Mar 242017
 

With thanks to Leanne Carter, Account Manager, Tricker PR.

Organisers of a major two-day exhibition in Aberdeen this week are on course to break attendance records – and believe the response to the event could be indicative of the first green shoots of economic recovery in the region.
Langstane Press Ltd expects over 600 delegates to attend its two-day business show at Aberdeen Beach Ballroom, during which businesses will learn how they can make efficiencies in challenging trading conditions.

The firm has already attracted more pre-registered delegates than for its last event in 2015, and there is still time to sign up in advance to Lean and Mean in 17 taking place on Wednesday and Thursday.

Langstane has been staging its biennial business show for the past 25 years, but decided to overhaul the format this year. In the past, it has largely been a trade event, but it was felt there was a need to use it as a platform to equip businesses with knowledge to help them during the north east economic downturn.

Managing director Colin Campbell (pictured) says he has been surprised at the level of interest in the event, and by the range of companies coming forward to sign up to attend. He says,

“The companies that are attending are from a wide range of businesses and it is clear that the event has real appeal across the board from public sector to small start-ups.

“I think the response to the show could be down to a combination of factors, one being that the first green shoots are beginning to show across the city. In the current climate, not everyone has the time to attend events like these but they are making the effort to attend as they want to be able to come and learn.

“The other contributing factor is the change in the style of the event. What we have picked up from customers over the past 18 months is that they need to make savings across all areas of their operations.

“As suppliers, there comes a point where it is impossible to discount any further, so we thought it would be useful to show businesses how they can be creative in making efficiencies, whether that is through a long-term investment in IT solutions or reducing print runs on stationery.

“Langstane has seen the impact of many downturns in the oil and gas industry over the years and we feel that we can share a huge amount of knowledge about how to survive in these challenging times and how to emerge on the other side.”

Lean and Mean in 17 will bring together 35 of Langstane’s leading partners across the office supplies, print, healthcare, interiors and promotional product sectors to meet with delegates and give advice on how to save money.

In addition to the exhibition, a number of keynote speakers will be giving presentations to give delegates further ideas on how to approach efficiencies. Russell Borthwick, chief executive of Aberdeen and Grampian Chamber of Commerce, will talk about the organisation’s Buy North East campaign – a project that has been supported by Langstane – on Thursday.

Jason Llewellyn of global IT specialists HP will also take to the stage on Wednesday and Thursday, and will explain how investment in new technology can reduce print costs. John Black and Claire Smith of Anderson Anderson & Brown LLP will be presenting on the theme of Survive and Thrive on Wednesday morning.

The show runs from 10am until 4pm on Wednesday and from 10am until 3.30pm on Thursday. Lean and Mean in 17 is free to attend, and delegates should register in advance at www.langstane.co.uk. There will be opportunities for networking throughout the two days, and many suppliers can offer allotted appointments.  

Family-run firm Langstane celebrates 70 years of trading in 2017, and has a product range in excess of 30,000 items, from printer paper to toilet paper and from tubs of coffee to packs of lightbulbs. As well as traditional office supplies, the firm has diversified its product range to provide office furniture and patient care furniture.

Langstane is Scotland’s largest independent office products company and is one of the largest in the UK. Langstane, established in 1947 in Aberdeen remains a family business and has further branches in Dundee and Livingston. Langstane employs over 120 staff and has a turnover of £15m. More about the company can be found at www.langstane.co.uk.

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Mar 172017
 

.

With thanks to Eoin Smith, Tricker PR.

North east businesses leaders are being asked for their views on whether a high-profile local procurement initiative should continue and how funding might be generated to enable it to expand.

Russell Borthwick (pictured), chief executive of Aberdeen and Grampian Chamber of Commerce, will ask delegates at a major exhibition later this month whether there is an appetite to continue with the Buy North East campaign.

Mr Borthwick says the Chamber has been “overwhelmed” by the level of support for Buy North East, which was launched last year in a bid to encourage local firms to do more business with companies based within the region.

He will tell delegates at the Langstane Business Show taking place at the Beach Ballroom in Aberdeen on March 22 and 23 that it is important to gather the views of the business community before reaching a decision.

