How to improve your pension IQ: If you're as puzzled as the Bank of England's chief

Intelligent workers who are good with money and have long saved into a pension do not necessarily have a high 'retirement IQ' - despite an aptitude for handling money well. the Bank of England's chief economist Andy Haldane admits to being stumped and says he cannot make the 'remotest sense' of his retirement savings.

Tony Hetherington, Financial Mail on Sunday Readers Champion investigates.
byline pic.

In August last year I received a call from claims firm Falcon & Pointer Limited. It assured me it could get me money back from my bank because my bank had missold PPI.

Driverless cars coming possibly as early as next year

At an industry event last week to show off the cutting-edge technology being knitted together to create the fully-fledged driverless car, debate centred on what the developments will mean for owners in terms of insurance and the law. If a car is in an accident who or what is to blame if there is no driver at the wheel?

Employers are struggling to fill posts for engineers, nurses, developers, teachers and chefs, vacancy data for April from Adzuna's website reveals.

Television programmes: Countdown.
(L-R) SUSIE DENT, NICK HEWER and RACHEL RILEY.

TV presenter Nick Hewer - host of Countdown and formerly an aide to Lord Sugar on The Apprentice - is the face of a new campaign to crack down on so-called 'boiler room' scams.

CITY FEATURE.\nSIR CHARLES DUNSTONE, FOUNDER OF CARPHONE WAREHOUSE IN HIS OFFICE AT TALK TALK.\n25-5-2016 PIC BY IAN MCILGORM

It's been a tough year for Sir Charles Dunstone. The chairman of mobile group TalkTalk faced a reputational crisis when the company admitted a major data leak.

The MV Pride of Dover is a cross-channel ferry.
Multi-purpose passenger ferries .
dover

A spokesman for Eurotunnel said that there were no cancellations due to the strikes and that bookings - especially last-minute ones - were actually up on last year.

Like
MailOnline

Follow
@MailOnline

   

DON'T MISS

Matchless revs up £5m bond: Bid to revive one of Britain's oldest motorcycle marques

A mini-bond is being sold to small investors through the online finance platform Karadoo. Investors in the Original Matchless Motorcycle Company will receive 6 per cent annual interest for five years.

Prince Harry standing in front of an Apache Helicopter, taken while he was in the French Alps on his Mountain Flying training in March 2011. 

Press association photo. Issue date: Thursday June 16, 2011. Prince Harry has been cleared to be redeployed to Afghanistan and could return next year, it was reported today. The Ministry of Defence (MoD) would not comment on the reports but the 26-year-old Apache helicopter pilot is thought to be keen to return to the country after his first tour of duty was cut short in 2008. See PA story ROYAL Harry. 

Photo credit should read: Clarence House/PA Wire


NOTE TO EDITORS: This handout photo may only be used in for editorial reporting purposes for the contemporaneous illustration of events, things or the people in the image or facts mentioned in the caption. Reuse of the picture may require further permission from the copyright holder.


Undated Clarence House handout photo

The Army is understood to have recommended the Government buy the Apaches, famously flown by Prince Harry, 18 months ago, but it was delayed after lobbying from AgustaWestland.

GOODFELLA'S DEEP PAN LOADED CHEESE
Picture - Rick Wilson  Dept. Femail  
Food Items good health - salt
charlotte dovey

According to staff representatives more than 1,000 workers have been drawn into a series of disputes over pay at Britain's biggest food producer, Birmingham-based 2 Sisters.

The new five pound note, which will be unveiled at Blenheim Palace on Thursday, will be printed on the thin and flexible plastic polymer and will be almost impossible to destroy.

