worked seven days a week to earn the £45,000 she needed to look after their children, Joe, John and Peter, aged 18, 15 and eight, at the time of the divorce. "I was completely running on adrenaline. It wasn't good," she said. But a decade later, her pension is valued at £450,000 - far more than the lump sum. Law 'definitely needs reform' Professor Hitchings added that there are areas of the law that "definitely need reform". It gives couples too much discretion at the expense of having a full account of all of their assets and their future prospects, particularly pensions. In December, the Law Commission published a scoping report on whether the existing law - the more than 50-year-old Matrimonial Causes Act of 1973 - needs reform. The government was given six months to respond to the report and decide whether the commission should investigate further and suggest options for reform. "We are grateful to the Law Commission for reviewing the current laws governing finances in divorce, including in relation to pensions," said a Ministry of Justice spokesperson. "The government is carefully considering the findings of the report and will provide a response in due course." What divorcees can do Whether a divorcee should prioritise pension sharing, capital, or the family home depends on their circumstances, said Shah. "Gather as much information as you can up front; try to get some financial advice if you can afford it or guidance otherwise," she added, pointing to a financial health checking service Legal and General provide online. "Divorce is a really emotional time for everybody involved. But being able to take that step back and actually look at it from a logical perspective on really what is the best for both parties, both at the time and in the longer term, is really important."
Yahoo
27-05-2025
- Business
- Yahoo
The 'ludicrous' divorce settlements leaving many women 'devastated'
Abandoning her career to look after their two daughters was what Isobel's* ex-husband wanted. Six years after their divorce, she earns a quarter of his salary while caring for the children six out of seven days. Despite having two university degrees, she is "trapped" on universal credit and frustrated with a "ludicrous" divorce system that didn't account for years of unpaid work to support her ex and raise their family. "I feel hugely let down and I feel cheated by a system that feels so orchestrated towards women being on the back foot," said Isobel, 44, from Berkshire. Data suggests she is not numbers Divorce slashes women's household incomes far more than men's, new research by Legal and General has revealed. Wives can expect their income to be halved on average in the year after ending the relationship, compared with a 30% drop for husbands. A closer look at Isobel's divorce settlement - and why half didn't seem anywhere near fair Isobel was earning £19,500 working for a pharmaceutical company in 2007 when she married her ex-husband. She took voluntary redundancy while on maternity leave in 2008 and over the next nine years only briefly worked part-time. "It [the jobs] didn't last very long because he didn't manage very well with me being at work," she said. When they divorced in 2019, she had been back in work for two years. But her care assistant salary was just £17,000 - much less than her likely salary if she hadn't given up her career to be a mum. As for her husband - he was now taking home approximately £52,000. Read more from Money: In a roughly even settlement, she was awarded the car, one buy-to-let flat with £50,000 equity, and £55,000 of £200,000 equity from the family home, plus child maintenance. He was awarded the remainder of the equity and a separate buy-to-let flat. She spent £20,000 on solicitors' fees and, given her low wages, much of the rest of her capital was used to pay off debt accumulated after separating and renting from 2018 onwards, she said. "Why on earth would it [the settlement] be a 50-50 split when my earning capability is a quarter of what he earns?" said Isobel, who is now a nurse on £25,000 a year while her ex-husband earns six figures. "I've had six years out of work, I'm the primary carer for the children, I'm never going to be able to get a job that gives me £100,000, am I? That's ludicrous. And why is that not taken into account?" Some more data Double the number of divorced women (14%) have cut their hours to manage caring responsibilities compared with men (7%), Legal and General (L&G) found. "Women still pick up the majority share of caring responsibilities, both for children as part of the family unit, but also elderly relatives," said Lorna Shah, managing director of retail retirement at the pension provider. Shah sees a lot of cases where married women prioritise the family unit over their own financial well-being and long-term earning potential. Emma Hitchings, professor of family law at the University of Bristol, agrees: "Wives, and particularly mothers, are in a precarious financial position at the point of divorce." Her wide-ranging 2023 study, Fair Shares on Divorce, found married women were more likely to be employed part-time, with 28% taking home under £1,000 a month compared with 10% of men. One key asset that's often overlooked - pensions Pensions are one of the three main assets divvied up in any divorce settlement, alongside capital