Financial, Financial Management, Financial Services, Financial Solutions, Insurance, Insurance Services, Personal Finance, Retirement

Prudential Research Reveals UK Pension Contributions Have Plummeted As The Current Economic Downturn Forces UK Workers To Make Cut Backs

Independent research conducted by Prudential reveals that 18% of UK workers say they have reduced the amount they save for an occupational or private pension as a result of the credit crunch. Of these people, 36% do not anticipate they will be able to increase the amount they save into a pension in the future.

The research shows that voluntary pension contributions to private and company schemes have plummeted by 53% in just 18 months as the current economic downturn forces UK adults to cut monthly pension savings from an average £279.38 a month in March 2007 to just £129.35 a month now.

The findings also reveal that UK workers are on average saving just £1,552.20 a year into pension funds with women saving even less, around £74.95 per month or £899.40 a year.

In addition, more than half of all UK workers (55%) do not contribute to a company pension or private pension, leaving them completely reliant on the State pension or other savings.

The results compared to previous Prudential studies, the last of these conducted in March 2008, indicate that pension contributions have fallen by half from their March 2007 level of £279.38 a month to an average of just £144.57 a month, and the latest figures demonstrate that contributions have continued to fall still further from March to September 2008.

Martyn Bogira, Defined Contributions Director, Prudential stated: “It is staggering to see how much UK pension contributions are being scaled back as people look to reduce their outgoings but while a pension scheme may seem a relatively pain free way to increase disposable income today, the impact of this in retirement will be significant.

“We would urge people to think carefully before cutting pension contributions as it is vital that they build a strong savings pot to ensure they are in the best position possible to enable them to enjoy a comfortable retirement.”

The information contained in Prudential UK’s press releases is intended solely for journalists and should not be used by consumers to make financial decisions. Full consumer product information can be found at www.pru.co.uk.

About Prudential
“Prudential” is a trading name of The Prudential Assurance Company Limited, which is registered in England and Wales. This name is also used by other companies within the Prudential Group, which between them provide a range of financial products including life assurance, pensions, savings and investment products. Registered Office at Laurence Pountney Hill, London EC4R 0HH. Registered number 15454. Authorised and regulated by the Financial Services Authority.

Via EPR Network
More Financial press releases

Financial, Financial Management, Financial Services, Insurance, Insurance Services, Personal Finance, Retirement

LV= Announces A Major New Protection Partnership With Standard Life

Leading protection provider LV= has announced a major new partnership with Standard Life.

The UK’s largest friendly society LV= will now provide its award winning Income Protection Plan and whole of life 50 Plus Plan to the customers of Standard Life, through Standard Life’s Direct Telesales team.

Standard Life will manage marketing and sales activity to its UK direct customer client bank, using LV= branded product literature. Customers will complete the sales process with Standard Life’s Direct Telesales team, acting as ‘introducers’ to LV=. LV= will then manage all underwriting, administration and servicing of the policies. The partnership will run for an initial period of three years.

Commenting on the new partnership with Standard Life, Stuart Tragheim, LV= Director of Distribution Strategy and Business Development said: “We are delighted to have won this partnership and to be the new provider of specialist protection solutions to Standard Life’s customers. We have award-winning product and service expertise in protection, and Standard Life recognised our financial strength and our ability to deliver bespoke product solutions for customers, and to get these to market quickly.”

He continued, “This partnership builds on our substantial experience in packaging life and general insurance products for the customers of other like-minded organisations. As a financially strong mutual organisation, we plan to extend our ‘partner of choice’ franchise going forward.”

Anne Gunther, Chief Executive of Standard Life Client Management said: “I am delighted LV= has been appointed to our panel of protection advisers. This arrangement will enable us to continue developing our direct to customer proposition and offer clients a holistic approach to their financial planning needs. LV= has a strong brand and track record of innovative thinking in the protection market.”

Through its existing partnerships LV= provides life, protection and general insuranceproducts to a wide range of organisations including Nationwide Building Society, T&G, AMICUS, Intune (Help the Aged), CSMA Club and the Royal College of Midwives.

About LV=
LV= is a registered trade mark of Liverpool Victoria Friendly Society Limited (LVFS) and a trading style of the Liverpool Victoria group of companies. The new LV= brand identity was launched in March 2007.

LV= employs over 3,500 people, serves more than 2.5 million customers and members, and manages around £8 billion on their behalf. We are also the UK’s largest friendly society (Association of Friendly Societies Key Statistics 2008. Total net assets) and a leading mutual financial services provider.

LVFS is authorised and regulated by the Financial Services Authority register number 110035. LVFS is a member of the ABI, AMI, AFS and ILAG. Registered address: County Gates, Bournemouth BH1 2NF.

About Standard Life
Standard Life has approximately 7 million customers worldwide and provides an extensive range of products and services, aimed at meeting the financial requirements of customers throughout their lives.

Via EPR Network
More Financial press releases

Banks, CDs, Checking & Savings, Financial, Investment, IRA, Money

During an economic downturn most investors resort to bank CDs, but CDs may not be the best option considering the low returns they guarantee. Therefore, a more favorable option during this economic downturn could be in an alternative private investment with higher yield and a guarantee

Stock Market Investors Shift From Wall Street To High Yield Investments On Main Street. Most investors traditionally resort to bank CDs during an economic downturn. But CDs may not be the best option considering the low returns they guarantee. Therefore, a more favorable option during this economic downturn could be in an alternative private investment with higher yield and a guarantee offered by a financial company such Integrity Financial AZ based in Sacramento, CA.

Investors across the stock market could soon find a better alternative to the traditional bank CDs in guaranteed return investments, claims Integrity Financial AZ, a leading financial investment company headquartered in Sacramento, California.

Financial companies realize that the current credit crisis is causing an economic downturn as well as apprehension among the investors losing their retirement savings due to the stock market plunge. Analyzing the current scenario, investors are also worried that the stock market may not recover in the near term from the recent “Ticker Shock” being reported minute by minute by the media.