Langstane Press Ltd – one of the first companies to sign up to Buy North East – has changed the format of its biennial business show, which has been running for 25 years, in response to the economic downturn.

It will move away from being a trade show and this year’s event – called Lean and Mean in 17 – will focus on giving delegates information to help get their business into shape by cutting costs and saving money.

Mr Borthwick will be one of the keynote speakers on the second day of the show. He says Buy North East was set up with a number of partner organisations to try and reach a position where local procurement becomes the accepted way that good business in the region works.

He adds,

“At a time when many businesses and individuals are feeling the impact of the oil and gas downturn, it is more important than ever that we collectively do all we can to help the regional economy with the aim of protecting and creating jobs here.

“Reflecting at the end of November, the steering group agreed that the concept had gained remarkable traction in a short period, with over 500 businesses signing up and lots of talk-ability through press coverage.

The general mood of the meeting was that having established the initial stimulus, it would be a shame not to take advantage of the momentum and brand equity that has been created but that any future phases should probably take some new directions rather than simply repeating the recipe.”

Mr Borthwick says the success of the campaign has meant that it is often perceived as an organisation with staff and resources, rather than as a campaign run by five partners.

“We need to understand the level of support out there for continuing the activity in 2017 – what type of activities people believe could be introduced to keep the campaign fresh, relevant and effective, and whether this is an appetite to help fund this,” he adds.

Langstane – Scotland’s largest office supplies company – has been trading for 70 years and has a product range in excess of 30,000 items, from printer paper to toilet paper and from tubs of coffee to packs of lightbulbs. As well as traditional office supplies, the firm has diversified its product range to provide office furniture and patient care furniture.

The show will bring together its leading partners across the office supplies, print, healthcare, interiors and promotional product sectors to share top tips on how to make money-saving changes. All aspects of efficiency will be covered, from overhauling print processes to janitorial supplies to help cut down on staff sick days.

Jason Llewellyn from global IT firm HP will give a talk on both days of the event on how short-term investment in technology could help reduce operating costs in the longer term. On the first day of the show Anderson Anderson & Brown LLP (AAB) will also give a presentation.

John Black, the firm’s partner in charge of audit, and Claire Smith, management consulting associate, will be presenting on the theme of Survive and Thrive.  They both have extensive experience in working with businesses as they adapt to challenging trading conditions, and believe that communication is key.

Mr Black says AAB has carried out more presentations in Aberdeen over the past 18 months on the theme of cost saving and surviving a downturn than at any other point in his career. 

“Events like the Langstane Business Show are excellent platforms to share ideas – face-to-face – that will drive efficiencies and find new practices. Without people talking to each other, that kind of sharing of experience does not happen,” he says.

“I think that the approach Langstane is taking with this year’s show will be very useful to all the delegates who attend. They will be able to see that making savings is not always about cutting the cost and getting a discounted price – it is often about changing behaviours and finding more effective and efficient ways of doing things.”

Miss Smith adds,

“I think the event being staged by Langstane is an outstanding opportunity for businesses to learn from peers and others who will be attending. One of the areas that we will be focusing on is working capital, including managing customers, suppliers and stock– for example, does a company need to hold six months, or even one month, of supplies of stock.

 “John and I will be available after the presentation to meet with anyone who would like to discuss any of the points we raise.”

Lean and Mean in 17 is free to attend, and delegates should register in advance at www.langstane.co.uk. There will be opportunities for networking throughout the two days, and many suppliers can offer allotted appointments.  

Langstane is Scotland’s largest independent office products company and is one of the largest in the UK. Langstane, established in 1947 in Aberdeen remains a family business and has further branches in Dundee and Livingston. Langstane employs over 120 staff and has a turnover of £15m. More about the company can be found at www.langstane.co.uk.

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Mar 102017
 

With thanks to Eoin Smith, Senior Account Executive, Tricker PR.

Businesses that need to shape up and shed pounds in response to the north east’s challenging economic landscape can learn how to get lean at a major two-day exhibition being held in Aberdeen later this month.

Langstane Press Ltd is bringing together its leading partners across the office supplies, print, healthcare, interiors and promotional product sectors to share top tips on how to make money-saving changes.

