Business

Nine in 10 high-risk pension funds fail to beat FTSE 100 over five years

Published

2 hours ago

19 February 2026

Taxpayers have until 5 April 2025 to make voluntary National Insurance Contributions dating back to 2006 to boost their state pension. Experts advise checking your NI record now.

Nearly nine in 10 higher-risk pension funds have failed to match the performance of the FTSE 100 over the past five years, according to new analysis that raises fresh concerns about retirement outcomes for millions of savers.

Research by Investing Insiders examined almost 13,000 personal and workplace pension funds holding more than £1tn in assets between December 31, 2020 and December 31, 2025. Funds in the medium-high and high-risk categories were benchmarked against the FTSE 100 over the same period.

The FTSE 100 delivered cumulative returns of 84.67 per cent over five years, turning £20,000 into £36,934 and £50,000 into £92,335.

By contrast, 89 per cent of pension funds in the higher-risk categories underperformed that benchmark. Of 7,370 funds analysed at these risk levels, 6,540 failed to keep pace with the index.

The worst-performing fund in the study, Zurich Assurance’s Zurich JPM Emerging Europe Equity Pn ZP GTR in GB, lost 98.59 per cent of its value over five years. A £50,000 investment in that fund would now be worth just £705 — more than £91,000 less than if the same sum had tracked the FTSE 100.

Other underperformers included funds linked to the collapsed Woodford Equity Income strategy and several UK property-focused vehicles, many of which suffered heavy losses during periods of market stress.

All of the 10 worst-performing funds were categorised as high risk, and 87.6 per cent of the 1,418 funds in that bracket failed to beat the benchmark.

In contrast, the best-performing fund in the study — Aviva Life & Pensions UK’s Aviva Pen Ninety One Global Gold Pn S6 GTR in GB — delivered returns of 180.28 per cent over five years, growing £50,000 to £140,140.

Investing Insiders estimates that the gap between the best and worst performers could equate to a difference of £139,000 on a £50,000 contribution over the same period.

Antonia Medlicott, founder of Investing Insiders, described the findings as alarming. “Some funds in the same risk category are almost tripling investments, while others are wiping out value,” she said. “Savers often assume their pensions are steadily progressing, but performance can vary dramatically.”

She argued that greater transparency is needed from providers, particularly when funds underperform benchmarks for sustained periods. She also urged individuals to take a more active role in reviewing their pension allocations.

While the FTSE 100 is a widely recognised benchmark, pension portfolios are typically diversified across global equities, bonds and alternative assets. As such, some fund managers argue that direct comparison with a single UK index may not fully reflect investment strategy.

Nevertheless, the scale of underperformance highlighted in the report underscores the impact of asset allocation, fund selection and risk profile on long-term retirement savings.

With retirement outcomes increasingly dependent on defined-contribution schemes, the findings add weight to calls for better default fund design and clearer communication to help savers avoid significant shortfalls in later life.

Amy Ingham

Amy is a newly qualified journalist specialising in business journalism at Business Matters with responsibility for news content for what is now the UK’s largest print and online source of current business news.

Business

Steel Dynamics, SGH Boost BlueScope Steel Acquisition Bid to $11 Billion

Published

4 minutes ago

19 February 2026

NewsAdmin

Steel Dynamics, SGH Boost BlueScope Steel Acquisition Bid to $11 Billion

U.S. steelmaker Steel Dynamics STLD 0.43%increase; green up pointing triangle and Australian conglomerate SGH submitted a sweetened offer for BlueScope Steel BSL 0.73%increase; green up pointing triangle that values its equity at roughly US$11 billion, and said they wouldn’t raise it again unless a rival bidder emerges.

The new bid intensifies a takeover campaign dating back months when Steel Dynamics tried to get BlueScope, which has operations in 14 countries including the U.S. and Australia, to agree to a deal. Those earlier approaches were rebuffed and Steel Dynamics teamed up with SGH late last year to try to buy the company. BlueScope on Wednesday said it is considering the pair’s revised proposal.

Business

TD Cowen initiates Grail stock coverage with hold rating on valuation

Published

14 minutes ago

19 February 2026

NewsAdmin

TD Cowen initiates Grail stock coverage with hold rating on valuation

Business

Berkshire Climbs After Disclosing Changes to Its Portfolio

Published

21 minutes ago

19 February 2026

NewsAdmin

Alphabet Is Selling 100-Year Debt as Part of a Big Bond Sale

Shares in Berkshire Hathaway gained 3.3% in after-hours trading, after the Omaha, Neb., company said it sold shares in Bank of America and Apple and added a position in the New York Times. Berkshire disclosed its stockholdings in a regulatory filing Tuesday afternoon.

