lifestyle supplement

LifeStyleLifeStylethe barrister

Supplement 2011

Zero to hero – pensions firmly back on the agenda

By Danny Cox

How to capture the investment returns that are there for the taking

By Jason Butler

London is going onwards and upwards in more ways than one

By Samantha Preece

Zero to hero – pensions firmly back on the agenda

By Danny Cox

The Lawyers Cricket World CupBy James Cartwright

How to capture the investment returns that are there for the taking

By Jason Butler

Zambia – The Pulse of AfricaBy Clemmie Mason-Pearson

London’s Hidden LuxuryBy Katie Thomas

Banks are self-serving and undeserving, but there is an alternativeBy Reg Miller

A private yacht is a tad out of my leagueBy Timothy Crosby

Stylish, delicious and nutritious – you certainly can’t ask for fairer than that!By Nicola Sessions

Slow-food and slow-living in Gstaad

By Emma Jamieson

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04 the barrister | Lifestyle supplement

London is going onwards and upwards in more ways than one By Samantha Preece

05the barrister | Lifestyle supplement

Introduction.

February 2011 witnessed the eagerly awaited opening of the Sky Bar; perched high up on the 29th floor of London’s Grade II listed Millbank Tower, this sexy and stylish new watering hole, launched in collaboration with New York City’s coolest cocktail den Apothéke, is quite literally out of this world. Part of Altitude London, the launch saw this groundbreaking riverside complex consolidate its position as not only the capital’s most exclusive private events space, but also an unmissable destination for those looking for an exciting new attraction.


The brainchild of Hong Kong born entrepreneur Justin Etzin, Altitude London covers over 30,000 sq ft within the 32-storey high Millbank Tower, which rises majestically over Westminster. From the ground floor to the 29th, each venue offers its own unique style and atmosphere.

Home to the new Sky Bar, the awe-inspiring Altitude 360 on the 29th floor offers unrivalled panoramic views over the capital’s most iconic landmarks. The venue is essentially a blank canvas, making it an impressive and versatile space for any event. Altitude 360 can be used as one continuous venue or the electronic retractable walls can be used to create break-out spaces. The rooms feature white marble floors, white-washed walls, black leather banquette seating, black slate bars and penthouse style designer furniture.

One floor below is Altitude Black, a slightly edgier space with its sleek, monochromatic black design, wrap around bar, ten plasma screens and fully integrated multi-zone sound system.

The ultramodern River Room on the second floor is a unique entertainment space boasting floor-to-ceiling glass windows overlooking the Thames with chic black marble flooring combined with state-of-the-art AV equipment and lighting technology.

The View Studios meanwhile is a brand new venue located on the building’s sixth floor. Ideal for private and corporate events, with spectacular views over the river, it comprises three light, bright and modern studios.

The offering is completed by the brand new Curzon Millbank Cinema at the Millbank Media Centre on the ground floor which is ideal for presentations during the day and film premieres and private screenings in the evening.

Having consolidated its reputation as the place to hold private and corporate events in the capital, 2010 saw Altitude London decide to give everyone an opportunity to sample its myriad charms.

Last August, London got its own Empire State Building-style viewing gallery as for the first time, Altitude 360 offered the general public a rare opportunity to enjoy its panoramic vistas. What’s more, unlike other attractions, there was no time limit, allowing guests to enjoy the spectacular 360 degree views at their leisure, from early in the morning until late at night. To add to the enjoyment, top stand-up comedians were on hand to talk about the views, point out key landmarks and entertain with sparkling banter.

Originally planned to open for one month only, the gallery proved such a hit that its opening hours were immediately extended. Now one of the capital’s most popular attractions, it continues to delight all-comers with its incredible views every Sunday.

Providing more than just a feast for the eyes, Altitude 360’s viewing gallery now also offers a delicious brunch. Currently available at the reduced price of just £39 per person, visitors get London’s hottest Bloody Mary or a Bellini, a delicious feast including the capital’s best Eggs Benedict, a 360° tour of London with an award-winning tour guide and one free return visit to the viewing gallery.

In January 2011 Altitude London extended its consumer offering with the launch of the Curzon Millbank, a joint initiative with Curzon Cinemas, one of the UK’s principal independent cinema chains. The 280 seater cinema houses a fully digital screen, plus a fully licensed café-bar with free wi-fi.


Aside from showing a wide range of independent and world cinema films, it plans to host events such as cast and director Q&As and Cinekids strands.

Meanwhile Altitude London continues to consolidate its position as the place to hold events in the capital. The Milbank Media Centre was used in spring 2010 by David Cameron and the Conservative Party as their election campaign headquarters and it was from here that David Cameron became UK Prime Minster in May 2010. The River Room was the setting for iRock4Haiti, a celebrity charity fund-raiser in association with The British Red Cross hosted by Lindsay Lohan and Wyclef Jean. Altitude 360 was recently chosen by FIFA to host its key 2018 World Cup bid launch event, while the 2012 British Olympic Committee is also using Altitude London during the forthcoming games.

All in all, Altitude London is going onwards and upwards in more ways than one.

Altitude 360, Millbank Tower, 21-24 Millbank, London, SW1P 4QP

Reservations for brunch and tickets for the viewing gallery (£10 for adults, £5 for children (5 to 15 years) and children under 5 free) can be made through www.altitudelondon.com/view

For further information and details on private hire, please call 0845 500 2929

www.altitudelondon.com


Fashion weeks in New York, London, Milan and Paris heighten the expectation and excitement for what’s in stores, as international fashion followers plan their next shopping trips. So what is it that brings the growing numbers of tourists and wealthy overseas visitors to London’s exclusive Mayfair during the spring and summer, injecting an estimated £1.1 billion into the capital every year?

Well, no other city in the world does luxury and refinement quite like London, seamlessly marrying craftsmanship and creativity with elegance and eclecticism. Our cultural history and timeless heritage ensure it is not just a place to sample exclusive shopping but is the curator of luxury and Bond Street is the spiritual home - a haven for gracious living.

Many would say that even the word ‘luxury’ is overused and devalued when it appears everywhere from Starbucks fruit loaf to cream bath sold at the local chemist. It is true everyone has their own idea of luxury - what it may cost or consist of - but few disagree luxury is about enriched experiences, unique and out-of-the-ordinary products, the highest standards of care, craftsmanship and service, access to the inaccessible, expertise, knowledge shared and desires sourced.

This is what Mayfair does best - service, service, service. From the designer stores of Bond Street who ensure Arabic, Russian and increasingly Mandarin speaking staff are on hand to welcome their international customers. Champagne and refreshments are regularly offered to VIP clients, purchases are whisked back to the customer’s hotel or residence, private appointments can be made with the store’s personal shopper, who will then pre-selected the cream of the season’s looks, in the right size, all ready for perusal on arrival in store. If you happen to be famous, then even entering the store may be through a discreet side entrance into a sleek secluded room for ultimate privacy.

However, it is not just the world famous designer names of Bond Street that entices the dedicated luxury seekers from around the world. Savile Row’s unrivalled craftsmen are experiencing a resurging cool, they create the best suits in the world, by hand, using skills that the modern world consider archaic. It is exactly these time honoured bespoke methods, the consultation and fittings and the time taken to produce the perfect suit that has seen ‘The Row’ attract new customers from a wider age scope than ever before.

The sleek new look Mount Street is also fast becoming a must visit for the dedicated fashionista, with it’s high gloss names such as Balenciaga, Christian Louboutin and Lanvin. Mount Street is now home to many brands that have previously only been available from a slim selection within large department store or a quick trip to Paris.

Jermyn Street’s unique and individual retailers have long been essential for the international gentleman shopper. This is where old-fashioned values remain as important today as they did over 100 years ago. Many customers are known, not only by name but also by collar size, preferred fit and cuff preference.

London’s Hidden LuxuryBy Katie Thomas

London truly comes to life in the spring, suddenly hanging baskets bloom with colour, highly polished cars line the pavements and shop windows have fabulous new season’s displays to tempt you in. Even the famous Bond Street flags, which adorn the impressive storefronts, fly with newly spruced vigour.