Langstane – Scotland’s largest independent office supplies company – will host Lean and Mean in 17 at the Beach Ballroom in Aberdeen on March 22 and 23.

The firm has been staging its biennial business show for 25 years, but the impact of the economic downturn has led to the format being overhauled.

The emphasis for this year’s event will be to give delegates information to help get their business into shape, whether that is through outsourcing paper shredding or reviewing janitorial hygiene supplies to reduce staff sick days.

There will be presentations from Aberdeen and Grampian Chamber of Commerce on the benefits of buying local, chartered accountants Anderson Anderson & Brown LLP will give a talk on why cash is king, and global IT firm HP will explain how investment in new technology can reduce print costs.

Langstane managing director Colin Campbell (pictured) says the exhibition will show how businesses can more effectively use ever-decreasing budgets.

“The north east is facing some very challenging times, and the impact of the North Sea downturn has reverberated across many industries in the region and beyond,” he says.

“Businesses are asking suppliers to be more and more competitive with their prices, but there comes a point where the prices simply cannot be trimmed back any further. What we hope Lean and Mean in 17 will do is show companies of all shapes and sizes there are other ways to identify and implement efficiencies.

“For example, we recently helped one company to make savings with their paper shredding requirements. They have now outsourced that service to Langstane, freeing up the valuable time of one employee who was spending hours of their working week performing this task.

“Saving money and getting lean is not just about how much you pay for products and services – it’s about changing the way you approach efficiencies and streamline operations. Cost saving has been such a strong theme for our customers over the past 18 months, so I believe there will be a real appetite within the business community of the north east to attend this event and learn more.”

Lean and Mean in 17 will feature 32 different suppliers, including a range of household names such as Bic, Pukka Pads and 3M, as well Langstane’s own divisions in office supplies, office interiors, promotional products and print.

The show runs from 10am until 4pm on March 22, with John Black, head of audit at Anderson Anderson & Brown LLP, and Jason Llewellyn of HP both delivering presentations. The session on March 23 runs from 10am until 3.30pm, when Mr Llewellyn will once again be taking to the stage along with Russell Borthwick, chief executive of Aberdeen and Grampian Chamber of Commerce.

Lean and Mean in 17 is free to attend, and delegates should register in advance at www.langstane.co.uk. There will be opportunities for networking throughout the two days, and many suppliers can offer allotted appointments.  

Family-run firm Langstane celebrates 70 years of trading in 2017, and has a product range in excess of 30,000 items, from printer paper to toilet paper and from tubs of coffee to packs of lightbulbs. As well as traditional office supplies, the firm has diversified its product range to provide office furniture and patient care furniture.

Langstane is Scotland’s largest independent office products company and is one of the largest in the UK. Langstane, established in 1947 in Aberdeen remains a family business and has further branches in Dundee and Livingston. Langstane employs over 120 staff and has a turnover of £15m. More about the company can be found at www.langstane.co.uk.

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Sep 162016
 

cfine1With thanks to Cath Deans.

Do you want to get involved in a creative activity but don’t know where to start?

CFINE are delivering various educational courses to teach practical skills so if you want to learn something new or indeed brush up on your existing skills in sewing, knitting, crochet, upholstery or cooking, please get in touch.

Our newly completed training kitchen is also available for hire to run your own course – special prices for charities.

Or, if you want to join a social group on a Wednesday, we have two hobby groups – am and pm – bring along your craft activity and join others over a cuppa and a blether.

What we do:

  • Community Food Outlets: fruit & veg at affordable prices
  • FareShare – fighting hunger, tackling food waste
  • Food Bank
  • Community Training Kitchen
  • Benefits and Budgeting Advice
  • Employability, Energy Efficiency & Housing Referrals
  • Environment: Zero Waste Scotland Project
  • Volunteering opportunities

We offer:

  • Fruit & Veg: Excellent Quality at Great prices
  • Cook at the ‘Nook – Cooking/ Nutrition courses
  • Knitting, Sewing, Crochet & Upholstery Courses
  • Hobby Groups
  • Mailboxes
  • Room Rental

All this and so much more at our premises at 2-4 Poynernook Road, AB11 5RW

If you want more information, please check out CFINE’s Facebook page or contact us on 01224 596156 / info@cfine.org

We look forward to hearing from you!

