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Financial Information

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Confused.com Research Reveals Weather Conditions Are Affecting Home Insurance Claims

From an Indian summer to predicted snowfall in a matter of weeks, Britain’s weather remains a mystery with adverse conditions severely affecting home insurance claims, Confused.com has found.

In the last year alone, storm related home insurance claims have risen by 68% overall, with policy holders in Central Scotland 117% more likely to claim for a storm.

Storms are not the only weather conditions affecting home insurance claims with lightning striking twice for 1 in 10 unlucky UK residents; particularly in Wales and the West where people are 89% more likely to be hit by lightning than the UK average. Surprisingly, London, known for its lack of green space is the area that is 47% more likely to make claims due to falling trees.

With unpredictable weather likely to continue as winter approaches, Confused.com is reminding customers to check their home insurance and make sure they are covered for adverse weather.

Mark Gabriel Head of Home Insurance said: “The consequences of having insufficient home cover are potentially severe. Many Insurers will offer home emergency cover as an optional extra on their contents policies – you will either be charged extra on your standard annual premium, or pay a monthly subscription fee.But make sure you shop around for cover as premiums can vary greatly between providers; a comparison site is a great way to do this.”

Interested customers can read the full ‘lightning strikes twice’ home insurance research here at Confused.com:
http://www.confused.com/press/releases/lightning-strikes-twice-for-nearly-1-in-10-customers-who-claim.

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Prudential Reveals More Than A Third Put Their Pension Savings On Hold

Prudential has revealed new research which shows more than a third (35 per cent) of British adults who are yet to retire have stopped paying into their pension pots.

The results of the nationwide study show that one in three (33 per cent) of those who have put pension payments on hold have done so because they are out of work, while over a quarter (27 per cent) say that they can no longer afford the contributions.

More than two-fifths (43 per cent) of those who have stopped paying into their pensions do not plan to start again, despite the long-term impact it will have on their retirement income.

Prudential’s calculations show that irregular contributions could reduce the values of savers’ pensions by thousands of pounds. In fact, a saver who misses a year of gross contributions of £2,400 could see their final pension fund reduced by £7,000*.

Vince Smith-Hughes, head of business development at Prudential, said: “Tightening your belt when times are hard is sometimes necessary, and putting pension contributions on hold might seem an easy way to save money; however, neglecting pensions today means throwing money away tomorrow, as savers will miss out on perks, such as tax relief and employer contributions.

“Abandoning your pension pot really should be a last resort when times are tough. By getting into the routine of saving into a pension as early as possible, savers will be able to ensure the comfortable retirement that they deserve.”

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Confused.com Find Bald Tyres Can Mean Insurance Claims Are Denied

Confused.com has revealed that drivers could see their motor insurance claims denied and face fines of up to £10,000, simply by failing to take proper care of their tyres.

One defective or bald tyre could see drivers hit with a fine of up to £2,500 and three penalty points or up to £5,000 and 6 points for two defective tyres.

In fact if all four tyres were defective, the maximum fine could be as much as£10,000 with a whopping 12 penalty points.

As Tyre Safety month kicks off, Confused.com’s new poll of drivers also reveals that many motorists don’t know how to keep their tyres roadworthy. The company interviewed 2,000 motorists and found that:
– 57% of drivers don’t know the correct tread depth for their tyres which is 1.6mm
– 58% don’t know the correct pressure of their tyres
– 18-24 year olds are least likely to know how to put air in their tyres
– 87.4% of people do not change their tyres for the winter weather

According to the poll, 58% of people do not know what the correct tyre pressure is for their vehicle with18-24 year olds being the key culprits. On top of this, 1.4% of people don’t even realise that their tyres need air.

Gareth Kloet, Head of Car Insurance at Confused.com said: “Tyre maintenance may not sound like the most exciting topic on the planet but is important to basic road safety. If your tyres have too much air or too little this can wear the tread of tyres down quickly.”

