Pensions: 'Rip-Off' Charges Targeted By Govt

Plans to stop "rip-off" pension charges could see people getting an extra £100,000 in their retirement savings pot.

The Government is to unveil plans that could include a ban on all charges above 0.75% a year as it rolls out landmark reforms to automatically place people into workplace pensions.

The industry has been working to improve transparency and the average charge on new pension schemes set up in 2012 is around 0.51%.

But the Office of Fair Trading (OFT) estimates there are more than 186,000 pension pots with £2.65bn worth of assets which are subject to an annual charge of above 1%.

Small variations in charges can make huge differences over time to the eventual size of the pension pot that someone ends up with.

The Government said that someone who saves £100 a month over a typical working lifetime of 46 years could lose almost £170,000 from their pension pot with a 1% charge and over £230,000 with a 1.5% charge.

A pension saver with a 0.75% annual charge on their pension pot could eventually end up £100,000 better off than if they had been charged a rate of 1.5%, the Government said.

Pensions Minister Steve Webb said: "The Government believes that enough is enough on charges.

"People need to know they are getting value for money when they save into a pension and not being ripped off by excessive charges."

Other options for caps being considered by the Government include a higher charge cap of 1% and a "two-tier" cap.

The two-tier cap would involve a standard cap of 0.75% and as well as a higher cap of 1% if employers explain to the Pensions Regulator why their scheme charges more than 0.75%.

Any final cap could lie somewhere between the two levels suggested, depending on the evidence received.

The Government wants to hear from the industry and the public on how it can best design a charging cap that can protect people's savings before putting its plans in place next year.

Otto Thoresen, director general of the Association of British Insurers (ABI), said: "The industry is committed to making pension reform a success and of course will engage fully with this consultation."

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Supermarkets Announce New Petrol Price Cuts

By David Crabtree, Midlands Correspondent

The cost of fuel is being slashed at pumps across the UK in the latest phase of a supermarket petrol price war.

It was sparked by Asda, which is cutting prices to its lowest this year. Sainsbury's,Tesco and Morrisons have acted quickly to announce reductions.

Asda has launched a national cap on prices, saying drivers filling up at its forecourts will pay no more than 126.7p a litre for petrol or 133.7p for diesel.

Sainsbury's says it is cutting prices by up to 3p - their cheapest for two-and-a-half years.

The cuts have been welcomed by drivers

Tesco will reduce prices by up to 2p. Morrisons will do the same "at the majority of its sites".

Quentin Wilson, from the campaign group FairFuel UK, said: "Don't get excited, everybody, because this will not stay. We will see it go up again.

"But at least now we have a much faster reflection of wholesale prices at the pump. We don't have to wait two or three or four weeks for the fuel to come down in price when we know it goes up in a heartbeat, so I'm pleased, FairFuel is pleased."

The AA has welcomed the move, saying it reflects a fall in the wholesale price of fuel, but the continued uncertainty over Libyan oil production continues to leave the market unpredictable.

An AA spokesman said: "The average price of petrol in the UK has hovered around the 132p a litre mark since mid-October, making 126.7p a very good price."

At Asda in Leamington Spa, motorists greeted the news with delight.

Susan Cooper, who drives 50 miles a day, said: "This will save me a lot of money. It is about time we had some better news with gas and electricity going up."

There are words of caution from campaigners that lower prices may not last

Another customer, Martin Cavanagh, said: "It has to be good news. I know oil and everything is a complicated commodity and that's why we get the price jumping around. Let's hope it goes low and stays low."

Oil analyst Richard Mallison said it was significant that retailers were passing on the fall in wholesale oil prices to consumers on the forecourt.

He told Sky News: "The biggest reason for supermarkets being able to slash prices at the pump has been the change in the dollar-to-pound exchange rate.

"The dollar's weakened, that's brought down the cost of oil and wholesale fuel and that's now being passed on."

But he warned that low prices may not last for long.

He said: "We've seen the UK recovery stronger than expected, we've seen the troubles with the US shutdown and debt ceiling - both of those effects might fade in terms of the exchange rate, which would then mean petrol prices starting to go up again."

