Daphne – not her real name – revealed how her gambling addict son had contacted a US-based website which promised to convert his pension savings into cash. Desperate to pay off his gambling bills, he filled in the relevant paperwork to transfer his £42,500 pension savings in July 2012.
A company share scheme worth a total of £1.1billion yesterday gave ‘life changing’ sums to one third of the group’s employees.
Speaking as IAG, the parent company of BA, swung back to profit, Walsh addressed the downing of Malaysian Airlines flight MH17 over eastern Ukraine.
Buying and selling at auction is becoming more and more popular with purchasers cramming into auction rooms where previously only developers and property professionals dared to go. There are several advantages to buying at auction rather than in a private treaty sale. When the hammer falls, the property is yours. Nobody can come along with a higher offer, so there is a finality about the transaction for both the buyer and seller.
I did not see any signs pointing out the restrictions clearly, but the parking firm has sent me photographs of a small sign attached to a post and some small print.
Lloyds raised the tantalising prospect of a dividend for its 2.7million long-suffering shareholders even as a £1.1billion charge for misconduct decimated its profits.
At the start of the year a wave of experts predicted there was only way for savings rates to go – and that was upwards - sadly that hasn't happened.
An independent report suggests that pension holders Down Under should be forced to use some or all of their pension pots to buy a guaranteed income in retirement.
| Prize value | Winning bond No. | Area |
|---|---|---|
| £1,000,000 | 205AZ002858 | Reading |
| £1,000,000 | 139TA402632 | West Sussex |
| £100,000 | 66VE353571 | Hertfordshire |
| £100,000 | 5FZ109702 | Hereford and Worcester |
| £100,000 | 163KP381968 | Hertfordshire |
| £100,000 | 143CF772610 | Hertfordshire |
| £50,000 | 56KV849060 | Essex |
| £50,000 | 39SR931135 | Leeds |
| £50,000 | 219NP800234 | Humberside |
| £50,000 | 217SE034115 | Hampshire and Isle of Wight |
| £50,000 | 207WH476008 | Dorset |
When will interest rates rise?
Higher inflation but slow wage growth makes hike this year a tough call
Is a Lidl store's ten minute free parking with a £90 fine if you overstay and don't buy anything fair?
Have your say in our latest Money Moral.
RUTH SUNDERLAND
The tradition for companies to blame the weather when profits miss the mark has been supplanted by a new culprit: sterling.
Early rate rise is a possibility, says Bank of England deputy
...but moves would be 'limited and gradual', due to people's deb, says Ben Broadbent
Would you live near a prison, rubbish tip or cliff?
Many would to bag a decent property - but only if it was heavily discounted
The town the property market forgot
Why Doncaster is a chilling warning for the rest of Britain
Clever trick that lets you TRIPLE your pension pot
Retiring workers could draw money out and not pay a penny of tax
Bonds to tide you over until base rate rises
Banks and building societies increase one and two-year fixed-rates
Lloyds is ready to restart dividend payments
Raised the tantalising prospect of a dividend for its 2.7million shareholders
ASK TONY: We put £300 into a Barclays account 40 years ago but they are refusing to pay out - even though we have the proof
ECV shares slammed into reverse and closed 0.22p or more than 34 per cent down at an all-time low of 0.42p after the board admitted to a funding crunch and said it has launched a strategic review that could call in to question the company’s very survival.ECV’s revenues in the six months to the end of June slumped 33 per cent.
The so-called ‘non-farm payrolls’ report – a key indicator of health in the world’s largest economy – showed employment rose by 209,000 in July.
The supermarket said its investments were going into promotions, which include free coffees and teas to loyalty card holders, as well as into price-matching and new shops.
Russia was ordered to hand over £30billion by an international court this week in a victory for GML, a group comprised of former shareholders of Yukos.
The big worry is the housing market and the level of household debt.
Large pension funds and insurance companies should ought to play a pivotal role in the stability of the system as well as supporting the real economy. But do they?
BALANCE TRANSFERS
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The silver workforce grew substantially in two years as employers put their faith in experience, while pay for the over-60s has risen faster than any age group, data has shown. Between 2011 and 2013, the average annual income for over-60s in work rose by 6.1% to £17,250, according to analysis of the Office for National Statistics house and earnings data by Prudential.