So with so much international money flowing into Mayfair’s renowned shopping street’s it is increasingly important that these wealthy shoppers are not only made to feel welcome and relaxed but are given a unique experience, the taste of luxury they seek, however for many finding a way into this exclusive world is challenging.

“Today’s more discerning and savvy travellers are looking for fresh new experiences; something exclusive that is not accessible to everybody. The challenge for these visitors is where to go and who to know”, says Lord Bruce Dundas, Chairman, Bond Street Association.

Many are now discovering their way through bespoke tours. Yes ‘tours’ but forget the rain soaked guide with raised umbrella or little flag, followed by 20 tourists struggling to keep up or understand. No, the new generation of tour is an altogether different experience.

Enter the custom made shopping tour that offers an insider’s guide to luxury in London. Whether you are a first time visitor to the city looking for the inside track on where to shop, play and stay, or just love the idea of having your own savvy specialist sharing advise and expertise, these bespoke tours are a fabulous way to discover London’s hidden treasures. You need never be a stranger in the city.

The tours focus on designer fashion and accessories, exquisite jewellery or fine art and antiques – each a subject entwined in Mayfair’s history and synonymous with its famous destinations of Bond Street, Jermyn Street, Savile Row and Burlington Arcade. For every tour, a team of in-the-know experts including artists, designers, stylists and trend spotters are on hand to tailor make the tour. Your very own specialist then leads you on a quest of discovery and exploration.

Visitors looking for the inside track on the super stylish lux fashion brands of today, find themselves not just browsing but meeting and greeting, getting to know the designer’s ethos and influence, from the hard-to-find to the ultra exclusive.


If you are intrigued by the whole ambience of Mayfair, there is a tour that gives a fascinating insight into all the area has to offer, unlocking its rich history and heritage dating back to the 17th Century.

The tours uncover many of London’s hidden gems; and offer money can’t buy experiences, which most would never know existed. From taking tea at one of the city’s most historic stores whilst browsing their delicate chinaware, glimpsing Winston Churchill’s suit block, Fred Astaire’s handmade shoes or peeking at Grace Kelly’s diary, to experiencing a champagne shoe shine, taking a bee tour and honey tasting in the heart of St James’ or a behind the scenes visit of the world’s finest craftsmen at work.

This type of experience is designed to appeal to the sophisticated visitor, interested in accessing London’s lux scene, and going home with a real taste of the craftsmanship, heritage, service and prestige that underlines London Luxury.

Fact Box: Specific tours include: Mayfair Unique; a fascinating highlight into the British heritage brands, Fashion Forward; which accesses contemporary / classic men’s and women’s wear with a real insider’s knowledge and World’s Finest; which showcases the city’s finest art, antiques and design.

Tours last approx 3 hours, cost from £275 per hour and are available in several language options including: Mandarin, Arabic, Russian and French. Due to their specialised nature the tours are suitable for small groups of four or five people or fewer

Visitors should go to www.londonluxuryquarter.com to find out more or book a London Luxury Collection bespoke tour.


Investing is simple but not easy. It’s simple because there is plenty of hard evidence about what works, but not easy because as humans we make irrational decisions influenced by what we read, see and hear. The media and the financial services ‘industry’ have their own agenda and their interests and those of investors are rarely aligned.

Proponents of active investment management believe that skilled managers can outperform the financial markets through security selection, market timing and other efforts based on prediction. While the promise of above-market returns is alluring, investors must face the reality that, as a group, active managers do not consistently deliver on this promise according to a large body of research including the most recent provided by Standard & Poor’s (S & P).

S&P Indices publishes a semi-annual scorecard that compares the performance of actively managed funds to S&P benchmarks. Known as the SPIVA scorecard1, the report analyses the returns of US-based equity and fixed income mutual fund managers investing in the US, international, and emerging markets. The managers’ returns come from the CRSP Survivor-Bias-Free US Mutual Fund Database, and the managers are grouped according to their Lipper style categories.2 These style categories allow funds with similar exposure to particular risk factors (such as those investing in smaller companies) to be compared to each other rather than to those with different mandates.

Unfortunately, S & P doesn’t publish a scorecard for the UK stockmarket but, given that the US is the largest in the world, there is no reason to think that the results would be much different for the UK market, an assertion which has been borne out by previous research around the world. In fact as the US investment market generally has lower investment costs than the UK investment market, the UK results would probably be even worse.

The graph below features fund categories from the most recent SPIVA scorecard - all US equity funds, international funds, emerging market funds, and global fixed income funds - and shows the percentage of

active managers that was outperformed by the respective S&P indices in one, three and five-year periods. These are only four from 35 equity and fixed income fund categories. A deeper analysis confirms that the active manager universe usually fails to beat the market benchmarks over longer time horizons. Underperformance of active strategies is particularly strong in the international and emerging markets, where trading costs and other market frictions tend to be higher.

Over the last five years about 60% of actively managed large company US equity funds have failed to beat the S&P 500 Index; 77% of mid-sized company funds have failed to beat the S&P 400; and two-thirds of the small company manager universe have failed to outperform the S&P Small Cap 600 Index. Furthermore, across the 13 fixed income fund categories, all but one experienced at least a 70% rate of underperformance over five years.

In 2009, active funds experienced more success over a one-year period and proponents typically highlight those results in the SPIVA scorecard. However one-year results are not consistently strong from year to year and investors should not draw conclusions from short-term results as it is extremely difficult to differentiate luck fom skill over such short periods. Over three and five-year periods most fund categories have not outperformed their respective benchmarks.

This poor track record appears in other research, as indicated in the graph below. This study compared the same actively managed funds in the CRSP database with the Russell benchmarks and showed similar results over the three and five-year periods. Over the past five years about 65% of all US equity managers failed to outperform their

By Jason Butler CFAElegant simplicity: How to capture the investment returns that are there for the taking


respective Russell indices and 84% of fixed income managers failed to beat their respective Barclays Capital indices.

Of course the results of these studies will fluctuate over time and a majority of funds in a given category might outperform over the short term. But the message is clear: as a group, actively managed funds often struggle to add value relative to an appropriate benchmark - and the longer the time horizon, the greater the challenge for active managers to maintain a winning track record.

Most investors would do well to avoid active investment management, whether at the asset allocation or securities level and instead invest in a well diversified multi-asset portfolio comprising low cost index or /pure asset class funds.

If you decide to hire someone to manage your portfolio make sure that you are only paying them to maintain the asset allocation to the agree strategy, so that they sell off what has risen and buy more of what has fallen, rather than what most investors (and too many advisers) do, which is buy high and sell low . That way you’ll capture most of the returns that are there for the taking and have a pleasant investment experience

1. SPIVA stands for Standard & Poor’s Indices versus Active Funds. The report covers US equity, international equity, and fixed income categories. The actively managed funds are grouped according to Lipper style categories.

2. The Center for Research in Security Prices (CRSP), at the University of Chicago Booth School of Business (Chicago GSB), is a non-profit centre that also functions as a seller of historical data. CRSP end-of-day historical data covers roughly 26,500 stocks listed on the NYSE, Amex, and NASDAQ exchanges. The Survivor-Bias-Free US Mutual Fund Database includes a history of each US mutual fund’s name, investment style, fee structure, holdings, asset allocation and monthly data, including total returns, total net assets, net asset values, and dividends. All data items are for publicly traded open-end mutual funds and begin at varying times between 1962 and 2008, depending on availability. The database is updated quarterly and distributed with a monthly lag.

Jason Butler is a Chartered Financial Planner and Investment Manager at City-based Bloomsbury Financial Planning. He has twenty years’ experience in advising successful individuals and their families on wealth management strategies. Jason can be contacted on email: [email protected] or phone: 020 7194 7830.

Williams de Broë Limited. Registered office: 100 Wood Street, London, EC2V 7AN. Registered in England and Wales under Company Number: 2485266. A wholly owned subsidiary of the Evolution Group plc. Authorised and regulated by the Financial Services Authority. A member of the London Stock Exchange.

For further information, please contact: Mark Stevens, Head of Marketing & Development Direct Line: 020 7072 7544Email: [email protected]

www.wdebroe.com

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Bespoke by NatureAt Williams de Broë there is no “one size fits all” approach. We work closely with you and your trusted advisers to create a highly individual investment strategy tailored to your precise needs. Williams de Broë provides investment management services for individuals, trusts, charities and companies.