A view of the Tata Steel processing plant at Scunthorpe which may make 1200 workers redundant on October 19, 2015 in Scunthorpe, England. Up to one in three workers at the Lincolnshire steel mill could lose their jobs alongside workers at other plants in Scotland. Tata Steel UK  is due to announce the Scunthorpe job losses this week.  
(Photo by Christopher Furlong/Getty Images)

The deal to rescue the Scunthorpe site was first announced in April, but this week the new owners formally take control of the operation.

image001.png

Now restaurants, coffee shops, hotel bars and even minibars are in the sights of small brewers. The Society of Independent Brewers already delivers beers from 550 brewers to pubs.

As continental subsidies soar, car maker asks why can't we do the same?

A study by leading economic research group Oxera shows that Britain spent on average €95 (£70) a year per head of population on state aid to business and industry between 2009 and 2014, compared with €235 in France and €240 in Germany.

These lively but still relatively sensible models present the best of both worlds, with their cooking powertrains, accomplished chassis, five-seat cabins and everyday practicality. But which one wins?

What will you do with pension freedom - spend, hoard or dither?

An in-depth study of over-55s following pension freedoms reveals many people struggle to make a decision, while others are switching money into savings accounts and buy-to-let property, or simply eager to 'treat' themselves. Take a quiz to find out what kind of pension 'personality' you are, and what that could mean for your financial security in old age.

Journalist Simon Watkins

Millions of us are not saving enough for our retirement despite every government for the past 20 years introducing laws which they argue will make pension saving more attractive.

Mail on sunday finance writer Sally Hamilton.  
Byline pic

Millions of people with final salary pension schemes had better steel themselves. Plans are afoot that could seriously damage their retirement incomes.

Is it time to cash in your buy-to-let? We look at whether the figures still add up

Off the back of a tax squeeze, landlords may be thinking of quitting life in buy-to-let altogether. But is selling up and cashing in any profits a wise move? We take a look at what questions investors need to be asking themselves before taking a decision about the future direction of their property portfolios.

A general view of for sale signs outside a block of flats. Confidence in the housing market has fallen to its lowest level for two years as people worry about Government spending cuts and the ongoing problems in the mortgage market, a survey suggested today. PRESS ASSOCIATION Photo. Issue date: Monday January 10, 2011. Only 54% of homeowners think house prices will increase in the coming six months, down from 81% a year ago and 63% just three months earlier, according to property website Zoopla.co.uk. See PA story MONEY House. File photo dated 12/10/2010. Photo credit should read: Rebekah Downes/PA Wire.
Embargoed to 0001 Monday January 10

I don't want my ex-wife to find out how much I paid for my new home. Is there any way I can keep the price off all those nosey websites that allow you to look up what homes have been sold for?

A row of houses lies in sight of Canary Wharf viewed from south London on January 22, 2009 in England. The number of repossession orders is up 92 per cent in the third quarter of 2008 compared to the same period in 2007.  

LONDON, ENGLAND - JANUARY 22:  
(Photo by Peter Macdiarmid/Getty Images)

Low interest rates are inflating the housing bubble, with the price of homes currently to more than six times average earnings, close to its pre-financial crash peak, according to research.

MIDAS SHARE TIPS: Our festival food tip Acal cools in global downturn… but growth

The summer festival season is under way, luring the young and not so young to fields and campsites around the country in search of music, fun and escapism. Increasingly, festival-goers expect decent food as well, from basic burgers to sophisticated gourmet offerings.

McLaren Honda's British driver Jenson Button practises a pit stop during the first practise session of the Formula One Australian Grand Prix in Melbourne on March 18, 2016. / AFP / PETER PARKS        (Photo credit should read PETER PARKS/AFP/Getty Images)

Terrorism attacks have dented enthusiasm for certain destinations, such as Turkey and Tunisia, and the Brexit referendum may be causing some people to delay holiday decisions.

Online bank fraud victims could lose refunds in potential new laws

Victims would be told it is their fault if their computer software is out of date, they use the same password for several online accounts - or if they are tricked by con artists into giving details. Currently, banks are supposed to cover all fraud losses unless they have proof the customer was 'grossly negligent'. The new rules could prevent vast numbers of victims claiming a refund. Last night experts branded the proposal a scandal.

sterling4.jpg

A recent rally in the pound has sparked the surge, with leading foreign exchange firms reporting some of their highest traffic of the year.