With household budgets streched to breaking point cashback websites can be a useful tool to add to your money-saving checklist.This is Money has picked out five things you might be shocked to find out that could be earning you some extra cash from your guilty takeaway to lowering your bills.
For the first time, the Payments Council has published official current account switching figures showing which banks have been the winners and losers in gaining customers.
Have you had a holiday nightmare and want free legal guidance from Which? It's offering readers free legal guidance, starting this week with Adrian Thompson, whose flight was delayed by 7 hours.
Ben Broadbent said in an interview with Bloomberg that an early rate rise is a possibility but that markets should not stress about when a first hike will be. The comments come as separate surveys out today suggested a slowdown in the economic recovery, with consumer confidence falling for the first time in July and house prices rising at the slowest pace in 15 months - easing pressure for a rate rise.
Lloyds raised the tantalising prospect of a dividend for its 2.7million long-suffering shareholders even as a £1.1billion charge for misconduct decimated its profits.
The Eurostat statistics agency said inflation dropped from 0.5 per cent in June to 0.4 per cent in July - the weakest reading since October 2009.
The US economy added some 209,000 jobs last month, below the 233,000 that was expected, and unemployment rose slightly to 6.2 per cent.
RBS, which is 81 per cent owed by the taxpayer, said it had reviewed credit ratings, adjusted lending limits and placed additional credit restrictions on new business in Russia.
The latest statistics from the Investment Management Association for June shows tracker funds make up 10 per cent of assets under management. Investors have put £1.8billion into trackers so far this year, compared with £1.062billion at the same time in 2013, a 76 per cent increase.but which were the most popular? We reveal the favourites at fund giant Hargreaves Lansdown.
IHT payments hit around £3.4billion as rising house prices saw thousands more families snared, while stamp duty revenues are back near their 2007/8 peak. Payments have been rising steadily since the recession in 2009. At 40 per cent on the value of any estate above £325,000, Britain has one of the highest rates of inheritance tax, while higher stamp duty bands hit buyers with bills of at least £7,500.
It is a stock market tradition for companies to blame the weather when their profits miss the mark, but the climate has been supplanted by a new culprit: sterling.
Anyone who doesn't buy something in the shop gets hit with a £90 fine if they stray over. Is this fair? Have your say in out latest Money Moral.
House prices inched up 0.1%, a fifteenth consecutive monthly increase, but the market is losing momentum, Nationwide showed.
A large, three-bedroom semi for £69,950 catches the eye; then there’s another end-of-terrace three-bed with an immaculate garden for £87,500. And so it goes on, home after beautiful family home for less than £100,000. Only most have been in this window for months. And some have barely had a viewing.
Some 30 per cent of people said they did not think they would be able to upsize mainly because they could not afford it, according to the Post Office.
Many of the record low best buy mortgage deals have disappeared from the market in recent weeks, making it hard to get a decent rate below 2 per cent.
Thousands of workers in their 50s and 60s have rejected the opportunity to join new company pension schemes. However, new pension reforms mean they could effectively get a whopping 258 per cent boost to their contributions in just a few years — and take out all their money tax-free.
Citizens Advice said companies are charging average cancellation fees of £190 - and up to £625 in some instances - to customers who try to escape sub-standard contracts.
Kent Reliance has today boosted the rates on its two short-term fixed-rate bonds firing them straight to the top of the independent This is Money best buy tables.
With predictions that interest rates may be about to rise for the first time since 2007, banks and building societies are increasing pay-outs on one and two-year fixed-rate bonds.
My 92-year-old mother put £300 into an account with Barclays 40 years ago. We have the passbook, but they are refusing to pay out. After their checks over a year, they have offered a paltry £100 to clear up the complaint. It has cost me £200 to instruct a solicitor to try to obtain £500 from them.
On a visit to Australia last year, my girlfriend and I chose to book a room staying with strangers in Melbourne. What transpired was a less than comfortable stay.
Most of us will tell our insurer when we buy or receive a valuable item. But how many of us consider how the value of items we’ve had for years may have changed?
