Good morning and welcome to your Morning Briefing for Friday 5 December 2025. To get this in your inbox every morning click here.
PensionBee warns of ‘two-tier’ system holding back savers
PensionBee has urged the Government and regulators to overhaul what it describes as the UK’s “outdated and inconsistent” pension transfer system.
Its report, Faster, Fairer, Digital: The Pension Transfer Reset, argues that pension savers continue to face lengthy, confusing and often avoidable delays when trying to move their retirement pots.
While some providers complete transfers within days, others still rely on paper forms and manual processes, with some transfers taking months or even years.
Ros Altmann: Restricting salary sacrifice is a lose-lose policy
Undermining incentives to invest more for retirement, at a time when we already face a pension adequacy crisis, is deeply troubling, argues former pensions minister Ros Altmann.
With one of the lowest state pensions in the developed world, millions of people must rely on extra income from private pensions, savings or work, to be able to enjoy a decent retirement.
Combined with rising state pension ages, private pensions will be increasingly important to help people in poorer health or caring for loved ones fill the income gap until their state payments start.
Quote Of The Day
The flying of kites is unhelpful when it affects people’s lives
– Mark FitzPatrick, chief executive St James’s Place, comments on the effect of pre-Budget speculation and rumours
The Government has released the latest headline findings from the 2024/25 English Housing Survey, shedding light on how housing costs and tenure patterns are shifting across England.
The data highlights the rising financial strain on renters, especially those entering later life without owning a home. Key statistics:
29%
of people had a mortgage in 2024/25, 36% owned outright, 19% rented privately (28% in London) and 16% rented from the social sector.
£242
was the average weekly mortgage payment in England; £220 outside London and £375 in London.
£250
was the average weekly private rent; £207 outside London and £393 in London.
19%
of household income was spent on mortgage payments, compared with 39% on private rent (excluding housing support).
34
was the average age of first-time buyers in 2024/25, up from 32 in 2019/20.
58%
of private renters expect they will ever buy a home.
5%
of people aged 65+ are still paying a mortgage and 6% rent in later life.
18%
of privately renting households are aged 45–54, up from 15% a year earlier.
Source: English Housing Survey
In Other News
Five Wealth has appointed Glenn Urquhart as chief operating officer as the Manchester-based wealth manager prepares for its next phase of growth.
Urquhart brings more than two decades of experience in financial services operations, strategic planning and business transformation.
He joins from Verso Wealth Management, where he was Head of Operational Service Delivery.
In his new role, Urquhart will work with Five Wealth’s senior leadership team to strengthen the firm’s operational structure and scalability.
His responsibilities will include overseeing process and technology change and supporting the integration of future acquisitions, while maintaining the firm’s culture and client-focused approach.
The appointment follows a period of strong progress for Five Wealth, which surpassed £1bn in assets under management in 2025.
The firm plans to double assets again within three to four years through organic growth, referrals, recruitment and selective acquisitions.
Urquhart said he was “thrilled” to join a “dynamic and highly qualified” team.
Director Steve Jordan said Urquhart’s experience would be “a great asset” as the firm continues to expand.
From Elsewhere
Merz’s coalition on edge ahead of crunch German pension vote (Bloomberg)
UK house prices stagnate in November, Halifax says (Reuters)
Sir Keir Starmer understands the size of the moment. Can he meet it? (The Economist)
Did You See?
The Financial Conduct Authority (FCA) has written to the Treasury Select Committee outlining how it is handling concerns about the disclosure of information ahead of the Autumn Budget 2025.
It follows calls from MPs for the regulator to investigate whether recent events may have amounted to market abuse.
In a letter to committee chair Dame Meg Hillier, FCA chief executive Nikhil Rathi said the regulator had not opened a formal enforcement investigation but recognised “the public and the Committee’s interest” in the steps it is taking.
It summarises three concerns raised with the regulator about the period leading up to the Budget:
- Whether briefings by ministers or Government officials were misleading and could amount to market manipulation.
- Whether inappropriate leaks or briefings placed market-sensitive or inside information into the public domain.
- The early release of the Office for Budget Responsibility’s Economic and Fiscal Outlook.
It has been suggested that these events may have contributed to “significant movements in markets overseen by the FCA”, Rathi wrote.
