Category Archives: Personal Finance

Personal Finance

Credit Cards, Financial, Financial Management, Financial Services, Insurance, Insurance Services, Money, Personal Finance

M&S Insurance Scoops Industry Awards

M&S Money has been named ‘most trusted motor insurance provider’ and ‘best travel insurance provider for service’ at the 2010 Moneywise Customer Service Awards.

M&S Insurance Scoops Industry Awards

The award winners results follow the largest dedicated customer service survey held in the UK and were presented in front of 270 guests and industry leaders at a black-tie gala in the City of London. From January to March 2010 more than 10,000 responses were received via Moneywise magazine and Moneywise.co.uk which were then carefully analysed by CoreData Research. This information was used to identify those companies, which offer the best service and those, which are most trusted to provide these services, according to the British public.

M&S Money was also highly commended in the ‘most trusted travel insurance provider’ and ‘best motor insurance provider for service’ categories.

Colin Kersley, M&S Money Chief Executive, said: “All our insurance policies are designed with the M&S customer in mind, and we are delighted that M&S Car and Travel Insurance have been recognised at the Moneywise awards.”

M&S Premier Car Insurance protects the policy holder, not just their car, and includes RAC breakdown cover, motor legal protection and a hire car for up to 14 days (breakdown cover provided by RAC for M&S customers and is not available directly from RAC.co.uk).

M&S Money travel insurance offers single trip or annual multi-trip cover. The independent traveller section of the policy* helps customers who choose to travel independently and may not benefit from the protection provided via a package tour. This year M&S Money helped travel insurance customers who were affected by the volcanic ash which grounded flights.

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Barclaycard Launches New Prepaid Card

Barclaycard Commercial has announced the launch of its new Prepaid card, providing organisations with a simple way to improve efficiency and gain more control over their spending and the way funds are distributed.

The new card will benefit organisations by removing the need for them to rely on traditional paper-based methods of making payments, which are becoming increasingly costly, complicated and time-consuming. In addition to speeding up the process of managing funds, the new card will provide extra accountability and control, with the ability to implement bespoke spending controls.

The product has been used successfully by a number of clients for some time. One who has already benefited from this product is:

Adecco UK & Ireland – part of the Adecco Group, the world’s leading provider of HR solutions, with over 31,000 employees and 5,500 offices, in more than 60 countries and territories around the world. The Office Angels branches within the Adecco UK & Ireland group were sending out cheques frequently for petty cash purposes to their local offices. They adopted Barclaycard Prepaid to increase their control over their funds and to enable a much simpler and more efficient reconciliation process, and are now rolling this product out to their other brands.

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M&S Money Credit Card Scoops Industry Award

M&S Money has won the 2010 Moneyfacts award for Best Card Provider (Introductory Rate). The awards were announced at the Millennium Hotel, Mayfair, London in front of 300 industry professionals from leading financial institutions who had gathered for the special luncheon which was hosted by ITV News’ Economics Editor, Daisy McAndrew.

M&S Money Credit Card Scoops Industry Award

The awards were presented to those companies that have consistently offered the most competitive products, the best levels of service and shown the greatest innovation in the personal finance world during the last twelve months.

The M&S Credit Card offers:
– 0% interest on all shopping for ten months from account opening
– 0% interest for six months on balance transfers made within six months of account opening (2.9% fee, minimum £5)
– No cash advance fee & 55 days interest free when buying M&S Travel Money with the card
– M&S points earned every time the card is used, with regular bonus offers of extra points on purchases at M&S
– 15.9% APR typical variable. Actual rate received will depend on an individual assessment of circumstances.

Colin Kersley, M&S Money Chief Executive, said: “We are delighted that the M&S credit card has been recognised at the Moneyfacts awards. The card not only has a competitive APR but also 10 months at 0% interest on shopping, making it one of the most attractive credit cards in the market.”

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Prudential Reports Over A Third Of Women Face Retirement Poverty

Prudential has revealed new research that shows more than a third of women (35 per cent) planning to retire in 2010 will receive an income which is below the poverty line* – £14,000 a year or less – according to the latest findings** from Prudential’s Class of 2010 retirement survey.

Prudential Reports Over A Third Of Women Face Retirement Poverty

By comparison 29 per cent of men will face their retirement on an income of less than £14,000 a year.