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45337 WDB Barrister Advert v3_Layout 1 18/02/2011 16:00 Page 1


Stylish, delicious and nutritious – you certainly can’t ask for fairer than that!By Nicola Sessions

Kyashii is an ultra stylish new restaurant, sushi bar and champagne lounge located in a gorgeous glass-fronted building on Covent Garden’s Upper St Martin’s Lane. Combining New York-style cool, delicious yet delightfully affordable Japanese cuisine and exemplary service, it offers London the complete dining and drinking experience.

From the minute you step into Kyashii the effect is one of pure, unadulterated glamour.

The large ground floor brasserie, with its polished granite sushi counter, is ideal for those looking for a more casual dining experience. You can choose to dine at the counter itself, at a table on the main floor or al fresco on the outdoor terrace.

Moving downstairs and the White Room is the second largest of Kyashii’s four impressive dining spaces. With its sleek white and neon décor, leather seating and Italian tiled flooring, all offset by banks of aqua blue fish tanks, it provides a feast for all the senses and the perfect backdrop against which to enjoy fine dining. The White Room can accommodate up to 56 table guests and, with its state-of-the-art AV technology, is tailor-made for presentations and launches.

Those looking to enjoy a romantic dinner, celebrate a special occasion or simply indulge in a night of pure hedonistic pleasure may prefer the more intimate surroundings of the subterranean Blue Room with its incredible panoramic fish-tank. The Blue Room can also be hired for super stylish private parties and functions for up to 26 guests.

The final bespoke dining area is the Premium Dining Suite which overlooks the kitchen and represents Kyashii’s own unique take on the ‘chef ’s table’ concept. Here you will be treated to the ultimate food theatre as the accomplished team create their culinary masterpieces. If you fancy having a go yourself, the Dining Suite also hosts master classes which offer a fascinating insight into the intricacies of the ancient art forms of sushi and sashimi making.

Kyashii’s unparalleled offering is completed by a stunning mezzanine Champagne Lounge that has quickly become one of London’s favourite watering holes.

Here you can relax in luxurious style and enjoy a range of expertly mixed signature cocktails such as the Passion Fizz, a blend of fresh passion fruit infused with vodka, zest of fresh Sanguinello orange, topped up with champagne. Equally funky and fresh is the music choice, with DJs in residence on selected nights. In addition, a multimedia wall, the largest of its kind to be found in any restaurant bar in Europe, showcases an eclectic mix of music and video.

If you fancy a night cap, the bar is open seven nights a week, with extended hours Thursday through Saturday.


If you are planning on holding a private or corporate event in the near future, then the flexibility of Kyashii’s layout makes it the ideal choice. Day or evening, this stunning venue adds glamour and excitement to all manner of occasions. Each floor also offers a playback PA system, perfect for presentations and live music. Kyashii even has its own dedicated events coordinator who will ensure that no stone is left unturned to ensure your gathering exceeds all expectations.

The same attention to detail that characterises Kyashii’s interior design finds its way into Head Chef Jacky Yu’s menu.

Formerly of Zuma, Jacky’s take on Japanese cuisine is both contemporary and inventive.

Appetisers such as Tofu Avocado Gyoza; Oyster Platter Served with Ume-shu Jelly & Sake and Yellowtail Ponzu with Truffle Oil, set the scene for the culinary delights to follow.

Kyashii’s signature main courses include Grilled Black Cod Fillet with Saikyo Miso Marinates; tender Pan-fried Beef Fillet Steak Strips with Dynamite Mustard Sauce; Organic Scottish Lamb Rack with Okinawa Piri-kara Sauce and Foie Gras-Uni Butter with Chilean Sea Bass.

Kyashii also offers a fine selection of fresh Sashimi and Nigiri. Sushi is a particular speciality featuring such standouts as Rainbow Rolls, made with no less than seven varieties of fish; Soft Shell Crab Rolls and Dragon Rolls, tempura prawn with thin slices of avocado.

A notable favourite with diners is the Donburi lunch menu, with no less than 10 choices of made-to-order meals. Served with rice, miso soup, salad and pickles and priced from just £13.50, these are not only healthy options, but amazing value.

Always looking to extend and improve its culinary offering, Kayshii has recently introduced its Purity Menu. Japanese food is widely regarded as one of the world’s healthiest and Kyashii’s regular nutritious fare is now complemented by an additional selection of delicious dishes. Included among the Purity Menu selection are the likes of Edamame Beans (with natural sea salt); Scallop Carpaccio (with fresh mango and strawberry yuzu dressing) and Baby Pak Choi with Pine Nuts.

The newly introduced Purity Cocktail range meanwhile includes Kya Martini (strawberry based); Napoleon Venture (blackberry, blueberry); Gene Genie (pineapple, lemon grass, coriander); Watermelon Martini (watermelon, pineapple); Sakurabana (raspberry, blackberry, lime) and Basil and Strawberry Kyapiroska (strawberry, basil, lime). All cocktails are also available in non-alcoholic “Mocktail” form.

The Purity concept also extends to Kyashii’s specially selected Sake range -most Sake is made with around 80% of the purest water on earth. Customers can choose from a great choice of house brands, Junmai, Ginjo and Daiginjo included, alongside premium labels.

4a Upper Saint Martin’s Lane | City of London | Greater London WC2H 9NY | 020 7836 5211

www.kyashii.co.uk


The Lawyers Cricket World Cup

This Cup was born in the mind of Santhan Krishnan, a Delhi lawyer, who organised by the seat of his pants the first Cup in Hyderabad in January, 2008. Six teams were cobbled together (India, Pakistan, Sri Lanka, West Indies, Australia and the Bar of England and Wales) which set off, not knowing what to expect, to play what turned out to be 10 days of magic cricket. India, fittingly, won. Success begat the second Cup held in 2009 in Cambridge. An ‘exhibition’ match opened proceedings. Expectations ran high as Michael Holding ran up to deliver the first ball. No sign of alarm could be seen on the face of our Lord Chief Justice as the ball raced past his forward leg only to strike his unpadded back leg, a blow received with stoicism. Thus the game continued with an assortment of Judges playing the old and bold from each visiting team. A good day arranged by Deni Matthews, allowing all the newly arrived competitors, by shivering, to get accustomed to the English summer weather. This Cup was played with 12 teams, the new national arrivals being South Africa, New Zealand and Eire (with a smattering of Northern boys).

The English and Welsh solicitors were allowed a team, this traditional division being insisted upon for historical reasons. All games were played on College grounds, a more English setting than which it would be hard to imagine. A seminar, arranged by David Rhodes, drew a good audience (Oh, those CPD points) to hear Sir Desmond da Silva and Sir Geoffrey Nice reminiscing on their War Crimes experience while the Master of the Rolls presided over these and other worthy addresses.

Meanwhile the cricket continued. Despite the best efforts of Quinton Newcomb, BEWCC’s Captain, we were not able to triumph in our pool. In sledging and wisecracking we had no peer, but our cricket might have been better. Newcomb played a captain’s innings of 70 no against South Africa while Robert Forrest put up a good 55 in the same game and 42 against the W.I.. John Brinsmead-Stockham gave us 42 against India and 43 against The W.I. In bowling, a persistent attack from Newcomb, Charles Prior, Deni Matthews, Oliver Moore and Forrest failed to make those inroads so necessary to winning 35 over games. The best figures were Newcomb 4-12 (W.I.) and 4-23 (Pakistan), Jamie Cameron 4-20 (NZ), Forrest 3-14 (India) and Oliver Moore 3-26 (Pakistan). Any wickets taken by the slower bowlers were, I felt, crumbs from the table. Our main wicket-keeper, Percival, looked and played the part, efficient and sardonic behind those stumps. BEWCC beat West Indies South (114-3; 159-6) and India ‘B’ (97-6; 95-9). But we lost to Pakistan (163-10; 98-9) Australia (178-7; 136-5) and South

Africa (193-7; 196-4). For geeks it is interesting that we had the lowest run rate, 0.689, of all the teams. Australia had the highest, 1.198. We were able to hold Australia to 178-7, better than the Indians in the final. Of course, off the pitch it was all partying. The South Africans were particularly adept at adapting to our beery Island and kept us at the ground, after defeating us, amused, almost captive, for a good two hours with forfeits and prizes - and beer. Bringing together the teams promotes those important bonds of the English speaking world, language and cricket. The former Afghanistan coach was heard to say that cricket is more likely to produce peace in his country than diplomacy and drones.

