Industry experts have urged the government to “keep up the momentum” after it gave an update on the Pensions Dashboard Programme today (22 October).

Pensions minister Emma Reynolds announced that the MoneyHelper Pension Dashboard service will be made available before commercial dashboards.

Reynolds added that it is too early to confirm a launch date to the public.

The Department for Work and Pensions (DWP) previously said the launch date will only be announced once it is assured most pension schemes have connected and the dashboards are working well.

The Pension Dashboards Programme (PDP) has been given the task of developing the Pension Dashboards ecosystem and organising for most schemes to connect to it.

Pension schemes must connect to the dashboard ecosystem by October 2026 at the latest, but have been urged to connect earlier, starting from April 2025.

The Financial Conduct Authority is expected to publish the final rules of the governance framework for commercial dashboards before the end of the year.

Rachel Vahey, head of public policy at AJ Bell, said: “Pension Dashboards will have the power to dramatically improve pension engagement. They will give people an overall picture of their pension savings, letting them know how much they have saved so far, where it is and, importantly, how to add to it and how to get hold of it.

“It’s therefore reassuring the government is maintaining its commitment to such an important project, especially when the public finance purse strings are so constrained.

“We need to keep up the momentum to develop dashboards and drive this initiative to delivery.”

Vahey said that Pension Dashboards “need to cover most pension schemes, work efficiently and be easy to use”.

“Obviously, the Pension Dashboards Programme (PDP) should concentrate on getting all these elements right. But there is simply no point building dashboards if no-one is going to use them,” she added.

“Restricting the dashboards to a single one – the government’s own version – means not as many people will be aware of the dashboard or use it, potentially missing out on the opportunity to trace lost pension schemes, but also to put their pension savings back on track.

“A ‘soft’ launch could make sense, while dashboards are tested to ensure they are working as expected.

“But for dashboards to be a success it’s essential that commercial dashboards are launched as soon as possible, allowing them to play their role in making sure pension savers are aware of them and use them.”

Scottish Widows head of policy, Pete Glancy, said: “We welcome the government’s commitment to multiple qualifying dashboards, which will support innovation in best meeting these needs of pension savers.

“The public will benefit from being able to see all of their combined pension income, which they are on track to have in retirement, in one place.

“We know that they are much more likely to engage with their pension pots if they can access that information through channels they already visit often.

“We are excited about the difference that dashboards could make but recognise its important to get something as important as this right.

“Let’s maintain the momentum.”

Yvonne Braun, director of policy, long term savings, health and protection at the Association of British Insurers, said: “Pensions Dashboards will be a huge catalyst for positive change in how people engage with their pensions, including helping them find lost pension money.

“We are reassured to see the government’s continued commitment to the programme, and to launching both a state-owned MoneyHelper Dashboard and enabling commercial dashboards.

“Commercial dashboards are vital because they will allow the maximum number of people to find their pension information in the on-line services they use day to day.

“It is therefore crucial both the MoneyHelper dashboard and commercial dashboards are launched as soon as possible, and very closely together, so that this pioneering project can deliver on its enormous potential.”

Unlock the Editor’s Digest for free

Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.

Regulator Ofwat has signalled that it will allow water companies to lift bills further than initially proposed after the industry argued that it needed more money to invest in Britain’s ailing infrastructure.

Ofwat said on Tuesday the industry had made a fresh push to increase prices beyond the regulator’s draft decision in July to fund an additional £7bn of investment, which would take the total to £108bn.

“This increased expenditure request will, if approved, increase customer bills compared to our draft determinations,” it said.

Water companies are currently negotiating with Ofwat the extent to which they can raise real terms bills over the five years until 2030, with a final decision expected in December or January.

In July the water regulator for England and Wales angered the sector by rejecting its demand for an average 29 per cent increase in bills in favour of a 19 per cent rise. 

Now companies have come back with a request to raise them by 40 per cent, which would take the average household bill to at least £615 a year in five years’ time compared with £439 now — even without inflation. 

Water companies argue that the need for bill increases reflects a rise in the scope of their proposed investment schemes, and increased regulatory costs. They are also facing higher labour, chemical, energy and financing charges.

