Quote:
“Pretty much every pension fund in the country owns a bit of BP and it has now fallen some £45billion in value.” Mr Smith added that with the markets expected to struggle, pension funds30 were likely to sink even further.
“In times like these, with the continuing European debt crisis, there is a lot of nervousness on the markets,” he added. The share collapse means a £15,000-a-year pension will be cut by about £300 to £400 a year, with possibly worse to come.
The BBC’s business editor Robert Peston said: “Given that BP is a core holding of most British pension funds, that’s tens of billions of pounds off the wealth of millions of British people saving for a pension.
“With BP dividends representing about 8 per cent of all income going into those pension funds, and a considerably higher proportion of all corporate dividends received by those funds, if BP’s oil spill causes collateral damage to its dividend-paying capacity, many of us will be feeling a bit poorer.”
http://www.favstocks.com/bp-disaster-sinks-british-pensions/0116032/
An oil spill in the gulf of Mexico could sink the British economy?
“Pretty much every pension fund in the country owns a bit of BP and it has now fallen some £45billion in value.” Mr Smith added that with the markets expected to struggle, pension funds30 were likely to sink even further.
“In times like these, with the continuing European debt crisis, there is a lot of nervousness on the markets,” he added. The share collapse means a £15,000-a-year pension will be cut by about £300 to £400 a year, with possibly worse to come.
The BBC’s business editor Robert Peston said: “Given that BP is a core holding of most British pension funds, that’s tens of billions of pounds off the wealth of millions of British people saving for a pension.
“With BP dividends representing about 8 per cent of all income going into those pension funds, and a considerably higher proportion of all corporate dividends received by those funds, if BP’s oil spill causes collateral damage to its dividend-paying capacity, many of us will be feeling a bit poorer.”
http://www.favstocks.com/bp-disaster-sinks-british-pensions/0116032/
An oil spill in the gulf of Mexico could sink the British economy?