We, with the other losers, adjourned to the Oval for the final. This turned out to be a thrilling match. India faltered, scored and faltered, 193-9 with their 35 overs used up. Australia scored heavily then faltered (it seemed all was up) giving themselves 14 runs to get in the last over. Penultimate ball,

The Lawyers Cricket World Cup

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This summer, in Barbados a team of English (and Welsh) Barristers will join battle for this Cup, played biennially between teams of lawyers from throughout the Commonwealth (and, by way of dispensation, Eire).

By James Cartwright, barrister

and they were there, 194-7, the winners. Alex Martin, Captain and wicket-keeper, dragged his three broken bones off the pitch after this deserved victory. The Cup was a resounding success, played with enthusiasm and dependent, as always, on the efficient abilities of the organizers. Special mention must go to Robert Percival who commandeered Churchill College and without whom the Cup might not have run in sweetness. Also to Jamie Williams who kept the catering going, satisfying the taste buds of the World.

At the end of the Cambridge Cup, it was agreed to hold the next Cup in the West Indies. The dates are now settled (7-21 August, 2011) and, it is hoped, the West Indian hosts are preparing for equal success in Barbados. I am told it is the hurricane season.

Efforts have been made to find the Hammonds and Bedsers at the Bar, occasional cricketers lurking in circuit and other clubs, and a recruiting

session was held at Lord’s on March 12th. Many of the previous players have expressed a wish to play again and so BEWCC, which exists to play in these Cups, will ride again, strengthened, we hope, by the addition of some new young blood.

The team, as at 8 Feb, is likely to include James Cartwright, Quentin Newcomb, Robert Percival, Robert Forrest, Charles Prior, Jamie Williams, Deni Matthews, Oliver Moore, Guy Opperman MP, Mathew Gullick, John Brinsmead-Stockham, Peter Dodds and Jared Norman

Information can be gathered at www.lcwc.info for the rules and history. [email protected] will answer any questions.


By Timothy Crosby

A private yacht is a tad out of my league so I was more than a little delighted to learn about MSC Cruises’ Yacht Club offering


Particularly welcome was the bottle of premium prosecco that was waiting for us along with a personal note from the captain


It was two years ago that MSC took the travel market by storm with the launch of this whole new dimension in pampering and luxury. Last autumn, as the nights began to draw in and a definite crisp started to invade the air, I decided to see what all the fuss was about.

So it was that I found myself in Palermo port gazing up at the awe-inspiring MSC Splendida. At just over a year old, this latest addition to the MSC Cruises’ family certainly lives up to its name.

Travelling with MSC Yacht Club meant that there was no standing in line for me. We were greeted by name at the exclusive check-in area and with the formalities quickly dealt with, whisked on board.

Billed as “a haven of peace and refinement with an exclusive private club ambience”, the MSC Yacht Club combines exceptional small ship amenities and service with a mega-ship’s variety of entertainment, activities, restaurants and lounges. And as you board this ‘ship within a ship’, it really does feel like you are entering a different world.

Upon arrival in the Yacht Club, we were immediately greeted by our own personal butler. Impressively trained to the standards of the International Butler Academy, we discovered that Giuseppe would be at our service around the clock.

We were shown to our cabin and having declined Giuseppe’s offer to unpack, we surveyed what was to be our home for the next few days.

Our spacious cabin was beautifully appointed with its wood panelling and marble bathroom. Our queen-size bed was, we discovered, equipped with a Myform Memory ergonomic mattress, 300 thread count Egyptian cotton

bed sheets and a selection from a pillow menu drawn up in collaboration with Dorelan pillow research laboratories no less.

Other touches included an interactive widescreen TV with Nintendo Wii consoles, Wi-Fi and a complimentary mini-bar.

Particularly welcome was the bottle of premium prosecco that was waiting for us along with a personal note from the captain.

MSC Yacht Club boasts 64 of these Deluxe Suites, two of which are fully equipped for disabled passengers, and three Executive Family Suites. For those really looking to push the boat out, there are also two Royal Suites complete with 120 square metre balconies and separate sitting areas.

Pouring ourselves a glass of bubbly, we sat down on our spacious balcony and watched as Barcelona disappeared into the distance. It was a magnificent start to our five-day nautical adventure that would take in Tunisia, Spain, France and Italy.

Suitably refreshed, we explored the ship before dinner. We were amazed by Splendida’s sheer scale. The lavish decorations – from the Swarovski crystal-adorned staircase to a cool purple jazz bar – were signs of the ship’s Italian ownership and its legendary attention to detail.

We discovered restaurants, cafes and bars to suit all tastes from Mexican to Modern European, swimming pools, sun decks and a state-of-the art fitness centre (ideal for getting rid of the extra pounds that would no doubt be a side effect of the trip ahead). There was even a 4-D interactive cinema and a Formula One simulator!

That evening, dressed to suit the first night’s formal dress code, we headed to the Yacht Club’s exclusive restaurant, L’Olivo.

Feeling the need to stretch our legs post gourmet feast, we left the Yacht Club and headed back into the main ship. Here we found ourselves faced with a world of limitless entertainment options. There were bars, nightclubs and a theatre. There was even an ornate casino complete with gilded palm trees.


Having enjoyed some of the delights on offer we returned to the relative calm of the Yacht Club’s very own Top Sail Lounge. After complimentary drinks and nibbles we retired to our cabin.

The next morning, as we sailed into the Tunisian port of La Goulette, we decided to return to the Top Sail Lounge for breakfast and at the same time take in the spectacular panoramic views that the area offered.

Deciding to eschew La Goulette’s charms, we opted instead to relax on the Yacht Club’s exclusive sun deck. Here we could sunbathe, swim or chill out in one of the two spa baths. In fact the only effort required was choosing which cocktail we wanted.

Later that day at the Yacht Club’s concierge desk we booked our priority seats for that evening’s show in Splendida’s magnificent 1600 seat theatre. We also arranged a couple of bespoke shore excursions for the days ahead.One of the jewels on board all ships in the MSC fleet is undoubtedly the luxurious MSC Aurea spa. A haven of calm that blends the magic of Balinese massage with the tradition of therapeutic waters inherited from

the ancient Romans, it offers an extensive menu of innovative treatments.

As MSC Yacht Club members, we enjoyed a direct private lift to the centre together with free access to the sauna and Turkish bath. Had we not had the energy to drag ourselves to the spa, a number of in-cabin treatments were also on offer.

And so the days passed: relaxing in luxury or exploring fascinating ports of call that included Palma, Barcelona and Genoa. On our last day on board, as Guiseppe poured the English Afternoon Tea that had become a daily ritual, we reflected on what had been a thoroughly enjoyable experience. OK, so I might never be able to purchase a seafaring vessel any time soon, but a trip on MSC’s Yacht Club was pretty decent compensation!

MSC Yacht Club is available on board the MSC Fantasia and MSC Splendida. It will also be replicated on a third ship, MSC Divina, currently under construction and set to launch in 2012. For further information or to book an MSC cruise visit www.msccruises.co.uk, call MSC Cruises’ reservation line on 0844 561 1955 or contact your local travel agent.


Slow-food and

slow-living in GstaadBy Emma Jamieson

“There’s a saying in Lauenen, ‘whatever you don’t finish today - you can do it tomorrow’”, says my guide Marianne Lupi, as we glide gently across a snowy field in a horse-drawn sleigh. This sleepy Swiss Alpine hamlet of 800 inhabit-ants lies just south east of Gstaad, dominated by the imposing might of the Wildhorn mountain. Life here revolves around the mountains and is in many ways dictated by them, daily rituals occasionally halted or distracted by ava-lanches, snowfall, whipping and sometimes treacherous winds. When one ac-cepts that nature is so obviously the master of one’s time, the approach to life takes on a much more tranquil view. Whilst the Swiss may be well-known for their fastidious time-keeping and efficiency, the laid-back philosophy and easy-going demeanor of the mountain folk of Lauenen seems to permeate the very atmosphere of this region. I have come to Gstaad to find a slice of the serenity Marianne is talking about, the magical renewing energy of the resort that I first heard about when I met tourism rep Kerstin at a Gstaad Tourism lunch back in November. As I drift through the powdery snow-covered forest to the sound of the horses sleighbells I have found that serenity, and come to the conclu-sion that whoever thought Gstaad was just another glitz and glamour resort is entirely missing the point.

