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FINANCE News from PCC
Expert financial advice
By Andy Oliver, CEO of Private Client Consultancy
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Understanding the UK State Pension
It recently came to light that there have been 134,000 cases of underpaid state pensions. A public spending watchdog released a report that showed the cases were mostly women, many of whom were widows. The underpayments reached a cumulative total of £1 billion, some of which date all the way back to the mid ‘80s. These underpayments occurred because of a number of factors. First, entitlement rules are complicated, and not everyone understands what they are owed. Second, the Department for Work and Pensions (DWP) uses outdated IT systems, so incorrect information was likely input by computer automations. Additionally, DWP employees did not manually check the calculations on a regular basis. This monumental oversight has the potential to impact pensioners’ housing benefits, pension credit, and social care. For many, it already has. 15,000 pensioners have died without ever having been given what they were entitled to. To make matters worse, their next of kin will not receive payments. Former pensions minister, Steve Webb, first raised the issue in 2020. This triggered the DWP to begin an investigation into who became a victim of the mistake, and who is entitled to compensation. It is still an active investigation and is scheduled to be completed by 2023. Unfortunately, those who were affected will need to file a claim, as they will not be automatically recompensed. Additionally, they may not receive the full amount they are owed.
Know what you are entitled to
Pensions are one of the most crucial factors in having a comfortable retirement, yet the discourse surrounding them is often convoluted. Because of antiquated bureaucratic systems and complex rules, many end up losing track of some of their pensions throughout their lifetimes and are unsure how to trace them. Pensioners are also often unaware of just how much they are entitled to. Looking into your pensions and finding out how you can receive the money you are owed will greatly benefit your overall retirement plan. In addition to receiving the money you are entitled to, there are ways to increase your income. A financial adviser can help you determine how you can make the most of your money.
Defer your pension
For example, it has recently been found that if you delay your receipt of the state pension for 12 months, you will get an extra 5.8% added to your income for the rest of your life. (This number may increase depending on whether the triple lock increases by over 2.5% in the next few years.) It is possible to defer your state pension for as long as you choose, however, you must defer the full amount. Even if you have already started drawing from your pension, you may still defer it in order to earn the extra money. Deferring your state pension may be an especially attractive opportunity if you have a company pension or retirement income from elsewhere. Of course, deferring means that you will need to work longer. This is not an option for everyone, so there are other ways you can increase your
state pension. Something that many people are unaware of is that the government offers different pension credits that will help boost your income.
Apply for Pension Credit
If you have a low income and are over the state pension age, then you can apply for these credits. Pension Credit can help provide you with support for mortgage interest or housing benefits if you live in a rental property, reductions on council tax, and a free TV licence for those 75 many end up losing track of some of their pensions throughout their lifetimes and are unsure how to trace them. Pensioners are also often unaware of just how much they are entitled to. and over. It can also help with any NHS dental or optical treatments you may require.
Top up your pension
If you will not or do not have enough years to qualify for the full state pension, you may want to consider topping up your state pension. A top up scheme will allow you to increase your weekly income by up to £25 if you pay a Class 3 National Insurance contribution.
Seek professional advice
It has been made clear now how grave administrative errors can occur. Therefore, it is so imperative to not only track down any lost pensions you may have, but to also find out what options you have for those pensions. Our Wealth Managers can help you do just that. If you are interested in speaking with a qualified adviser about your retirement plan, schedule a free consultation today. Don’t lose out on the money you are owed. It pays to start planning early. If you would like to discuss your plan with a qualified adviser, please get in touch with us at: info@pccwealth.com
Sara de Melo Castanheira is an expert in Occupational Therapy and Quality of Life. She is also the Technical Director of SER Igual, an Association of special rehabilitation services in Tavira
All children have a special gift and special power. Each one has a unique way of interpreting life and appreciating their daily routine. Each child has a specific way of engaging in playfulness. All children have a superpower! It doesn't matter if she comes across a high stone wall or a pond so big that it invades everything. Or if she gets tired after having travelled many kilometres. Petra never gives up - she follows her path against winds and seas until she reaches the goal. Petra’s
superpower is PERSEVERANCE.
João is afraid of a lot of things, which sometimes is good, because it can protect him. But there are certain occasions when fear prevents him from doing what he needs and wants. So João takes a deep breath, fills up with strength and decides, with courage, to face his difficulties. João’s superpower is
BRAVERY.
Carlos is able to see a red ant, the kind that stings, among a million black ants. He is able to hear the rattle of a cat that got lost in the hustle and bustle of the biggest party. When he touches something, his skin acts as a powerful detector of shapes, textures and temperatures. Carlos’ superpower is
ATTENTION.
Constança does not mind moving by land, sea or air. She can do everything that is physically proposed. There was one time that she climbed hundreds of steps of a very high tower, without getting tired, to contemplate the most beautiful shooting stars. Constança´s
superpower is AGILITY.
Tomé is like a photography machine, and it is why he is able to remember even the smallest detail: the colour of a schoolboy’s socks, the number of freckles on a blonde girl, and the name of all the sheep in a large flock. Tomé’s
superpower is MEMORY.