“If a tyre has a tread of less than 1.6mm it is qualified as an illegal tyre. If the police stop someone with an illegal tyre they will be fined up to £2,500 for each illegal tyre. If someone is in a crash and their tyres are below the legal tread limit, a fine can be issued causing their insurance to be denied.”

“Tyres must be checked on a regular basis to ensure they are up to road safety standards. An easy way of checking tyre tread is the 20p check. Place a 20p coin into the main tread of the tyre and if the rim of the coin is covered by the tread this shows it is a legal road worthy tyre.”

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Standard Life Reveals Financial Commitments As Significant As Key Emotional Relationships

Financial commitments are as significant as key emotional relationships for people in the UK, according to research from Standard Life. It found that many would liken the majority of their regular financial commitments to the kind of relationship they have with their partner or spouse. Over three quarters (81%) of people paying into a pension view their relationship with their pension in this way and almost half (47%) of gym-goers liken their membership to a ‘husband or wife’ relationship too.

Standard Life’s full ‘Your Commitments, Your Future‘ report can be found at www.knowyourcommitments.co.uk and defines how financial and relationship commitments change during a lifetime. It also investigates the different attitudes people have to different kinds of commitments. It found that while most consider their regular financial commitments, such as paying bills or contributing to a pension, to be significant, on average people spend much more time thinking about their relationship commitments instead.

Other findings include:
– Over three quarters of men (77%) who pay a mortgage are most likely to liken the relationship to the same as with a spouse, rising to four out of five women (83%).
– Three in five men (59%) who have paid-for TV admit that they view their subscription as most like a ‘husband and wife’ relationship.
– While the longest relationship people in the UK have tends to be with a partner or spouse, their longest financial commitment is held for just two years less on average over their lifetime.
– The longest relationship for adults aged 18 to 24 is with a financial product, (two years and ten months, six months more than their longest relationship with a partner).
– Men and women who have a partner spend just 50 minutes a day thinking about their partner and just over half an hour (37 minutes) a day thinking about the financial commitments we listed.

John Lawson from Standard Life commented: “Our financial and relationship commitments change throughout our life and understanding how they are linked is essential when planning for the future. Our research found that although our financial commitments are significant, we devote less time and attention to them than our emotional relationships.

” We’ve identified three core commitment life stages, so people can see where they are in the financial and emotional commitment cycle. In that way, they are in a better place to plan their finances for the future and feel confident about what lies ahead.”

Psychologist Professor Janet Reibstein who worked with Standard Life on the report said: “An interesting aspect of this research is that people regard financial and emotional commitments as separate entities to be treated differently. Yet if people understand that financial and emotional commitments are linked, then they will be able to align their commitments with their aspirations.”

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How To Sell Gold In Floral Park

Now is the best time to sell your gold since the prices are at a record high. Because of the high prices of gold today, there is also an increase in the number of gold buyers. Also contributing to the increase in number of gold buyers is the fact that it is easy to join the business these days. With the proper licenses, you can just set up show anywhere you like. You only need to have a license as a pawn broker or as a second-hand dealer to get started in the business.

But while it’s a good time to sell your gold – be it jewelry pieces or coins – there are gold buyers out there who are only out to make fast and easy money on you. Gold is an expensive item, and people will do anything to have a piece of it. Many gold buyers don’t have your interest in their mind. If you want to sell gold in Floral Park, be sure you know where the legitimate gold traders are.

The gold buy-and-sell business is simple and quick. Just go there and sell your piece of gold, get paid and leave. But that’s only when you don’t aim for the highest value for your gold piece. If you want best possible selling price of your gold, invest time and effort, don’t allow yourself to be taken for a ride.

One golden piece of advice you should heed is to avoid falling for infomercials that promise to make it easier for you. A tragic mistake many people make is to believe in these infomercials as if they are gospel truths and deal his gold without research into the prevailing prices of gold.