We arrived two days earlier, ploughing through the weekend holiday tur-moil of Gatwick and onto a delayed and heaving easyJet flight. From crowds glued to Blackberry’s and macbooks we touched down to a quiet

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and relatively empty Geneva airport to meet the first of two trains that would take us to Gstaad. The resort is not the quickest place to get to, but as it’s motto says “Come up, Slow down” and our unwinding, destress program began right there, on the Goldenpass panoramic train between Montreux and Gstaad. We turned our backs to the sun setting over placid, shimmer-ing Lake Geneva and began our slow ascent, past vineyards and farmlands, medieval chalets and glacier lakes, towards the valleys of Saanen at 1,059 metres, where Gstaad and the nine surrounding villages that make up the resort lie.

Our first night was spent on the Saanerslochgrat, at 2000m in the decep-tively cosy Igloo-Village - an ice hotel built from scratch every year with interiors designed and carved by exceptionally creative ice-artists. Com-prising ten romantic suites for two and three large group suites draped in animals furs, thick mattresses and super-warm sleeping bags, the ice-hotel also houses a bar, restaurant, sauna and mountain top jacuzzi with sweep-ing views over the peaks. We took in the quirky en-suite rooms named for famous on-screen couples: Batman and Catwoman with its huge bat sym-bol carved into the wall above the loo and the Shrek suite where in lieu of bedposts one finds the outstretched ice-arms of Shrek and his Princess Fiona. An aperitif was then served at the bar: a warming punch of hot kirsch shnapps and syrup. The bar itself is watched over by the beady eyes of an ice Darth Vader and Yoda, a towering AT-AT fighter bearing over the tables - an icy heaven for Star Wars fans.

A hearty dinner of fondue warmed the cockles - the igloo staff keep all the guests happy and rosy cheeked with copious servings of schnapps, vodka and glühwein which stream forth from a seemingly never-ending barrel at the bar. We’d only been there three hours when already Gstaad’s knack for surprising you with incredible beauty had us gazing in wonder. A ten-minute snowshoe walk from our igloo up the slope carried us to the edge of the rim, the sky inky black and spattered, Pollock-style with millions of stars. As we approached the edge, a glorious full moon appeared, as milky white as the Hobelkäse cheese this valley is famed for. We sensed our igloo guide had planned this, no matter how spontaneous it all felt - as if he’d deliberately placed the most beautiful full moon possible there just for us. We worked off our meal with a digestif of Champagne, served up to us in the comfort of a bubbling, steaming jacuzzi set into the mountain side, with our hair spiking with icicles and the spinning planets in all their glory above our heads.

The morning after, we hit the slopes at Eggli. Gstaad has some 250 km of ski pistes, and excellent facilities. That being said, as many locals pointed out, if the snowfall is not as good as expected, or you simply aren’t the skiing type, there’s plenty to do beyond the slopes and many return to the resort year after year without ever donning skis. There’s paragliding and sledging, hiking and snowshoeing, ice-climbing... one could go on.It is quiet season mid-January, after the Christmas rush and before the spring-skiers arrive (there is snow here until early May). The pistes are quiet and sun-kissed, many have simply come up the mountain to enjoy


a hearty stew at one of the rustic taverns and admire the views. Our charming ski-instructor Thierry, the third most-handsome in Switzerland according to a recent Swiss tourism board cam-paign, points out the various peaks and their heights, teaches us Swiss toasts over a stein of Weissbier and reinforces my belief in Gstaad’s ability to surprise you again and again.

There is little of the bling I was expecting on the slopes. No mink-lined moonboots, designer ski-mobiles or orange tans. If anyone at the mountain hut luncheon table is a hotshot celebrity, I’d not notice beyond the elegant, but standard sportswear and polite chatter. As we later check in to the five-star “superior” Grand Hotel Park - a landmark hotel since 1910 recently reopened after a multi-million euro rennovation, I sense money - but also discretion, simple elegance, sophistication. Gstaad is where the rich and fa-mous can come and blend quietly into the background, no one cares that they are here, they can mingle and relax in an atmosphere of subtle refinement, away from paparazzi and the “see and be seen” attitude of more obvious resorts such as Aspen or Klosters. The fact that incredible luxury such as the Grand Hotel Park so aptly represents can sit so comfortably alongside Gstaad’s 300-strong community of farmers whose strict adherence t o mountain tradition has been carried through generations is testimony to the fact that the greatest luxury this region offers is its authenticity and quiet charm. A building law has even been put in place that dictates no one can build any house that does not look like a chalet, nor is clad in anything other than wood. Buildings are limited in height and those that seek extravagant decadence - garages for 6 Maseratis or fully equipped gyms must (and do) build them in their basements, out of sight, so as not to alter the original look and feel of the town and its historic architectural heritage.

My suite at Grand Hotel Park is vast and beautifully decorated in pine, rich reds and a black slate bathroom. Diners can graze on sushi and elaborate canapés in the downstairs bar to the strains of a pianist, or resident DJ, or don an obligatory jacket and enjoy the Mediterranean-influenced cuisine of executive chef Giuseppe Colella at Le Grand Restaurant. The hotel basement houses a fully equipped Spa, luxury boutiques, a cinema, a games room that resembles a Santa’s grotto of delights and a ski hire shop. An aromatherapy massage and half hour in the hammam leaves me virtually melting into the plush carpet and I reinvigorate my senses with five minutes breathing deeply out on my balcony the fresh, crisp air.

Grand Hotel Park also boasts its own hot air balloon, and the week of our visit was the annual International Hot Air Balloon festival at nearby Chateau D’Oex, the perfect excuse for us to sample the delights of an aerial ride through the Alpine skies. On the edge of town, by an inconspicuous looking cultural centre, 70 balloons of all colours and shapes were inflating and taking to the skies, a jaw-drop- ping visual display. Again a moment of beauty, as if deliberately, when we land softly in the fields of a dairy farmer who only five minutes before-hand had seen five of his 150 goats give birth. We packed away the balloon, trooped up to his barn whereupon he produced a board of freshly made cheese and bottles of crisp wine were cracked open. I asked the farmer if people often landed hot air balloons in his back yard, to which he responded “In this week? Almost every day!” followed by a conspiratorial smile that let me know the wine and cheese and baby goats had all been carefully planned.

Four hours later, I am sat at the back of the horse-drawn carriage, my host Marianne recounting her childhood in Gstaad, where she was born and spent many years as a ski teacher. She chit chats amiably with our driv- er, clad in waxed coat and smoking a pipe as we trot through a Narnia- esque landscape. The Kutscherei Re- ichenbach carriages are available to ride all year round, often used for weddings and big celebrations. Our tour takes us though pine forests and dotted about are remote chalets, accessible only on snowshoe in these climes - the children from here sledge or ski to school, as the sun fades behind the WIldhorn we pass the cosy orange glow of chalet kitchen windows, or restaurants packed with hungry villagers and tourists.

We dine that night at La Bagatelle, a traditional chalet tavern serving exceptional cuisine with a menu showcasing the best the resort offers. An elderly gent

in immaculate suit plays waltzes on the zither. I tell him it is Burns night, and he wheels out Scotland the Brave as a chariot groaning with regional cheeses arrives at our table. We eat duck with morrells, fatted goose liver with a fig chutney, salted caramel fondant, all complemented perfectly with a range of Swiss wines. When I ask politely for the waiter to write down the names of the wines we have drunk he returns with a printed, personalised and beribboned menu on thick white card for me to take home. We make jokes and are offered a tour of the wine cellar. I feel like it should feel stuffy and snooty, instead I feel as if I’ve stepped into the living room of an old friend.