Why the only way is ethics for fashion: New online service aims to improve reputation of

Website Mysource.io will link fashion groups with ethical suppliers and offer advice and training to buyers as part of a campaign to stamp out practices that have tarnished the industry's reputation. The issue of exploitation by Western fashion groups shot to the top of the public agenda three years ago after 1,135 workers died in the collapse of the Rana Plaza factory in Dhaka, Bangladesh.

Austin Reed - mens fashion promotion.

Hermes Real Estate Investment Management wants to buy back the lease so it can re-let the store to a tenant at a higher rent, according to well-placed sources.

Documents seen by the Daily Mail show changes to the £15bn Tata-sponsored pension fund are part of a package of perks drawn up by David Cameron.

Instead of wasting his time sending billet-doux to Tata boss Cyrus Mistry, David Cameron should call on Julian Allwood, the Cambridge engineering academic, for a tete a tete.

In or out? Two of Dragons' Den's biggest stars roar into referendum debate

The BCC's poll of 2,200 leading business people found that 54 per cent would vote to remain in the EU, while 37 per cent would vote to leave - with 9 per cent undecided. This is a dramatic tightening since the BCC's February survey, which had those opting to remain on 60 per cent and those wanting to leave at 30 per cent, while 10 per cent were undecided.

WPP 'Don't Ignore the workplace pensions' Advert.\n'Workie' is the face of the new pensions campaign

The figures have been revealed following a Freedom of Information request by law firm Clyde & Co. It found the regulator had launched more than 8,800 enforcement actions over the year.

Could where you launch your new business be more important than you think? Map reveals start-up survival rates across UK cities - and the results might surprise you.

Britain's most popular homes and how you'd need to be a property millionaire

You'd need to be a property millionaire or be earning a generous salary before you could snap up one of Britain's most popular properties this month. They include a new build in London costing £11,750,000 - which has doors that are unlocked using fingerprints - and a £3million Herfordshire home with the latest technology - including an interactive games room with a golf simulator.

Many supermarkets were selling unleaded at just over £1 a litre as recently as March, but the price has leapt to £1.10 and is set rise further through the summer.

Ian Duncan Smith who has vowed to fight European Commission demands to ease restrictions on immigrants' access to benefits. PRESS ASSOCIATION Photo. Issue date: Thursday May 30, 2013. See PA story POLITICS Benefits. Photo credit should read: David Jones/PA Wire

IDS said that planned EU directives on solvency and harmonisation for pension schemes could still be passed without the UK support and would cost British pensioners £400billion.

The end of gazumping?

At times of runaway property prices, gazumping in Britain reached near-epidemic proportions. Even now the market is comparatively stable, people still gazump others with such depressing regularity that the Department of Business, Innovation & Skills is considering outlawing the practice. Officials have privately met senior figures in the National Association of Estate Agents with a view to seeing whether best practice in Scotland - where gazumping is virtually unknown - can be introduced in England and Wales.

More than three quarters of SME owners say they will be working this bank holiday Monday, while four in 10 argue public holidays have become irrelevant to modern business needs.

Woman applying tile to wall
itf171023
woman
applying
tile
to
wall
full
color
home
indoors
model
free
caucasian
cd171
home
improvement
remodeling
improvement
renovating
do
it
yourself
do
it
yourself
craftsmanship
adult
smiling
woman
brunette
one
person
alone
tile
bathroom
sink
fix
fixing
lavatory
basin
faucet
bathroom
tile
standing
renovate
simon
murrell
worker
23209031

Some 70 per cent said they would prefer to buy a home in need of some DIY than one ready to move in, according to a survey of 1,600 people by property website Zoopla.

Is it still worth paying off your mortgage early?

