Workplace Pensions - don’t ignore it

The Department of Work and Pensions and the Pensions Regulator have launched a new advertising campaign promoting auto enrolment which aims to change the country’s perception of pensions in the workplace.

Workie, ‘a striking physical embodiment of the workplace pension’, will be seen visiting people in different work environments over the coming months, asking them not to ignore him.

The advertisements come with a message, whilst automatic enrolment into workplace pensions has been rolling out across the UK since 2012, it is only now that 1.8 million small and micro employers need to act. In a phased process over the next three years, every employer will have to enrol their eligible staff into a pension scheme, by reference to their staging date.

Pensions Minister, Baroness Altmann, said:

‘We have made great strides forward by automatically enrolling more than 5 million people into a workplace pension – now the challenge is to make sure hardworking people with every type of employer get to enjoy this major financial benefit.

This is a fun and quirky campaign but behind it lies a very serious message. We need everyone to know they are entitled to a workplace pension – and we need all employers to understand their legal responsibility to their staff, but also to feel more positive about engaging with workplace pensions.

This government is committed to providing security for working people at every stage of their lives, and that includes giving people the chance to plan for a financially secure retirement. Automatic enrolment is a big part of that.

Since 2012, more than 5.4 million workers have been automatically enrolled into a workplace pension by almost 61,000 employers. By the time the process is complete in 2018, it is estimated that around 9 million workers will either be newly saving or saving more into a workplace pension thanks to the policy.

The new campaign will include radio, print, online and outdoor advertising and will run for the remainder of this year and into 2016. It is being coordinated jointly by the Department for Work and Pensions and The Pensions Regulator.’

If you would like help with pensions auto enrolment please get in touch.

Internet links: GOV.UK news www.workplacepensions.gov.uk

Marie Curie - Corporate Sponsorship

Ward Williams Financial Services Ltd is proud to announce that we are official corporate sponsors of the charity Marie Curie.

We have been working closely with their legacy team and plan to hold a seminar with them on Inheritance Tax and leaving charitable legacy gifts in Wills as well as holding other fund raising events for the charity in the future.

To find out more about Marie Curie and the work they do please visit their website www.mariecurie.org.uk.  If you would like to donate to the charity please click here.

Your Financial Countdown When Moving House

Moving house can be a very stressful time, packing and unpacking and making sure that children, pets and prized belongings make it to the new property all take their toll.

In addition to this, there are a range of small but important admin jobs that need to be done before, during and after the move.

This blog post is a quick guide to help you make sure the most essential financial tasks are completed and your move does not cost you any more than it absolutely has to (in cash or stress terms).

Moving home checklist

Organisation is key with any house move and it pays to make a checklist of things to do before you start the long moving project. 

You might find that there are longer and shorter term tasks to attend to so you can give yourself weeks to address the former and less time to deal with the latter. 

Longer term tasks might be the boxing up of valuables, sending pets into kennels if it is a long distance or overseas move.

You will need to organise a removals firm and contact reliable local tradesmen if work needs doing on the new property. 

Short term tasks

 Adding to the overall stress of the move are the small but essential tasks that can only be done once you get the keys to the property.

Informing the utility companies about your change of address, making sure the local authority knows that you are the new council tax payer and registering for a TV licence at the new property are important tasks that can become costly if you ignore them.

Protecting your property

You will of course need buildings and home contents insurance on your new property, you might choose to continue with the existing policy provider who covered your old home, or find someone new.

If you continue with your existing provider you need to inform them of your new circumstances so they can either amend or cancel your existing policy and create a new one for your new home.

Whilst you are moving, your belongings will no longer be covered by home content insurance, so it might be a good idea to get removals cover.

This policy will protect you against mishap if your property is damaged during the move (a rare but not unheard of occurrence).

Financial planning after the move

Once you have unpacked the last box and found the perfect place for your belongings, it might be time to review your own financial planning.

House moving normally involves an increased mortgage and council tax bill as most people try to ascend the property ladder if possible. 

These new financial pressures often mean that savings, investing and family finance become more difficult to manage. 

For many new homeowners paying the mortgage becomes a central financial challenge.  Finding areas of potential savings with a thorough post-move financial audit can be a valuable exercise.

If you are able to cut back on unnecessary expenses such a gym memberships, Netflix subscriptions or organic veg-boxes, you might be able to channel the savings you make into a savings account or investments.

Whilst moving house is inevitably a stressful and taxing exercise, the whole point of moving to a new property is to improve your quality of life, not to downgrade it.

Sensible forward planning can help with this and, if not eliminate stress, then certainly help reduce it. You will also make sure you have covered all bases on your move.

If, after moving you decide that a financial audit is necessary, it might be a good idea to get the advice and expertise of an independent financial adviser to help explore your saving and investing options.

For more information please do not hesitate to contact the team at Ward Williams Financial Services Ltd on 01932 830664 or by email on wwfs@wardwilliams.co.uk.