“Ofwat usually improves its offer between the draft and its final decision and in this case its initial proposals would not have been high enough to finance the need for investment,” said Dominic Nash, analyst at Barclays.

Southern Water has proposed the largest 84 per cent increase in bills after initially proposing a 73 per cent rise. Ofwat had proposed a 44 per cent increase for Southern during its draft determination in July.

Southern said: “We are taking this approach in response to what our communities have told us they want us to deliver.”

However, there is a wide range of requests from companies with Northumbrian Water seeking the lowest rise at just 21 per cent.

Thames Water has gone back to Ofwat to ask for a 53 per cent rise in real terms after the water regulator rejected its proposal for a more modest 44 per cent jump earlier this year.

The troubled water giant, which is teetering on the brink of collapse, had been told in July by the regulator that it would be limited to a 23 per cent increase in household bills.

The company provides water and sewerage services to about 16mn households in London.

Thames Water needs the bill increases to raise new equity after existing investors declared that the business was “uninvestable” under Ofwat’s current regime.

The company is scrambling to find new equity and risks running out of cash by Christmas. It has already warned that its ageing infrastructure is a risk to public safety.

Thames Water and Northumbrian declined to comment.

Water UK, which represents the industry, said: “Since first submitting their investment plans over a year ago to Ofwat, water companies have new legal additional requirements to fulfil, along with inflation costs to bear.”

MILLIONS are eligible for free cash from the Department for Work and Pensions (DWP) this winter.

Hard-up households are in line for help through a number of Government schemes and funds.

1

In some cases you have to apply while in others those who qualify receive payments automatically.

Whether you are eligible for all of them depends on your exact circumstances too.

From the cold weather payment, to Household Support Fund and Warm Home Discount scheme, here’s all the help on offer.

Cold weather payment

Cold weather payments are made to households in areas that experience continual cold temperatures over the winter months.

The payments are usually made between November 1 and March 31 to those on certain benefits.

You get £25 for each seven day period where the temperature is zero degrees celsius or below in your area, with payments usually processed in 14 working days.

That means if you live somewhere where temperatures were sub-zero for two weeks, you would get £50.

You usually qualify for a cold weather payment if you are on one of the following benefits:

Most eligible people don’t need to apply to get cold weather payments.

However, if you are on Income Support, income-based Jobseeker’s Allowance (JSA) or income-related Employment and Support Allowance (ESA) and have had a baby or have a child under five living with you, you need to tell your local Jobcentre Plus centre.

If you don’t, you won’t receive any of the payments despite being eligible.

You can check if you’re eligible for a cold weather payment via gov.uk.

Warm Home Discount Scheme

The Warm Home Discount Scheme sees households on certain benefits receive a one-off discount on their energy bills worth £150.

The discount is automatic for the vast majority of qualifying households and is applied between October and the following March.

You are automatically eligible if you receive the Guarantee Credit part of Pension Credit.

You also qualify if you are on a number of other benefits and live in a home with a high energy cost score.

This is calculated by the Government based on the type, age and size of your property.

You may not qualify for the Warm Home Discount if you live in a more energy-efficient home for example.

The £150 discount is applied to your bill by your energy supplier.

The full list of suppliers who are part of the scheme can be found via https://www.gov.uk/the-warm-home-discount-scheme/energy-suppliers.

Households in Scotland don’t need to apply for the Warm Home Discount if they get the Guarantee Credit element of Pension Credit.

However, you do need to apply via your energy firm if you receive any of the other qualifying benefits.

Household Support Fund

The Household Support Fund has been extended multiple times, first launching in October 2021.

The latest round is worth £421million and has been shared by the DWP between councils in England.

These councils then have to decide who to give money to, and how to distribute it.

That means what you are entitled to depends on where you live and it can be a bit of a postcode lottery.

However, you might be eligible for direct bank transfers, supermarket or energy vouchers.

You may even qualify for discounted white goods.

Households in Birmingham can get £200 cash grants paid into their bank accounts by the city council.

Meanwhile, Nottinghamshire Council is paying tens of thousands of households £200 one-off payments.