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Hurricane-Force Storm Hits Southern Britain

Britain is facing a day of transport chaos after hurricane-force winds battered southern areas, shutting down bridges and rail services and grounding flights.

St Jude's storm hit the South West from around midnight - bringing winds in excess of 90mph and torrential rain.

The storm has ripped across Wales and England, felling trees, cutting power supplies to up to 40,000 people and damaging vehicles, with some of the worst weather expected during the morning rush hour.

Gusts of 99mph have been recorded at the Needles on the Isle of Wight, according to the Met Office, while the Environment Agency has put in place 19 flood warnings and 147 flood alerts.

In Newhaven, East Sussex, the family of a 14-year-old boy who was swept into the sea were said to be "distraught" after coastguard rescuers were forced to call off their search.

The storm felled trees including in Crawley, West Sussex. Pic: Simon Fox

Prime Minister David Cameron has held talks with government departments and agencies to ensure they are prepared for the storm's impact, while transport minister Baroness Kramer urged commuters to stay at home until the worst of the weather has passed.

Most train operators cancelled all services in the south of England before 9am - with further disruption expected throughout the day.

Network Rail said: "Trains will not be allowed to run until the worst of the storm has passed and engineers have been able to check railway lines in daylight for fallen trees, branches or any other debris which may have blown onto or damaged the infrastructure."

Police cars attempt to get past a felled tree in East Sussex

Heathrow airport cut capacity for all airlines by 20% between 6am and 11am and cancelled 60 flights before the storm hit the mainland.

Sky's Home Affairs Correspondent Mark White said airline workers have been briefed that winds of up to 80 knots (90+ mph) could last until midday at Heathrow.

Engineers have warned that they will be unable to open aircraft cargo hatches or operate walkways used to offload passengers in winds of more than 40-45 knots.

Airlines are believed to be making plans to divert planes to airports in the north of the UK if necessary.

Both crossings over the Severn Estuary, the QEII Dartford Crossing bridge and the Sheppey Crossing in Kent were all closed to traffic while the Highways Agency issued warnings for high-sided vehicles, caravans and motorbikes.

Baroness Kramer said: "Don't travel unless you have to. If you do have to travel then check with your rail operator or the Highways Agency that it is safe to do so.

"Use common sense. I wouldn't want to be on the roads in the dark later tonight."

Western Power said they had 5,000 customers without power and are bringing in extra staff to help deal with 60 incidents

The Environment Agency said 20-40mm (0.8-1.6inches) of rain could fall within six to nine hours.

It has teams working to minimise river flood risk, clearing debris from streams and unblocking culverts.

A spokesman added: "Seafronts, quaysides and jetties should be avoided due to the risk of overtopping by waves and wind-blown shingle."

A photographer captured wild seas off the Brighton coast. Pic: Kevin Long

Met Office severe weather alerts are in place, with an amber warning, meaning "be prepared", for the southern half of England and Wales.

A yellow warning, meaning "be aware", has been issued for the rest of Wales and England.

In London, the Metropolitan Police has urged people to avoid calling 999 during the storm unless there is a real emergency.

The storm has been compared to the Great Storm of 1987, which claimed 22 lives in England and France in a three hour period.

Veteran weatherman Michael Fish, who famously failed to predict its severity, warned people to "batten down the hatches" and delay their Monday morning journey by two or three hours.

:: For the latest on the storm watch a special edition of Sky News Sunrise from 6am.

:: Send us your photos and videos of the storm.

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Storm: Newhaven Search For Boy Called Off

A 14-year-old boy is feared dead after being swept into the sea while playing in the surf in rough weather conditions.

The youngster disappeared from West Beach at Newhaven, East Sussex, at about 4.15pm on Sunday.

Rescue teams, including a coastguard helicopter and a RNLI lifeboat, scoured the area in what were described as "atrocious conditions" with poor visibility.

An RNLI lifeboat is buffeted by the waves as it takes part in the search

After around six hours the Maritime and Coastguard Agency (MCA) said it had stood down its search teams.

The teenager was playing with friends - who have all been accounted for - when the accident occurred.

