News in Brief: Pensions, succession plans, Barclays, Glencore

News in Brief

Women have 'half' the pensions of men

Women have barely half the occupational pension savings of men, according to a report from the Trades Union Congress (TUC).

It says that, on average, women have £7,500 in defined contribution pension schemes, compared with £14,500 for men, reported the BBC.

The smaller the amount saved in a pension pot, the smaller the income that can be drawn from it.

In defined benefit – otherwise known as final salary – schemes, women typically have £32,000 in savings, while men have £62,900.

The study carried out by the Pensions Policy Institute found women receive smaller state pensions too.

It said that female pensioners receive 25% less than men, which amounts to £2,548 a year.

‘Finance executives confident in succession plans’

Almost two thirds (62%) of finance executives have said they now have a formal succession plan in place, with only 6% claiming not to have one, according to a study.

Recruitment specialist Robert Half UK found 95% of the financial executives surveyed are confident in their businesses’ ability to operate effectively should a senior executive step down.

Almost half (49%) plan to hire interim specialists to help when a senior leader steps down while almost a fifth (18%) plan to hire externally. 

When asked how confident they were in their business’ ability to operate effectively should a senior executive step down, 45% of financial executives surveyed were very confident and almost half (49%) were somewhat confident.

Barclays restructures amid profits fall

Barclays has reported a drop in full-year profits and a restructuring, including a reduction of its stake in its Africa business.

Underlying annual profits for 2015 fell 2% to £5.4bn. The bank said it would cut its dividend by more than half to 3p per share in 2016 and 2017.

Barclays also announced a further £1.45bn provision for PPI mis-selling, reported the BBC.

It said it wanted to slim down into two, main core divisions – Barclays UK and Barclays Corporate & International.

Glencore profits hit by weak commodity prices

Mining giant Glencore has reported a 32% drop in full-year profits after being hit by weak commodity prices.

It said earnings were £6.24bn ($8.7bn) down from £9.1bn ($12.8bn) in 2014, after writing down assets by £4.1bn ($5.8bn).

Most companies in the mining sector have had to write down the value of assets to reflect the fall in commodity prices, reported the BBC.

Glencore said it was aiming for £2.8bn to £3.5bn ($4bn to $5bn) of asset disposals in 2016, plus a further £287m ($400m) in savings.