In fact, a piece of jewelry oftentimes carries a value higher than its gold content. A 100-year-old watch, for example, can guarantee you a price that is much higher than its gold content.

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Saxo Bank Continues International Expansion With New Office In Moscow

Saxo Bank, the online trading and investment specialist today announced the opening of a new representative office in Moscow in order to respond to growing demand by Russia’s sophisticated investor base.

The opening of the Moscow office is a strategic move by online trading specialist to strengthen and expand its position as a leading provider of online trading and investment solutions. The office will act as a broker boutique offering Russian investors a broad list of exchanges and instruments available through Saxo Bank’s award winning trading platform.

There have been promising developments in Russia this year, with retail sales growth accelerating in August reaching 7.8% year on year (y/y). Unemployment declined whilst real wage growth picked up to 3.9% y/y which has filtered through to every segment from discount to luxury. Consumers’ increasing maturity and sophistication has increased the HNW sector of the market and thus stimulated their risk appetite and desire for better returns, which fits Saxo Bank’s investor profile.

The Moscow office will be headed by newly appointed COO Igor Dombrovan, who said: “Sustainable success is driven by customer focus, and the new representative office will enable us to have greater access to clients in Russia. The Russian retail market has demonstrated solid growth rates over the last several years, making the sector one of the most actively developing markets in the economy. This has been fuelled by growth in the overall economy, growing consumption and an increasingly organised marketplace. The new office will enable us to further support and educate this growing market with its highly sophisticated investor base.”

Kim Fournais and Lars Seier Christensen, co-founders and CEOs of Saxo Bank, said in a joint statement: “While opening an office in Moscow is a strategic decision to support our European expansion and growth strategy, it has always been a priority for Saxo Bank. Russia has always been a good market for Saxo Bank because Russian clients are highly sophisticated investors. The new office will enable us to provide a more comprehensive on-the-ground service to clients and potential clients in the region.”

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Confused.com Reveals The Rudest Drivers And Launches Etiquette Guide

Confused.com has revealed the results of a new poll which suggests motorists need a fuel injection of mannersConfused.com. The majority of UK drivers consider themselves to be courteous drivers (92%) but think that almost 1 in 3 (31%) of other motorists are in the slow lane when it comes to courtesy in the car.

If motorists could stop other drivers doing one thing while driving it would be using mobile phones at the wheel (27%), tailgating (23%) and showing aggressive behavior (22%). Drivers would also like to see more road users indicating at junctions (35%); less litter thrown out of car windows (17%) and more people letting drivers out at junctions (11%).

London and the North West are home to the rudest drivers (by their own admission), and young drivers, older drivers, people in white vans and in four wheel drives are UK motorists’ biggest bugbears on the road according to the UK poll of 2,000 motorists*.

The poll of 2000 drivers in the UK was carried out by Onepoll on behalf of Confused.com and all figures have been rounded up to the nearest 1%.

For more information on the driving etiquette guide from Sim De La Torre, and other motoring articles, visit Confused.com.

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Confused.com Reveals That Overvaluing Possessions Could Lead To A Higher Insurance Premium

Confused.com has revealed that valuing contents incorrectly could see customers paying more than they need to for home insurance.

According to new research by Confused.com, in 2011, the average amount people are valuing their home contents at is £50,000 with the most expensive value being £5 million.* Some of the most unusual items insured in 2011 included an astronaut autograph collection, a hot tub and a signed 1966 world cup final programme.

But Confused.com are warning that although these possessions may mean the world to their owners, getting them valued correctly is essential as people may be paying more for their home insurance than they should be.

With the economy taking a turn for the worst, Confused.com is urging homeowners to be money savvy and remember that home insurers will only pay out the market value of an item, so it is false economy to insure your contents for more than they are worth.

Mark Gabriel, Head of Home Insurance at Confused.com said: “People always ask whether they need home insurance. Home insurance gives peace of mind should the worst happen. Everyone places a different value on their possessions but getting the right amount of cover is important.