A Sussex Police spokesman said: "This is a very distressing incident and everything possible is being done to try to find the boy."

A MCA spokeswoman said that rescue teams had struggled in difficult conditions.

She said police were with the boy's family, who are "distraught".

A rescue worker looks on as his colleagues battle the elements at sea

Meanwhile, the public were reminded of the dangers of being on the coast in bad weather. 

Solent Coastguard watch manager Steve Mann said: "The crashing waves are spectacular to watch but also extremely dangerous. HM Coastguard's advice is simple: don't take risks.

"But if you do get into difficulty, or spot someone who might be in trouble, call 999 and ask for the Coastguard."

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Miller Redpath: Body Found In Back Garden

Police searching for a missing teenager have found a body in his overgrown back garden.

Public schoolboy Miller Redpath, 18, went missing from his family home in Wenhaston in Suffolk in August.

Suffolk Police said an officer went to the house on Thursday as part of their inquiries and found the body during a search of the garden.

A post-mortem examination has been carried out, however the cause of death remains unknown, police said in a statement.

"At this stage the death is still being treated as unexplained," the statement said.

"Officers have not yet been able to identify the deceased and further tests are required, however early indications suggest that it is the body of 18-year-old Miller Redpath.

"Further searches are taking place at the property and specialist trained officers continue to support Miller's mother at this difficult time."

The discovery comes after Mr Redpath's mother made an emotional appeal for information about her son's disappearance.

"I think he went out purposefully to do something, in order to return shortly, and something went horribly wrong," Anastasia Miller said earlier this month.

"Everything was on track for him as he was doing well at school, he was thinking of London University, had lots of friends and I just don't understand what happened," she added.

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Britain Braced For Severe 80mph Storm

England and Wales will be hit by a "significant storm" on Sunday night with winds of up to 80mph in some areas, the Met Office has warned.

Forecasters say the storm is expected to bring "exceptionally strong winds" to parts of the UK when it strikes late on Sunday night.

Meteorologists say it will strike the south west of England and could leave a trail of destruction as it gusts north-east across the country, causing structural damage, and bringing down trees and power lines.

Frank Saunders, Chief Forecaster at the Met Office, said: "We are confident that a severe storm will affect Britain on Sunday night and Monday.

"We are now looking at refining the details about which areas will see the strongest winds and the heaviest rain."

Roads may also be hit by flash flooding, bringing rush hour traffic on Monday morning to a halt, and homes could be flooded.

The Environment Agency says 20-40mm of rain could fall within six to nine hours.

An amber warning is in place across the southern half of England and Wales

Severe weather alerts are in place for England and Wales, with an amber warning, meaning "be prepared", for the southern half of England and Wales.

There is a lesser yellow warning, meaning "be aware", for the rest of Wales and England up to the border with Scotland.

Sky News weather presenter Jo Wheeler said: "The storm is coming through at the worst possible time; from around midnight to midday on Monday - which takes in the rush hour when people are trying to get to work.

"Winds gusting at 80mph are quite capable of bringing down trees and power lines and causing structural damage.

"Trees are still full in leaf at this time of year and the ground is quite damp so there is more chance they can be ripped from the ground, and branches ripped from trees."

She said Atlantic storms of this type usually develop further west across the ocean, losing strength by the time they reach the UK and Ireland.

But the storm will develop on Saturday and intensify on Sunday fairly close to the coast before it strikes with full force.

It has been compared to the Great Storm of 1987

A strong jet stream and warm air close to the UK are contributing to its development and strength.

Some have compared its potential to the Great Storm of 1987 and record-breaking gales in south Wales in 1989.

Veteran weatherman Michael Fish famously failed to predict its severity before it flattened trees, knocked out power and left 22 people dead in England and France.

This time he warned people to "batten down the hatches" and keep checking the forecasts as the powerful storm approaches.

Darron Burness, head of the AA's flood rescue team, said: "The timing couldn't really be worse, potentially causing significant travel disruption on Monday morning, which is one of the busiest times on the roads."

The Metropolitan Police has urged people to avoid calling 999 during the storm unless there is a real emergency.

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