In order to escape the financial morass, “Wall Street investors are scrambling for alternative investment vehicles to recoup their stock market losses in the safest investments possible while at the same time staving off the under-toe of inflation,” says Stanley Paulic, CEO of Integrity Financial AZ, www.IFAZLLC.com, and one of the leading financial companies of the United States. “Finding a high equity yield investment on Main Street to recoup one’s losses is even doable in this economy,” Paulic adds.

“Earning higher yields and a guaranteed rate of return does not automatically correlate to ultra-high risk. It might just mean that it is a better investment vehicle with better margins for investors. After all, what is riskier than Wall Street, especially right now where most investors are suffering from double-digit negative returns?”

“You can earn a guaranteed return with a bank CD, but the return will be low.” His statements are based on the fact that the rate of return for investors on bank CDs is 2-3% during economic downturns.

Company management states that investors can rollover their 401k or transfer an existing self directed IRA to purchase 10% guaranteed investment contracts secured by real estate. Over the long run these contracts earn more in comparison to CDs making such guaranteed investments more preferable.

About Company
Integrity Financial A-Z Company was founded by Steven R. Long, President, and Stanley M. Paulic, Chief Executive Officer, with the vision to create financial independence for internal clients so that they are self-sustaining, self-generating, and self-perpetuating as stated in Latin on the logo. The company aims to provide clients with financial independence assuring high equity yield investments and 10% guaranteed returns, which three to four times the rate of return of normal Bank CDs.

Via EPR Network
More Financial press releases

Business, Financial, Financial Services, Financial Software, Forex, Money, Trading

eToros groundbreaking visual software presents a new approach to forex trading

Once in a while, a product comes along and revolutionizes a whole industry. This has been the case with the unique eToro forex trading platform. Due to its incredible appeal, in just one year eToro has drawn in thousands of people of all ages, from all over the world. From Canada to China, from Spain to Australia, people who have never considered trading forex before – have discovered the wonders of the Forex world with eToro.

eToro utilizes an innovative visual interface (a registered patent!) that simplifies forex trading and makes trading user-friendly for traders of all levels of experience. eToros trading arenas use visualizations that enable traders to trade forex intuitively, for example by trading on an animated world map. By using visual trade representations, eToro makes the complex forex market understandable even to first time traders.

Furthermore, eToro has drawn in countless experienced traders who have opted to switch trading platform in order to benefit from eToros user-friendly interface and superb trade execution. eToros Expert Mode allows seasoned traders to focus solely on trading, with all the features a professional trader needs, combined in one all encompassing trading screen that also provides forex news and calendar.

One of the unique characteristics of eToro is its emphasis on community which includes chats, forums and contests. Furthermore, eToros community can help the trader make his trading decisions with a tool called Top Traders Insight, which lets traders see the most popular trades of eToros 100 top profiting traders. This tool provides traders with a fantastic opportunity to use the expertise of the pros instead of doing their own market analysis.

David Morgan, from the UK, is an example of eToros traders: “I never traded forex before because all other trading platforms are complicated to understand and to use,” he says. “I started trading with eToro with just $50, and found the unique visual interface of eToro to be very friendly and educational, and within a short time, I became a professional forex trader.”

Via EPR Network
More Financial press releases

Financial Services, Insurance, Insurance Services, Money

BBC Money Programme exposes the shortfalls of irresponsible price comparison websites, but insurance comparison fared better in the programme than loans or energy websites and most insurance comparison websites do not focus on price alone; far from it

BBC2’s Money Programme (Price Comparison Sites: Deal or No Deal) was right to expose the shortfalls of irresponsible price comparison websites. Insurance comparison fared better in the programme than loans or energy websites and it’s important to remember despite the programme title that most insurance comparison websites do not focus on price alone; far from it.

Consumers MUST be able to trust insurance comparison websites. It’s the job of a decent aggregator to be on their side, to help them understand exactly what level and type of insurance cover is being recommended and pay only what the sites have quoted them in their initial search for a policy.

As the BBC points out, comparison websites are a growing industry and are here to stay. We have a responsibility to provide accurate and clear information including guides and advice about all types of insurance. That’s surely the only way people can make informed choices.

As the original insurance comparison website, pioneering the industry since 1999, we see ourselves as the custodians and we’re concerned that some insurance comparison websites are making it difficult for consumers to trust the industry. At Insurancewide we guarantee clarity, honesty and privacy and there are no surprises. We want our customers to trust us; we’re on their side.

We reject insurers who ‘spam’ our customers or misuse their information and we reject insurers who do not return accurate prices. And the BBC was wrong about self regulation “fizzling out”: we have been closely involved all year in discussions with regulation bodies about the rules that govern our industry. It’s simply not in our interest to flout guidelines or mislead customers.

The Money Programme was also incorrect in saying that all comparison websites are paid by revenue from ‘click-throughs’. Insurancewide.com only ever receives a fee if its recommendation is taken up by the consumer and the policy is bought.

About Insurancewide
Insurancewide, also known as Insurancewide.com Services Limited, is an online insurance comparison website offering insurance comparison tools that allow users to search the market and procure the best insurance policies and quotes.

Insurancewide was launched in August 1999 as the first insurance comparison website on the internet. The site also powers tools used on popular website Confused.com. Insurancewide is FSA regulated.

Harvey is passionate about getting you the best insurance deals possible.

Via EPR Network
More Financial press releases

Financial, Financial Services, Financial Solutions, Insurance, Insurance Services, Investment, Money

LV=, the investment, pensions and insurance group, has revealed that the credit crunch, stock market volatility, and fears of a recession are growing concerns for the nation’s pre-retirement population

Six months after the LV= ‘State of Retirement’ report* first identified the rise of ‘FREDs’ – people approaching retirement who are Facing Retirement Earnings Doubts – new research shows that 69% of pre-retired people are now more concerned than ever about their financial security. This equates to 7.1m people**, an increase of 600,000 since the first LV= ‘State of Retirement’ report was published in May 2008***.

The rising cost of utility bills and food prices remains the biggest worry for people facing retirement, with 71% of those surveyed. However, this is marginally down on six months ago (76%), whereas worries regarding the credit crunch, stock market volatility, and fears of a recession are now all on the increase.