While UK taxpayers dutifully hand over considerable swathes of their income to the exchequer, there are some countries where residents don’t pay a penny. Some offer foreigners the change to become resident if they make an investment, buy property or pay a fee. The Bahamas, Andorra and Monaco top the list, according to expat specialists Bradley Hackford.
Macroeconomics and geo-politics remain the overriding threat to investor sentiment amid the natural summer ebb of trading volumes - as the City’s great and good begin to disappear on holiday. Meanwhile, a dip in fortunes for ASOS and Boohoo was followed closely by online video platform Blinkx and specialist natural resource firm Sierra Rutile.
The firm, which also provides home insurance and pet insurance said profits in the half year to June 30 jumped to £225.1million from £208.8million a year earlier.
Rolls-Royce's profits fell 32 per cent to £489million after it was buffeted by defence cuts, but it claimed that currency movements also wiped off £21million.
Chief executive Mark Selway has finished a strategic review after arriving in January and said the company can double profits by 2019.
Private equity firm 3i, which bought the retailer in 2007, is conducting a beauty parade of bankers who hope to start selling the business at the beginning of next year.
Matthew Barnes and Roman Heini – both former Aldi graduate trainees who have run the UK operation since 2010 – are the brains behind the discount revolution. ‘We have been happy for our growth to be below the radar. We are even more happy if the other grocers are not worried about us,’ says Barnes.
The company said foreign exchange issues, a slowdown in China and volatility in emerging markets were behind pre-tax profit falling to £2.7billion from £3billion.
Balfour said it had terminated dialogue with Carillion because of its ‘wholly unexpected’ decision to insist that Balfour did not sell its US business Parsons Brinckerhoff.
Half year profits at Rexam were up from £128million to £164million. But underlying profits were dented by the strong pound and the rising cost of aluminium.
Despite this, overall sales for the group actually fell 5.7 per cent to £2.2 billion due to lower selling prices and a rise in people taking shorter holidays.
Esure rejected the claim because it said some of the stolen items were worth more than the value for which we had insured them. Apparently they are worth more now than when we got them a few years ago, because the price of gold has risen. Now we won't receive a payout for the items - or for the rest of our belonging that were stolen, leaving us £30,000 out of pocket.
Research by insurance firm LV= found that the average spare room generated more than £3,000 rental a year, rising to more than £4,000 in London.
With a lack of quality housing stock coming onto the market, many aspiring homebuyers are now willing to live next door to undesirable landmarks to bag a good house.
Rates on easy-access savings accounts are being raised for new customers. BM Savings, part of Halifax, has launched Online Extra issue 12 paying 1.31% on £1k or more. This includes a bonus for the first year, after which the rate tumbles to just 0.5%. Savers in earlier issues 1 to 4 of this account should switch out as their rate has already dropped to 0.5%.
The Telephone Preference Service (TPS) is a register of households that have requested not to be contacted by marketing companies or salesmen.
The ring-fenced money, which in the case of car hire can be thousands, never actually leaves the card, but the holidaymaker cannot spend it for up to a month.
My gas bill says that 24% of the cost is 'to deliver the energy to my residence'. It also says I am charged 24.53p per day for the standing charge. It is my understanding that the standing charge is supposed to cover the basic costs of supplying a home with gas or electricity. Am I being charged twice for the same thing?
Ford recently announced its Fiesta was now the biggest selling car in Britain of all time, overtaking the now defunct Escort. We reveal the rest of the UK's top cars. In the top ten list, there are only four manufacturers – four models are from Ford, three from Vauxhall, two from Rover and one from Volkswagen.
All Chilango investors receive two free burrito vouchers and those that put in more than £10,000 get free food for the entire duration of the bond. Investors in the bonds must stump up a minimum of £500 and receive bi-annual payments of 8 per cent interest. But mini-bonds being issued by foodie businesses are a high risk proposition.
Sanlam's renowned White List of the 14 top performing income funds reveals you can still get a better return from the equity income sector than government debt. The latest data shows the average yield from the top 14 is 4 per cent, up from 3.7 per cent at the end of 2013. Has your fund made the White List?
