Together we stay stronger October is Barratt's health and wellbeing month - Financial health This week our newsletter focuses on looking after our financial wellbeing. Research consistently shows that financial worries are inherently linked to many mental health problems. We recognise that many of you may be concerned about your finances during these uncertain times, so we have put together some key information that may help you manage your finances.
Saving now The easiest way to get your savings working for you is to set things up so that you automatically add a little bit each week or month to your savings, that way you will not have to remember to make the payment and you will not be tempted to skip a month. Before you know it, you will have built up a solid chunk of savings. The best time to put a bit of money aside is just after you have been paid, so set up your standing order to go out on, or just after payday. Click here to Visit the Money Saving Expert site for other great savings advice and tips. 1p savings challenge Many people take part in the 1p Savings Challenge every year, and the idea is straightforward. Each day you save what you saved the day before, plus a penny more. Therefore, you start by saving 1p, then 2p, then 3p a day – right the way up to £3.66 by the end of December. If you start on 1 January, then by the end of the year, you will have saved over £650 but you can of course start part way through the year. Click here to visit My Money Cottage to download the free savings chart.
Pensions : Saving for your future A great way to save for the future is to put away a little of your income into a pension scheme during your working life so you can have an income in later life, when you want to work less or retire. What is a pension scheme? Pensions might seem complicated, but the basic idea is a simple one, see it as a long term savings plan with tax relief. Your contributions along with the Company contributions are then invested and grow throughout your career. Click here to watch this short video from the Close Brothers called 'What's so good about pensions?' At Barratt we offer membership to; our workplace pension with The Peoples Pension or our voluntary Company scheme, The Barratt Group Pension & Life Assurance Scheme.
Workplace pension : Auto-enrolment scheme Auto-enrolment is a Government initiative to help more people save for later life through a pension scheme at work. To be eligible for automatic enrolment, you must be At least 22 years old; Not yet at State Pension age; Earning a salary of at least £10,000 p.a. (under current rules); Normally working in the UK under a contract of employment As soon as you are eligible, you will be auto-enrolled in to the scheme. This scheme offers 3% employer contribution for a 5 % employee contribution based on qualifying earnings. If you don’t want to be a member of The Peoples Pension you don’t have to be, you can choose to opt-out. You can however, re-join at any time that suits you. For further information regarding our auto enrolment pension scheme please click here For information, tools and links of many areas of health and wellbeing please click here to visit our My Barratt Benefits website
Together we stay stronger Barratt Group Pension & Life Assurance Scheme (BGP&LAS)
Any employee who is aged 16 or over and under the age of 64 is eligible to join the BGP&LAS. You’ll be required to contribute a minimum of 5% of your pensionable salary to the scheme and the Company will double your contributions to a maximum of 10%. To find out more about this scheme please click here and read ‘The Guide to BGP& LAS ‘. If you then require further information or wish to join this scheme please contact your local HR or email pensions@barrattplc.co.uk Already a member... Your contributions are a key factor in determining the size of your pension pot when you retire and should be reviewed regularly. You are able to change the amount you contribute once a year on the scheme renewal date of 1 December. If you would like to change your personal contribution to the scheme please make your request in writing to grouppayroll@barrattplc.co.uk before 1 December.
Legacy pension scheme If you are a member of a Barratt Legacy pension scheme then please read your policy rules or click here to visit the pension page on My Barratt Benefits for further information relating to the scheme and when you are able to make changes to your contributions.
Planning for retirement When we think about retirement many of us may think its years away or it is too late to make a change that will make a difference. Changes to pension rules introduced in 2015 allow individuals far greater flexibility in respect of their pension savings once they reach the age of 55. Click here to watch a short video from Close Brothers which explains the importance of the decisions around when to retire. We have recently partnered with financial wellness consultants Close Brothers to provide financial guidance around retirement and to host some webinars to assist with planning for your retirement. There are three different live webinars available: 1.