The gender gap becomes even starker over the age of 65 where 42 per cent of women over 65 will have incomes below the poverty line compared with 33 per cent of men. According to the Joseph Rowntree Foundation, a single person in Britain needs to earn at least £13,900 a year before tax** in order to afford a basic, but acceptable standard of living.

Overall nearly a third (32 per cent) of people planning to retire in 2010 will have an income that falls below the poverty line.

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The Children’s Mutual Reveals Cost Of Top Career Aspirations Set To Soar

The Children’s Mutual, the leading Child Trust Fund provider, has revealed new research* that suggests parents could be facing a bill in excess of £100,000 if their children grow up to fulfil their career ambitions.

The annual ‘What I Want to Be’ poll revealed that among five, six and seven year-olds, becoming a teacher, doctor or vet are the jobs of choice. The Children’s Mutual warned parents to start saving now as the latter two could cost £116,000 and £117,000 respectively in 18 years time.

Tony Anderson, Marketing Director of The Children’s Mutual, said: “Parents tell us their young children are highly ambitious and that they, as parents, fully intend to help them fund their futures. But the sums of money the top careers command could cause financial nightmares for families who don’t plan ahead. While the Coalition Government has announced its plan to significantly reduce payments into Child Trust Funds from 1 August 2010 and to abolish the scheme altogether for new babies born from 1 January 2011, the reality is that the cost of children’s futures hasn’t changed. We believe that the only way for parents to financially manage these costs is by saving regularly over the long term and are urging them to continue doing so.”

The Children’s Mutual questioned over a thousand parents about what their children said they wanted to be when they grew up and found that the majority of today’s children are looking for a career which requires further training and education. The top careers of doctor, teacher and vet have featured in the ‘What I Want to Be’ poll for the last three years, demonstrating that children consistently aspire to careers that will need higher education.

According to The Children’s Mutual, 93% of parents of today’s young adults are still funding their children, and the expert in long-term savings for children does not anticipate this changing. The Children’s Mutual is urging parents to continue saving regularly over the long term rather than having to face finding such large sums of money in the future.

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M&S Money Warns England Fans To Take Care When Flying The Flag

M&S Car insurance has announced that according to a new survey over a fifth (22%) of England fans will add a St. George flag to the family car this month to show their support for the England team whilst they play out in South Africa for the World Cup.

M&S Money Warns England Fans To Take Care When Flying The Flag

In the period leading up to the England team, captained by Steven Gerrard and led by manager Fabio Capello, played their first match against the USA on 12th of June, the survey revealed that almost as many women as men were planning on adding the flag to their car. This was 21% of women compared to 24% of men.

As a result of the survey findings which also revealed that 56% of those who are planning on placing a flag on their car will be attaching it to the antennae and 17% will place it by the passenger side wing mirror, and only 13% will be placing the flag in the front widescreen, M&S Car Insurance is advising motorists to put safety first and think carefully about where they position the flag on their vehicle. Worryingly, only 43% of the respondents stated that they believed that flags can be a distraction depending upon where they are placed.

Andrew Ferguson, M&S Head of General Insurance, said: -“Many motorists and their families will be keen to demonstrate their support for England by placing a flag on their car. While it can be a popular way for fans to show their support, we are asking motorists to be aware of the safety issues to ensure they avoid any unnecessary accidents on the road.-“

About M&S Money:
M&S Money (the trading name of Marks & Spencer Financial Services) was founded in 1985 as the financial services division of Marks and Spencer Group plc, making 2010 the company-‘s 25th anniversary.

The company is a top-ten credit card provider and the second-largest travel currencyretailer in the UK. M&S Money also offers a range of insurance cover, including home insurance and car insurance, as well as loans, savings and investment products.

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Barclaycard Contactless To Receive Consumer Awareness Boost

Barclaycard contactless is to receive a consumer awareness boost as EAT. and London branches of Subway both launch in-store marketing campaigns to highlight that customers can use contactless enabled debit and credit cards to make purchases of £15 and under.

Barclaycard Contactless To Receive Consumer Awareness Boost

The in-store ads and point-of-sale material have started appearing in EAT. with the aim of making the millions of contactless cardholders in the capital aware that they can make transactions quicker and easier. The marketing campaign and roll out of contactless in EAT. and Subway shops in London have been run in partnership with Barclaycard, the biggest provider of contactless debit and credit card payment terminals in the UK.