The group shed 50.8 million shares of Bank of America during the December quarter, Warren Buffett’s last few months as Berkshire chief executive. Berkshire sold 10.3 million shares of Apple, marking the third-straight period it cut its stake in the iPhone maker. It bought 5.1 million shares of the New York Times. Read more:

Business

From Royal Prince to Recent Arrest

Published

27 minutes ago

19 February 2026

NewsAdmin

Andrew Mountbatten-Windsor, formerly known as Prince Andrew, Duke of York, marked his 66th birthday on February 19, 2026, under dramatically different circumstances than in years past. On the same day, British police arrested him on suspicion of misconduct in public office, linked to revelations from Jeffrey Epstein-related documents. The arrest, carried out by Thames Valley Police at his residence on the Sandringham Estate in Norfolk, caps a years-long fall from grace for the brother of King Charles III.

Once second in line to the British throne and a decorated naval officer, Mountbatten-Windsor has seen his royal titles stripped, his public role diminished and his reputation tarnished by associations with the late convicted sex offender Jeffrey Epstein. He has consistently denied any wrongdoing, including sexual misconduct allegations.

Here are 10 essential facts about Andrew Mountbatten-Windsor, drawing on his background, career, family and the latest developments as of February 2026.

Full Name and Birth Details Born Andrew Albert Christian Edward on February 19, 1960, at Buckingham Palace in London, he is the third child and second son of Queen Elizabeth II and Prince Philip, Duke of Edinburgh. As a direct descendant, he adopted the surname Mountbatten-Windsor — the hyphenated family name established for Queen Elizabeth II’s children — following the removal of his princely title in late 2025. He was the first child born to a reigning British monarch since Queen Victoria’s daughter Princess Beatrice in 1857.
Early Royal Status and Line of Succession At birth, Mountbatten-Windsor was second in the line of succession to the British throne, behind his elder brother Charles (now King Charles III). Following Queen Elizabeth II’s death in 2022 and subsequent changes, he remains in the line — currently eighth — despite no longer holding royal titles or performing official duties. His position persists because removal from the succession requires specific parliamentary action under the Succession to the Crown Act.
Military Career in the Royal Navy Mountbatten-Windsor joined the Royal Navy in 1979 and served during the 1982 Falklands War, flying helicopter missions from HMS Invincible. He later became a helicopter instructor and commanded the warship HMS Cottesmore. His service earned praise, contrasting sharply with later controversies. He retired from active duty in 2001 after 22 years.
Marriage to Sarah Ferguson In 1986, he married Sarah Ferguson, who became the Duchess of York. Queen Elizabeth II created him Duke of York, Earl of Inverness and Baron Killyleagh on their wedding day — titles historically linked to his maternal grandfather King George VI and great-grandfather King George V. The couple separated in 1992 amid tabloid scrutiny and divorced in 1996, though they have maintained an amicable post-divorce relationship.
Daughters: Princess Beatrice and Princess Eugenie The marriage produced two daughters: Princess Beatrice (born August 8, 1988) and Princess Eugenie (born March 23, 1990). Both retain their princess titles as grandchildren of a sovereign in the male line, despite their father’s stripped status. Beatrice, 37, is married to Edoardo Mapelli Mozzi and has two daughters; Eugenie, 35, is married to Jack Brooksbank and has two sons. The daughters remain non-working royals and have stayed largely out of the spotlight amid family controversies.
Role as UK Special Representative for International Trade From 2001 to 2011, Mountbatten-Windsor served as the United Kingdom’s Special Representative for International Trade and Investment. The unpaid role involved promoting British business abroad but drew criticism for his expenses and associations. He stepped down in 2011 amid scrutiny over his Epstein ties.
Association with Jeffrey Epstein Mountbatten-Windsor’s long-standing friendship with Epstein, who died in 2019 while awaiting trial on sex-trafficking charges, became central to his public downfall. He faced allegations of sexual abuse from Virginia Giuffre, which he has denied. A 2019 BBC Newsnight interview, where he defended his Epstein connection and denied Giuffre’s claims, was widely criticized and led to his withdrawal from public royal duties in November 2019.
Stripping of Royal Titles In early 2022, Queen Elizabeth II stripped him of his military affiliations and use of “His Royal Highness” style amid the Giuffre lawsuit. He settled the civil case out of court later that year. In late 2025, King Charles III revoked remaining titles, including Duke of York. He now lives privately, recently relocating from Royal Lodge in Windsor to Wood Farm on the Sandringham Estate.
Recent Arrest on Misconduct Charges On February 19, 2026 — his 66th birthday — Thames Valley Police arrested Mountbatten-Windsor on suspicion of misconduct in public office, an offense carrying a maximum life sentence. The arrest relates to allegations he shared confidential government or trade information with Epstein during his envoy role before 2011, based on recent Epstein file revelations. Police searched properties in Berkshire and Norfolk, and he remains in custody. He has denied any wrongdoing, with supporters noting the allegations stem from old associations.
Current Status and Family Impact No longer a working royal, Mountbatten-Windsor lives quietly but faces ongoing legal scrutiny. His arrest has renewed debate over royal accountability and the Epstein scandal’s reach. His daughters’ titles and succession places remain unchanged, preserving their status as King Charles III’s nieces. The family has maintained a low profile, with ex-wife Sarah Ferguson occasionally speaking publicly in support.