Pension freedom reforms will give people more decision-making power over their retirement savings from next year. The options to access your money, spend or invest it will widen - although your choices will still largely depend on the size of your pension pot. Financial experts Mark Stone of Whitechurch Securities and Ben Westaway of Jessop Financial Planning explain both your opportunities and the limitations on them.
To clear the average national household debt of £13,000 at 6% interest with a monthly repayment of £100 will take around 17 years. There are, however, plenty of simple ways to make significant savings on your regular spending that could clear your debt - or boost your savings - in less than a year. This is Money's top 50 – updated – money-saving tips may appear light-hearted but are deadly serious.
Choosing the right DIY platform is crucial but a wealth of choice and changes to charges have left many investors scratching their heads. We pick some of the best. We also highlight why investing in an Isa makes sense, as it should protect your hopefully growing investments from tax forever.
The Super Isa pushes up the annual tax-friendly allowance to £15,000, with more freedom to put as much as you like in cash or investments.
If you are new to investing then the huge number of funds and investment trusts on offer can be confusing. Fortunately, This is Money's experts have some ideas to get you started.
Income investing can let you draw on your portfolio or reinvest dividends to build solid growth over time. Our experts give their fund and investment trust recommendations.
If you're looking to add some flair to your investing Isa with emerging markets, This is Money's experts have some ideas to get you started
Bank of England deputy governor Ben Broadbent has said that an earlier than planned rate rise cannot be ruled out, but increases would have to be very gradual. Nervousness over wage rises failure to keep pace with inflation is staying the Bank's hand, but economists say a rate rise could still come at the end of the year.
For many buy-to-let looks an attractive income investment in a time of low rates and stock market volatility. Read our top ten buy-to-let tips
How hard does your bank account work for you? Here's our pick of the best accounts to make your money work harder, cut down on fees, or get free stuff.
While some may be left kicking themselves that they didn't take advantage of super low rates, there are still plenty of opportunities around. So should you fix?
We pick our five favourite cash Isas for savers. This is essential Isa reading and is kept up-to-date throughout the year
Midwives in the UK get paid on average £29,248: so where does your salary fit into the national league table, and how does it compare to the average in your profession? Our table lists hundreds of Britain's jobs from company executives and doctors to van drivers, waiters and textile machine operators.
Watch out for savings predators: The scams that promise to unlock your pension early with no penalty leave...
Thousands of BT engineers and call centre workers land lucrative windfall of company shares worth £50,000...
British Airways supremo Willie Walsh picks a fight with BAE Systems chief executive Ian King over airline...
Could buying a property at auction be the solution to rising house prices? What to do before the hammer...
I got an £80 parking ticket for staying longer than two hours in a shopping centre car park, do I have to...
Lloyds finally ready to restart dividend payments and end investors' six-year drought as half-year profits...
When will savings rates hit the bottom? Returns continue to plummet this year despite Funding for Lending...
As we prepare for pension freedom, Australia mulls ditching it and copying much-maligned British-style...
MARKET REPORT: Mayor of London Boris Johnson is blamed for slump at Eco City Vehicles over his zero...
US economy rebounds: More than 200,000 jobs were created in the United States last month as firms take on...
Waitrose warns 'unprecedented' investment in promotions, price-matching and new shops could hit profits -...
Kremlin’s ‘threat to Yukos investor’: Energy kingpin Igor Sechin accused of telling shareholder to ‘take...
HUGO DUNCAN: The 'normalisation' of interest rates may not turn out to be as smooth as the Bank hopes
RUTH SUNDERLAND: The paradox of pension risk
Rise of the silver worker: Pay for over 60s has risen 6.1% in two years - and there are 100k more older...
Is SSE charging me twice for delivering gas?
My bills say 24% of payments go on 'delivery costs' - but surely that is what the standing charge is for...?
REVEALED: The top ten tax-free destinations where expats and non-doms don't hand a single penny to the exchequer
My insurer won't pay my £30k burglary claim because rising gold prices meant I had underestimated the value of my jewellery!
A new one-year fixed savings account that pays more than 2%
Kent Reliance boosts rates to top best-buy tables.