The credit crunch has become a concern in the last six months for an additional 2.1m pre-retired people, making a total of 4.2m. In addition, a further 1.8m people have become more anxious about a recession and a further 1.5m about stock market volatility, totalling 4.5m and 3.1m pre-retirees respectively. Over 50s are also more concerned about job insecurity. These three issues have increased in importance over the last six months, further contributing to the growing number of FREDs.

Despite the increase in those admitting to being more concerned about their financial situation in retirement, 20% are not saving anything towards their retirement, while 51% have not increased the amount they are saving. Of the 10% who have increased the amount they save each month, the average is £225 a month, £35 more than the average monthly amount from the survey six months ago.

Mike Rogers, LV= group chief executive, said: “In just six months the number of FREDs has increased, indicating that pre-retired people across the UK are more concerned than ever about their retirement finances. Unsurprisingly, the credit crunch, stock market volatility, and fears of a recession are now huge issues for these people, along with the perennial concern about the rising cost of living.”

The latest LV= report also shows that the number of people approaching retirement who haven’t taken any form of financial advice about retirement planning has increased to 60%, compared with 56% previously.

Mike Rogers continued: “The FREDs of this world have at least received some small comfort from the recent Pre-Budget Report, with the announcement of increases in both the state pension and pension credit. This goes some way towards bridging the gap between income expectation and reality in retirement, that our survey revealed is an issue for many people.”

All figures, unless otherwise stated, are from online Opinium Research

* Sample size was 1042 adults over the age of 50 years. Fieldwork undertaken 14th – 19th April 2008. ** The over 50s population in the UK is 21,011,000 (Source: Population projections by ONS, 2008). According to the research, 49% of those people are not retired. The research also shows that 69% (7.1m people) agreed they have become more concerned lately about retirement finances. *** Sample size – 1655 adults over the age of 50 years. Fieldwork undertaken 3rd – 9th April 2008.

About LV= LV= is a registered trade mark of Liverpool Victoria Friendly Society Limited (LVFS) and a trading style of the Liverpool Victoria group of companies. LV= employs more than 3,500 people, serves more than 2.5 million customers and members, and manages around £8 billion on their behalf. LV= is also the UK’s largest friendly society (Association of Friendly Societies Key Statistics 2008. Total net assets) and a leading mutual financial services provider. LVFS is authorised and regulated by the Financial Services Authority register number 110035. LVFS is a member of the ABI, AMI, AFS and ILAG. Registered address: County Gates, Bournemouth BH1 2NF.

Via EPR Network
More Financial press releases

Checking & Savings, Credit Cards, Financial, Financial Services, Forex, Money

MS Money Reports Weak Pound Sees Travellers Digging Out Foreign Currency To Exchange For Sterling In Time For Christmas

As the pound continues to fall in strength against foreign currencies, Christmas shoppers have been digging-out their old foreign currency to exchange for sterling.

M&S Money has reported that November saw a record number of people exchanging foreign currencies for sterling across the network of in store bureaux de change.

There has been a particularly high demand to exchange US dollars for sterling – a 53% increase in turnover over the past three weeks compared to the same period last year. Other popular ‘buy back’ currencies in November were the Swiss Franc and Japanese Yen.

Fraser Millar, M&S Head of Travel Services, said: “This time last year travellers heading to America were getting a great deal – almost US$2 for every £1. At that rate you would be wise to hold on to any dollars brought back to the UK and use them on your next trip.”

He continued, “Now the pound has weakened against the dollar – around US$1.44 for every pound – so travellers are getting less for their money in the US. Travellers returning home with cash that may have previously held on to the currency are now keen to grab the relatively low ‘buy back’ rates.”

Previous research carried out by M&S Travel Money found that 80% of Brits bring back foreign currency when they return from a break abroad. Almost a third (28%) of those return home with more than £50 worth.

Over three quarters (76%) of British travellers that bring back foreign money said they do not bother or just forget to change the money back into sterling and a third (33%) simply leave it untouched in a drawer, wallet or handbag.

Fraser added: “As families continue to face financial pressures, the trend to keep currency rather than change back to sterling is likely to decrease. M&S offers a commission free buy-back service, so travellers don’t have to worry about bringing lots of cash home with them.”

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. The company is now a top ten credit card provider and the second largest travel money retailer 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.

In November 2004, Marks & Spencer sold M&S Money to HSBC, one of the world’s largest banking and financial services organisations with over 9,500 offices in 85 countries and territories.

With a market capitalisation of US$190 billion (7 October 2008), the HSBC Group is one of the world’s largest financial services organisations. Over 100 million customers worldwide entrust HSBC with US$1.2 trillion in deposits. With a tier one capital ratio of 8.8% and a loan to deposit ratio of 90% (30 June 2008), the Group remains one of the most strongly capitalised and liquid banks in the world.

M&S Money has an executive committee comprising an equal number of representatives from HSBC and Marks & Spencer.

The company employs 1,200 staff at its headquarters in Chester, delivering personal financial services to its customers, reflecting the core values of Marks & Spencer – quality, value, service, innovation and trust.

Via EPR Network
More Financial press releases

Checking & Savings, Financial, Financial Services, Insurance, Mortgage, Personal Finance, Retirement

Barclays Financial Planning Offers An Effective Retirement Planning Solution As An Alternative To Stakeholder Pensions

Barclays Financial Planning has launched two new pensions products, designed to offer an effective retirement planning solution as an alternative to stakeholder pensions.

Both of the new offerings combine the traditional elements of a personal pension, with the addition of considerable investment flexibility, making them bespoke to individual clients’ needs. Clients can choose either a basic investment solution, comparable with a stakeholder pension, or the choice to diversify their pension assets, including the option of a ‘Select Choice’ fund proposition.

David Stuart, Director of Investment Advice and Products at Barclays Financial Planning said: “We have launched our new pensions to offer the everyday pensions investor something much more flexible than a stakeholder plan, but without the more complicated structure or cost implications of a full Self-Invested Personal Pension (SIPP). We offer the structure of a stakeholder pension with the option to place pensions assets in something more than a basic UK fund. In current market conditions retirement planning is still as important as ever, and we have seen clients wanting to look at alternative investments which would not be available in a basic stakeholder pension. This new product gives them that option.”

