CompareNow Financial News

Over 6m Brits have no pension plan in place

Thu, 17 May 2012 11:21:06 GMT

Many Brits are running the risk of receiving less than minimum wage upon their retirement, according to a new study.

Research by LV revealed that over six million Brits over the age of 50 have no sufficient pension plan in place and will have to rely on funds from the state to help them live out their retirement.

The government has been moving to get the country auto-enrolled on company pension schemes in time for the next general election, but research by the Office for National Statistics (ONS) revealed in February that only 48 per cent of workers were saving into company pension schemes.

As part of the government's annual state pension people are due to receive £9,672 a year which is up to 51 per cent lower than the pay packet for someone on minimum wage per annum.

Ray Chinn, LV head of pensions, said: "While working hard up to their retirement to bring home a decent wage, I'm sure many will be disappointed to retire with an income equivalent of less than the minimum wage."

BGT winning dog could be insured for £1m

Thu, 17 May 2012 11:18:30 GMT

Britain's Got Talent winning dog Pudsey could be insured for up to £1 million, according to its owner.

The Sun reported that 17-year-old Ashleigh Butler could make sure that her in-demand pet is protected for the rest of its life as the clamour around the BGT winner reaches fever pitch.

Ms Butler told the newspaper that Pudsey was "priceless" to her but believed that his increased television exposure and media excitement may require her to take out some extra pet insurance for her beloved dog.

Motorists need to be prepared for breakdowns

Thu, 17 May 2012 11:17:45 GMT

Drivers have born the brunt of spiralling costs in recent years with both car insurance and fuel prices continuing to rise and it is forcing many to look for ways to save money.

However, cutting corners on car maintenance is not the answer according to GEM Motoring Assist, which has warned that a breakdown could cause more woes for the already stretched pockets of the average motorist.

The organisation believes that having the correct breakdown insurance in place could help to avoid any costly eventualities. GEM believes that drivers need to safeguard themselves should their vehicle die on them while out on the road.

David Williams MBE, chief executive of the company, said: "If drivers are willing to take risks with car maintenance then breakdown cover could prove essential. On-the-spot help in a breakdown situation, if motorists are not covered, is certainly not cheap."

Recent research by consumer website Honest John found that 352,000 cars registered in 2008 failed their first MOT after three years.

Owners of dangerous dogs could face jail

Wed, 16 May 2012 13:50:49 GMT

The owners of dogs who attack and injure animals or humans could face a spell behind bars under new guidelines.

Winter weather sends insurance claims soaring

Wed, 16 May 2012 11:01:28 GMT

Britain's cold snap at the end of 2011 has caused an increase in the amount of buildings insurance claims over the last year.

Research by MoneySupermarket.com revealed that weather related insurance claims grew by 56 per cent compared to the same period in 2010 with storms being the main cause for concern among homeowners.

The price comparison website found that over the course of the past year manmade accidents took the top spot for claims on home insurance but the unsettled weather towards the end of 2011 added to this figure.

Last December saw a plethora of storms engulfing the country with many people in Scotland being left without power as the likes of Argyll and Bute recorded winds of 80mph.

Julie Fisher, head of home insurance at MoneySupermarket, said: "With the storms of December 2011, coupled with the recent flooding we have seen across parts of the UK, homeowners need to be increasingly on the guard against potential damage to their property."

Drivers warned to watch out for cyclists

Wed, 16 May 2012 11:00:37 GMT

Motorists are being warned to watch out for cyclists as research has revealed that many bike riders are jumping red lights.

A survey by the Institute of Advanced Motorists (IAM) found that 57 per cent of cyclists admitted to jumping red light once, while 14 per cent said they did it on a regular basis.

Despite the number of road deaths being at an all-time low, statistics from the Department for Transport (DfT) showed that pedal cycle fatalities rose by seven per cent in 2009 and the IAM wants motorists to be aware that some cyclists may flout the rules.

The main reason for jumping red lights was to get ahead of traffic, which 38 per cent of cyclists admitted to, however 54 per cent of bike riders wanted others to abide by the Highway Code.

IAM chief executive Simon Best said: "Cyclists are right to feel that roads are not cycle friendly enough, and this is reflected in their behaviour. But while poor junction design, inconsistent cycle paths and inconsiderate drivers put cyclists at risk."

Motorists urged to haggle over car insurance

Wed, 16 May 2012 10:59:37 GMT

Getting the best deal on car insurance is imperative for British motorists and drivers are now being encouraged to haggle with providers to ensure they get value for money.

The Institute of Advanced Motorists (IAM) has advised car owners to shop around for the best deal or try haggling with their current policy holder to see if they can get a more attractive agreement on their vehicle's protection plan.

Neil Greig, director of policy and research at the IAM, believes that motorists can reduce their premiums by either taking the company's certified test, increasing their excess or cutting back on their annual mileage.

Chancellor George Osborne announced in his spring Budget that there was set to be a 3p rise of fuel duty in August forcing drivers to look at ways to make savings.

Mr Greig said: "When buying insurance the key is to shop around or haggle with your existing supplier. All companies are competing for business and you should never accept the first figure."

Smartphone payments set to become the norm

Tue, 15 May 2012 11:24:22 GMT

The popularity of paying for goods via a smartphone is set to increase, according credit card company Acceptcards.co.uk

The firm believes that consumers need to be ready for all forms of transactions to slowly move to smartphone and mobile devices in the near future, but claimed that it will take time for people to "get used" to it.

A number of banks and companies such as Barclays, Mastercard and O2 have already begun to introduce smartphone banking applications and contactless debit and credit card services.

Richard Bradley, company director at Acceptcards.co.uk, said: "What we're seeing is a lot of businesses are encouraged to have a chip and pin or card machine, but what might be better suited is a virtual terminal that sits on their computer in the office."

Mastercard became the latest to offer the contactless service which allows consumers to purchase products up to £15, rising to £20 in June, in stores by simply swiping their smartphone.

RAC: Black box could benefit younger drivers

Tue, 15 May 2012 11:23:41 GMT

Help could be at hand for younger drivers as a new black box telematics device could be a factor in reducing car insurance premiums, according to the RAC.

Many new motorists are struggling to afford the upkeep of a vehicle due to rising fuel prices and the cost of insurance premiums, however the RAC believes that the black box 'trackers' could significantly help drivers to afford a car.

The telematics devices assess motorists' performance and rewards them for good driving habits and can lower car insurance prices accordingly.

Motorists leaving the car at home due to rising fuel tax

Tue, 15 May 2012 11:23:09 GMT

Rising fuel tax is causing motorists to take fewer journeys and forcing some off the road altogether, according to a new survey.

A poll by the Post Office found that Brits are now looking to make savings wherever they can and using their car less is one of the ways in which they are attempting to preserve valuable funds.

According to the survey, 46 per cent of motorists are now not going out in their vehicle as much as they used to, with the rising price of fuel being highlighted as the main cause for concern, swiftly by high insurance premiums and uninsured drivers.

In chancellor George Osborne's spring Budget he revealed that there is set to be another rise in fuel duty in August, which will see prices rise by 3p.

Gerry Barrett, head of insurance at Post Office, said: "For many drivers, their car is their lifeline and many people rely on their car every day. It is not surprising that motorists are becoming increasingly worried about rising fuel prices and the general cost of running their car."