Everyone I’ve met, from the cheese-making farmer to the suited and booted GM of the hotel and the smartly efficient Maitre D’ of La Bagatelle has a visible swelling of pride when talking about Gstaad. They were either born here, or grew up here, or in some cases came here by chance and have never left. No names are dropped, there is no gossip of parties or exclusive events and very little showing off. They talk of the air, the sensation of complete

freedom and relaxation, the abundance of great local produce, the cleanli-ness and beauty of the mountains and even the cows. Grand Hotel Park do-nated 300 cow bells to the farmers of Gstaad as a recognition and to honour those that provide the meat and dairy that keeps the hotel’s restaurants high up in the Gault et Millau ranking. This might be a resort more commonly associated with money and shallow extravagance, but it retains a respect for its origins and a genuine love for its traditions that is refreshing, contagious and a rarity in today’s Alpine resorts. I look up from my balcony at the Eggli slopes and beyond to the Wispile peaks and feel a weight fly off my shoul-ders. I’ve come up, I’ve slowed down. I’ve fallen a little bit in love.

Emma Jamieson stayed at Grand Hotel Park Gstaad www.grandhotelpark.ch and Iglu Dorf www.iglu-dorf.com whilst visiting Gstaad. Visit Gstaad Tourism www.gstaad.ch for more information on year-round activities and events, hotels and special packages.


Zambia – The Pulse of Africa

By Clemmie Mason-Pearson


Zambia is the land of abundant wildlife, majestic scenery, shimmering lakes, vibrant cultures, friendly people and home to one of the ‘Seven Natural Wonders of the World’ - the Victoria Falls, visitors simply can’t help but fall in love with this country.

As a city girl through and through, I wasn’t sure how I would fair in the remote wilderness of Zambia. To a land where the wildlife rules the roost, where there isn’t a need for phone signal or TV and electricity isn’t always a necessity as twinkling safari lamps and bush fires are so much more romantic. Zambia is how safaris should be; offering an elegant glimpse into how the first pioneers would have viewed this abundant and diverse land, which is exactly why I fell in love with the country.

Circling the savannahs below I did wonder where the pilot of our six seater plane thought he might land, but out in the bush there isn’t a need for miles

of tarmac and control centres, as long as the grassy runway is free of Zebras we are clear to land.

Our first stop, the Flintstone-esque Chongwe River House, a private luxury safari lodge boasting 4 open fronted rooms. Thankfully the man of the group took it upon himself to take the ground floor room, as safari novices, we were not entirely sure whether the passing wildlife might like to come in and cosy up in the middle of the night.

With a quick turnaround we were dressed in our khakis and on a motor boat drifting down the Chongwe River through the paths of several hippos to the Zambezi River. We moored on the Zimbabwean side of the river and enjoyed our first sundowner. Later that evening we sat down to a specially prepared Mongolian stir fry, which was served around a large table next to the fire pit on the banks of the Chongwe River with hippos noisily

munching away on the banks, literally metres away.

The first morning we were woken at 5:30am for our first game drive and literally five minutes into our drive we were already sat, amazed and eyes on stalks watching five lazy lionesses lounging in the shade – our first wildlife encounter! Following this we took a canoe trip down the Chongwe River, where we learnt how to identify the smaller wildlife including an amazing array of brightly coloured birds all squawking as we approached, as a way of warning their ‘friends.’

It was then back to the House to pack our bags and depart for our next bush adventure. Speeding up the Zambezi in a motor boat we approached Chiawa Camp to a sea of smiling faces awaiting our arrival. From here we were shown our individual canvas tents, each boasting a large king-size bed, antique roll top bath and large teak deck overlooking the Zambezi River.

My first encounter at Chiawa came from a snake falling out of a tree onto the canvas roof and onto the front porch, I immediately put my bush skills to good use and attempted to navigate my way round to get out of the tent, however opting out of that idea I did what most Londoners do when put in

this position – jumped over and ran off!

Lunch was served on board a boat which peacefully floated down stream which was then followed by siesta time, which we obligingly took the opportunity to catch a few rays by the pool.

Following tea we set off in our respective 4x4’s into the fading light in search of wildlife. We were extremely fortunate to catch a glimpse of a leopard quite early on and then continuing into the night we also watched a lion and his lioness enjoy a warthog dinner, an abundance of elephant (of which some got within reaching distance of the vehicle), hippo, buffalo and baboons.

It was a magical night spent listening to the chorus of Elephant, Hippo and Lion just metres from my tent, noisily mowing the lawn outside, and when the moonlight caught them, they were silhouetted into my tent.


Following an early morning wake up call we all convened on the main deck where a breakfast buffet had been laid out around the camp fire, overlooking the river, where we sat in silence watching the sun rise. We then set off in a 4x4 to catch the wildlife waking up and returning from their nights hunting.

Next on our whirlwind tour was the bustling city of Livingstone, after an exhilarating flight from the Lower Zambezi we were met by Brian our guide. Driving through Livingstone was fascinating as it was our first real glimpse of daily Zambian life.

Turning off the main road we approached a bumpy track which was our path to Tongabezi. Upon arrival a chorus of Zambian women singing and dancing welcomed us to the lodge and we were ushered down to the river bank to a boat which chugged across the Zambezi to a deserted island right in the middle of the river where a lavish buffet lunch had been set up. Following a delicious lunch, we were shown our canoes and told to dodge the hippos. As we rowed across the Zambezi a small island appeared which was to be our home for the next few days. Sindabezi Island oozes old world safari glamour, this stunning private island is lit entirely by safari lamps as there is no electricity, and boasts five luxurious chalets and a main viewing deck, ideal for late night star gazing.

Arriving at the Victoria Falls the next day was breathtaking, the rising spray prepared us for what was to be a once in a lifetime experience. We wondered through the national park and saw what would have otherwise been torrents of flowing water in the Emerald Season but had dried up during August and September. We then boarded a motor boat and were taken to Livingstone Island to swim in Devils Pool!

We set off with our guide, swimming across the Zambezi River, through the currents which proved quite difficult and reached the banks of the pool,

where upon we were told to jump in and carefully advised to peer over…not for vertigo sufferers!

Our trip was coming to an end and we were sad to leave our Robinson Crusoe Island, but it was off to the South Luangwa National Park for our last few nights. We flew from Livingston to Mfuwe and were met by Jacob our guide for our last couple of days and what a guide he was! Trained by Robin Pope himself we informed Jacob we had not seen a giraffe or zebra yet and that it would complete the trip if we were able to.

Fifteen minutes into the drive we drove straight into the path of three grazing Giraffe, against a back drop of the setting sun…we couldn’t have asked for a more idyllic moment.

Pulling up at the house, we were met and shown around the house. Being a little bolder this time I took a downstairs room and was instantly met by a hippo and a group of baboon playing on my porch. With no time to waste we packed up the 4x4 with sundowners and set off into the bush for a night game drive

The next day we were woken at 5:00am and prepared for a dawn walking safari. Setting off with Jacob and a ranger we wondered into the bush, with Jacob and his microscopic eyes pointing out the smallest footprints in the dust and pointing out a few of the Small Big 5 (Elephant Shrew, Leopard Tortoise, Rhino Beetle, Ant Lion and the Buffalo Weaver). We stopped for tea in a dried out river bed and peacefully watched the impala grazing and the distant wails of the hippos wallowing in the Luangwa River before returning to camp and heading off in a 4X4 to Kawaza village and school.

Upon arriving at the school we were escorted into a classroom of about thirty 16-18 year old pupils where we sat and chatted about who we were and pointing on the map where we had come from, before all posing for

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photos, which we later sent the school and have been informed they now take pride position in the classroom.

Back at the Luangwa Safari House we were greeted with a delicious lunch out on the deck and as if timed to perfection a herd of around thirty elephants with their young came up to the deck to the last remaining wallowing hole, followed by a few wart hog, hippos and finally by four giraffe. Lunch over; we relaxed around the pool before freshening up and setting off on our last game drive of the trip. Driving across the arid plains we came to the Luangwa River where a floating pontoon took us and the 4X4 across the river. As we rounded our final corner there in front of us was a herd of Zebra. Jacob had done it, he had promised to track them down and here we were in the middle of the bush with the sun setting, presented with around ten Zebra. With the excitement of seeing them we stopped for our final sundowner and sat for 30 minutes in pitch black as Jacob pointed out all the stars.