Countdown to retirement
These webinars are for those around 10 years from retirement. This 1.5 hour webinar is for colleagues who are looking to make good pension and financial decisions in the 10+ years ahead of planned retirement and covers: Choices you will face when accessing your pension Considerations for pension consolidations Years ahead of retirement Retirement planning options Reviewing your changes These webinars are available on: Wednesday 28 October 10:00 -11:30 2.
Friday 20 November 14:00 -15:30
Wednesday 16 December 10:00 -11:30
Planning for retirement
These webinars are for those around 2 years from retirement. This 2 hour webinar is suitable for those who are considering their retirement options in the next 2 years and will cover: Key financial planning principles Making good pension decisions Pension allowances and rules What to expect from the State Understanding the investment universe Protection Tax and tax planning Will and estate planning overview These webinars are available on: Wednesday 25 November 14:00 -16:00 Friday 11 December 10:00 -12:00 For information, tools and links of many areas of health and wellbeing please click here to visit our My Barratt Benefits website
Together we stay stronger Planning for retirement continued 3. Managing annual and lifetime tax allowances This webinar is suitable for employees who may be approaching or are at the current pension tax allowance limits. This 1hour webinar will cover: Pension tax reforms, rules and limits Assessing those potentially impacted by the current annual and lifetime limits Potential impact of breaching the current limits Managing your pensions within the current annual and lifetime pension tax allowances limits Annual allowance examples Lifetime allowance decisions Opportunities to protect your current pensions Barratt Developments rules and processes for those impacted by the current limits Alternative retirement income savings strategies for those who have reached their limits Seeking advice These webinars are available on: Friday 27 November 14:00 -15:00
Thursday 10 December 10:00 -11:00
To book on to any of the above webinars please click here to view the microsite, which is only accessible to Barratt employees. Please note that you will need to register with an email address before you can book on to an event to enable Close Brothers to send the access link for the webinar. You'll also receive further access to their virtual retirement hub which has other retirement seminars for you to watch at a time convenient to you.
Tools and financial planning There are lots of available tools and calculators to assist you with budgeting and financial planning. Our partners Legal & General and Close Brothers have websites where we can access these resources. Please click on the links below to access information on subjects such as: Budgeting, mortgage calculators, pensions, how much will I need to retire? Legal & General
Close Brothers
Managing debt Debt can be an issue for many people. Questions to ask yourself if you think you may have a debt problem: Do I often feel anxious when thinking about how I will manage my repayments? Am I struggling to or do I routinely miss the minimum payments towards utility bills, credit cards? Do I avoid telephone calls from unknown numbers and ignore letters from creditors? Am I unable to set aside money for a sudden and unexpected reduction in my income such as car expenses or emergency repairs? If you answered ‘yes’ to any of these questions, then you may want to consider getting help. There are two kinds of debt – a debt problem or a debt crisis and the solutions to both are very different. Debt problem: A debt problem is if you have worrying or large debts. Make a detailed analysis of your income and expenditure Create a budget – click here to check out Money Saving Expert's budget planner There is no such thing a typical month (e.g. Christmas spend, holidays etc.) so do it across the whole year For information, tools and links of many areas of health and wellbeing please click here to visit our My Barratt Benefits website
Together we stay stronger Managing debt continued Debt crisis: A debt crisis is where you are struggling to pay basic outgoings, cannot make minimum payments or pay basic bills. In these cases you should seek immediate assistance from an independent non-profit debt counselling service, National Debtline, Citizens Advice Bureau, Step Change. Click here to visit Money Saving Expert for further information and support. Debt management tips What is the interest rate? Clear the higher ones first – credit cards, store cards, loans. Check your credit score Experian, Equifax, Clear Score, Transunion (formerly Call Credit) Balance. Transfers Sometimes available at a lower rate from your existing card if you move balances from other cards. Got some savings? Consider using them to clear debt!