The campaign seeks to raise the profile of the contactless symbol, which is common to both the cards with the relevant technology and the retail outlets that are able to accept payment by contactless.

Rene Batsford, head of IT at EAT. said of the campaign: “We see contactless as a major product differentiator – we can say to customers that choosing to pay contactless in EAT. will give you valuable lunchtime minutes to spend away from queues. But whilst we have the technology, thanks to Barclays and Barclaycard, we now feel we have to help inform customers how contactless works and some of the benefits that they can expect.”

Julie Pottier, services purchasing manager at Subway, believes that the future is contactless: “Subway is proud to be involved with the first generation of contactless payments and pleased to be part of a payment revolution that is making life easier and quicker for consumers. Subway is sold on the innovation, and we now want to educate our customers that contactless exists, how it works and where they can use it.”

Stuart Neal, head of UK payment acceptance, Barclaycard, said: “We are working with our retailers to champion contactless, helping raise consumer awareness of a step change in payment technology. With so many consumers already able to pay without the need to enter their PIN and more retailers discovering the benefits of adopting contactless payment, educating customers this year is going to be key, as the technology becomes more commonplace.”

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The Children’s Mutual Finds Parents Of Younger Children Being Warned To Start Saving

According to research by The Children’s Mutual, a leading Child Trust Fund provider, parents of 18 to 30-year-olds are warning families of younger children to start saving now to fund the future, with nearly a 28% saying that they have either remortgaged or are planning to remortgage to fund their child’s adulthood. The research also revealed that many parents of adult children said that if they had their time again they would have saved more.

The Children's Mutual Finds Parents Of Younger Children Being Warned To Start Saving

As the coalition Government threatens to cut the Child Trust Fund (CTF), The Children’s Mutual is urging parents whose children are eligible for the accounts to make the most of them while they can.

David White, Chief Executive of The Children’s Mutual, said: “Saving for your child is a ‘necessity’ not a ‘nice-to-have’. Parents of today’s 18 to 30-year-olds are having to find an average of £30,000 to fund their adult children the hard way – by remortgaging or borrowing further. We believe the only way that most families will be able to help fund children to fulfil their potential going forward is by saving regularly over the long term.”

Parents of CTF holding children should not be disheartened or confused by the coalition’s proposal. The Government has confirmed that for existing customers, the accounts will remain as they are; meaning that the families of the five million CTF holding children across the UK can continue to save up to £1,200 a year tax efficiently to help give their child a much needed springboard into adulthood.

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Barclaycard Has Reduced The APR On It Barclaycard Simplicity Card To 6.8%

The new rate, which is one of the lowest rates available on any card in the UK, applies to both purchases and balance transfers. Barclaycard Simplicity offers customers an affordable way to manage their finances, from significant purchases such as large household goods and holidays, to everyday spending.

Barclaycard Has Reduced The APR On It Barclaycard Simplicity Card To 6.8%

In addition to the low rate offered by Barclaycard Simplicity, Barclaycard has also increased the balance transfer deal on Barclaycard Platinum. Barclaycard Platinum now offers 15 months at 0% for new customers with a handling charge of 2.9%. Barclaycard Platinum also offers 0% interest on purchases for the first 3 months. The typical APR on Barclaycard Platinum is 16.9%.

Both credit cards have a range of associated benefits delivered by Barclaycard: from Barclaycard Freedom, the broadest rewards scheme in the UK, to revolutionary online account management with mybarclaycard, and the exclusive music world of Barclaycard Unwind.

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The Children’s Mutual Reports Saving For Children Is Still Crucial

The Children’s Mutual, a leading Child Trust Fund provider, reports that saving for children is crucial and urges the 5 million families whose children hold Child Trust Fund (CTF) accounts to continue saving for their children into CTFs.

The Children's Mutual Reports Saving For Children Is Still Crucial

David White, Chief Executive of The Children’s Mutual, said: “The CTF has changed the nation’s savings habits and we congratulate families across the UK for recognising the critical importance of saving for their children’s futures.”

According to The Children’s Mutual, today’s parents are paying out an average of£30,000 to fund their children between the ages of 18 to 30 and these costs are only expected to rise for families of tomorrow.