Flying home the next day, it was emotional leaving Zambia, from a safari novice to a transformed, fearless safari goer, Zambia has definitely left a mark and I am already planning my return. Clemmie stayed at Chongwe River House, Chiawa Camp, Sindabezi Island, and the Luangwa Safari House all of which are members of the Zambian Horizons (www.zambianhorizons.com) collection.


12 months ago barristers might have been forgiven for turning their backs on pensions. Attacks on pension tax relief for high earners and a continued lack of flexibility on taking benefits were starting to take their toll. However, a new government has reinvigorated pensions, introducing significant changes and important simplifications. Danny Cox, Head of Advice at Hargreaves Lansdown explains why pensions should be firmly back on the agenda.

Fundamentally, making the best of pension contributions has always been one of the most tax-efficient ways to save. Basic rate tax relief at 20% is available on all contributions to personal pensions reducing the net cost to 80p in the £1. Higher rate taxpayers can claim up to a further 20% relief and additional rate taxpayers up to a further 30%.

However since April 2009, the amount of high rate tax relief has been restricted. For the last two tax years most high earners were only able to benefit from higher rate tax relief on the first £20,000 of contributions. These anti-forestalling rules were immensely complex and highly unpopular not least as they prejudiced typical pension planning - most people neglect their retirement planning early in their working lives as there are more demanding calls on earnings, aiming to play pensions catch up as their disposable income increases. The restriction on higher rate tax relief limited blue chip planning for most people whose taxable income exceeded £149,999 from April 2009 and £129,999 from December 2009.

At the same time, annuity rates continue their trend downward and tax charges on pension death benefits after age 75 – up to 82% - were punitive.

Zero to hero – pensions firmly back on the agenda By Danny Cox


The odds were stacking against pensions through both tax policy and market forces, with few realistic alternatives. In recognition of this, the coalition government decided to right some pension wrongs.

The new contribution rulesThe amount which can be contributed to pensions per tax year remains dependent on earnings. The annual allowance applies to any UK resident under age 75 and enables investors to contribute 100% of their earnings capped at £50,000. All earnings, whether employed or self-employed, are combined when assessing the contribution allowance. Contributions include any employer payments where applicable. Any excess over £50,000 will not normally benefit from tax relief.

The anti-forestalling rules restricting higher rate tax relief have been abolished. Tax relief has now been restored to the highest marginal rate. For example, someone earning £100,000 a year will benefit fully from 40% tax relief reducing the net cost of a £50,000 contribution to £30,000. Those earning £200,000 will benefit fully from 50% relief reducing the net cost to £25,000.

Furthermore, new rules will also allow a catch up on contributions missed in the previous three years based on a deemed allowance of £50,000 a year. This facility is known as carry forward, an expression which will be familiar to those with long pension memories. Carry forward also enables “crash” funding. For example, if the combination of contributions to pension schemes was £20,000 in each of the last tax year and the previous two tax years, a one off catch up payment of £90,000 can be made now, plus the £50,000 allowance for 2011/12, a total of £140,000. It is important to note that the amount of higher or additional rate tax relief is restricted to the amount of higher or additional rate tax paid in the tax year the contribution is made.

These changes to the contributions rules are most welcome. The annual allowance cap of £50,000 with full marginal rate tax relief is more generous than the previous policy and a sensible compromise between encouraging pension savings and over spending on the tax benefits. The reintroduction of carry forward provides high earners the ability to catch up contributions which they have held back over the last couple of years.

However for those earning between £50,000 and £130,000 the new annual allowance represents a reduction in allowable contributions.

Lifetime allowance capCare needs to be taken not to overfund. The overall cap (known as the lifetime allowance) on the tax benefits of pensions reduces from £1.8m to £1.5m from 2012. Benefits in excess of £1.5m will effectively be taxed at 55%.

For money purchase pensions such as stakeholder or SIPPs (self-invested personal pensions) the value of pension funds is easy to assess as it is a straight forward calculation, £1 for every £1 of fund value. For any final salary benefits, the calculation is usually 20 times the annual pension. Pension benefits are tested against this lifetime allowance either on retirement (or semi-retirement) or on death.

Those people whose pension benefits already exceed £1.5m or will do so by retirement will have options to protect their pensions from overfunding. However these protections are likely to be in exchange for a limiting or cessation of contributions and those affected should take advice from a pension specialist. There is no indication of whether the lifetime allowance will index in the future.

Pensions are by far the most tax efficient way to save for retirement and contributions should be made to maximise the benefits, whilst aiming not to exceed the lifetime allowance at retirement. In addition, building up pension income in both spouse’s names is important to maximise personal allowances at retirement. Spouses with low or no earnings can contribute a deminimis limit of £3,600 per annum and benefit from tax relief.

The end of compulsory annuitisationBuying an annuity is the most popular, and for most people, the best way,

to convert a pension fund to income at retirement. After taking tax-free cash, generally 25% of the pension fund, around 5% of retirees (20% by total vesting pension fund values) opt for income drawdown and the balance buy annuities. With profit annuities and investment linked variable annuities are available. However the asset backed annuity market is immature and the products available are generally expensive. Income from all pensions and annuities is taxable.

Annuities provide a guaranteed income albeit current rates seem weak – a typical 60 year old male will receive less than £6,000 gross income for every £100,000 of pension fund (assumes single life level annuity) – but don’t expect the trend to push upward anytime soon.

For those who have both the capacity and tolerance to take risk with their pension funds, income drawdown is the main alternative option. With income drawdown the pension fund remains invested and income can be drawn annually within limits which are reviewed every 3 years. If the income drawdown investments do well, over time the income produced will be higher than if an annuity had been purchased. And of course the reverse is true.

The death benefits under income drawdown are more flexible than annuity. The death benefits from annuity are those selected at outset and if a joint life annuity or guarantee period is not selected, the income ceases on death. Under income drawdown, the survivor has three options: draw an income; buy an annuity or take a lump sum less tax.

The new retirement rulesThe tax on death benefits both pre and post age 75 has changed to 55%.

Furthermore, the government has scrapped compulsory annuity purchase introducing far more income flexibility for those with larger pension rights and funds. However, the government is insistent that retirees don’t over spend and risk falling into the welfare system. Age 75 remains the key date by which time people should at least take the tax free cash from their pensions.

After drawing tax-free cash, each retiree can choose annuity, income drawdown or a combination of the two. The new flexibility becomes an option once a retiree has “secured” an income of £20,000 a year using a combination of state pensions, annuities, or final salary benefits.

Those who cannot secure this level of income can opt for income drawdown on a “capped basis”. Here, the maximum income which can be withdrawn a year is broadly equivalent to the level of income an annuity might pay.

Those who are able to demonstrate a secure income of £20,000 a year have the option of a new “flexible drawdown” with their remaining pension funds. Under flexible drawdown, there are no limits on the amount of income which can be withdrawn and the whole fund can be accessed in one go as a lump sum, albeit this sum is treated as taxable income.

To put this into context, with state pensions of £5,000 a year, a 65 year old male would require a pension fund of around £300,000 to secure the remaining £15,000 income, allowing for 25% tax-free cash.

Allowing retirees access to, potentially, the majority of their pension savings as a lump sum – albeit taxable - is a significant policy change and one which significantly improves the appeal of pensions overnight.

Please note pension legislation is subject to considerable and frequent change.

Danny CoxHead of AdviceHargreaves LansdownMobile - 07989 672 071Direct - 0117 317 1638Office – 0117 317 1615


By Reg Miller CFA , CEO of Propertyrush Ltd.

They’re all wrong

Banks are self-serving gamblers who are undeserving of our money. These are strong words, but you don’t have to look far to gather the supporting evidence. Let’s start with the words of Mervyn King, governor of the Bank of England. He recently said that “of all the many ways of organising banking, the worst is the one we have today.”