Pay off your mortgage as soon as you can. That tip has stood for years as a cornerstone of financial wisdom. The idea was that while you might have traditionally taken out a 25-year mortgage, the wise thing to do was overpay and get it cleared as soon as possible. But this is coming under attack from lenders and low rates, so is it still wise?

Larsson & Jennings is the new watchmaker on the block. It already has celebrity fans including Suki Waterhouse. We found out how Alex Jennings built his business.

If you won a six-figure weekly salary, what would you buy first? If you are a young footballer chances are it's a supercar. Now, a new course has been set up to teach them to drive safely.

Top Gear host Chris Evans reveals his five 'best of British' cars

The Nissan Qashqai, Honda Civic and Vauxhall Astra are all built in Britain. However, you won't find those in this list of the best British cars of 2016, selected by the new Top Gear host. His picks include a car you won't ever be able to buy, two limited edition models that cost in excess of £90,000 and a pair that are almost too extreme for UK roads.

The Yorkshire BS loan is the lowest rate across fixed and variable, and is well below the average for a 65 per cent loan-to-value mortgage, which stands at 2.02 per cent, according to Moneyfacts.

How much extra would you be prepared to pay to live close to the best local school? Analysis suggests English families are paying almost £44K more on average to live close to outstanding primaries.

Investing Show: Tips to build an investment portfolio and make yourself richer

Investors are regularly told that they need to asset allocate, build a balance portfolio and think long term - but how do you do that? Justin Urquhart Stewart, of Seven Investment Management, gives us his tips. He includes topics from how to asset allocate, to how to target what you see as growth areas and why a combination of both passive and active funds can be a wise move.

bm-homestore-exterior.jpg

The group, which listed in 2014 and has former Tesco boss Sir Terry Leahy as its chairman, has more than 3.3million customers a week at its 500 stores in the UK.

A widow unwittingly transferred £3.2k straight into a fraudster's bank account after falling victim to yet another type of telephone fraud in an epidemic sweeping the country.

Can I dispute will of a deceased relative preyed on by family member?

He suddenly kept turning up on my relative's doorstep prior to her death after ignoring her for years, redid her will to leave all assets to his own wife and appointed himself executor. By the time family members had been informed of the death, he and his wife had the house cleared out and all family items sent to an auction, and had a fast funeral with no announcement or attendees apart from him and his kids. We have no idea how much the assets were worth but there were valuable paintings, antiques and at least £50,000 in cash. Is this legal and what action can be taken?

In this low-income world it can be hard to find mainstream investments paying a significant yield. Stifel has compiled a list of 19 investment trusts with a yield of more than 4 per cent.

Thomas Cook under-occupancy charges ate up half our £1,900 Florida villa discount

It was only after I had booked the Florida villa holiday with Thomas Cook that I was made aware that while the price quoted was what I would pay, it included an under-occupancy fee that I hadn't known about. When the booking confirmation came through, I had been charged six under-occupancy fees totalling £984. Is this fair?

A Sotheby's employee holds Lesedi La Rona diamond on Tuesday, May 3, 2016 in New York City. 

The diamond the size of a tennis ball that is the largest discovered in more than a century could sell at auction for more than $70 million. Sotheby's says it will offer the Lesedi la Rona diamond in London on June 29.  

(Donald Bowers/Getty Images for Sotheby's, via AP)

A survey has revealed that more than a quarter, or 27 per cent, of over 55s who were victims of investment fraud had put their money in unauthorised firms selling such products.

Another 40 Wetherspoon pubs added to big UK branch sell-off

The cut-price pubs group revealed a list of 34 premises it was seeking buyers for in November and five of those remain on this list of 45 (see below).

Financial Ombudsman reveals the biggest gripes about pension freedoms

Frustrated savers have lodged nearly 500 official complaints over new pension freedoms since the reforms were launched in Spring 2015. Around one in 10 complaints the Ombudsman gets about pensions nowadays involves a dispute about the new freedoms, which are aimed at allowing over-55s access to retirement pots to spend, save or invest the money as they wish.