You can check if you’re eligible for help by contacting your local council which you can find via www.gov.uk/find-local-council.

Do you have a money problem that needs sorting? Get in touch by emailing money-sm@news.co.uk.

Plus, you can join our Sun Money Chats and Tips Facebook group to share your tips and stories

GULF Air is launching flights from two airports in the UK to Singapore, aiming to offer passengers competitive prices.

The Bahrain flag carrier will operate two new routes from London Heathrow and Manchester Airport to Singapore, with services stopping in Bahrain en route.

2

Flights from London Heathrow will start operating next week on October 27, 2024.

The services will depart from the London airport at 9.30am, arriving in Singapore at 12.30pm the following day.

Flights will stopover in Bahrain, with stops lasting just under five hours according to the airline’s website.

Return services will then leave Singapore at 8.25pm before touching back down in the UK at 6.35am the following morning, with flights again stopping in Bahrain for several hours.

Economy class tickets start from £541 per person, with prices jumping up to £2,028 for seats in the Falcon Gold Class cabin.

Meanwhile, flights from Manchester Airport will depart at 10.25am, arriving in Singapore at 12.30pm the following day.

Stopovers in Bahrain will take just under four hours.

Return flights will then leave Singapore at 8.25pm, arriving back in the UK at 6.35am the next day, including a two-hour stopover.

Economy class tickets start from £556, with prices jumping up to £2,033 in the Falcon Gold Class Cabin.

The route will be operated by a Gulf Air Boeing 787-9 Dreamliner.

Joanna Patterson, Director of Sales for Gulf Air, said, “UK travellers now have a great-value, easy option for accessing Singapore, via our Bahrain hub.

“This new daily route expands our commitment to the Southeast Asian market and is a key step in our global network expansion strategy.

“Singapore is a vibrant hub for business and tourism, and we’re thrilled to offer UK travellers greater access to this renowned destination.”

Singapore is a bucket list destination in its own right thanks to its £2 Michelin meals and famous Formula One circuit.

While the next Formula One race won’t be taking place until next year, there are still plenty of reasons to visit the country, including the Gardens by the Bay, which is famed for its display of flora and fauna.

It is home to ever-changing displays at the Flower Dome — a towering indoor waterfall at The Cloud Forest — as well as the 160ft vertical gardens at Supertree Grove.

Other attractions include taking a tour of famous graffiti artworks by Singapore’s answer to Banksy, Yip Yew Chong, who creates enormous, hand-painted murals inspired by the daily lives of Singaporeans.

The good news is, the city centre has some of the cheapest Michelin-starred meals on the planet.

At the Chinatown Complex Market is Liao Fan Hawker Chan, the world’s first Hawker stall to win the coveted star, serves Michelin Star dishes for £2.

Ryanair recently launched a route from Newcastle to Marrakech.  

Earlier this year, Jet2 confirmed that a new route will operate between Manchester Airport and Porto.

2

Unlock the Editor’s Digest for free

Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.

“A once-in-a-century pandemic, eruption of geopolitical conflicts and extreme weather events have disrupted supply chains, caused energy and food crises, and prompted governments to take unprecedented actions to protect lives and livelihoods.” Thus does the IMF’s latest World Economic Outlook describe economic events since early 2020.

Yet, overall, the world economy has shown resilience. Unfortunately, however, but unsurprisingly, high-income countries — blessed with more policy space — have shown more of it, while developing countries have shown less. In sum, “[w]hereas the former have caught up with activity and inflation projected before the pandemic, the latter are showing more permanent scars.”

A notable fact, however, is that the largely unexpected upsurge in inflation has subsided at a low cost in terms of output and employment. Yet core inflation has also been showing signs of stickiness, notes the IMF. Crucially, “[a]t 4.2 per cent, core services price inflation is about 50 per cent higher than before the pandemic in major advanced and emerging market economies (excluding the US)”. Pressure to bring wages back in line with prices is the main driver of the robust core inflation in services. But, as output gaps close, the fund hopes, this wage pressure, too, should subside.