Barclays Financial Planning provides access to fully qualified financial planners in any branch of Barclays Bank, who can advise individuals on the pension solution most suitable for their circumstances. As well as pensions advice, Barclays Financial Planning can give advice on all areas of financial services.

About Barclays Financial Planning

Barclays Financial Planning (BFP) provides tailored financial advice on life, pensions and investment products across a carefully selected range of products from a range of product providers according to customer needs. Barclays Financial Planning is one of the largest financial advisers in the UK, with over 700 advisers. A no obligation financial planning consultation is available to personal, business and corporate clients, and Barclays Financial Planning advisors have a range of solutions available for businesses wishing to discuss succession planning.

Customers can contact Barclays Financial Planning through any branch of Barclays Bank, or by calling 0800 587 2024.

Via EPR Network
More Financial press releases

Financial, Financial Services, Loans, Money, Personal Finance

Okehampton Online Payday Loan Website To Assist More Customers In Obtaining Cash On Demand

OkeHampton Payday Loans, located online at OkeHampton.net, recently launched their online payday loan website to assist more customers in obtaining cash on demand. Customers who use the OkeHampton Payday Loan service are now able to complete a short application process 24-hours a day, 7 days a week in order to secure up to $2500 in loan funds.

With the recent controversies surrounding payday loan services, the OkeHampton Pay-day Loans website also provides educational resources to its clients in an effort to pre-vent payday loan abuse.

Founder of the Payday Loans website, Gregory Applebee stated, “Companies often allow payday loan clients to grossly abuse the services in a way that makes it impossi-ble for the loan to ‘help’ their economic situation. Our website stresses that a payday loan service shouldn’t be abused. We have found that when used at the right times, a payday loan actually saves our clients large amounts of money in bounced checks or late fees.”

The decision to go online with the website was an effort to reduce overall company costs while increasing the overall amount allotted to each customer. Payday Loans Positives It also allowed the OkeHampton company to extend its normal operation hours to accommodate clients that required services beyond the standard 9-5 Eastern Standard Time operating hours.

“OkeHampton understands that most of our clients need money fast for emergency situations that can’t wait until 9am to solve and those that don’t always occur before 5pm. With our new site, we focus on getting clients the information and the funds they need, when they need them”, Applebee states.

The website includes Payday Loans FAQ a Frequently Asked Questions section which points out not only the positives of payday loan services but also the negatives. The purpose of the FAQ is to make payday loans aware of the dangers of improper use of the loan service. For example, it shows the a comparison between using the service weekly versus using the service every other month. In addition, customers with questions are encouraged to contact the OkeHampton customer service department for clarification of terms and of-ferings.

Via EPR Network
More Financial press releases

Financial, Financial Services, Insurance, Insurance Services, Mortgage, Personal Finance, Retirement

Prudential Research Has Revealed The Importance Of The Family Home With Millions Of Childhood Bedrooms Preserved

New research conducted for Prudential shows that more than 4.6 million UK adults have their former bedrooms preserved by parents who cannot quite let go of earlier memories of their children.

A staggering 42% of UK adults (around 4.6 million people) whose parents still live in the family home say their former bedroom is still decorated as it was when they were a child, with 44% sleeping in their childhood bedroom when they return to see their parents.

It is not just the parents who hang onto those childhood memories, almost half (46%) of UK adults whose parents still live in the family home say they still regard their childhood bedroom as their room despite moving out.

However, much more than just the decoration remains unchanged. A third (33%) of UK adults whose parents still live in the family home say they sleep surrounded by childhood photographs, 27% with old school books and folders and 20% with their childhood toys when they visit their parents.

The research from Prudential also showed that a further 10% face the dubious retro-pleasure of childhood posters and 22% say their former childhood bedroom still contains trophies, awards and certificates from their formative years.

Keith Haggart, director of Prudential Lifetime Mortgage said: “The connection with the family home remains strong throughout our lives and our research has shown that around a third of UK adults say the home they grew up in is still lived in by their parents, so it is understandable that many people are loathe to sell the family home even if it means having to struggle to make ends meet, especially in retirement.

“But there are other options available and equity release can provide a good way for people to get hold of the money they have tied up in property equity without having to sell their family homes and downsize.”

In addition to preserving their childhood bedroom, 60% of UK adults whose parents still live in the family home say their parents store a range of belongings for them, with eight per cent having left letters from former boyfriends or girlfriends at their parents home, four per cent having left animals and pets with their parents and eight per cent using their parents house to store bicycles.

The most popular items to store at parental homes were school books and folders (left by 34% of UK adults), with photographs (32%), books (31%) and clothes (20%) all scoring highly.

The information contained in Prudential UK’s press releases is intended solely for journalists and should not be used by consumers to make financial decisions. Full consumer product information can be found at www.pru.co.uk.

All figures, unless otherwise stated, are from Research Plus. Total sample size was 1033 adults. Fieldwork was undertaken between 15th and 21st July 2008. The survey was carried out online. The figures have been weighted and are representative of all UK adults (aged 18+).

About Prudential
Established in 1848, today Prudential plc is an international financial services company with a product range which extends from personal banking, insurance, pensions and retail investments, to institutional fund management and property investments.

In the UK Prudential is a leading life and pensions provider with around seven million customers.

Via EPR Network
More Financial press releases

Financial, Financial Services, Insurance, Insurance Services

Mevsinc Launched Their Online Insurance Website To Assist More Customers In Obtaining Help With Their Insurance Quotes

Customers who use the MevsInc service are now able to complete a short application process 24-hours a day, 7 days a week in order to get the cheapest insurance quotes.

Unlike other websites that use nationwide services to fill customer insurance requests, MevsInc.com aims to provide its users with results from insurance companies that the individual can meet with face-to-face.

