5 cultural habits that stop Brits from getting rich
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Daily Mirror
11 hours ago
- Daily Mirror
Brits warned over 'simple mistake' after pension pot is hit by £80,000 blow
Brits have been warned to avoid making a particular mistake when it comes to their pension, as one man found out that it could lose him £80,000 UK households have been warned against making a simple error that cost one pension pot £80,000. Whilst it may be appealing to reduce expenses on pension services, this is one area where financial advisers are urging people not to economise. Scott Gallacher, director at Rowley Turton, said: "Cutting costs by skipping financial advice can be a false economy." Explaining why it's crucial to ensure all your details are accurate, Mr Gallacher recounted the story of a client who missed out on tens of thousands simply for ticking the wrong box. It comes after news of a £200 payment for state pensioners born before 1959 to be made soon. He revealed: "One DIY client ticked the wrong box when accessing his pension and lost £200,000 of tax-free cash – an £80,000 tax hit." "This was a few years ago. He had an old occupational scheme but transferred benefit not as a 'wind up' or 'buddy transfer', and lost scheme-specific tax-free cash entitlement and was then limited to 25%. Another refused to pay our £500 fee for help encashing an offshore bond, only to lose £1,500 in unnecessary tax." MrGallacher added: "Retiring without advice can mean missing out on enhanced annuities, costing up to 10% of your retirement income for the sake of 1% in fees. Clients also regularly overpay on mortgages by not using a broker, or stick with poor-value pensions and investments with high fees. The cost of advice is often dwarfed by the long-term value it adds – or the disasters it prevents." The Money and Pensions Service reports that over 45 million individuals in the UK have private pension funds, with varying amounts set aside for their retirement. However, it seems future retirees may not have it as good as today's pensioners. Those retiring in 2050 are projected to have £800 or 8% less private pension income than those retiring today, according to the report. It was also found that four in 10 people are currently not saving enough money for their retirement. For those looking to start saving for their retirement years, the earlier, the better. This will give the money enough time for it to grow, leading to a larger pension pot in retirement. Tony Redondo, founder of Cosmos Currency Exchange, warned: "Shortcuts often lead to bigger bills. Skimpy insurance policies may not cover damages, leaving you to pay big out-of-pocket costs."
Daily Mirror
12 hours ago
- Daily Mirror
Clear sign your smart meter is lying to you, according to expert
Millions of Brits have a smart meter display in their home, which should allow them to track how much they're spending on gas and electricity. But it turns out that many may not be working correctly Millions now have smart meter displays in their homes, which should enable them to monitor how much they're spending on our gas and electricity. For many it provides reassurance and enables them to identify where they can cut costs on gas and electricity bills. We ought to be able to rely on the readings on our displays but this isn't always the situation. However, around four million smart meters may not be functioning properly, meaning they aren't transmitting accurate information to suppliers as they should be. This leaves households potentially paying more than they ought to for energy as suppliers are left to estimate how much they are consuming. This comes after news that UK homes are taking steps not seen for two years amid Rachel Reeves tax rise fears. If energy companies don't receive smart meter readings, they will calculate bills based on estimates. One indication something is amiss is if you're unable to browse through the displays on the screen to see how much you're consuming, reports Birmingham Mail. With the current cost of living, it's normal for people to want to monitor their bills and spending habits closely. Unexpected charges or bills which suddenly vary from month to month without warning may be another sign. While smart meters don't directly help UK households save money, they enable them to track their energy bills by reducing their consumption where applicable. It's also a good method to keep up with its usage thanks to the real-time data. Smart meters are also provided and installed by the energy supplier at no extra cost, meaning that anyone can own one. Energy giant Eon says: "Don't worry, your meter is collecting the readings, it's just not sending them automatically to us. Sometimes smart meters stop working correctly for a variety of reasons including losing connection to the network." READ MORE: Cut energy bills by £300 using these three products found in every home He added: "Depending on the issue, we'll let you know whether it's a simple fix you can do yourself or whether you need to get in touch. Here are the most likely reasons why the readings are not getting through to us." You're a new client from another supplier. When you join us, it can take some time for your meter connect You have an older version of meter (SMETS1). It means you won't benefit from a smart meter for now, but might be able to in the future You've just purchased a new smart meter (it can take up to 6 weeks to get everything sorted) The network in your house or neighbourhood went down
Scottish Sun
12 hours ago
- Scottish Sun
Full list of freebies and discounts for grandparents worth £7,722 including free bus pass and cinema tickets