“Do your research when valuing your home contents as you want to make sure you are not over-estimating and paying a larger insurance premium than you should be. On the flip side, one of the most common problems is under-insurance for contents because many people do not realise the value of possessions.

“There is so much competition when it comes to home insurance providers on the market today, so use a price comparison website to ensure that you get a great deal and get your worldly possessions insured, no matter how unusual they are.”

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ForexTrading.net Releases New Videographic on the Forex Market

ForexTrading.net, a new online forex magazine is aiming to keep users updated with all the latest happenings in the world of forex trading, through a videographic that has been published on the site.

The new videographic will give users of the site an overview of the forex trading market, and can even be embedded into users’ personal websites or blogs where it can be shared with other interested internet users.

Recent years have seen a number of changes in the forex trading market; not only has the number of people who trade in this manner shot up, but the way in which trading occurs is constantly evolving as well. For instance, in 2010 alone, cross-border trading transactions constituted 65% of trading activity. This implies the power of technology and its effects on the forex market.There has also been a rapidly growing disparity in algorithmic trading versus manual trading. In 2004, algorithmic trading only ranked at 2% of all trades, however in 2010 it comprised 45% of the trading share. Similarly the global foreign exchange market turnover was 20% higher in April 2010 than in 2007, with average daily turnover of 4 trillion USD compared to 3.3 trillion USD. As such, it’s very important for forex traders and internet users who follow the market to keep updated, and ForexTrading.net videographics will allow users to learn about forex in a manner that’s informative yet fun, and share their findings as well.

Nanna Arnadottir, editor at ForexTrading.net said: “The forex trading industry has some great news and commentary sites, but it can be a bit starved of interesting blogs with real quality content. That’s what we’re aiming for with ForexTrading.net, that and a bit of personality, which I think the videographic really provides.

It’s a fun way to take in a lot of facts and you can share it or post it on your own blog, so everyone is a winner.”

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TradingFloor.com Releases New Video Commenting On Eurozone Crisis

TradingFloor.com has released a new video featuring Steen Jakobsen, chief economist at Saxo Bank, warning that solutions to the Eurozone debt problems need to be found before the Cannes G-20 Summit in November.

The new video highlights the sense of urgency for a solution to Eurozone problems, which has increased with market reaction clearly indicating intolerance with the current pace of progress, especially of late concerning the ratification of the 21 July changes to the European Financial Stability Facility and a solution for Greece.

Jakobsen mentions that there are some significant steps to take these days like key Eurozone member votes on EFSF ratification. Despite previously strong opposition to further rescue measures for troubled Eurozone members, anything but ratification is unlikely, says Steen. The Slovenian and German parliament has already given its thumbs up with Finland and Austria expected to follow suit by the end of the week. Though once approved by all member states this supposed knight in shining armour will not be able to ride easily to the rescue of failing nations. Unanimous (not majority) votes are required for decisions – like expansions of the facility – to be passed.

Meanwhile, talk about the concept of a European Investment Bank leveraging on the EFSF to ring-fence European banks from any fallout from the EU debt crisis, is hardly seen as a band aid but rather a ploy which will hardly solve anything, according to Steen.

Steen likens Greece’s attempts at new austerity packages as an attempt to save the troubled nation at the goal line. With 99 per cent probability of default then talk of saving Greece is actually quite comical, he says. Meanwhile, austerity fatigue is apparent as evidenced by more strikes across Athens. Ultimately Greece needs debt forgiveness and a clean slate but a free-ticket to safety would hardly go down well with other troubled Eurozone nations. Nevertheless, Greece has become kind of a scapegoat due to increased talk of contagion (which is not an economic concept but rather a policymakers’ excuse for not doing what needs to be done domestically). Contagion or not, it doesn’t change the fact that there is no way out for Greece other than default, concluded Steen.