Founder of the MevsInc.com, Grigoriy Anoshenko stated, “Unlike other services that provide a 1-800 phone number and a website for customers to contact, we provide a local address, a local phone number and even driving directions if they are needed.”

The decision to go online with the website has allowed the MevsInc company to extend its normal operation hours to accommodate clients that required services beyond the standard 9-5 Eastern Standard Time operating hours.

The MevsInc.com website covers most insurance types with auto insurance, life insurance, health insurance, and home insurance being at the forefront of their services. Users simply enter their zip code and fill in a short survey based on the type of insurance they are interested in purchasing.

Auto insurance quotes are available on any vehicle type and rate comparisons are provided to make sure customers receive the best rates locally. In addition, all insurance types (auto, home, life and health) provide discounts that have been established through exclusive partnership programs between MevsInc.com and local representatives.

The website includes a Frequently Asked Questions (FAQ) section which points out not only the positives of insurance services but also the negatives. In addition, customers with questions are encouraged to contact the MevsInc customer service department for clarification of terms and offerings.

In the end, it is the customer who wins, both by receiving excellent rates on insurance and by being able to invest their resources locally with insurance companies that share the common goals of success with the customer.

For more information regarding MevsInc offerings, please visit their website.

Via EPR Network
More Financial press releases

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

Prudential Has Revealed That UK Workers Are Missing Out On £5.07 Billion A Year By Failing To Join Company Pension Schemes

Prudential, the UK based financial services company, has announced the results of recently conducted independent research which reveals that UK workers are missing out on £5.07 billion a year by failing to join company pension schemes.

The findings from Prudential show that 66% of UK workers (full time and part time) knew their employers offered a company pension as part of their remuneration package. Those polled also said that employers will pay an average of 11.33% of earnings to their schemes.

Yet despite this, 18% of these workers are failing to join the occupational pensions on offer which, based on the average annual UK salary of £19,494.80 for full and part time staff, means they are turning down an extra £2,208 a year on top of their salaries. The 18% of workers who have not joined their occupational pension schemes are therefore surrendering over £5 billion of pension perks every year.

Additionally, the research found that more than one in four (26%) of UK working adults believe that their employer does not offer a pension scheme as part of their employment package, with this number rising to 37% among 18-24 year olds. This is despite all companies being legally obliged to provide a stakeholder pension scheme as a minimum part of staff employment packages.

On the back of these findings, Prudential is calling for employers and their staff to work together and ensure that they take the pension benefits they are entitled to.

Martyn Bogira, Defined Contributions Director for Prudential, said: “Britons are taking voluntary cuts of over £5 billion per annum in their employee benefits by failing to join acompany pension scheme. Missing out today on these benefits will play havoc with peoples’ retirement plans in the future. But it’s a problem with an easy solution. We would strongly encourage all staff to check the terms of their company pension and ensure they understand how much additional money they are losing out on by failing to join these.

“It is critical that UK adults ensure they are building an adequate retirement savings pot if they are to enjoy a financially secure future and avoid having to work past traditional retirement ages or having to significantly reduce their standard of living in retirement.

“Two steps are all that’s needed to stop losing out. Firstly, employees should check with their employer to find out what occupational scheme is available to them. Secondly, we would encourage people to visit an IFA (Independent Financial Advisor) to ensure all their savings and assets, together with the benefits offered to them as part of the their employment packages, are working for them to enable them to build the retirement fund they need to achieve their goals.”

Prudential has launched an easy to use retirement planning website to help consumers and employers tackle retirement issues.

About Prudential:
Established in 1848, Prudential plc is an international financial services company with a product range which extends from personal banking, insurance, pensions and retail investments, to institutional fund management and property investments.

In the UK Prudential is a leading life and pensions provider with around seven million customers.

Via EPR Network
More Financial press releases

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

M&S Money Has Urged People Travelling Abroad This Christmas To Make Sure That They Have Travel Insurance At The Top Of The Christmas Shopping List

M&S Money, the financial services division of Marks and Spencer, has reported that up to one million people are planning on visiting friends and family abroad this festive season. As such, the financial services company is encouraging those travelling to make sure travel insurance is at the top of their Christmas shopping list.

M&S Money has revealed that DIY holidays have become more popular than traditional package holidays in recent times, increasing by six million in just five years, with fewer than half of Christmas trips abroad booked as complete packages from a travel agent.

The rise of independent travel makes insurance even more important, but further research reveals that 49%of consumers don’t know what their travel insurance covers them for. For example, most policies don’t offer cover for the collapse of an airline, as thousands of people found to their cost in recent months.

However, M&S Premier Travel Insurance now includes independent traveller cover as part of its annual multi trip policy and as an optional extra with single trip and standard trip travel insurance. This means people who book a holiday without using a tour operator will be covered if their flight is cancelled and if other parts of their holiday are affected.

Judith Roberts, M&S Money Insurance Manager, commented: “For most people, Christmas is all about spending time with friends and family, even if that means making a trip abroad. Travel insurance was originally designed for the package holiday market and we felt that it was time to improve our policy as so many people now book independently. For example, if your flight is cancelled you may be unable to claim for subsequent connections and face the cost of new flights or accommodation. M&S Premier Travel Insurance is one of only a few policies that covers these types of situations that are often not included in traditional policies.”

About M&S Money:

M&S Money (a trading name of Marks and Spencer Financial Services plc) was founded in 1985 as the financial services division of Marks and Spencer Group plc. The company is now a top-ten credit card provider and the second-largest travel money retailer 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.

In November 2004, Marks & Spencer sold M&S Money to HSBC, one of the world’s largest banking and financial services organisations with over 9,500 offices in 85 countries and territories.

With a market capitalisation of US$190 billion (as at 7 October 2008), the HSBC Group is one of the world’s largest financial services organisations. Over 100 million customers worldwide entrust HSBC with US$1.2 trillion in deposits. With a tier one capital ratio of 8.8% and a loan to deposit ratio of 90% as at 30 June 2008, the Group remains one of the most strongly capitalised and liquid banks in the world.

M&S Money has an executive committee comprising an equal number of representatives from HSBC and Marks & Spencer.

