Latest news with #ScottGallacher
Daily Mirror
a day ago
- Business
- 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 Record
15-07-2025
- Automotive
- Daily Record
Householders who don't have driveways set to benefit from Government's new car plans
Householders who do not have a driveway outside their properties are set to benefit from a huge new car plan. Under the Labour Party's new £63 million plan to promote EVs, motorists and road users could reportedly save up to £1,500 a year on running costs. The Government shake-up will help problems families without a driveway currently face, including making charging easier and cheaper. The plane will also give householders the opportunity to charge their vehicles from home, meaning they can benefit from cheaper electricity rates. Labour Party Transport Secretary Heidi Alexander said: 'We are making it easier and cheaper to own an electric vehicle. We know access to charging is a barrier for people thinking of making the switch, so we are tackling that head on so that everyone - whether or not they have a driveway - can access the benefits of going electric. 'This is what our Plan for Change mission to kickstart Britain's economy looks like in practice. "We're not just boosting charging infrastructure, we're building a fairer, cleaner future where every family can benefit from cheaper, greener transport, whilst creating thousands of good jobs across the country.' However, Scott Gallacher, Director at financial firm Rowley Turton, warned: 'On the face of it, it's a great idea. EVs are undoubtedly the future. "I'm on my second electric car, first a Tesla and now a BMW i5, and while I have access to charging both at home and work, I know lack of charging options is a major barrier for many people. So this initiative is very welcome. Join the Daily Record WhatsApp community! Get the latest news sent straight to your messages by joining our WhatsApp community today. You'll receive daily updates on breaking news as well as the top headlines across Scotland. No one will be able to see who is signed up and no one can send messages except the Daily Record team. All you have to do is click here if you're on mobile, select 'Join Community' and you're in! If you're on a desktop, simply scan the QR code above with your phone and click 'Join Community'. We also treat our community members to special offers, promotions, and adverts from us and our partners. If you don't like our community, you can check out any time you like. To leave our community click on the name at the top of your screen and choose 'exit group'. If you're curious, you can read our Privacy Notice. 'EVs are cheaper to run and improve local air quality, which is good for both the environment and household budgets. However, my big questions are: will this scheme be enough, how many households will it realistically help, and should the Government be subsidising those who can already afford a new car, especially when the public finances have a huge black hole?' Matas Buzelis, car expert at vehicle history platform carVertical, described the plan as a 'win for consumers and the environment'. He said: 'The EV is without a doubt the future so this move by the Government makes sense and should be applauded. "Many people living in urban environments, especially in big cities, don't have driveways and their dream of buying an EV often ends right there. "If this initiative overcomes the practical hurdles of EV ownership and boosts the charging infrastructure, it's a win for consumers and a win for the environment.' Certain vehicles are set to be banned in Britain by 2030. Earlier this year, Labour confirmed solely combustion petrol and diesel cars will no longer be on the market by the end of the decade. Car makers will no longer to allowed to sell any type of petrol and diesel car in a bid to encourage the use of hybrid and electric vehicles. According to Which?, 'new pure fossil fuel cars' and 'new fossil fuel mild hybrids' are the only vehicles which will be outright axed from 2030.
Daily Record
18-06-2025
- Politics
- Daily Record
North Ayrshire Conservative group rail against 20mph zone plans
The group called on the council to suspend the implementation of the new rules. Angry Tories have 'called in' controversial plans agreed by North Ayrshire Council to implement the controversial 20mph speed limit on urban roads. They suggest it will dilute police and council resources and adversely affect public transport efficiency. North Ayrshire Council Cabinet earlier this month noted the Scottish Government's National Strategy for 20mph in Urban areas and agreed the implementation of 20mph speed limits on appropriate roads as detailed in the implementation plans. A request was received in terms of the call-in procedure set out in the council's Scheme of Administration and Standing Orders, that the Audit and Scrutiny Committee examine the decision taken by the Cabinet at their meeting next Thursday, June 19. The call-in request, which was signed by Conservative councillors Todd Ferguson, Scott Gallacher and Ronnie Stalker is in the following terms: 'The Scottish Government's National 20mph Strategy is aspirational in tone but experimental in scope. While well-intentioned, its widespread implementation lacks sufficient evidence of efficacy, especially on roads already exhibiting average speeds below 25mph. 'This policy, if adopted without amendment, risks diluting police and Council resources, adversely affecting public transport efficiency, and imposing unjustifiable burdens on the public purse—contrary to the financial prudence owed to North Ayrshire's taxpayers. 'The strategy also raises legitimate legal and democratic concerns regarding adequacy of consultation, particularly among working residents, rural communities, and small business owners who will bear the practical consequences of slower road speeds and delayed logistics. 'As a matter of public administration, the council must guard against overreach in regulatory intervention without evidence-based justification and must uphold the principle of proportionality, particularly when imposing restrictions on public freedoms. 'The Conservative Group respectfully calls upon Cabinet to: Suspend the blanket implementation of the 20mph speed limit across all roads identified in Appendix 1, pending the outcome of a full review of cost-effectiveness, enforceability, and public consultation. Commission an independent impact assessment, consistent with principles of Best Value as defined in the Local Government in Scotland Act 2003, before any further capital expenditure is incurred. Adopt a targeted and proportionate approach, taking into account the feedback from the public consultation referenced above and elected members, with 20mph zones restricted to locations supported by empirical safety data—such as near schools, care facilities, or recorded accident black spots.' The Elected Members who have submitted the call-in will be invited to address the Committee to explain the respective call-in request. The appropriate Cabinet Member will then be invited to clarify the reasons for the decision. The relevant senior officer will also be present to provide information on the report presented to Cabinet and on issues raised by the call-in received. The committee will have an opportunity to ask questions of both parties and of those officers in attendance.
