Pru chief: Don't lose out on SIPPS (by Kevin Barnett, 30 Aug 2005) There could be red faces all round next April when the SIPPs pensions are introduced and firms not prepared for “the most radical overhaul of pensions since 1908” may come under pressure from employees facing the prospect of losing out on superior benefits. The new rules - to simplify company pension schemes - will be introduced on 6 April 2006. The aim of the legislation is two-fold; to simplify the pensions system and to encourage greater pension investment. There are many tax-free inducements, including the prospect of buying a second home in Spain or other safe and suitable sunbelt country and owning it within a SIPP personal tax haven.

In a new survey, the pensions giant, Prudential UK found: Almost half (47%) of senior executives at companies with a turnover of more than £1 million are not prepared for pension tax simplification next April. Only 14% claim to be fully ready for what many are calling the most radical overhaul of pensions since 1908. Amazingly, 13% of company bosses say they simply don't know if they are prepared for A-Day, as it is called in the industry, or not. The findings also reveal that an alarming 62% of these company executives have ‘little or no understanding at all' of the new pensions changes, let alone the implications for their employees. Just 8% of senior management has a "very strong understanding" of the pension changes ahead. Dave Harris, corporate pensions director, Prudential UK said: "Too many company executives are unaware of the minefield of changes awaiting them post A-Day. "Unless they wake up to these now they could find themselves under increasing pressure from disgruntled staff faced with the prospect of losing superior pension benefits. "For instance, scheme rules will normally need to be altered before higher tax-free cash can be paid or before the trustees can agree to something allowed in new legislation, but not in the current scheme rules," he added. The period ahead of A-Day should provide companies with a clear opportunity to review their pension offering. But it could end up costing business dearly if they don't get it right for their employees, many of whom will want a sunbelt investment property. Spanish Group ready for SIPPs property buyers One organisation rapidly gearing up for the new pensions regime is SIPPs in Spain, a grouping of leading property and banking interests in Spain that currently attracting 40% of second home investment. Spokesman, Alberto Linares said: “We are already providing a one-stop service to ensure SIPPs pension money is invested in fully legal, bank-backed prime developments to produce a good return from vacation rentals and equity growth. "Our banking partners have unlimited funds to provide special low cost mortgages for SIPPs property purchases in Spain and we are building a national network to sell, value, manage and let those properties in the most cost effective way.” Spanish Property News View the current real estate news headlines for Spain

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World Real Estate News

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Asking Prices in Dublin Rise for First Time in 6 Years Asking prices in Dublin in the first quarter of 2013 were up 0.5% on a year previously. Published: 02-Apr-13

Budget boost for UK properties Prospective UK property buyers welcomed the extra help from the Government announced in Wednesday’s budget speech but many industry specialists feel more could be done to boost the ailing industry. Published: 22-Mar-13

US luxury homes market booming As business builds across the American home mortgage market high levels of sales of luxury properties has seen the return of so-called jumbo mortgages. Published: 22-Mar-13

New homes for New Zealand House builders across the country are stepping up to the fore as new figures emerge to show that the number of new homes being built across New Zealand is on the rise. Published: 22-Mar-13

UK asking prices spring forward A recent article reported that the price of UK properties listed for sale during March is 1.7 per cent higher than a month ago. Published: 21-Mar-13

US home price will continue to build A panel of USA real estate experts and advisors forecast a rise of around 4.6 per cent in the price of homes across America during 2013. Published: 21-Mar-13

Thousands of new homes needed for Sydney During the next twenty years the Sydney real estate market will need to develop by more than 80,000 more homes than previously forecast. Published: 21-Mar-13

UK Chancellor urged to help house builders Members of the UK property industry urge the Chancellor of the Exchequer, George Osborne, to consider extra incentives and aid to help boost the house building construction industry throughout the country during his budget speech. Published: 20-Mar-13

House sales stall in Cyprus Hundreds of Cyprus property owners have been forced to shelve plans for selling their homes due to the current financial uncertainty. Published: 20-Mar-13

Home ownership dream shattered for Brits The results of a new survey suggest that almost two thirds of private sector renters feel they will never be able to take the first step on the UK property ladder. Published: 20-Mar-13

Irish property prices attract overseas investors House prices in Ireland have fallen dramatically in the years following the global financial downturn and this has resulted in more interest from foreign property buyers. Published: 19-Mar-13

Russian buyers bag a bargain in Bulgaria Over the last couple of years the price of real estate in Bulgaria has declined and while many industry experts believe prices have now hit bottom others forecast further reductions are on the cards. Published: 19-Mar-13

Wealthy investors consider French properties Luxury French property sales dipped during the latter half of last year, in part, due to possible tax hikes planned for sales of real estate in France. Published: 19-Mar-13

UK home sales bounce into spring UK property sales have recorded strong results for the three months ending in February as confidence returns to the home buying public. Published: 18-Mar-13

US homes moving fast Domestic buyers appear to be out in force across many regions of the USA real estate markets as the level of house sales lifts at the start of the spring selling season. Published: 18-Mar-13

Canadian housing market starts to cool During February the number of residential properties for sale in Canada fell slightly and the total number of residential sales dropped accordingly. Published: 18-Mar-13

Multi million pound boost for UK home construction Thousands of new homes are set to join the UK property market within the next couple of years according to a statement by UK Housing Minister Mark Prisk. Published: 15-Mar-13

Fall in US homes for sale The USA real estate market, now well on the road to recovery, is showing a shortfall in the amount of new listings just as the spring selling season gets under way. Published: 15-Mar-13

More cooling measures for Hong Kong property market Concerned about the overheating of the property market across Hong Kong has prompted further tightening measures from the government. Published: 15-Mar-13

UK mortgage approvals fall in February High inflation and the weak state of the economy are two of the reasons for the fall in approvals for UK mortgages during last month according to several industry advisors. Published: 14-Mar-13

Building programme builds in Dubai Investor appetite for buying property in Dubai has led to the planning of further residential projects throughout Dubai. Published: 14-Mar-13

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