The company employs 1,200 staff at its headquarters in Chester, delivering personal financial services to its customers, reflecting the core values of Marks & Spencer – quality, value, service, innovation and trust.

Via EPR Network
More Financial press releases

Banks, Checking & Savings, Credit Cards, Financial, Financial Services, Insurance, Insurance Services, Loans, Money, Personal Finance

Virgin Money UK Has Strengthened Its Management Team With The Appointment Of Rob Clifford As UK Managing Director

Prior to joining Virgin Money, Rob was Chief Executive at Mortgage Force and has over 20 years experience in financial services. A serial entrepreneur, he has led a number of successful start-ups and has a proven track record of creating significant shareholder value, as well as having been repeatedly elected to the boards of regulatory and trade bodies.

Rob Clifford will join the firm on 6 January 2009* and will report into Jayne-Anne Gadhia who will now drive the worldwide financial services strategy forward. Virgin Money has a presence in the UK, Australia, South Africa and USA.

Virgin Money UK has seen strong growth since 2003 (CAGR 30.50%) and in his new position as UK Managing Director, Rob will be tasked with ensuring the business continues to grow quickly and profitably across credit card, protection and investments, as well as developing a new mortgage proposition for the business.

Jayne-Anne Gadhia, Executive Chairman of Virgin Money worldwide said: ‘I am delighted that Rob Clifford has agreed to join us. He has focused on value creation throughout his career and will bring his vast experience of the UK financial services market to make a major contribution in shaping and growing the Virgin Money business in the UK.’

Rob Clifford said: “I’ve spent over 20 years in financial services and been lucky enough to build several successful businesses with fantastic colleagues during that time. About 10 years ago I met Jayne-Anne Gadhia and became a fan of Virgin Money. We always believed that we’d eventually create the right opportunity to work together and now is that time.”

Rob added: “Having made massive emotional and physical investment in building businesses which became trusted and admired, there was no way I could miss an opportunity to become a custodian of one of the most powerful brands around. Virgin is all about being passionate, challenging and innovative and I’m certainly up for the challenge.”

* Subject to regulatory approval

About Virgin Money

Virgin Money is Virgin’s financial services arm and was established in 1995.

Virgin Money has over two million customers and offers a wide range of financial products across lending (e.g. credit cards and personal loans), savings (e.g. deposits, investments and pensions) and protection (e.g. life insurance, home insurance and car insurance) to the UK market.

Virgin Money Personal Financial Service Ltd is authorised and regulated by the Financial Services Authority (FSA). Registered Office: Discovery House, Whiting Road, Norwich NR4 6EJ. Registered in England no. 3072766. Entered on the Financial Services Register (www.fsa.gov.uk/register), Register Number: 179271

Via EPR Network
More Financial press releases

Financial, Financial Services, Financial Solutions, Insurance, Insurance Services, Money, Personal Finance

LV= Has Reported That One In Three People In The UK Believe That Their Neighbourhood Has Declined Since They Moved To The Area

LV=, the UK insurance company, has commissioned a new report that has revealed that UK neighbourhoods appear to be in decline, with one in three people (33%) believing that their neighbourhood has gotten worse since they moved to the area. Moreover, a quarter of people said that they would like to move out of their neighbourhood, with less than one in ten saying that they would like it to remain ‘as it is’.

The ‘UK Neighbourhoods Report’ from LV, commissioned amongst more than 4000 home owners and home renters in the UK, paints a bleak picture of the declining standards of neighbourhoods in the UK. People say that compared to five years ago, they feel less safe, that local amenities and services have deteriorated, plus they have a growing fear of becoming a victim of street crime.

The report revealed that for most people, the concept of an ideal neighbourhood is one where they can live a quiet life free from the threat of street crime and anti-social behaviour. However, one in three people (32%) in the UK said that they feel they have seen an increase in street crime in their neighbourhood, with only 8% of people saying they have seen a drop over the last five years. This led to one in four people (28%) saying they feel unsafe walking in their neighbourhood at night.

Recently the Government announced that crime prevention and neighbourhood safety would be taken more seriously, with Communities Minister Baroness Andrews announcing a £500 million plan to revive deprived communities across the country, with the aim of cutting crime levels, improving educational achievements and boosting job opportunities.

John ‘O Roarke, managing director of LV Home Insurance, said: “This report shows that a large number of people throughout the country are not happy with the area they live in and, although there are many reasons for this, part of this is because of the apparent rise in street crime over the years. It is only natural for people to feel they should be able to rely on the police and crime prevention measures to make them feel secure but most people see standards largely as ‘average’, with a further quarter saying they actually regard it as poor.

“This paints a bleak picture of how large parts of society view their local areas, so this announcement by the Government to inject £500 million into certain areas to help tackle street crime is much needed.”

According to the report from the home insurer, the most popular thing that people in the UK want to change about their neighbourhood is the level of council tax they pay, with four out of ten people (40%) saying this is the biggest issue for them.

John ‘O Roarke continued: “Council tax has never been the most popular of bills but the fact that so many people are unhappy with the level they are paying can probably be linked back to the fact that people generally appear to believe that their local services need a lot of improvements made.

“It’s all too easy to say that if people are that unhappy with their neighbourhood, then they should move to somewhere else but with the current housing market decline and the credit crunch, it’s a difficult period for those who are aiming to sell their homes or move on. The Government has announced a number of steps to tackle neighbourhood concerns but only time will tell if they are enough.”

About LV=
LV= offers car insurance, home insurance and travel and pet insurance direct to consumers by telephone from its UK call centres in Bournemouth and Croydon and online.

LV= is a trademark of Liverpool Victoria Friendly Society Limited (LVFS) and LV= is a trading style of the Liverpool Victoria group of companies.

Via EPR Network
More Financial press releases

Business, Career, Finance Jobs, Financial, Financial Management, Financial Services

Think Money is the first company in the North West to be awarded the FSSC ‘Accreditation of Training Excellence for Firms’

Financial solutions provider Think Money has been awarded the ‘Accreditation of Training Excellence for Firms’ by the Financial Services Skills Council (FSSC). It’s official recognition that the company’s training programme delivers real benefits: excellent service for customers and valuable skills for employees.