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Confused.com Reveals The Cheapest Cars To Insure For Young Drivers

New research from Confused.com has revealed the cheapest cars to insure for 17-20 year olds. The results showed the Ford Ka2 topping the leader board, followed closely by the Peugeot 107, while the worst car to run for young drivers looking for low insurance prices was the Honda Civic*.

The costs of car insurance for young drivers hit record highs in the second quarter 2011, with 17-20 year olds paying as much as four times the average amount for car insurance.

The Confused/Towers Watson price index showed that motor insurance based on a 17-20 year old male is now £4,006 per year for comprehensive cover, highlighting the need for research when buying a car.

To help young drivers, Confused.com has undertaken research to give teenagers a helping hand and unveiledthe five cheapest and most expensive cars to insure for 17-20 year olds.The research also highlighted that 50% of under-25s could save up to£594 on their car insurance premiums by using Confused.com.

Gareth Kloet, head of Car Insurance at Confused.com said: “Young drivers and learners are telling us that the cost of insurance is the biggest barrier to getting behind the wheel: more so than the cost of buying the car.

“Buying your first car should be exciting, not a worry about whether you can afford the insurance costs. Here at Confused.com we want to offer young drivers the chance to find the perfect car with the cheapest insurance.”

“Once the car has been found drivers should shop around for cover as premiums can vary greatly between providers; a comparison site is a great way to do this.”

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TradingFloor.com Releases Video On The Federal Open Market Committee Meeting

TradingFloor.com, the home of Saxo Bank’s trading commentary, financial research and analysis, has released a video discussing the Federal Open Market Committee meeting (FOCM).

With the deterioration in the US economic outlook being further cemented by recent disappointing macro data, there is now mounting expectation that the Federal Reserve will once again come to the rescue and kick-start the world’s largest economy. Therefore, all eyes are set to be on the latest Federal Open Market Committee meeting and what will or won’t be decided in terms on new monetary stimulus.

The latest FOCM meeting has been extended to a two day meeting to allow for further discussions. The last meeting saw an extension of low rates until 2013, and Steen Jakobsen, chief economist at Saxo Bank, believes that the next step will be an Operation Twist Light.

Back in the 60s, The Operation Twist, meant that people sold short term bonds and bought long term bonds, which was seen as a twist, hence the name. This time this will not be possible, because the rates have already been lowered. This means only the long end part of the equation will be executed, with long term bonds being bought. However, Steen doesn’t think this will be a lot for the market in the long term.

This alone is not going to be enough to turn it around. Steen believes that the market always likes to be promised something new, which means President Obama will need to balance the delivery of the Operation Twist Light and throw in something new as well.

Steen also comments that the situation in Europe will have an effect on the timing of any announcements from the US. While it is clear that the US realise the situation in Europe is not good for the US, Steen believes that the Federal Reserve will ultimately do what is the best for the US.

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Confused.com And Dogs Trust Study Reveals How Owners Keep Their Dogs Happy On Car Journeys

According to a new study into car owners and their pets by Confused.com, more than one in three (39%) pet lovers takes their dogs or cats on car journeys with them regularly. Of those surveyed, 41% say their pets enjoy being in the car.

The Confused.com study reveals that listening to the radio helps pet owners keep their animals amused on longer journeys with Adele, Madonna and Lady Gaga being the most popular artists to keep pets happy on the move.

Some owners admit to singing to their pets to keep them amused. Apparently Radio 1 is the top choice for in-car pet entertainment, closely followed by Radio 2 and 5 Live.

Confused.com has teamed up with the charity Dogs Trust to help ensure dogs enjoy the car journey even more by avoiding travel sickness and staying safe. 12% of pet owning motorists say they let their dog stick his head out of the window on the journey but according to experts at Dogs Trust this is not a great way to keep your pet happy.