Both the spike in inflation and its remarkably painless fall need explanations. These, argues the WEO, include a faster-than-expected decline in energy prices and a strong rebound in labour supply, bolstered by unexpected (and unpopular) surges in immigration.

A more subtle explanation of the behaviour of inflation is that the interaction of surging post-pandemic demand with constraints on supply made the relationship between economic slack and inflation (known as “the Phillips curve”) steeper (or, in economists’ jargon, “less elastic”). Thus, inflation rose more than expected when demand surged, but fell faster than expected as supply and demand came together. Monetary policy played a role in both directions, by stimulating and then restraining demand, but also, when tightened, by reinforcing the credibility of inflation targets.

A noteworthy feature since 2020 has been the changing relationship between monetary and fiscal policy. In the pandemic, both were ultra-loose. But, after 2021 monetary policy tightened, while fiscal policy stayed loose, notably in the US. Higher interest rates then increase fiscal deficits. Yet there is a big divergence between the US and the eurozone on fiscal prospects: on IMF projections, US public debt will rise to almost 134 per cent of GDP by 2029; in the eurozone, on the other hand, the ratio of public debt to GDP is expected to stabilise at about 88 per cent in 2024, albeit with large cross-country differences.

Yet another significant recent feature of the world economy is that since Russia’s assault on Ukraine in February 2022, the rate of growth in trade between “blocs” has fallen more than that within “blocs”, with one centred on the US and Europe and another centred on China and Russia.

The fund has not changed its view much, projecting global growth of close to 3 per cent. This assumes there are no big negative shocks, trade grows in line with output, inflation stabilises, monetary policies loosen and fiscal policies tighten. Its projections show US growth from fourth quarter to fourth quarter falling from 2.5 per cent in 2024 to 1.9 per cent in 2025, while it rises slightly, to 1.3 per cent, in the eurozone. Over the later period, developing Asia’s growth is projected at 5 per cent, China’s at 4.7 per cent and India’s at 6.5 per cent.

Downside risks are, alas, plentiful. Past monetary policy might bite harder than now expected, perhaps generating recessions. If inflation is more robust than expected, monetary policy would be tighter than assumed, which could affect financial stability. The impact of higher interest rates on debt sustainability might turn out to be greater than expected, especially in emerging and developing countries. China’s macroeconomic woes might turn out be greater than now expected, as its property sector retrenches and countervailing policy measures remain too limited. Should Donald Trump become US president and launch his trade measures, the chances of an out-and-out trade war must also be considerable, with unpredictable consequences for the world economy and international relations.

Moreover, will the US election be decided peacefully? The worsening of existing wars or the outbreak of new ones are also possible. Such events could lead to new spikes in commodity prices, possibly (or even probably) aggravated by rapid changes in the global climate.

All this is scary stuff. Yet it is worth noting potential upsides, too. Reform and renewed confidence might lead to an upsurge in investment. Artificial intelligence and the energy revolution might boost investment and growth. It is even possible that humanity will decide that it has better things to do than raise hostility and stupidity to ever higher levels.

The IMF stresses the need to ensure a smooth landing on inflation and monetary policy. It also stresses the more immediate need to stabilise public finances, while promoting growth and reducing inequality. In the medium term, it hopes for stronger structural reform, including improving access to education, reducing labour market rigidities, raising labour force participation, reducing barriers to competition, supporting start-ups and advancing digitalisation. Not least, it desires acceleration of the green transition and enhanced multilateral co-operation.

If only a divinity would compel humanity into being that sensible. In practice, it is, as always, up to us.

martin.wolf@ft.com

Follow Martin Wolf with myFT and on Twitter

The tragic death of Liam Payne at just 31 years old has sent shockwaves through the music industry and his legion of fans. The former One Direction star was found dead in a hotel in Buenos Aires, Argentina, on October 16, 2024, leaving the world grappling with the loss of a beloved artist. However, the circumstances surrounding his untimely demise have raised even more alarming questions. Reports indicate that a partial autopsy revealed the presence of a dangerous substance known as “pink cocaine” in his system. But what exactly is this drug, and what does it mean for those who encounter it?