These five children have superpowers like their peers. And while you are reading the article you are thinking about how great these superpowers are and possibly you are finding similarities with a child you know. But Petra, João, Carlos, Constança and Tomé in addition to their superpowers, they are also superheroes. Petra suffered a traumatic brain injury and uses a wheelchair to move. She uses her superpower to overcome life's obstacles and be more and more autonomous each day. João has cerebral palsy and uses his superpower to excel in therapies and achieve new skills. Carlos was born premature and uses his superpower to learn new academic skills at his own pace. Constança has hyperactivity disorder and uses her superpower to feel capable and gain the courage to learn more carefully at school. Tomé has autism and uses his superpower to feel safe and comfortable and be able to overcome challenges in therapies and at school. All children with and without disabilities are superheroes and have superpowers. Therefore, all children should interact and play in the same way and be happy in their unique and special way of being. At the moment Associação SER Igual helps with therapies in our rehabilitation centre, 40 children between 0-18 years old with disabilities. With our Allsports project we have already put 35 children with ages between 6-14, doing a sport activity with their peers without disabilities. With the SER100%+project we are helping more than 40 children with ages between 4-10 years old, to develop expressive and comprehensive language, reading, communicational and socialisation skills. We are now preparing the summer vacation camp 2022, similar to the previous editions, where each week 25 children with and without disabilities, play together, practice sports activities, do nautical activities and grow healthy in sharing and inclusion. The IRS consignation is a system prepared by the Portuguese Government that allows IRS taxpayers to freely assign 0,5% of the total tax they paid to the Portuguese State to an institution. The opportunity to consign the IRS is an important method of supporting our non-profit association, which has a Public
SUPERPOWERS Utility. This method of support is a way of raising funds that ensure the continuity of the work of Associação SER Igual. The IRS tax consignment does not represent for the taxpayer any payment or additional expense, meaning only that 0,5% of the tax already paid to the IRS and "By doing this, you are paid by the taxpayer in allowing the government the year to be declared will be donated to to give 0,5% of the tax you our association in the pay, to be consigned and following year. This way, instead of all your transferred to Associação taxes going to state SER Igual. This does not coffers, you can have a voice and make part of change your tax bill and it go to our cause. will allow SER Igual to continue the work with our HOW CAN I GIVE MY CONTRIBUTION TO ASSOCIAÇÃO SER social projects". IGUAL? When submitting your annual Personal Income Tax declaration – IRS - Model 3 (only available online) in box 11, mark with an “X” in Private Institutions of Social Solidarity or Public Utility Collective Persons, put the NIPC (Taxpayer Identification Number) of Associação SER Igual – 514 647 450 and in the space in front, mark another “X”. By doing this, you are allowing the government to give 0,5% of the tax you pay, to be consigned and transferred to Associação SER Igual. This does not change your tax bill and will allow SER Igual to continue the work with our social projects, helping children and teenagers with disabilities and their parents to have a better life with a better life-quality. If you are not the one filling your IRS, please ask your accountant to give the tax consignation to Associação SER Igual. We will be glad to talk about our ideas and projects. If you are interested in our work, please visit us on our FB page (@SerIgualPT) and IG (@igual.ser) or make an appointment to geral@seronline.pt or by phone 918180020. I remind you, dear reader, that Associação SER Igual in Tavira is a non-profit association for handicap people, that helps children, teenagers and their caregivers to get a better quality of life and helping to change the paradigm of inclusion in our community. Thanks once more for your attention. Stay safe and stay tuned for the next article.
RESTAURANTE FRANGANARIO Tavira
TRADITIONAL PORTUGUESE CUISINE
Travessa Almirante Candido dos Reis 139, Tavira 8800-318 Telephone: +351 963 882 952 Facebook: Franganario Tavira Ruy Barros Hairstyling & Beauty Salon Ladies & Gents
Welcome to our new space in the centre of Tavira! With a professional and friendly service. Cut, colouring, perming, hair extensions, hairstyling, hair treatments, massages, face/body treatments, make up artist, epilation, laser, lash extensions, gel nails, nail art, gel polish and much more.
MON - SAT 09.00H - 19.00H All year Travessa Zacarias Guerreiro No16, Tavira Tel +351 281 023 636 Mob +351 964 888 810 or 913 999 906 Email: rbcabeleireiros@gmail.com Rui Barros Cabeleireiros e Estetica
Serenidade
Estética e Saúde • Podiatry/Chiropody • Waxing, Facial treatments, Body Shape, Massage • Manicures, Pedicures and Semi premanent gel polish • Lasers, Radiofrequency, IPL and other energy based devices
Praceta Eduardo Felix Franco, 10 Loja F, TAVIRA 963 458 163
NURSING CARE Here when you need us
The family-run Amesbury Abbey Group off ers an elegant retirement in country house style at Monte da Palhagueira.
For those who are looking for the reassurance of constant professional care, our nursing care may be the way forward. Alongside all the benefi ts of residential care, our nursing care adds the additional security of 24-hour care provision from qualifi ed nursing professionals. Our team spend a lot of time getting to know each resident as an individual, learning their preferences and understanding their concerns, working hand in hand with GPs and other associated care professionals to provide outstanding personalised nursing care. Our exceptional care team treat all our residents with respect, dignity and friendship, and our nursing home has a warm, family atmosphere. Each individual aspect of our nursing care is designed to give our residents the best possible quality of life and the highest standards of 24-hour care.
For further information, please contact Senior Sister Hazel Gordon at T: +351 289 990 900 E: mdpnursinghome@amesburyabbey.com
Monte da Palhagueira, Gorjôes, 8005-488 Santa Barbara de Nexe, Algarve