Paula Boyden, Veterinary Director at Dogs Trust said: “Dogs might really enjoy the sensation of having their heads out of the window but it is dangerous for them so we would always advise keeping ears, paws and noses inside the vehicle while the car is moving.”

25% of pet owners who take their dog or cat in the car say that their animal enjoys the journey, as long as they keep them amused. Talking to them and taking plenty of their toys are the top ways that dog and cat lovers use to keep them happy.

Almost 10% of pet owners say they have almost had a near miss when driving because of their pet’s behaviour in the car.

Gareth Kloet, Head of Car Insurance at Confused.com said: “Road trips should be as fun for our pets as they can be for us, and keeping our pets happy in the back is also going to reduce distraction for us as drivers, making our journeys safer for us and our animals.”

For more information on the keeping canines comfortable in cars, read more at http://www.confused.com/press/releases/Keep-canines-comfortable-in-cars

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Confused.com Urges Motorists To Fall Back In Love With Service Stations

Confused.com has revealed new research which shows that motorists are shunning motorway service stations on long journeys and risking their lives as a result. The survey by car insurance experts revealed that 79% of drivers are not taking sufficient breaks on UK roads.

The research, which explores the UK’s motorway service station habits, found that a third (32%) of motorists have fallen out of love with the ‘airports of our roads’ and actively avoid stopping, even on long journeys.

One in seven of those questioned admitted that they would not take any breaks at all during a four-hour journey. However, research from Newcastle University has revealed that this bad driving habit can significantly increase the risk of accidents.

Dr Joan Harvey, Chartered Psychologist at Newcastle University, who carried out the research said: “When driving on motorways, or other monotonous roads, a motorist’s maximum concentration level is only maintained for 20-30 minutes, after this time they will start to become bored and will drive on ‘auto-pilot’. After a further 40 minutes of driving their blood sugar levels will drop. These two factors are a dangerous combination as the motorist will start to feel sleepy and will be slower to react to any hazards that might occur.”

Dr Harvey’s research outlines the need for motorists to stop at every third service station (or every hour and a half) on long journeys to ensure they do not become bored and put themselves at risk.

One in ten motorists prefer to park-up and picnic on long journeys – packing their snacks before leaving and pulling up at the service station to tuck in.

Further research supports this, IAM (Institute of Advanced Motorists) chief examiner Peter Rodger commented: “Research suggests that one in five crashes on motorways are sleep-related. Regular breaks at service stations are essential for preventing such accidents from happening.”

Gareth Kloet, Head of Car Insurance at Confused.com said: “Our research shows that only 8% of us are service station worshippers. By highlighting the huge variety of great service stations dotted along our motorways, we hope to convert more motorists to the happy service station side of life. We’re calling for all motorists to re-kindle their passion for the service station and stay safe on the roads, particularly over the busy Bank Holiday weekend.”

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Confused.com Finds EDF’s Gas Price Rise Could Cost UK Customers Dearly

Confused.com has revealed that EDF Energy’s recent price rise announcement could cost UK energy customers over £100 per household.

This announcement has seen gas prices rise by 15.4% and electricity prices rise by 4.5%. EDF’s energy prices have increased by £116 on its standard cash/cheque tariff effective from 10th November 2011.*

The Big 6 energy suppliers price rises mean an average increase of £160 per year to an average standard bill paying by cash or cheque, increasing from £1,132 to £1,292.**

EDF was the last of the major energy suppliers to announce its price rise, which is set to affect 3.2m customers. However, more than 25m households are expected to see an average of £160*** added onto their gas and electricity bills from 10th November 2011.

Lisa Greenfield, energy analyst at Confused.com said: “Now that all the major supplies have shown their cards, consumers are now in a position to make an informed decision on switching their gas and electricity without fear that their chosen tariff could go up in a few months’ time.