If that is not damning enough, take a look at some of the practices that led to the banking crisis. One of the potential weapons of mass destruction in the financial world is ‘fractional reserve banking’. Probably not a term you are familiar with, but this particular activity leverages investor deposits over and over again into a stack of loans. This practice is used globally throughout the banking system and was popular at Northern Rock - though they were by no means the only perpetrator. The real issue with “fractional reserve banking” is a five letter word, trust. And it was a lack of trust in the banking system which very nearly brought it crashing down like a pack of cards when savers flocked to Northern Rock and created a run on the bank in September 2007.

Why is this important to us? Can we really trust a banking system that employs irresponsible instruments like ‘Collateralised Debt Obligations’ (CDO), otherwise known as the sub-prime mortgage debacle. Here banks gambled with bundles of sub-prime loans that the likes of Goldman Sachs packaged up with its client Paulson - one of the largest hedge funds - then sold on to its unsuspecting investors. Paulson then short sold (bet against) these investments, that they had hand-picked, and knew were unsound. This caused $840m in losses for RBS as Paulson gained $1bn from its immoral activities.

Put another way it is like talking up a boxer before a prize fight, persuading as many people as you can to put a bet on him winning, then betting against him and raking in the winnings when he loses. All of this contributed to the chain-reaction that brought the financial world to its knees and lead UK taxpayers to bailout the banks and provide guarantees to the tune of £850bn. Yet, the multi-billion pound bonuses continue to be paid in the Square Mile, while the rest of the country deals with the fallout, more than two years later, with an increased lack of confidence, unemployment, pay cuts and inflation.

Worse still, I don’t believe that banks have done anything to rebuild our trust in them. Look at Barclays Bank which was recently fined £7.7m by the FSA for mis-selling to 12,000 investors, then announced pre-tax profits rose 32% to £6.1bn, of which £2.6bn went on bonuses, whilst total pay rose 39%.

Furthermore, according to reports last year banks were more profitable than before the crisis, however, despite our old friend Goldman Sachs’ 53% drop in 2010 fourth quarter profits compared to a year ago, they still paid staff 39% of their $39 billion net revenue, each receiving on average $431,000 and leaving

Banks are self-serving and undeserving, but there is an alternative


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just 21% for shareholders.

You’re wrong

So, if banks are self-serving and undeserving, what can we do about it? We all need bank accounts and we all need to save for our retirement. It is easy to accept that there is no way out of this particular conundrum. But, you’re wrong. There is always a choice.

I have been an independent financial advisor for 18 years and for the majority of that time I advised my clients to invest in pre-packaged products from banks and insurance companies, linked to stocks, government and corporate debt. I believed I was offering the best solutions for them and the surest way of creating wealth. However, I don’t believe that anymore. I now understand that most of what we have been led to think of as right, in terms of personal investment, is actually wrong.

Think differently: challenge what you think you knowIt is time to challenge the unimaginative and remote culture that dominates the investment products being offered on the high street. We have all been brainwashed into thinking there is only one way when it comes to investment, and, unsurprisingly, the winners in this model are, in the main, the large multinational banks and finance houses not ordinary investors like you and me.

The questions we should be asking ourselves when we invest are: • Where is my money invested? • Who is handling my money on the ground? • Who profits from my money before I do? • Is it invested with companies or in countries that I approve of? • Does my money contribute to the economy or community in which I live or is it just being used for pure speculation by money brokers?

It is time for people to take back control of their investments, and to stop simply accepting abstract figures on a paper statement, managed by banks and brokers in the financial casinos.

Real returns from real assetsThere is an alternative for your investments. You can circumvent the banks and invest your money at a local level, rather than benefitting some vast multi-national. You can even do it in an ethical way that provides a badly needed resource for the local economy.

Property investment, of the serious long term, business type - rather than the get rich quick home improvement type - is a real alternative to investing in stockmarket-based products. We help our clients take a different approach to property investment. It is not just buying a ‘nice little flat’ to rent out to young professionals. Our clients are taking the long view, with the aim of generating long-term wealth and income, and creating a tax

efficient inheritance vehicle for future generations.Our clients commit to buying properties with us over a seven to 10 year period. Even in the last two years, in a supposedly depressed market, we have been able to achieve, for a relatively modest initial investment, levels of return on capital (ROC) that would be impossible to replicate with off- the shelf financial products.

Helping others, not just the banksBut it does not mean becoming the next Peter Rachman or Nicholas van Hoogstraten. We have found a way to create wealth for our investors while at the same time benefiting the local community. Our buy-to-let properties are rented to people and families on the local council waiting list, the majority of whom are receiving housing benefit. Our clients are helping to cut waiting lists by supplying good quality, affordable housing to people who really need it, and getting a great return on their investment.

People in receipt of housing benefit are too often passed over in the private rental market in favour of more ‘desirable’ tenants. Our experience is that they are good reliable tenants who appreciate a decent home. The benefit to our investors is that investment properties are rarely standing empty, as there is a chronic shortage of affordable housing and a long waiting list for housing benefit tenants.

SummaryWe bailed out the banks, but they continue to make massive profits and reward themselves with huge bonuses, whilst our investments as taxpayers and as personal investors see little growth. There is another way. There is a housing shortage of affordable homes that will not improve any time soon now that the Government has reduced its building targets. Investing in property now can secure your financial future and be an ethical investment.

The question I leave you with is this: do you want your hard earned cash to disappear off into the ‘financial casino’ of the markets, where the gamblers and speculators do what they will, or do you want to achieve something tangible with it?

Reg Miller is CEO of Propertyrush Ltd.

Read Joe and Karen’s story on the next page. They have taken a fresh look at how they want to invest their money and are already reaping the benefits. If you want to find out more about Propertyrush’s ideas and why it believes they’re all wrong, more details can be found at

www.propertyrush.com

Sources:Goldman Sachs profits: http://www.bbc.co.uk/news/business-12225441Goldman Sachs agrees record $550m fine: http://www.bbc.co.uk/news/business-10656699FSA fines Barclays: http://www.citywire.co.uk/new-model-adviser/fsa-fines-barclays-7-7m-over-sale-of-aviva-funds/a463786?re=12507&ea=167175&utm_source=BulkEmail_NMA_Daily&utm_medium=BulkEmail_NMA_Daily&utm_campaign=BulkEmail_NMA_DailyBarclays bank announces a £6 billion profit for 2010: http://www.bbc.co.uk/news/business-12476251


Joe and Karen’s story

Invest Locally, Think Socially

Joe and Karen’s decision to join Propertyrush was not only a financial, it was community driven too. Joe remembers a bad experience of renting in his younger years and really wanted to provide a decent home for tenants. Joe said, “It’s a real investment that I feel truly connected with”.

The Propertyrush proposition gives clients the opportunity to invest their money locally and to provide a resource to others while benefiting themselves. Karen added: “If you are looking for a great investment but are also interested in where your money is invested and whether it makes a positive difference, then this is a great option.”

First Steps to Financial Freedom

Propertyrush found Joe and Karen a four-bed house and negotiated the price down to £78,000. It assisted with conveyancing and surveying, arranged the £60,000 mortgage and managed the refurbishment to bring the house up to a decent rental standard.

The house was rented within a month netting Joe and Karen an income of £825 per month, less their mortgage payment and letting fee.In January 2011, Propertyrush remortgaged the property for £115,000, allowing Joe and Karen to take £30,000 out to finance the expansion of their portfolio and leaving £25,000 equity. This first property now owes them not one penny of their own money and will continue to pay them an income of £3,844.80 per annum, with the potential for capital growth in coming years.

Joe, 67 and Karen, 52, were looking for a way to generate an income to sustain a good standard of living during retirement. They looked at ‘conventional’ investment products such as unit trusts and ISAs, but instead opted to invest in a buy-to-let property portfolio with Propertyrush Ltd, with the prospect of generating a future gross rental income of, on average, £72,000 or more per year.

Key FiguresFirst property purchased for £78,000 with £60,000 buy- to- let mortgage

£485.50 rental income per month after mortgage and letting management fee

Property valued at £115,00, twenty months after purchase

Remortgage for £90,000 leaving £25,000 equity £3,844.80 rental income per year ongoing

£30,000 liberated to fund the second property

All of Karen and Joe’s initial investment returned


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