Pensions Road Sign against threatening clouds.


ABBTCX

Lord Adair Turner, who headed the Financial Services Authority, will argue at a Government pensions review that the age should be raised to cut costs.

Old people / couple (figurines) - sitting on a pile of money coins - savings / bills / financial / investment / pensions concept.
BH2YX5 
savings, money, finance, pensions, savings, money, finance, pensions, retirement, coins, pensioners, future, security, insurance, savings, money, finance, pensions

Many retired savers have signed up to drawdown plans. Your money stays invested and a small amount is taken as income each month. But how much should you withdraw at a time?

The 10 popular cars with the biggest dealer discounts

Haggling over the price of a new motor can be uncomfortable for some, but get yourself armed with the right information and the task can become a lot easier. So if you need some ammunition to help you negotiate a saving on a new car, online seller AutoeBid has revealed the top 10 discounted models to us - with savings of up to 28 per cent on some new cars.

A litter-filled interior is far from the worst thing mechanics have to face. Kwik Fit has revealed its oddest finds, including hamsters which inspired a new advert (pictured).

Top 10 most economical cars on sale according to real-world mpg tests

You can't always rely on the fuel efficiency figures that manufacturers are reproducing. But these are the most economical cars based on tests carried out on real roads. All the cars in this list have also scored at least four out of five stars in tests carried out by What Car? magazine.

According to new data released on Wednesday, nearly 150,000 models were built at British car factories in the fourth month. However, just over 27,600 of these were for UK buyers.

The British-built lightweight Lotus Elise has been crowned 'Readers' Champion' topping a league of the 50 best cars to drive chosen from an expert list.

How do I work out compound interest?

Albert Einstein called compounding the eighth wonder of the world. It's a simple but extraordinarily powerful force that anyone saving for their future or going into debt should understand, says Tom Stevenson of Fidelity International. He explains how to work it out and apply it when you're making real life money decisions.

Bellhop (Clipping Paths Included)

Every country has different customs about when you should tip and how much you should leave. it can be different if you are paying for a meal, taxi, room service or just a drink at the bar.

Branch of Nationwide building society in London.

B5ARD3

Nationwide is set to launch mortgages that allow young people to get on the housing ladder by using wealth tied up in their parents or grandparents property.

Find out how much rent your spare room could make you

With rents rising, Britons across the country could rake in a small fortune renting out their spare room. London is known as the priciest region in the UK, but elsewhere in the country room rents are increasing much quicker than they are in the capital, SpareRoom.co.uk exclusively revealed to This is Money. Excluding London, room rents across the UK have risen by 5.01 per cent in a year, compared to 1.63 per cent in the capital.

ITunes - app

Rather than asking for bank details, which would sound alarm bells, they tell people to buy an iTunes gift card and then the scammers ask for its barcode.

New buyer demand slumped 46 per cent in April, said national estate agency Haart and its boss warned sellers need to now be 'more realistic with their asking prices.'

The best credit cards for spending, holidays, rewards or clearing your debts

Whatever you are thinking of doing with your finances in 2015, if it is going to involve a credit card, then it is essential that you get the right one. Are you planning on a big spend? Do you need to clear your debts once and for all? If used correctly, credit cards can help you save money and earn rewards. We have scoured the market and picked out what we believe are the best credit card deals to help you make the most of your money.

New Top Gear host Chris Evans reveals his top family hatchbacks

Practical, capacious and easy to live with - the family hatchback has a distinctive criteria set to match-up to. Here are the models that did - and didn't - float the boat of Top Gear's new front man, Chris Evans, when he drove them during the last year.

50 ways to save money....

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.

Pick the best (and cheapest) investment Isa platform

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.

spt_Cape 3.JPG

We highlight the world's cheapest and most expensive stock markets, measured on three popular valuation tools and where the UK sits.