Everyday discounts and savings Employee discounts on everyday purchases through My Barratt Benefits Did you know you could access up to 7% savings through My Barratt Staff Shop on your weekly food shop at ASDA, Tesco, Sainsbury’s, Marks & Spencer, Waitrose and more. Click here to visit My Barratt Staff shop and save on your weekly grocery shop. In addition, with some retailers you can also purchase: Digital gift cards which allow you to access the discount immediately whilst you stand in the store. Reloadable gift cards which you can top up as and when. Download the My Staff Shop App now. To use the app, all you need is the email address and password you registered your account with. Once you have signed in you can make the same purchases and continue to save money. Golden rules to be a savvy saver when shopping! Try not to food shop when you’re hungry Use a shopping list – ALWAYS! Compare prices – larger isn’t always cheaper Avoid “brands” Check “Use by” dates Find out what time of day they apply reductions Do an online shop Learn to cook! Remember supermarkets are designed to persuade you to spend more money than you need to. Cooking for yourself is cheaper, healthier, and more rewarding. Click here to visit the BBC website for quick and easy budget recipes to try at home. Shopping around Always be sure to shop around to get the best deal on things like energy. We've recently partnered with Big Clean Switch to help you save money on your energy bills as well as helping the environment by switching to a 100% green tariff. Click here to find out more and access the exclusive £25 account credit for Barratt colleagues. Martin Lewis website MoneySavingExpert.com is the UK's biggest consumer website, with about 16 million users a month. The site is dedicated to cutting your bills, finding deals and saving cash in a range of areas: Household bills, banking and saving, mortgages, travel and insurance, deals and shopping and income and budgeting.
Working from Home Tax Relief If you have been working from home during coronavirus or lockdown you may be eligible to claim tax relief for additional household costs. Click here to visit the government website for further details. For information, tools and links of many areas of health and wellbeing please click here to visit our My Barratt Benefits website
Together we stay stronger Tips for looking after your finances and your mental health While it’s important to keep a check on your financial situation, any worries about managing your finances can impact your mental health. Stress around your finances can also affect how well you sleep, which can impact your mood and ability to cope with other pressures and responsibilities. However, there is support available. Click here for tips for looking after your finances and your mental health from the Mental Health Foundation.
Help and support with your financial wellbeing Worrying alone about money can have a negative impact on your mental health. You may feel that you alone are under pressure to provide for your family, or pay the mortgage. Talking to partners, your family, friends, work colleagues and helplines gives others a chance to understand the situation, offer help and reduce your worrying. Please see below a number of professional support organisations who can help: Money management advice through the Employee Assistance Programme If you are worried about the impact on your financial wellbeing, don’t forget our Employee Assistance Programme with Unum Lifeworks they can offer guidance on any money concerns you may have. unumuk.lifeworks.com (user id: unum password: lifeworks) or if you wish to talk to someone confidentially then please call 0800 048 2702. Construction Industry Helpline (CIH) & App The CIH is managed and funded by the Lighthouse Construction Industry Charity. You can call the helpline 24/7 in confidence on 0345 605 1956. It is a charitable service funded by the industry, for the industry and provides: Emergency financial aid to construction families in crisis advice on occupational health and mental wellbeing; Support on legal, tax and debt management matters. The CIH also have an app, which gives you access to financial wellbeing information, advice and guidance covering budgeting, debt management, tax and legal advice, retirement planning and emergency financial aid. B&CE Construction Worker Helpline The Construction Worker Helpline is a free, confidential service for construction workers and their ‘living in household’ dependents. Call in confidence on 0808 801 0372 (freephone 8am-8pm, 7 days a week). The B&CE Charitable Trust provides a range of awards, grants and financial support to individuals and organisations. In the past, the Trust has lightened the financial load for people in a number of ways. To find out more about their services, click here to visit their website. Money Advice Service Provided by the Money and Pensions Service, the Money Advice Service supports people’s money management, helping tackle problem debt and improve people’s financial capability, the service offers various tools and calculators, plus free confidential advice. Click here to visit their website for further information or call 0800 138 7777 from Monday to Friday, 8am to 6pm. Remember - it's key that you seek assistance early when it comes to financial concerns.
Next week.............. Next week we look at what we have done so far this year around health & wellbeing Including an overview of your feedback from : The Annual Employee Engagement survey. The recent COVID-19 survey. The COVID questions included in the annual PDR process. For information, tools and links of many areas of health and wellbeing please click here to visit our My Barratt Benefits website