The homebuyer's guide: How to find the best home, secure a mortgage and get ahead in the property game
Sponsored
The 14 best income funds for dividend hunters are revealed
Average yields hit 4% on Sanlam's renowned White List.
Investors plough more than £1m into Burrito Bond that pays 8%
But would you invest in your favourite restaurant?
JAMES CONEY: Banks are getting rid of counters and cashiers to make you, the customer, do the donkey work
Britain's ten best selling cars of all time revealed
Ford Fiesta tops the podium, but what have been our other favourite motors?
But property adviser tips prices to rise 30% in five years
House prices flatline in June as regions play catch-up with London
Is being nicer starting to work for Ryanair?
Airline ups profit forecast as fuller flights and shaved costs see three-month earnings double.
The great British pension savings chasm
Millions face stark choice of working into old age or surviving on far less than they think.
Further signs of house price weakness as sentiment among hopeful buyers plunges
Have we reached a tipping point?
Retired can benefit from equity release - but watch out for the traps
'We've got money for home improvements and holidays'.
Anger after drivers are told a call to check their excess will up their insurance premiums
'I didn't make a claim, but insurer demanded £372.'
TONY HETHERINGTON: Banc de Binary back in spotlight
I invested $250 to trade as a hobby, but was convinced to increase my deposits
'I've always understood the importance of saving for the future':
Free at last to make your pension work for you
'I buy the best quality that I can afford':
As the value of rare books continues to soar, first editions are the first-class way to invest
MIDAS SHARE TIPS: Diamond miner poised to shine
Firestone Diamonds has taken investors for a merry ride over the past decade
I want to transfer my final salary pension to a defined contribution scheme
Why does the transfer value I am quoted keep falling?
SUNDAY NEWSPAPER SHARE TIPS:
Firestone Diamonds, GEM Diamonds, BskyB and BG Group
Sshould I choose a 'risk rated' or a 'risk-targeted' fund?
I am thinking of investing in a multi-manager fund
'Salford was the ideal buy-to-let spot - so I bought an £85k flat outright'
Want top yields? Avoid London and head north
JEFF PRESTRIDGE: Is Lloyds up to mis-selling tricks again?
Lloyds has twiddled with its staff incentives but shifting product remains the name of the game.
Making the most of your pension savings:
What should you do with a retirement pot of £30k, £50k, £100k or £150k-plus?
The rise of the £80k-a-year plumbers
Pimlico records £20m turnover for first time in its 35-year history
NS&I; adds 52,000 extra prizes to its Premium Bond draw
£1.3bn has poured in since maximum holding was hiked.
Green Deal scheme shuts down!
Households grab all £120m of energy efficiency handouts in just six weeks.
Landlords escape crunch on mortgage borrowing
Banks offer more buy-to-let deals with rates at record lows.
| Currency | Rate | Buy now |
|---|---|---|
| Updated 02 Aug 2014. | ||
| Euro | 1.2372 | Buy Now |
| US Dollar | 1.6565 | Buy Now |
| Australian Dollar | 1.7643 | Buy Now |
| Canadian Dollar | 1.7998 | Buy Now |
| Chinese Yuan | 10.007 | Buy Now |
| Croatian Kuna | 9.2859 | Buy Now |
| Czech Koruna | 33.812 | Buy Now |
| Danish Krone | 9.1035 | Buy Now |
| Egyptian Pound | 11.403 | Buy Now |
| Hong Kong Dollar | 12.731 | Buy Now |
| Hungarian Forint | 380.69 | Buy Now |
| Japanese Yen | 170.02 | Buy Now |
| Malaysian Ringgit | 5.2038 | Buy Now |
| New Zealand Dollar | 1.944 | Buy Now |
| Norwegian Krone | 10.271 | Buy Now |
| Polish Zloty | 5.0758 | Buy Now |
| Singapore Dollar | 2.0539 | Buy Now |
| South African Rand | 17.621 | Buy Now |
| Sterling | 1.0 | Buy Now |
| Swedish Krona | 11.259 | Buy Now |
| Swiss Franc | 1.5013 | Buy Now |
| Thai Baht | 52.403 | Buy Now |
| UAE Dirham | 6.0281 | Buy Now |
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