and housing. Yet Hitchings said her study found there is a "lack of awareness, understanding and interest in pensions" on divorce. "Women are far more likely to surrender any rights over pensions," said Shah, adding they often prioritised the family home. Legal and General found 28% of women waived their rights to access their partner's pot, compared with 17% of men. This is despite women having smaller pensions for the same reasons their wages are lower post-divorce: the gender pay gap (which stands at 7%), longer parental leave and more career breaks for childcare. "There's a reticence for some women to call on their partners' pensions," said Shah. "I think it feels like it's not theirs, but obviously if they've had joint finances as part of a marriage, then actually they've contributed to that in other ways and therefore it should all be considered." Grace's divorce and her husband's 'hidden' pay rises Among the women waiving that right is Grace*, 48, from the Midlands, who feels "forced to take the bare minimum" in her ongoing divorce proceedings. Her husband has offered her £70,000 if she doesn't make a claim to his pension or future earnings, she said, and she feels she has to agree so she can leave their home as quickly as possible with a deposit for another house. "I'm devastated if I'm being honest with you because all I ever worked for was just to have a solid home and a family." In 2005, she gave up her £26,000 job at an energy company and the £160,000 home she owned in Greater London to move in with her husband-to-be and his children. Grace said she invested £30,000 in renovating their home in the Midlands and, while still working full-time, took on the role of "homemaker". "I would be the one looking after the house, the general running, the washing, the cleaning and all the typical wifey things." Her husband took control of all the finances - to the point she was "shocked" to find out he had not disclosed pay rises from £50,000 to £80,000. Grace earns £26,000. "I feel incredibly ripped off - manipulated. I feel hopeless," she said, adding the house she once owned in Greater London is now worth approximately £400,000. "The worst thing is that I feel it's really hard to wrap my head around everything after having let go for so many years to let him control everything - and then trying to make the right decisions when you're emotionally distraught all the time." Knowledge is power Lack of understanding is common in divorce proceedings, Professor Hitchings' study found. Again, the division of pensions provides a perfect illustration. That's because pension sharing requires a court order, and there is less understanding of the process since legal aid for private family proceedings in England and Wales was cut in 2015, she said. In 2023, only 11% of divorcees with a pension yet to be drawn had made an arrangement for pension sharing. Some 37% did not know the value of their own (let alone their ex-spouse's) pension. Around 10% of homeowners with a mortgage did not know what the equity in their home was at the point of divorce. Karen Stainton, 55, found her background in finance invaluable during a protracted and painful divorce 10 years ago. She offered to pay her ex-husband a £135,000 lump sum out of the proceeds of the house, in return for him waiving access to her pension. "And why should he, after he'd not given me any child benefit or helped me look after the kids after the split," she said. She took on three jobs and worked seven days a week to earn the £45,000 she needed to look after their children, Joe, John and Peter, aged 18, 15 and eight, at the time of the divorce. "I was completely running on adrenaline. It wasn't good," she said. But a decade later, her pension is valued at £450,000 - far more than the lump sum. Law 'definitely needs reform' Professor Hitchings added that there are areas of the law that "definitely need reform". It gives couples too much discretion at the expense of having a full account of all of their assets and their future prospects, particularly pensions. In December, the Law Commission published a scoping report on whether the existing law - the more than 50-year-old Matrimonial Causes Act of 1973 - needs reform. The government was given six months to respond to the report and decide whether the commission should investigate further and suggest options for reform. "We are grateful to the Law Commission for reviewing the current laws governing finances in divorce, including in relation to pensions," said a Ministry of Justice spokesperson. "The government is carefully considering the findings of the report and will provide a response in due course." What divorcees can do Whether a divorcee should prioritise pension sharing, capital, or the family home depends on their circumstances, said Shah. "Gather as much information as you can up front; try to get some financial advice if you can afford it or guidance otherwise," she added, pointing to a financial health checking service Legal and General provide online. "Divorce is a really emotional time for everybody involved. But being able to take that step back and actually look at it from a logical perspective on really what is the best for both parties, both at the time and in the longer term, is really important." *Names have been changed to hide the identity of some interviewees.