The company benefits too, of course. Excellent training means employees do a better job, but that’s not all: this accreditation also shows the company’s regulators how good Think Money’s training programme is.

Phil Robertson, Head of Staff Development at Think Money: “Training and development are absolutely vital to a company like ours – and so is recruitment. That’s another reason we’re so pleased to be the first in the North West to receive this kind of recognition from the FSSC. A lot of bright people want to work in financial services. They’re looking for a company that’ll give them a career, not just a job, and this accreditation provides cast-iron proof that this is what Think Money provides.”

But the FSSC doesn’t just recognise excellence. It also provides advice, ideas and information. It helps companies improve their training programmes even further, pointing out exactly where they need to work harder and where they could learn from examples of ‘best practice’ throughout the financial industry.

As Phil puts it: “There’s always room for improvement. We’d already met the ‘Investors in People’ standard. We’ve been one of the Sunday Times’ ‘Best 100 Companies to Work for’ for the last two years. Earning the FSSC’s ‘Accreditation of Training Excellence for Firms’ proves that we’re dedicated to continuous improvement. It’s what we expect of our staff – and it’s what they expect of us.”

Since its creation in 2006, the following eight organisations had been awarded the accreditation:

> Aon Ltd Reinsurance
> Chelsea Building Society
> Financial Services Authority
> Friends Provident UK Distribution
> Hoodless Brennan plc
> Jupiter Unit Trust Managers Limited
> Norwich Union Life
> Nsure Financial Services Limited

About Think Money
One of the UK’s leading financial solutions providers, Think Money is headquartered in Salford Quays, Manchester, and employs around 600 employees to deliver a comprehensive range of debt, loan and banking solutions. It defines its mission as ‘To educate, rehabilitate and advise on all aspects of financial management’.

Via EPR Network
More Financial press releases

Financial, Financial Management, Financial Services, Financial Solutions, Loans, Mortgage, Personal Finance

Think Money Have Emphasised The Importance Of Good Future Planning With Regard To Interest-Only Mortgages

Responding to the news that over a million homebuyers have been offered interest-only mortgages with no savings plan to repay the remaining mortgage debt, financial solutions company Think Money have advised all homeowners on interest-only mortgages to carefully consider their plan of action for the future, adding that failure to do so could result in significant financial hardship later in life.

LV= estimate there to be around 2.9 million interest-only mortgages active in the UK. Of these, the report claims that 1.3 million – accounting for £74 billion of mortgages – have no specific savings plan in place to pay off their remaining mortgage debt once the interest-only period expires.

That means that around 45% of interest-only mortgages carry no specific capital repayment plan. LV= claim that 41% of these homeowners are relying on rising property value and cashing in equity to pay off the remaining mortgage capital, while 21% plan on using other investments.

More worryingly, 13% of respondents said that they did not know how they would pay off their remaining mortgage capital, while 12% said they hadn’t given the matter any thought.

Mike Rogers, LV= Group Chief Executive, commented that the previously booming housing market led many interest-only mortgage holders to believe the increased equity in their home at the end of the interest-only period would enable them to repay the mortgage, adding: “Many of the homeowners we polled appear to have an over-optimistic outlook on their ability to pay off their mortgage capital at the end of the term. Or worse still they are turning a blind eye to the issue.”

A mortgage expert for Think Money was quick to warn of the dangers of such an attitude towards interest-only mortgages. “There are two main ideas behind interest-only mortgages. Some homeowners simply want to reduce their mortgage payments in the short term to free up extra funds – after which normal (but slightly higher) mortgage payments resume.

“Others choose to go interest-only for the entire mortgage duration – typically 25 years – in which case the matter of repaying the remaining mortgage capital requires more in-depth planning. It would appear that this is an area which many interest-only mortgage holders have failed to address.

“The advantage of such long-term interest-only mortgages is that it allows control – the homeowner is responsible for saving towards the final mortgage repayment, and they can choose to pay more or less each month if necessary. But this is something which requires great discipline, and it also relies on the homeowner’s finances staying relatively consistent for the duration of the mortgage.

“The safest way to run an interest-only mortgage is to agree a capital repayment plan alongside the mortgage – or, at the very least, make frequent, substantial deposits into a savings account. Relying on increased equity or other investments are potentially risky, and could result in the mortgage holder losing their home at the end of the interest-only period.”

The Think Money spokesperson also emphasised the importance of professional mortgage advice before making any decisions about mortgages.

“Speaking to a mortgage adviser who knows the market can ensure that the homebuyer is well prepared and fully understands what is involved. That’s especially important with interest-only mortgages, as it’s a matter of the homeowner’s future financial security.”

Via EPR Network
More Financial press releases

Banks, Debts, Financial, Financial Management, Financial Services, Money, Personal Finance

Debt management company Gregory Pennington welcomes the recent fall in inflation – in particular, the indication that some of the financial pressures on struggling borrowers are starting

Welcoming the recent fall in inflation, debt management company Gregory Pennington highlighted the significance of this drop to people struggling to manage their debts.

In October, the CPI (Consumer Price Index) measure fell from 5.2% to 4.5% – the largest month-on-month fall in 16 years. Having said that, the reading of 5.2% was the highest reading in 16 years, so even a reduction of 0.7% falls far short of returning inflation to a ‘normal’ level.

“Remember the Bank of England’s target for CPI inflation is just 2%,” said a spokesperson for the debt management company. “At 4.5%, today’s rate of inflation still means prices are rising more than twice as fast as the Bank would like – this reduction simply means that the speed with which things are getting more expensive is slowing.

“More to the point, CPI has been over the Bank of England’s 2% target ever since October 2007, so today’s consumers are still dealing with the cumulative impact of a full year of high inflation. And the timing makes that elevated cost of living particularly dangerous: today’s consumers are also dealing with record levels of personal debt, as well as rising unemployment.”