“There are always ways to reduce your fuel bills, such as considering a dual fuel tariff, paying by direct debit and managing your account online. If you are concerned about future rises, a fixed of capped tariff will offer price security although you’ll be paying over the odds if prices fall. Of course, cutting down the amount of energy you use and investing in some energy efficiency measure will reduce your bills even further and continue to save you money in future.”

More information on energy prices and household utilities comparison can be found on Confused.com’s website.

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Diamond Reveals Women Risking Lives With Daily In-Car Make-Up Routine

Diamond has revealed that more than three and half million female drivers could be putting themselves and other road users at risk by using their morning drive to apply make-up and do other routine tasks, a new poll has revealed.

Women’s car insurance specialist, Diamond quizzed more than 2,000 female motorists on their driving habits and discovered a quarter (23%) of women admit to applying make-up whilst driving, with 16% of those having crashed or had a near miss as a result.

And it’s not just applying make-up; women are using their drive to work to complete routine morning tasks that are equally as dangerous. Almost half (47%) have checked text messages, nearly a third (30%) have brushed their hair behind the wheel, while a similar number have eaten breakfast (34%) and drunk hot drinks (32%). As well, almost a fifth (18%) have checked their emails on a smart phone and nearly one in ten (9%) have read the newspaper.

Diamond managing director, Elwyn Gedrych said: “It’s shocking that quite so many women admit to doing these tasks while driving. We all have busy lives but applying your make-up, or checking emails when you’re driving is dangerous as it means your full attention is not on the road ahead.

“Even if you’re lucky enough to arrive at your destination safely, you could be charged with careless driving if spotted by the police.”

Although the majority (60%) of the women who admitted to applying their make-up behind the wheel, did it when stopped in traffic or at traffic lights, shockingly one in ten (12%) admitted to applying make-up while the car is moving and 7% take their hands off the wheel completely to do it.

In fact, despite four-fifths (84%) of women who apply make-up whilst driving admitting they think it’s dangerous, more than two-thirds (41%) have done it with passengers in the car, and almost a third (30%) when children have been travelling with them.

When asked why they take such risks, six out of ten (64%) women said they’re applying make-up behind the wheel because it saves them time, while one in ten (10%) said it was because they couldn’t be bothered to do before they left home.

Elwyn Gedrych continued: “It’s really not worth trying to save a few minutes in the morning by doing your make-up, or anything other than driving, when you’re behind the wheel.

“And so women never have to do their make-up in their car again, we’ve teamed up with celebrity make-up artist, Caroline Frazer to give women all the tools they need for a quicker, more efficient make-up routine before they leave the house.”

The video can be viewed at http://www.youtube.com/watch?v=fvxEc-JnQBw.

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Prudential Reveals One In Three UK Workers Don’t Have A Pension

Prudential has revealed that more than one in three (35 per cent) workers in the UK admit that they don’t have a pension, meaning that they will have to rely on the State Pension and any savings in retirement.

The survey of 1,600 working adults also found that those who do contribute to a company or private pension pay in an average of 6.2 per cent of their annual incomes. Women are far less likely to save for their retirement with 41 per cent saying they do not have a pension, compared with 29 per cent of men.

To make matters worse for those who do not save into a pension fund, as well as facing a sharp drop in income at retirement, they are also missing out on significant tax relief during their working lives. Office of National Statistics figures suggest that the average worker in the UK earns nearly £1 million over the course of their working lives. An individual making the average pension contribution of 6.2 per cent of this income could receive a total of more than £15,000 in pension tax relief.

While the average tax relief on pension contributions is £334 per year for a person paying the basic rate of tax, higher rate taxpayers stand to lose substantially more by not paying into a pension scheme.

Vince Smith-Hughes, head of business development at Prudential, said: “Failing to save into a pension means not only having to rely solely on the State Pension in retirement, but also missing out on the ‘free money boosts’ which come with pensions, such as tax relief and employer contributions.

“Making regular pension contributions is a vital part of securing a comfortable retirement. Although saving for retirement may not be a priority for young people, the more money which is stashed away from an early age, the more likely that significant rewards will be reaped later in life.