Scroll to see what you could be claiming for free HELPING HAND Full list of freebies and discounts for grandparents worth £7,722 including free bus pass and cinema tickets Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) MILLIONS of grandparents could be pocketing freebies and discounts worth an impressive £7,722. From free passports and cinema tickets, to extra support from health services, there is plenty of support available when you are at an age where you have grandchildren. 1 Grandparents can get thousands of pounds worth of freebies Credit: Getty Images - Getty National insurance exemption, £1,851 When you are at state pension age, you no longer need to pay National Insurance (NI). The exact amount you save depends on the amount of money you earn. An employee earning £40,000, for example, would pay £2,94 in National Insurance contributions over a year while someone earning £20,000 only has to pay £594. The average weekly wage in the UK is £687, then the average grandparent over 60 stands to save £1,851.20 through NI exemptions. Discounted travel, £1,084 Over 60s can get discounted travel which helps to save on everyday costs. In England, pensioners are given a free bus pass. In Wales and Scotland, there are free bus passes are also given to over 60s. Transport for London also offers residents in the capital an Older Person's Freedom Pass and the 60+ Oyster card, which gives you free travel on any TfL service from Monday to Friday. Since bus prices vary across the UK, so does the amount you stand to save but an annual bus pass in London costs £988. Meanwhile, a senior railcard saves you can average of £96 annually and costs just £30. When combining the railcard and bus pass savings, pensioners could save a massive £1,084. Free eye test, £25 Anyone over the age of 60 is entitled to a free eye test, every two years. All you need to do is book your appointment as normal and tell members of staff you are eligible for a free test. Over 60s can save £25, while ensuring that they have good eye health. Pension credit, £3,900 Pension Credit tops up the income of people on the state pension who need it. You'll only qualify if your income is below a certain threshold. However, for those who claim the help is worth an average £3,900 a year. And it's not just the extra income that comes in handy, those on Pension Credit can then unlock further freebies and discounts. Crucial to claim Pension Credit if you can HUNDREDS of thousands of pensioners are missing out on Pension Credit. The Sun's Assistant Consumer Editor Lana Clements explains why it's imperative to apply for the benefit.. Pension Credit is designed to top up the income of the UK's poorest pensioners. In itself the payment is a vital lifeline for older people with little income. It will take weekly income up to to £218.15 if you're single or joint income to £332.95. Yet, an estimated 800,000 don't claim this support. Not only are they missing on this cash, but far more extra support that is unlocked when claiming Pension Credit. With the winter fuel payment - worth up to £300 now being restricted to pensioners claiming Pension Credit - it's more important than ever to claim the benefit if you can. Pension Credit also opens up help with housing costs, council tax or heating bills and even a free TV licence if you are 75 or older. All this extra support can make a huge difference to the quality of life for a struggling pensioner. It's not difficult to apply for Pension Credit, you can do it up to four months before you reach state pension age through the government website or by calling 0800 99 1234. You'll just need your National Insurance number, as well as information about income, savings and investments. Free TV licence, £174.50 Anyone who wants to watch the BBC, including its television channels, radio stations, iPlayer service and its news services needs to have a TV licence. This is because the BBC is a publicly-owned broadcaster. Most people need to pay but anyone over the age of 75 - who also claims Pension credit - can have the charge waived. This could save you £174.50 a year. Discounted broadband, £142.92 People who claim their Pension Credit can often qualify for cheaper broadband. The cheapest plans available to pensioners cost just £14.99 a month, compared to the huge average cost of £26.90. Over the span of a year, this means you stand to save £142.92. Discounted water bills, £400 Social tariffs are available to those on low incomes to help them save on their water bills. Providers offer different discounted rates, with some giving you money off the regular plan and others offering a lower cost service. Bills under social tariffs for water are often no more than £200 a year, with the average water bill at more than £600, you stand to save £400. Get in touch with your water provider for more information. Free NHS dental treatment, £26.50 Anyone who claims Pension Credit is entitled to free NHS dental care. Make sure to phone your dentist before hand to check whether you are eligible. If you are, you could save £26.50 for a routine check up. Some dental work, such as dentures, cost up to £3.19 though - meaning you could save hundreds. Free passports, £94.50 Passports are offered for free by the Home Office to anyone born before September 2, 1929. Although that means most people who are eligible for the discount are in their late 90s, it still allows Brits the chance to save £94.50. Using the fast track service will still incur a charge though so give it plenty of time if you need to renew. Discounted days out, £24 People of an older age are often able to claim special discounts which can help them save money on days out. Also, you can even save on Interrail passes - which let you travel around Europe for free - by getting 10 per cent off. Also you can get cheap cinema tickets. Empire has special Senior screenings for over-60s every Wednesday morning and tickets cost £4.50. Odeon also holds weekly Silver Cinema screenings for over-60s with ticket prices starting at £3.50. Both cinemas also provide free refreshments too. Plus, Vue cinemas senior screenings are discounted for over 60s and include a cup of tea and a biscuit. Showcase offers senior admission every Monday to any standard film starting before 12pm and it costs £5. You can find your nearest branches using the locator tool on the website. Existing National Trust members aged 60 who have been a member for the last three years or more can get 25% off the price. This means that you'll pay £72 for individual senior annual membership instead of £96 for an adult membership, saving £24.