CFINE is a charity and Social Enterprise supported by Aberdeen City Council, Aberdeenshire Council, Climate Challenge Fund, Zero Waste Scotland, Esmee Fairbairn Foundation, FareShare UK, Scottish Government and corporate support through Technip, Wood Group PSN and individual donations.

CFINE was a finalist in the 2015: Guardian Charity of the Year, Northern Star ‘Outstanding Contribution to Society and PWC Social Enterprise of the Year Awards.

CFINE is a private limited co. registered in Scotland no. 262156 Registered Charity no. SC037833. All profits are reinvested into our charity tackling food poverty, building resilience in communities and supporting vulnerable individuals and families throughout the north east of Scotland.

Jul 212016
 

With thanks to Eoin Smith, Senior Account Executive, Tricker PR.

Copyright: Newsline Scotland

Steve Harris, Chief Executive, VisitAberdeenshire.

VisitAberdeenshire has become an official sponsor of the Northern Ireland Open which will take place from 28 – 31 July at Galgorm Castle in Ballymena. The organisation, which is responsible for the marketing of the area to both leisure and business visitors, will have promotional material around the tournament course as well as an information stand.

Golf remains a key driver for tourism to the north east of Scotland and with a course for every week of the year Aberdeen and Aberdeenshire can deliver a quality golf product for both leisure visitors and corporate groups.

Steve Harris (pictured), chief executive of VisitAberdeenshire says,

“Flight time from Belfast to Aberdeen with FlyBe is just over an hour, making us an appealing destination for golfers of all abilities from Northern Ireland. We have high profile courses like Trump International, Cruden Bay, Royal Aberdeen and Newmachar, but we also have Britain’s highest 18 hole course at Braemar, Fraserburgh where play is documented as early as 1613 and Paul Lawrie’s Golf Centre on the banks of the River Dee.

We have eminent courses which serious golfers long to play, challenging links courses, scenic inland courses and friendly nine hole courses. We’re taking the opportunity to show golf fans who attend the Northern Ireland Open just what a wealth of golfing treasures our area has to offer them and just how accessible we are from Belfast.”

Research commissioned by the Scottish Golf Tourism and VisitScotland shows that Scotland is third on a global list of hot spots for golf tourism (#1 Spain, #2 Portugal, #5 Ireland, #9 England). It is estimated that golfers spend is 120% more than that of other visitors. Golf tourism is a major contributor to Scotland’s economy and is estimated to be worth close to £220million annually.

Steve Harris continues,

“A report published in 2013 showed that there is potential to boost visitor spend from golf in the north east of Scotland from £20 million to over £50 million by 2020. Our sponsorship of the Northern Ireland Open is part of the region wide drive to reach this goal.

“Golf’s popularity seems to be growing exponentially – we’re having a true summer of golf with the recent Scottish Open in the Highlands and The Open in Troon and the Scottish Ladies Open at Dundonald. This interest is also set to grow with the inclusion of golf in the Rio Olympics after a break of 112 years.”

Alain de Soultrait, Director of the Challenge Tour, said:

The Tayto Northern Ireland Open in Partnership with Ulster Bank is one of the most popular tournaments on the European Challenge Tour schedule, with Galgorm Castle Golf Club providing a fantastic setting, excellent local support and a superb venue to make this a really big week for the Challenge Tour players.

“We are pleased VisitAberdeenshire are also supporting the event so soon after our own successful visit to Scotland for the SSE Hydro Scottish Challenge, a week which showed once again how strong the link between Scotland and golf truly is.”

More about golfing in Aberdeen and Aberdeenshire can be found at www.visitabdn.com/attractions-and-activities/golf.

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Mar 172016
 

With thanks to Kenneth Hutchison, Parliamentary Assistant to Dr. Eilidh Whiteford MP.

AmbulanceEilidh

(L-R) Bryan Milne, Area Service Manager, Dr Eilidh Whiteford MP, Ewan Esslemont, Head of Service Grampian, Robert Buchan, Ambulance Care Assistant.

Banffshire & Buchan Coast MSP Stewart Stevenson, and Banff & Buchan MP Eilidh Whiteford, have welcomed the Scottish Government’s announcement of increased emergency ambulance cover for the Peterhead area, which will see an additional full-time ambulance 24/7 based at Peterhead.