The Children’s Mutual urges families to not be disheartened by the Government’s announcement to stop all payments to Child Trust Funds by January 2011, but to continue to help their children fulfil their future potential by saving regularly over the long term. CTF holding children now have a unique asset that others will not.

The Children’s Mutual also revealed that the Child Trust Fund is the single most successful savings policy to date and that this sort of short term cut does not address the pressing need for families to save or recognise the significant benefit to society that the CTF will bring from 2020 as maturing funds return an anticipated £2.96bn each year to the economy.

David White continued: “We also reassure our current and existing customers that having been in existence for the last 129 years, we have been providing long-term savings accounts for children and helping support families throughout our history. We are committed to continuing to do so in the future.”

Launched in 2005, Child Trust Funds were designed to provide a tax efficient, long term savings vehicle for all eligible children. Newborn children (born on or after 1 September 2002) received a £250 Child Trust Fund voucher (£500 for low income families) from the government when their parents registered for Child Benefit. The government then makes a second contribution of £250 (£500 for low income families) when the child reaches seven. Parents, family and friends can all then add to this account up to a maximum value of £1,200 each year. The proposed changes to the CTF will mean that for existing customers the accounts remain as before, with an annual tax-efficient top up allowance of £1,200, albeit without government’s additional contributions from 1 August 2010.

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Prudential Research Shows Advisers Turn To With-Profits Investments

New research* from Prudential shows that up to a third of advisers expect to recommend with-profits products to clients this year with bonds the most popular.

Prudential Research Shows Advisers Turn To With-Profits Investments

30 per cent of financial advisers expect to advise clients to invest in with-profits products during 2010. Of those, 63 per cent say with-profits bonds are the most popular with clients, followed by with-profits pensions and then with-profits annuities.

Prudential, whose with-profits fund returned 18.9 per cent in 2009** and paid out £2 billion to policyholders, believes with-profits are increasing in popularity as advisers look for investment products which aim to deliver long-term and steady returns.

The research went on to show 82 per cent of advisers believe long-term performance is the most important attribute when recommending investment products which reflects the growing concern about stock market volatility – just 40 per cent of advisers say the majority of their clients are happy to be subject to market volatility when making investment decisions. Around 22 per cent of advisers say only a minority of their clients are now happy to be exposed to market volatility following recent stock market peaks and troughs.

Andy Brown, Director of Investment Funds at Prudential, said: “With-profits sales have strengthened in the past 18 months as investors have looked for more cautious alternatives to pure equity investment and the growing interest looks set to continue into 2010 despite the strong recovery in the stock market.

“Clearly not all advisers are convinced by the with-profits investment story, however not all with-profits funds are the same and it’s important that investors are not misled by generalisations about the performance of these products. Our consistent approach to smoothing and bonus setting has served our policyholders well, protecting them from the full impact of volatile investment conditions while giving them the confidence of knowing that their savings are invested in a financially strong and well-managed Fund.”

Of those advisers who would recommend with-profits to their clients, 53 per cent said that financial strength was the most important factor when considering a with-profits provider.

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Barclaycard Wins At The 2010 Cards International Awards

Barclaycard has taken two prizes at the 2010 Cards International Awards for its Visa CodeSure card and its innovative loyalty programme, Barclaycard Freedom.

Barclaycard Wins At The 2010 Cards International Awards

Barclaycard Freedom is the broadest retail rewards scheme the UK has ever known: a rewards coalition of unprecedented size and scope which opened loyalty up to small retailers alongside household names. Barclaycard Freedom was automatically available to eight million Barclaycard holders at launch on 17 March 2010, and more than 30,000 retailers of all sizes were invited to be partners in the scheme. It is a first in the UK market, bringing a new level of simplicity and convenience to the concept of loyalty and rewards.

Barclaycard Commercial’s Visa CodeSure Card is an industry first which expands card functionality beyond payment. The card combines a standard Visa corporate credit card with additional identity protection functionalities. A keypad, LCD screen and battery are embedded into the back of each card, allowing it to become the platform for secure applications such as extranet access.

Sarah Alspach, Marketing Director for Barclaycard Freedom, said: “These two awards demonstrate our investment in innovation, and our commitment to developing card technology across the board for the benefit of our customers. Barclaycard Freedom is giving customers a simple, modern way to enjoy rewards. At Barclaycard we are committed to improving products and services for businesses and consumers alike, and are thrilled to have been recognised with these awards.”

