Savings: Change to compensation limits mean larger sums will soon be protected

FSCSChanges to the Financial Services Compensation Scheme (FSCS), will soon mean savers with large amounts of Cash held on deposit for a short period will receive a greater level of protection. Savers are currently protected up to £85,000 per person, per institution, should a bank or building society go bust. Joint accounts get cover of £170,000. This means savers with large amounts of money on deposit tend to split their cash between a number of banks and building societies to ensure that it is fully protected. This practice is common place even if ...

A pension isn’t the only way to get tax-relief; what’s the other option?

A pension isn’t the only way to get tax-relief; what’s the other option?One of the main attractions of putting money into a pension is the tax-relief that you receive. If a basic rate taxpayer pays £80 into a pension, this is immediately ‘topped up’ by the Government to £100. A higher rate taxpayer can claim an extra £20; taking the net cost to just £60. Whilst pensions have certainly had a new lease of life following the introduction of Pensions Freedom in April, one of the criticisms still leveled at pensions is ...

SIPPs: Hargreaves Lansdown alters SIPP deposit rates, how do they compare?

Hargreaves Lansdown alters SIPP deposit rates, how do they compare?One of the UK’s largest SIPP (Self-Invested Personal Pension) providers has tweaked the rates they pay on cash held by pension savers. Hargreaves Lansdown has recently announced a change in the trusteeship of their SIPP, from Hargreaves Landsown Pension Trustees to Hargreaves Lansdown Asset Management, which has resulted in an increase to the interest rates they pay. But how do the new rates shape up? Are they more attractive than you can find elsewhere? Read on and we reveal the answers. Why hold cash ...

Retirement: Which part of the UK saves most into their pension?

Which part of the UK saves most into their pension?A new survey has revealed which parts of the UK save the most into their pension. Based on the results of a YouGov survey of 18,000 people, Friends Life has created the UK Retirement Savings Map, which reveals the parts of the UK saving the most for retirement, as well as others which are falling behind. Taking the UK as a whole the survey revealed: The average expected retirement income per week is £409.10 The average actual retirement income per week is £312.40 This results in ...