The developments underscore a stark transformation for a once-prominent royal figure. As investigations continue, Mountbatten-Windsor’s future remains uncertain amid calls for transparency in royal and public office conduct.

Business

Reeves fixated on 'dysfunctional' borrowing rules, says IFS

Published

33 minutes ago

19 February 2026

NewsAdmin

Reeves fixated on 'dysfunctional' borrowing rules, says IFS

The think tank suggests the chancellor’s fiscal rules need to shift the focus from one key figure.

Business

Earnings call transcript: Nexans Q4 2025 misses revenue forecast, stock falls

Published

41 minutes ago

19 February 2026

NewsAdmin

Earnings call transcript: Nexans Q4 2025 misses revenue forecast, stock falls

Business

‘Landmark year’ for Airbus as global demand for aircraft soars

Published

47 minutes ago

19 February 2026

NewsAdmin

The company’s workforce grew during the 2025 financial year to more than 165,000 staff around the world

08:10, 19 Feb 2026Updated 08:13, 19 Feb 2026

Airbus factory in Broughton(Image: DAVID POWELL/NORTH WALES LIVE)

Airbus has reported a record financial performance over the year amid rising demand for commercial aircraft. The aerospace giant has UK bases in Broughton, in North Wales, where it manufacturers wings for planes and in Filton, South Gloucestershire, where it designs wings, landing gear and fuel systems.

The company’s consolidated results show revenues increased six per cent year-on-year to €73.4bn, while adjusted EBIT – a measure of performance – totalled €7.1bn, compared to €5.3bn in 2024. The 2024 figure included charges of €1.3bn following an in-depth technical review of space programmes.

Free cash flow before customer financing stood at €4.5bn, with a consolidated net cash position of €12.2bn – up from €11.8bn at year end in 2024.

A total of 793 commercial aircraft were delivered over the year, comprising 93 A220s, 607 A320 Family, 36 A330s and 57 A350s.

The size of Airbus’s global workforce also rose by five per cent during the period to 165,294.

Guillaume Faury, Airbus chief executive, said: “2025 was a landmark year, characterised by very strong demand for our products and services across all businesses, a record financial performance, and strategic milestones.

“We successfully navigated a complex and dynamic operating environment to deliver on our updated guidance.”

Airbus Helicopters’ revenues increased by 13 per cent to €9.bn, with deliveries rising to 392 units – up from 361 in 2024. Revenues at Airbus Defence and Space increased 11 per cent year-on-year to €13.4bn, driven by higher volumes across all business units, Airbus said.

The company’s order intake by value increased to €123.3bn, from €103.5bn a year before, while its consolidated order book value was marginally down at €619bn at the end of 2025 – compared to €629bn in 2024.

Gross commercial aircraft orders totalled 1,000 – up from 878 aircraft a year earlier – with net orders of 889 aircraft after cancellations. The order backlog amounted to a year-end record of 8,754 commercial aircraft at the end of 2025.

Airbus said the production ramp-up of the A220 was “ongoing” and paced by the integration of Spirit AeroSystems work packages and the balance between supply and demand. It is now targeting a rate of 13 aircraft a month for the A220 programme in 2028.

On the A320 Family, Airbus said US engine maker Pratt & Whitney’s “failure to commit to the number of engines ordered by Airbus” was “negatively impacting” this year’s guidance and the ramp-up trajectory.