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Principle First Highlights Budget Plans To Make Venture Capital Trusts More Attractive

Principle First has registered extremely strong demand for Venture Capital Trust (VCT) investments driven on the one hand by the VCT’s numerous tax advantages, but also by proposed positive changes in VCT legislation which were announced in this year’s budget, which if passed should allow VCTs to invest in a wider range of small and medium-sized enterprises (SMEs) with up to 250 employees, and market capitalisation up to £15m.

Principle First Highlights Budget Plans To Make Venture Capital Trusts More Attractive

Gareth Flanagan, managing director of Principle First, said: “VCTs offer an unbeatable 30% tax relief and there are now very innovative VCT models available which have very effectively minimised risk. As the top tax bracket has now risen to 50%, VCTs are a more attractive investment than ever, particularly for high earners.”

Principle First believes the recent increased demand is due to the market conditions which have made VCT investments extremely favourable at present. In the current economic environment, where bank lending to SMEs is relatively difficult to obtain, the UK’s most dynamic companies are looking around for alternative sources of finance – and see VCTs as an attractive option. Consequently, VCT managers have never had such a range of good deals coming across their desks, and the quality and standard of companies where they invest has never been so good. VCT investments offer a 30% upfront income tax relief on investments of £3,000 – £200,000.

According to Principle First, the Octopus VCT, which minimises investment risk, and Alternative Investment Market (AIM) VCTs have also benefited. AIMs work best when investing in companies with capitalisation towards £15m, and as such are poised to benefit strongly from the budget proposals to relax investment rules.

VCTs are a valuable and highly tax-efficient strategic investment which can be used in conjunction with Individual Savings Accounts (ISAs) and a personal pension, as part of a rounded, balanced and tax-streamlined financial plan.

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Prudential Reveals Just One In Five Seek Financial Advice In Run Up To Retirement

According to Prudential research, people approaching retirement could be missing out on valuable guidance by choosing to shun the services of a professional financial adviser. The survey found that only 19 per cent who said they were planning to retire in 2010 got their pre-retirement advice from a financial adviser.

Prudential Reveals Just One In Five Seek Financial Advice In Run Up To Retirement

Prudential’s Class of 2010 report has also found that 35 per cent got their financial advice from friends, 10 per cent from family and 25 per cent newspapers, magazines and the internet, however fewer than one in 10 people (9 per cent) who had done their own research from newspapers, magazines or the internet then went on to seek professional financial advice regarding their retirement planning.

Vince Smith-Hughes, head of retirement income at Prudential, said: “There’s no doubt that the internet and all the various personal finance magazines and newspapers provide a wealth of useful information for people planning their retirement. But if people rely solely on this information to make a financial decision, it could lead to serious misdiagnosis and people could end up making irreversible decisions which leave them financially disadvantaged.

“The low take-up of financial advice could also be a wake-up call for the industry and regulators. The fact that relatively few consumers appear to take financial advice highlights the need to develop advice services which can address the issue of consumer access, and perhaps the industry could also do more to encourage people approaching retirement to take advantage of the expertise which are already available from advisers.

“I suspect that one reason for low take-up of financial advice is that people are reluctant to pay for it, but I firmly believe there’s no substitute for expert professional financial advice. Like many services which require skill and a detailed knowledge of the market, financial advice does cost money.”

Men are more inclined to consult a financial adviser about an endowment or their pension plan than women according to Prudential’s research (22 per cent compared to 15 per cent), while more women than men tend to seek their advice from friends or family and newspapers, magazines or the internet (38 per cent compared to 32 per cent).

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Barclaycard Retail Card Spending Index Shows April Spending Was Flat

Barclaycard Global Payment Acceptance has released new data that shows spending on credit and debit cards in April was broadly flat with a slight increase of 0.8% from March. Barclaycard Payment Acceptance processes credit and debit card transactions for 87,000 businesses across the UK. Whilst the monthly increase was flat, the year-on-year comparison with April 09 showed an increase in credit and debit card spending at UK retailers of 8.9%.