The announcement follows a sustained campaign by the MSP and MP for enhanced ambulance provision in the north of Aberdeenshire, and builds on earlier commitments to increased provision and a recruitment drive.

As a result of today’s announcement, the Scottish Ambulance Service stands to benefit from a £5 million injection from the Scottish Government.

The new Peterhead ambulance will be available 24/7, with new crew being trained to get the vehicle on the road as soon as possible.

Speaking following the announcement, Banffshire & Buchan Coast MSP Stewart Stevenson said the news was ‘fantastic’.

He said:

“Eilidh and I have been working closely with the Scottish Ambulance Service in recent months, following concerns from constituents that the service was being too thinly spread in the north-east, and response times were below target.

“I have been contacted by a number of constituents recently regarding the provision of Ambulance services in the North-east. I fully expect the increase in capacity, which has been funded by the Scottish Government, will improve the ability of the service to respond to calls in the town and surrounding area.

“This new ambulance won’t only benefit Peterhead. The surrounding towns and villages will benefit from the knock on effect of the new vehicle, which will take pressure off the neighbouring stations.”

Westminster MP, Eilidh Whiteford, added:

“It is great to hear that the Scottish Ambulance Service has allocated an additional Ambulance to Peterhead. I want to pay tribute to the local crews and members of the public who drew attention to the challenges facing the service, and who worked with us to make the case for additional resources.“

The funding from the Scottish Government will also provide 50 Specialist Paramedics with enhanced clinical skills to allow them to work more autonomously with an extended range of medicines, offering more treatments in communities alongside GPs and other health professionals.

The initiative will also see more than 60 new staff recruited and trained for deployment in Ambulance Control Centres across Scotland.

Health Secretary, Shona Robison said:

“Our ambulance workers provide a first class service, often under challenging circumstance and we value their dedication extremely highly. This recruitment drive will enhance the service on offer, and ensure that staff are equipped with the appropriate skills, training and clinical support to be able to deliver even more care in the community.

“Through the 2016/17 budget we are investing an additional £11.4 million in the Scottish Ambulance Service, which will assist with the recruitment and training of more staff over the next five years. This will allow the ambulance service to be better prepared to meet future needs and demands.”

Pauline Howie, Chief Executive, Scottish Ambulance Service, said:

“The continued investment in more frontline resources is fundamental to delivering our ‘Towards 2020’ strategy which aims to provide the most appropriate care to every patient, whether at home or in the hospital. This year’s recruitment plan is the first phase of a 5 year programme that will enhance the clinical skills mix of our staff and introduce new ways of working to best meet the needs of patients in all of our communities.”

The Service currently employs around 1300 Paramedics, 1100 Ambulance Technicians and 350 control room staff on frontline emergency operations.

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Feb 112016
 

By Duncan Harley

Oil Strike coverAs oil prices remain volatile and the UK government records its first losses in 40 years from North Sea oil and gas production, Aberdeen geologist Mike Shepherd has penned a classic.

An industry insider, Mike has produced a highly accessible and non-technical account of how the North Sea energy boom took shape, the ups and downs of the industry and the story of the people who made it all happen.

In the true tradition of all good writers, Mike writes about what he knows best, in this case the search for Black Gold.

While on a geological field trip to Skye in 1978, Mike had witnessed first hand the construction of the Ninian Central platform.

Fabricated in Loch Kishorn and weighing in at an impressive 601,000 tons, the concrete and steel structure was reckoned at the time to be the largest man made structure ever to be moved across the surface of the earth.

“The North Sea proved to be a new frontier for the oil companies … they had been offshore before … but never in waters quite so stormy or so deep,” writes Mike.

The huge discoveries in the Forties Field in 1970, the share price crash of Black Monday 1987, and the inevitable influence of big money are discussed in detail. The effects of taxation, international politics and equity negotiations feature alongside the human cost in terms of accidents, including of course Piper Alpha

The decline in North Sea reserves as a strategic resource for the nation comes under close scrutiny. Mike predicts that production will finally cease around 2050 after which a massive clean up operation costing around £31.5 billion will be required.