As a result, there are many people finding it hard to manage their debts: trying to stretch a shrinking budget further each month. “For anyone in that position, any decrease in inflation can’t come fast enough. They’ll be relieved to see some expenses – such as petrol – coming down, but many other things are still far higher than they were a year ago. A recent article in The Guardian, for example, reported that a basket of 24 staple items in the UK’s biggest three supermarkets now costs 17.8% more than it did last November.”

Looking forward to next year, it seems the Bank of England is expecting inflation to eventually drop below its 2% target, and perhaps as low as 1%. “This is good news for two reasons,” said the spokesperson for the debt management company. “Not just because it’ll mean prices are (relatively) coming down, but also because it could allow the Bank to cut the base rate even further.

“Clearly, a lower base rate could help many people currently struggling with their finances. People on tracker mortgages will see the most immediate benefit – many of them have already seen their mortgage payments drop by hundreds of pounds compared with July, when the base rate stood at 5.75%.”

Nonetheless, too little inflation can be as dangerous as too much – and we’re now facing the possibility of deflation in 2009. While economists agree that a short stint of deflation would not be a problem, any sustained period of shrinking prices could seriously damage the economy.

Deflation means a decrease in the price of property, shares and goods of all kinds. People therefore wait to buy expensive items, as it only makes sense to wait until the price comes down. Falling demand means companies sell less and are forced to reduce their workforce.

“It’s clear the Bank of England has a delicate balancing act ahead of it: when it comes to normal people managing their debts, deflation could be as big a danger as high inflation.”

Via EPR Network
More Financial press releases

Financial, Financial Services, Insurance, Insurance Services

Insure4USA.com Announced The Launch Of Their New Online Service Which Provides Individuals With Fast, Free Insurance Quotes From Their Local Insurance Representatives

Insure4USA.com recently announced the launch of their new online service which provides individuals with fast, free insurance quotes from their local insurance representatives. Unlike other websites that use nationwide services to fill customer insurance requests, Insure4USA.com aims to provide its users with results from insurance companies that the individual can meet with face-to-face.

The Insure4USA.com website covers most insurance types with auto insurance, life insurance, health insurance, and home insurance being at the forefront of their services. Users simply enter their zip code and fill in a short survey based on the type of insurance they are interested in purchasing.

Auto insurance quotes are available on any vehicle type and rate comparisons are provided to make sure customers receive the best rates locally. In addition, all insurance types (auto, home, life and health) provide discounts that have been established through exclusive partnership programs between Insure4USA.com and local representatives.

“Insure4USA.com aims to add a personal approach to the online insurance market,” founder Alex T. stated. “Unlike other services that provide a 1-800 phone number and a website for customers to contact, we provide a local address, a local phone number and even driving directions if they are needed.”

It is this personal approach that both propels and separates Insure4USA.com from its much larger and less intimate competition. The company’s goal in creating the website was to provide the possible customer-centered experiences in ways that matter to is user base.

“We realized early on that it’s difficult to compete with monster-sized insurance company finders that aim to provide traffic to equally monster-sized insurance companies. So, we decided that we would work for the local insurance companies, the ones whose core values remained unchanged and whose customer service and personal approaches have kept them in business for decades,” Alex T. added.

In the end, it is the customer who wins, both by receiving excellent rates on insurance and by being able to invest their resources locally with insurance companies that share the common goals of success with the customer.

About Insure4USA
Insure4USA has been offering free auto, health, home and life insurance quotes online since 2008. For more information, visit Insure4usa.com (http://www.insure4usa.com).

Via EPR Network
More Financial press releases

Checking & Savings, Financial, Financial Management, Financial Services, Insurance, Insurance Services, Money, Profits, Retirement

LV= Strengthens Its Enhanced Annuity Offering Meaning People With Minor Medical Conditions Could Be Entitled To Higher Levels Of Income

Flexible retirement solutions provider LV= has improved its enhanced annuity product by increasing the number of medical conditions accepted for enhanced terms under its conventional and with-profits annuities.

In addition to the medical conditions already accepted, customers who have a combination of milder conditions, such as high blood pressure and high cholesterol, and disclose them at application, may now be eligible for an enhanced annuity rate and an increased income in retirement.

Customers suffering from two or more mild medical or lifestyle conditions may now be able to qualify for enhanced annuity rates offering up to 7.5% more income than a standard annuity from the market leading provider. The new qualifying conditions include high blood pressure, being overweight, high cholesterol, smoking cigars, and smoking less than 10 cigarettes each day.

Matt Trott, Head of Annuities at LV= commented: “We hope the improvements to our enhanced annuity will encourage more people to apply and potentially receive a higher income in retirement. Many conditions that people may think are trivial and won’t enable them to qualify for an improved annuity, such as high blood pressure, may in fact open the door to enhanced annuity terms.

“It is therefore even more important that customers are open and honest about their health and medical conditions with their financial adviser. Even relatively minor conditions could increase the income they receive in retirement for the rest of their life.”

Examples of potential income increases, with the improved LV= product, compared with a standard annuity from the market leading provider:

– A 65-year-old male smoker could receive an extra £147 in income each year, equivalent to an increase of 3.2%, having disclosed he is receiving treatment for high blood pressure and high cholesterol, as well as being obese.

– A 65-year-old male smoker who is overweight who purchases a joint life annuity that will provide a 50% dependant benefit to his 62-year-old wife, will receive an extra £167 in income each year, equivalent to an increase of 4.8%, having disclosed he is receiving treatment for both high blood pressure and high cholesterol.

About LV
LV= is a registered trade mark of Liverpool Victoria Friendly Society Limited (LVFS) and a trading style of the Liverpool Victoria group of companies. The new LV= brand identity was launched in March 2007.

LV= employs over 3,500 people, serves more than 2.5 million customers and members, and manages around £8 billion on their behalf. We are also the UK’s largest friendly society (Association of Friendly Societies Key Statistics 2008. Total net assets) and a leading mutual financial services provider.

LVFS is authorised and regulated by the Financial Services Authority register number 110035. LVFS is a member of the ABI, AMI, AFS and ILAG. Registered address: County Gates, Bournemouth BH1 2NF.

Via EPR Network
More Financial press releases