The Dark Reality of Pink Cocaine

Despite its misleading name, pink cocaine doesn’t actually contain any cocaine. Instead, it’s a potent powdered mix of various drugs, often including ecstasy, ketamine, caffeine, and a psychedelic called 2-CB, as reported by the National Capital Poison Center. Commonly referred to as “Tusi,” this substance is often dyed bright pink, sometimes with a fruity, strawberry flavor added for appeal.

Primarily found in party and club environments, pink cocaine can lead to a range of unsettling effects. Users have reported experiencing hallucinations, anxiety, nausea, increased body temperature, and elevated heart rates. Even more concerning, the National Capital Poison Center warns that pink cocaine can precipitate physical and sexual assaults, as well as severe injuries when individuals are under its influence.

A Dangerous Cocktail of Drugs

What’s particularly alarming about pink cocaine is that it can often be mixed with other substances, resulting in unpredictable and potentially life-threatening effects. Reports indicate that samples of pink cocaine have been found to contain opioids, bath salts, and hallucinogens, intensifying the dangers associated with its use. Although the National Capital Poison Center states that pink cocaine is less addictive than substances like opioids or fentanyl, the risk of developing an addiction still looms.

Moreover, the lack of regulation surrounding the production and distribution of pink cocaine means users have no way of knowing the exact composition of the drug they’re taking. This uncertainty can lead to overdose or severe health complications, as users may not be aware of the dangerous ingredients mixed in with the primary substances.

Related: Liam Payne 911 Call Transcript Released After Hotel Staff Plea

Liam Payne’s Tragic Final Hours

In the wake of Liam’s death, shocking details from his partial autopsy have emerged. On October 21, 2024, it was revealed that he had pink cocaine in his system alongside other substances, including cocaine, benzodiazepines, and crack. Eyewitness accounts have painted a grim picture of the hours leading up to his tragic fall from a third-floor balcony at the hotel.

A hotel staff member made a frantic 911 call just before the incident, expressing concern over an unnamed guest who had “overindulged on drugs and alcohol.” The audio, obtained by Telemundo, highlights the urgency of the situation. “When he is conscious, he breaks, he is breaking the whole room,” the staff member stated, pleading for police assistance due to fears for the guest’s safety. “The guest is in a room that has a balcony, and, well, we are a little afraid that he might do something life-threatening.”

Witnesses reported hearing loud noises and screams from his hotel room hours before the fall, suggesting that Liam was in distress. As investigations continue, friends and family have called for greater awareness of the risks associated with party drugs and the culture of excess that often accompanies fame.

The Aftermath of Liam’s Death

Liam Payne’s shocking passing has reignited discussions around the dangers of recreational drugs and their devastating impact. The rise of substances like pink cocaine poses a significant threat, especially to young people who might underestimate its dangers. As friends, fans, and fellow musicians mourn the loss of a talented star, the conversation about drug use, mental health, and the pressures of fame takes center stage.

The Celebrity Influence on Drug Culture

Liam Payne’s death highlights the broader issue of substance abuse in the entertainment industry, where excessive partying and drug use can become normalized. Many celebrities, including musicians and actors, have openly discussed their struggles with addiction and the pressures they face in the limelight. The allure of fame often comes with hidden dangers, leading to tragic outcomes that can affect not only the individual but also their fans and loved ones.

As the conversation surrounding mental health and substance abuse continues to evolve, it’s vital to recognize the importance of seeking help. Support systems, both professional and personal, play a crucial role in helping individuals navigate these challenges.

Related: Former One Direction star Liam Payne found dead in suspected suicide

Stay Informed and Stay Safe

As more information surfaces about Liam Payne’s tragic end and the role of pink cocaine in his death, it’s crucial for individuals to educate themselves about the dangers of recreational drug use. If you or someone you know is struggling with substance abuse, help is available. Reach out to local support groups or healthcare professionals for assistance.

Raising awareness about drugs like pink cocaine can empower individuals to make informed decisions and prioritize their health and well-being. Engaging in open conversations about substance use and its effects is essential in breaking the stigma surrounding addiction.

For further details on this tragic story and updates on drug awareness, visit National Capital Poison Center for resources and information.