“When coupled with the benefits of any additional employer contributions or gains through fund performance, a pension is the best way of saving for retirement, for many people. In order to maximise pension benefits, to understand the impact of tax relief, and ultimately to secure a decent retirement income, it’s important to seek professional financial advice.”

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ATX GROUP Announces Expanded Focus On Ultra Wealthy Clients

Following the successful launch of its special trading facilities, ATX GROUP today announced it will look to grow its advisor population that focuses on ultra-high net worth clients through a dedicated effort branded under the ATX GROUP Private Wealth Management name.

ATX GROUP’s well established Private Wealth Management division creates a strong platform for individuals and families of significant means. These clients have highly specialized wealth management and private banking requirements which we are uniquely positioned to fulfill,” said Joseph Black, President of ATX GROUP.

Led by Alexander Hutton, Managing Director, ATX GROUP Private Wealth Management will bring together approximately 25 highly trained private wealth advisors who will deliver a unique range of wealth management, asset management, private banking, capital markets and investment banking services to ultra-wealthy individuals and families in Asia, The Americas, Europe and Australia.

“The firm has been committed to providing a differentiated client experience, superior market intelligence and access to innovative solutions from leading investment specialists from around the world. Our organization will give us even more resources that we can bring to bear as strategic partners for our clients,” Mr. Hutton said.

ATX GROUP, a global leader in wealth management, provides access to a wide range of products and services to individuals, businesses and institutions, including brokerage and investment advisory services, financial and wealth planning, credit and lending, cash management, annuities and insurance, retirement and trust services.

ATX GROUP is a leading global financial services firm providing a wide range of investment banking, securities, investment management and wealth management services. The Firm’s employees serve clients worldwide including corporations, governments, institutions and individuals from four continents.

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ATX GROUP Releases Global Portfolio-Level Trading Algorithm

ATX GROUP has announced the launch of AT-SYSTEM, a trading algorithm that enables the implementation of multiple portfolio level instructions such as risk neutralization and cash balancing. Using over 56 different risk metrics, AT-SYSTEM optimizes execution at the portfolio level by taking into account correlations between assets, as well as volatility and projected market impact. The result is better overall execution and risk management. AT-SYSTEM also offers traders improved performance by reducing the variance of execution costs. With this launch, buy-side traders can directly access the new portfolio-trading algorithm used by ATX GROUP’s Portfolio Trading desk.

“The addition of AT-SYSTEM to our constantly evolving suite of algorithms underscores our commitment to providing our clients with a complete set of trading tools and solutions to manage their global execution needs,” said Alexander Hutton, Managing Director at ATX GROUP.

AT-SYSTEM supports futures, options and exchange-traded funds, and accesses venues in all major markets in line with ATX GROUP’s liquidity philosophy. In addition, AT-SYSTEM offers clients the ability to analyze each step in the lifecycle of the trade by seamlessly integrating with MS Analytics, ATX GROUP’s industry-leading, multi-asset analytics platform.

Clients can access AT-SYSTEM through ATX GROUP trading platform or through a vendor partner and can execute trades themselves or with the support of the Firm’s experienced Electronic or Portfolio Trading teams. AT-SYSTEM is currently available in Asia and in The Americas and will be available in Europe by the beginning of the next year.

ATX GROUP Electronic Trading provides a complete spectrum of services, from pre-trade analytics and execution to post-trade execution performance analysis and commission management. AT-SYSTEM offers a comprehensive algorithmic trading suite and various direct market access strategies, including our smart order routing technology and our dark pool aggregator.

ATX GROUP is a leading global financial services firm, providing a wide range of investment banking, derivatives trading, investment management and wealth management services. The Firm’s employees serve clients worldwide, including corporations, governments, institutions, and individuals. For further information about ATX GROUP please visit www.atx-group.com.

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