Barclaycard Retail Card Spending Index Shows April Spending Was Flat

During April, Barclaycard Payment Acceptance saw transactions peak at 12.19pm on Saturday 3rd April, with 340 transactions per second being processed. However, the busiest day for transactions overall was the 30th April, which was the Friday of the May Day bank holiday weekend when 12.7 millions transactions were processed.

The Barclaycard Retail Card Spending Index is the most comprehensive index of its kind and is based on spending on all credit and debit cards across a wide range of retail sectors, at retailers that use Barclaycard to process their credit and debit card transactions – about a third of UK businesses.

Commenting on the data, Stuart Neal, Head of UK Payment Acceptance said: “We’ve seen a much lower increase in retail card spending in April, although it’s still positive news for retailers following the 18% increase we saw between February and March. Looking forward to next month, I’d expect credit and debit card spending to be broadly flat again.”

In addition to the monthly spending index, Barclaycard has also released early figures for May, covering the May Day bank holiday weekend. Overall, debit and credit card spending over that weekend was down slightly (1.4%) on the same bank holiday period in 2009.

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Debt Free Direct Sees Mixed Results As Q1 Insolvency Figures Are Released By The Insolvency Service

The latest insolvency figures released show personal debt is continuing to rise in the UK, with Q1 of 2010 the fifth consecutive quarter to do so. Official figures declared for the first three months of 2010 saw a 17.9% increase in the number of personal insolvencies in England and Wales compared with the same period last year. Company insolvencies however were down 17.8% on the same period last year, rounding off a mixed year for the nation’s debt.

Debt Free Direct Sees Mixed Results As Q1 Insolvency Figures Are Released By The Insolvency Service

There were 35,682 personal insolvencies and 4,082 company insolvencies in the first quarter of 2010, however Derek Oakley, Insolvency Director at Debt Free Direct has warned of the trends of previous downturns; “In previous downturns the UK has experienced a double spike in formal insolvencies: the first representing the actual downturn itself and the second coming during the recovery of the downturn as under capitalised and weakened businesses struggle to cope with increased activity levels.”

The figure for company insolvencies, 4,082, equalled out at a decrease of 8.4% on the previous quarter. The figure can be converted to 1 in 120 active companies going into l formal insolvency(or 0.8%), which is a decrease f r o m the previous quarter, when the figure stood at 1 in every 114 countries (0.9%).

The official figures on insolvencies are released by The Insolvency Service and are compiled f r o m administrative records of the Department for Business, Innovation and Skills. The records show that the 35,682 personal insolvencies consisted of a variety of different types. The traditional way of dealing with unmanageable debt; Bankruptcy was at 18,256, which was down 10.7% on the same quarter last year, but up 7.3% on the previous quarter.

There were 11,782 Individual Voluntary Arrangements (IVA), up 20.1% on last year but at the lowest level since the first quarter of 2009. An IVA is a legally binding agreement between debtor and creditor in which a reduced payment plan is committed to. Introduced in 1986, the agreement typically lasts for around 5 years and the consumer has the potential to settle a portion of their debt.

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Principle First Sees Rising Demand For Guaranteed Investments

Principle First reports guaranteed investments are rapidly gaining in popularity, as many investors who felt the pain of the recent slump in stock investments seek more stability and security, moving forward. This follows a noticeably sharp rise in the number of Principle First clients eager to invest capital but also looking for the security that guaranteed investments provide.

Principle First Sees Rising Demand For Guaranteed Investments

“Guaranteed investments offer stability and security to those wishing to invest with no risk to capital. This is a significant attraction to those who saw the value of their other investments fall dramatically in recent years, and indeed to those who only witnessed the economic downturn, and are coming to invest money now.” said Gareth Flanagan, Managing Director, Principle First.

There are a wide variety of guaranteed products on the investments market, one particular guaranteed investment available through Principle First is the MetLife Guaranteed Investment Bond. The Guaranteed Investment Bond is a single premium, unit linked insurance bond that invests in a range of portfolios managed by MetLife.

“Income bonds may suit those who wish to enjoy a monthly income from interest on a lump sum guaranteed investment.” said Gareth Flanagan, managing director of Principle First.

This type of bond is not invested in the stock market, and may be the guaranteed investment of choice for those wishing to avoid stock market investments. As guaranteed investments, income bonds offer the security of knowing that the original sum is secure and will be returned, combined with the monthly or annual interest payments on the cash. (Investors can also choose to roll up annual interest, and take it at the end of the bond’s term). These payments are taxable, and can be paid directly into the investor’s bank account.

