FINANCE HOW TO TRACK DOWN YOUR LOST PENSIONS? When it comes to helping clients find their lost money advisers have to tackle one particular problem first; apathy. It’s nothing new as many are very passive about their retirement, as it seems so far away, they’re often unconcerned, ‘I’ll think about that tomorrow’ comes to mind. They say an average individual will change jobs twelve times during their lifetime so you can’t blame them for losing track of their pensions as getting through life takes over. The department of Works & Pensions get 1000 calls a week asking for help to track down their lost pensions, where else do they go for help? Experts suggest there is currently over £20 Billion in lost pensions waiting to be claimed. It’s always a mystery when so called experts come up with these figures as we can’t prove them wrong. Gone are the times when people stayed in their jobs throughout life and had one pension to consider. These were often Final Salary Pension Schemes, which were guaranteed, and people felt safe with their retirement. Now since the introduction of Auto-Enrolment in 2012 and the jobs market being so fluid an individual could end up with over ten pension pots over a working career, how do you keep control of all of that? It only becomes a nightmare when people wake up to the fastapproaching retirement date and wonder how they will cope. The Government are in the process of investing in a pension dashboard system, which promises to help savers track down their lost pensions and help them view all their money in one place. The launch is expected in 2023, good luck with that then if they have any staff left by then! It’s important to review your pension planning regularly especially when you realise that your pension could be worth more than your house eventually! Make a list of all the companies you’ve worked for, and all the pension plans you’ve mislaid and then find a financial advisor to administer it for you. Take advice and don’t cash in early, so many people we know are driving around in their pensions! Philip Vaughan is a Director at Abacus Assurance Financial Services Porthcawl 01656 772222
the financial hardship that follows. Ask us for a quote, costs you nothing to ask but could save your skin financially. Here’s the big fact of the last year - 4.2 million homes have moved up a bracket on the Stamp Duty ladder. So, not only is the new house costing you more in cash terms but the Stamp Duty payable on the purchase has massively increased too, in the higher bracket. If you’re moving, we can advise not only on the mortgage but also do your stamp duty calculation free of charge – be sure to ask. From our perspective in the business, the startling fact now exists that as banks and building societies have steadily closes branches, last year the percentage of all UK mortgages arranged by Advisers like ourselves, reached 90.3% of the whole market - and with thousands of schemes on the market, that is a real advantage for you – talk to us, we are whole-of-market Advisers and have access to hundreds of lenders Finally, we are able to re-arrange later life borrowing and equity release mortgages at interest rates which are, in some cases, around half of what you could already be paying – you could be saving thousands of pounds just talking to us – so the only numbers you need are 01656 782545 and 07768 418308; give us a call and we’ll do the calculations for you. Appointments are possible 7 days a week, subject to availability. PAUL FIELDING Dragon Financial 01656 782545 / 07768 418308
Independent Mortgage and Protection Advisers We are the Specialists to call... Need a new mortgage from a whole of market Adviser?
PHILIP VAUGHAN Director at Abacus Assurance Finance Call 01656 772222
IT’S ALL ABOUT THE NUMBERS! They say there are lies, damned lies and statistics. Well, this month we’ve been hit by a deluge of figures, covering a myriad of issues, some quite uncomfortable to read. Last month 7% seemed to be the figure we were all seeing as being possible as regards inflation by the end of this year – now they’re talking possibly 10%! It should fall back slowly but steadily to sensible around the third quarter of 2023, my information tells me, so hang on for the ride. At the time of writing I’ve just been to an industry seminar where it was stated that just 14% of all mortgage holders have adequate protection in place for their mortgage – yet you can get up to 65% of your annual income paid out to cover your bills and mortgage if you can’t work, in some cases ( subject to the nature of your work ) starting at under £10 a month – better than taking the risk and then being unable to pay your way, with 36 | seaside news
Over the Age of 55 and need Later Life Lending or Equity Release?
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Refused a mortgage due to Previous Credit Problems? Trying to get on the ladder as First Time Buyers? Life Assurance and Family Protection need reviewing? Income protection a problem – not available from work? Funeral planning? - pre-paid plans to suit everyone We also work with trusted, qualified financial partners in other areas of financial needs
CALL US ON: 01656 782545 MOB: 07768 418308 / 07960 613111 EMAIL: camfin@btopenworld.com APPOINTMENTS AT A TIME TO SUIT YOU, EVEN AT WEEKENDS – HOME VISITS Paul Fielding trading as Dragon Financial is an Appointed Representative of The On-Line Partnership Limited, which is Authorised and Regulated by the Financial Conduct Authority Think carefully about securing other debts against your home. Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured against it.
