News in brief: 16 August

- Kas Bank has partnered with asset manager LGPS Central Limited for cost transparency collection and reporting services.

LGPS Central is currently responsible for around £20bn worth of assets for nine midlands-based LGPS schemes. LGPS Central will be leveraging Kas Bank’s cost transparency solution and data analytical expertise to assist with collecting cost information across its range of investment mandates for both the “pooled assets” and those employed by the partner funds.

- Over half of married savers have no plans in place to protect their pension if they divorce, according to research from Fidelity International.

Fidelity found that 60 per cent of men and 56 per cent of women did not have any plans to protect their savings in the event of a divorce. This is despite there being over 100,000 divorces in England and Wales in 2017 and one in 10 married women planning to rely on their spouse’s pension in retirement.

- Only one in five people in their fifties feel confident purchasing and managing financial products, Just Group has revealed.

This is the lowest of any UK adult age group and includes products as simple as a savings account. Just Group group communications director, Steven Lowe, commented: “Many people in their fifties find they are taking care of the generations above and below them. So, it’s not surprising this group takes the gloomiest view of both their own financial situation and wider economic factors. Advisers are uniquely placed to help this age group and ease some of the pressure.”

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