As is generally the case with bonds, penalty charges are likely to be payable if the bond is cashed in before the end of its term. From that point of view, income bonds are suitable only where the investor can do without the cash for the term of the bond. As Chartered Financial Planners, Principle First offers an advice service covering all aspects of guaranteed investments to clients.

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Prudential Reveals Imminent Retirees Willing To Work Longer To Secure Higher Pension

According to the latest research* from Prudential’s Class of 2010 retirement survey, 57% of people planning to retire this year would be willing to work on in order to guarantee a higher income when they do retire.

Prudential Reveals Imminent Retirees Willing To Work Longer To Secure Higher Pension

In fact the new study of attitudes to retirement showed that 25% would be happy to work for five years more, with 7% of these people willing to put in another 10 years before retiring.

The research highlights changing attitudes to retirement as people come to terms with increased longevity – as well as the financial effects of the credit crunch and recession on retirement saving plans. The average 65 year-old man is expected to live to 83 and a 65 year-old women is expected to reach 85**.

Prudential found that 18% of those who are planning to retire this year believe they have saved enough to ensure a comfortable retirement and rule out working on even if it could guarantee them a greater income in retirement.

Another 21% refuse to continue working past statutory retirement ages even if that means they will struggle financially.

The research shows it is the over-65s who are the most willing to keep working, with more than three-fifths (62%) saying they would stay in employment to boost their retirement savings.

Vince Smith-Hughes, head of retirement income at Prudential, said: “Working beyond the normal retirement age is already a reality for many people who either have insufficient savings or simply want a greater income when they do come to retire.

“But for a lot of people planning to retire in the very near future the state retirement age is sacred and their expectation has always been to retire at 65. Once they reach that milestone, regardless of the amount of money they have, they simply do not want to work anymore. This is a potential issue because the average 65 year-old is likely to live for another 20 more years, and that’s a long time if you’ve only got limited retirement funds.

“I think what our research confirms is how important it is to consider retirement many years before you actually reach it, and make sure you get financial advice to help you plan for retirement.”

Prudential analysis shows that working an extra five years from age 65 and paying£100 a month into a pension of £100,000 could boost a retirement savings by an additional £53,000. Paying in £200 a month over five years could yield an extra£62,000.

The 25% tax relief on pensions contributions means that a monthly deposit of £100 grosses up to £125. The figures assume a 65-year-old male with a selected retirement age of 70, paying additional regular monthly contributions into an existing pension funds of £100,000***.

Via EPR Network
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Barclaycard Announces Major New Partnership With Wembley Arena

Barclaycard has announced a major new partnership programme with Wembley Arena. The partnership sees Barclaycard’s 10.4 million UK customers gaining preferential access to tickets and onsite exclusive benefits at the world renowned venue.

Barclaycard Announces Major New Partnership With Wembley Arena

Gary Twelvetree, Barclaycard’s Global Brand Director said, “Wembley Arena is one of the best-known and respected venues in the British music business and for over fifty years it has played host to some of the greatest music acts of all time.”

“So the opportunity to link our own customer benefit programme, Barclaycard Unwind with Wembley Arena was irresistible. This partnership is part of our wider involvement in the music and entertainment business alongside existing title sponsorships Barclaycard Mercury Prize and Wireless sponsored by Barclaycard. We have resisted the temptation to create another corporate rock venue, so Wembley Arena retains hero brand status with ‘A Barclaycard Unwind Venue’ signoff underlining our commitment to providing enriched experiences for Barclaycard customers. As well as providing unique benefits for our customers, this partnership will allow us to showcase the latest payment technology such as contactless technology aimed at making payments simpler.”

Wembley Arena has recently undergone a £36 million redevelopment programme by owners Quintain Estates and Development plc and forms the centrepiece of the company’s substantial Wembley City redevelopment.

Quintain’s James Saunders said “The decision by Barclaycard to partner Wembley Arena demonstrates the calibre of the venue and the strength of its brand amongst the music loving public. Wembley Arena sits at the heart of the Wembley City development, which brings together retail, leisure, residential and commercial buildings in a world class entertainment district.”

Via EPR Network
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