The company said as a consequence it now expects to reach a rate of between 70 and 75 aircraft a month by the end of 2027, stabilising at rate 75 after that. It said it continues to target rate five for the A330 programme in 2029 and rate 12 for the A350 programme in 2028.

The company’s board has proposed a full-year dividend of €3.20 per share.

“Global demand for commercial aircraft underpins our ongoing production ramp-up, which we are managing while facing significant Pratt & Whitney engine shortages,” added Mr Faury.

“The broad and competitive portfolios of Defence and Space as well as Helicopters allow us to capture the momentum in defence. We are also making progress to establish a new global industrial space player, together with our partners.

“These 2025 results and the confidence in our future financial performance support the proposed higher dividend payment.”

Business

Pubs to open late for home nations World Cup knockout games

Published

54 minutes ago

19 February 2026

NewsAdmin

Pubs to open late for home nations World Cup knockout games

Football fans in the UK will be able to enjoy an extra round at the pub thanks to new rules during the men’s World Cup.

Business

(VIDEO) Former Prince Andrew Arrested on Suspicion of Misconduct in Public Office

Published

1 hour ago

19 February 2026

NewsAdmin

Andrew Mountbatten-Windsor, formerly known as Prince Andrew, was arrested Thursday on suspicion of misconduct in public office, Thames Valley Police confirmed, in connection with allegations that he shared confidential trade documents with convicted sex offender Jeffrey Epstein while serving as Britain’s special trade envoy more than a decade ago.

The 66-year-old, who resides at Wood Farm on the Sandringham estate in Norfolk, was taken into custody early Thursday morning — coinciding with his birthday — following a police operation involving searches at addresses in Berkshire and Norfolk. Officers executed warrants at the properties as part of an ongoing investigation, Thames Valley Police said in a statement released shortly after 8 a.m. local time.

“We have today (19/2) arrested a man in his sixties from Norfolk on suspicion of misconduct in public office and are carrying out searches at addresses in Berkshire and Norfolk,” the force stated, without naming the suspect as per national guidance on arrests. Mountbatten-Windsor remains in custody while inquiries continue, police added.

The arrest stems from a complaint lodged by the anti-monarchy group Republic, which alleged that Mountbatten-Windsor forwarded sensitive trade reports to Epstein around 2010 during his tenure as the United Kingdom’s special representative for international trade and investment. The role, held from 2001 to 2011, involved promoting British business interests abroad.

Thames Valley Police opened a formal investigation in mid-February after assessing the allegations, which surfaced amid renewed scrutiny following recent revelations in unsealed Epstein-related court documents. Those files, released in batches through late 2025 and early 2026, included references to Mountbatten-Windsor’s interactions with Epstein, though no new criminal charges related to sexual misconduct have been filed in this probe.

Mountbatten-Windsor, the younger brother of King Charles III, was stripped of his royal titles and military affiliations in 2022 amid fallout from his association with Epstein and a settled civil lawsuit brought by Virginia Giuffre, who accused him of sexual abuse — claims he has always denied. He has not held public royal duties since.

The misconduct in public office charge carries a maximum sentence of life imprisonment under British law, though such cases often involve abuse of position for personal gain or improper disclosure of information. Prosecutors would need to prove he knowingly breached official duties in a way that harmed public trust.

Buckingham Palace has not commented on the arrest. A spokesperson for King Charles III declined to address the matter, citing it as a police investigation. The development is likely to intensify scrutiny on the royal family at a time when King Charles continues recovery from cancer treatment announced in 2024.

Public reaction has been swift and polarized, with social media flooded by commentary ranging from calls for accountability to expressions of sympathy. Anti-monarchy campaigners hailed the move as a step toward ending royal impunity, while supporters questioned the timing and evidence.

Thames Valley Police emphasized the investigation remains active and urged anyone with information to come forward. No charges have been filed, and Mountbatten-Windsor has not been formally interviewed beyond the initial arrest process.

The case marks an unprecedented legal action against a former senior royal, highlighting ongoing fallout from the Epstein scandal more than a decade after the financier’s 2019 death in custody. Epstein’s network included high-profile figures across politics, business and entertainment, with Mountbatten-Windsor one of the most prominent British connections.

As the investigation proceeds, authorities are expected to review documents, communications and witness statements related to the alleged disclosures. The outcome could have significant implications for Mountbatten-Windsor’s legal and personal standing.