In a chapter simply titled ‘Aberdeen’, Mike looks at the social and economic effects of boom and bust on the Granite City. Infrastructure including both the airport and the harbour initially needed urgent investment to serve and secure the initial 500 or so oil-related companies who set up in the city between 1970 and 1977.

Amazingly in 1972:

“The airport was quite basic and the arrival/departure building was an old Nissan Hut. One end was the bar and the other end was the tickets and seats. The same bloke did both jobs.”

With a foreword by Diane Morgan who comments:

“Given the depth of its subject matter it is an amazingly readable book”,

this publication is essential reading both amongst those of us who strive to understand the phenomenon of oil, and also those of us who strive to extract that Black Gold.

Oil Strike North Sea (187pp) is published in hardback by Luath Press at £20

ISBN 978-1-910745-21-2

First published in the February 2016 edition of Leopard Magazine.

Jan 072016
 

With thanks to Kenneth Hutchison, Parliamentary Assistant to Dr. Eilidh Whiteford MP

Eilidh Whiteford, Parliament [2015]feat

Banff and Buchan MP Eilidh Whiteford

Banff and Buchan MP Eilidh Whiteford has called for the UK Government to reconsider its position on cutting in-work incentives for the low-paid.

In a speech to the House of Commons on Wednesday, Dr Whiteford called on the Government to re-think the proposed cuts scheduled for April. The Institute for Fiscal Studies points out that there will be more losers than winners under the proposed cuts, and the Resolution Foundation estimates that working families with children on Universal Credit will be, on average, £1300 pounds a year worse off by 2020.

The IFS estimate that overall, 2.6 million families across the UK will be worse off by an average of £1600 a year.

Speaking after the debate, Dr Whiteford said:

“While the Government’s U-turn on cutting tax credits was very welcome, it was, as I noted in my speech, a stay of execution given the reductions to the Work Allowance under Universal Credit, scheduled for this April.

“The Government has sold Universal Credit on the basis that work should pay for those in employment. Indeed, Universal Credit was sold as a simplified system which would give families real incentives to find work, and keep work. The reality, however, is that by cutting the Work Allowance, the Government is once again heaping the costs of austerity onto low paid families.

“In a country where the minimum wage remains significantly below what could reasonably be described as a living wage, some form of welfare remains necessary for those undertaking low-paid work. By cutting the Work Allowance the Government is imposing an eye-watering level  of marginal taxation on people in low paid jobs, and making it harder than ever for those in low income households to break out of the poverty trap.

“If the Government was serious about making work pay, if they were serious about boosting the UK’s productivity, if they actually wanted to help people get on, they would be increasing the work allowance – not reducing it.”

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Nov 192015
 

SCT

With thanks to Jennifer Kelly, Tricker PR.

Long gone are the days where pensions were a fairly straightforward saving process; savers today face an impenetrable wall of ifs, buts and maybes.

When do I start my pension pot? How much should I contribute? How do I go about saving for a pension? When do I get to access my pension?

These are the questions being asked by Generation Y – young adults born in the 80s and 90s.

The latest statement from DWP’s Official Statistics on workplace pension participation and saving trends of eligible employees suggests that millions of people in the UK are not saving enough for retirement.

“And it’s true,” says Derek Mair, a partner of Aberdeen chartered accountancy firm Hall Morrice LLP.  

“Many of us do not have half the pension pot of our grandparents. Some argue that the 20-somethings of today have too much to contend with – debt, university, childcare – while others say Generation Y don’t prioritise and save; they want everything right now as part of the see it, buy it culture.

“Whatever the reason, the problem is not going away and in reality, there may not even be a state pension for Generation Y when the time comes. Britain has created a debt-filled lifestyle meaning that, for many, being in debt is considered the norm. But this won’t help Generation Y when they reach retirement age.”

In a bid to tackle declining pension funds and encourage a sense of responsibility, the auto-enrolment scheme, launched in 2013, requires large organisations – and all other businesses by 2017 – to contribute 3% of an employee’s salary. Add that to the 4% the employee is already contributing, plus a 1% tax relief, the total pension contribution per annum is 8%.

Historically, those working in the public sector contribute significantly more to their pension pot than those in the private sector. However from 2013 to 2014, the number of 22 to 29-year-olds contributing from the private sector increased by 30% to 54%, while contributions for the same age group increased by 3% to 87% in the case of public sector workers.

The annual total amount saved by employees across both sectors stood at £80.3 billion in 2014, which is an increase of £2.6 billion from the previous year. Overall employee contributions accounted for 30% of UK pension funds, with employer contributions totalling 60% and tax relief accounting for the remaining 10%. In 2014, the average UK worker added £5,776 into their pension – £481.33 per month.

However in 2005, pension contributions totalled £83.1 billion compared with £80.3 billion in 2014. Not only has the amount saved decreased, the tax free allowance has also declined. In 2006-07 savers could enjoy an annual tax free pension saving of £215,000 per annum – or £1.4 million in a lifetime. By 2014-2015, savers are only allocated £40,000 of annual tax allowable pension contributions; equating to £1.25 million in a lifetime.

Government announcements earlier in the year unveiled that the lifetime allowance will be reduced to £1million from £1.25million from 6 April, 2016. In addition, for high earners only (those earning over £150,000 per annum) the annual allowance could fall to as low as £10,000.

So when should young people start to save?

Derek explains how strict savings now are the secret to a comfortable future.

“Despite the notable increases following the launch of the auto-enrolment scheme in 2013, it is estimated that for a comfortable retirement, Generation Y should already be investing at least 15% of their salary into a pension pot.

“In order to match the current living wage in retirement, standing at £13,364 a year after tax, a 20 year old earning £20,000 per annum would have to start saving 12% of their salary, totalling £200 per month.

“If the pension pot is left empty until as late as 30, a worker earning £20,000 per annum would have to save 17% – £283 per month. If they were earning £30,000 they would need to set aside 12% to reach the minimum living wage, equating to £300 per month.

“The figures are daunting and unattractive but unfortunately, Generation Y has an uncomfortable retirement ahead unless they act quickly.”

The default retirement age of 65 has been phased out, meaning that workers can no longer be discriminated against because of their age and can now work for as long as they feel able. If Generation Y are unable to retire due to insufficient pension funds and are working longer, it may have an adverse effect on the next generation of workers as they will be unable to progress up the ladder in their careers.

Derek adds,

“The full level of the new State Pension, due to be determined in the autumn, is to be no less than £151.25 per week but entitlement will depend on the individual’s national insurance record. Generation Y cannot rely on a state pension being available in 30 to 40 years’ time and must save as though there will not be any state support.”

Founded in 1976, Hall Morrice LLP is one of Scotland’s leading independent firms of chartered accountants and has offices in Aberdeen and Fraserburgh. Based at 6 and 7 Queens Terrace in Aberdeen, Hall Morrice can be contacted on 01224 647394, visited at www.hall-morrice.co.uk or emailed at accounts@hallmorrice.co.uk

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Oct 292015
 

Eilidh Whiteford, Parliament [2015]featWith thanks to Kenny Hutchison, Parliamentary Assistant to Dr. Eilidh Whiteford MP.

UK Government cuts to tax credits are set to hit thousands of Banff and Buchan residents, new figures revealed today.

The Children’s Society, which campaigns on behalf of children and young people, revealed on Friday that 4,000 children in 2,400 households in the constituency will lose out as a result of cuts to tax credits available to families in work.

The Children’s Society also revealed serious concerns related to the UK Government’s intention to re-define what constitutes ‘child poverty’.

The Government’s proposals include measures to remove any reference to income from the Child Poverty Act 2010, which legally obliges UK Governments to act against child poverty.

Following on from the publication of the figures, Dr Whiteford said:

“The Children’s Society figures illustrate the scale of the damage this measure will do – not only to my own constituents, but across the whole of the UK.

“Even the Tories’ Scottish leader disagrees with these cuts. The Scottish parliament is united in its opposition – and yet, we find ourselves, once again, at the mercy of a Government with no regard for the negative consequences of its attacks on the poor.

“As if that wasn’t bad enough, the UK Government plans to cover up these consequences, by re-defining what constitutes child poverty. It’s simply astonishing – but sadly, not surprising.”

More info relating to the proposals to re-define what constitutes child poverty can be accessed here.

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