L Board sign on the rear of a blue saloon car , UK

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: Dividends can deliver both a healthy boost to long-term growth and a way to earn from your investments.

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.

On the up: Emerging markets such as Brazil are where much of the world's growth is expected to be over future years.

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

When will UK interest rates rise?

George Osborne's continued austerity revealed in his 2016 Budget is likely to keep rates on hold for longer. Inflation expectations have been revised down for 2016 to 0.7 per cent, while Brexit uncertainty and slow global growth are also playing on rate-setters' minds.

Banking customers typically stick with their current account provider for an average 15 and a half years. But signing up for a new account can get you a much better deal. Here's how to switch

House prices: What to expect - news and predictions

Nationwide says there was a 'mixed picture' across the regions in the third quarter of 2015, with the rate of house price growth accelerating in southern England and particularly London, but slowing down in the Midlands and most northern areas.

Ten tips for buy-to-let

For many buy-to-let looks an attractive income investment in a time of low rates and stock market volatility. Climbing house prices, rising rents and improving mortgage deals are tempting investors - although they will need a big deposit. Read This is Money's top ten buy-to-let tips

TIPS, TOOLS AND HELP FOR LANDLORDS

Partner services

Landlord insurance

Quick, easy - compare and buy today

Find a mortgage

Buy-to-let rates and advice

Boiler cover

Insure your heating system for less

easyProperty.com

Find tenants - from £9.99

Compare your pay to the UK average across 350 professions

Musicians have seen pay rises averaging nearly 20 per cent in 2015, while cleaners are getting 17.8 per cent more, and window cleaners 12.3 per cent. Artists in general are earning 14.6 per cent more in 2015 than 2014, according to the huge annual data dump of pay scales by the Office For National Statistics highlights.

Premium Bonds winners

May 2016
Prize value Winning bond No. Area
£1,000,000 171EJ539324 West Scotland
£1,000,000 150PX626601 Surrey
£100,000 TR756652 Nottingham
£100,000 78EG320957 Northumberland
£100,000 70SQ047110 Essex
£100,000 209AK720567 Leicester
£100,000 171RJ541936 Hampshire and Isle of Wight
£100,000 14KT085181 Lancashire
£50,000 77AG074265 Mid Scotland and Fife
£50,000 33XT435809 Inner London
£50,000 22DR965024 Hampshire and Isle of Wight
More Premium Bonds winners

Poll

Would Britain be better off in or out of the EU?

Would Britain be better off in or out of the EU?

  • In 12475 votes
  • Out 47554 votes

Now share your opinion

  •  
  •  
   

MOST READ MONEY

Tourist rates

Currency Rate Buy now
Updated 29 May 2016.
Euro 1.2881 Buy Now
US Dollar 1.4342 Buy Now
Australian Dollar 1.9754 Buy Now
Canadian Dollar 1.8631 Buy Now
Chinese Yuan 9.2347 Buy Now
Croatian Kuna 9.4776 Buy Now
Czech Koruna 34.399 Buy Now
Danish Krone 9.4379 Buy Now
Egyptian Pound 11.331 Buy Now
Hong Kong Dollar 11.07 Buy Now
Hungarian Forint 396.02 Buy Now
Israeli New Shekel 5.3633 Buy Now
Japanese Yen 157.42 Buy Now
Malaysian Ringgit 6.2624 Buy Now
New Turkish Lire 4.16 Buy Now
New Zealand Dollar 2.1222 Buy Now
Norwegian Krone 11.773 Buy Now
Polish Zloty 5.5661 Buy Now
Singapore Dollar 1.9622 Buy Now
South African Rand 22.208 Buy Now
Sterling 1.0 Buy Now
Swedish Krona 11.753 Buy Now
Swiss Franc 1.4153 Buy Now
Thai Baht 50.379 Buy Now
UAE Dirham 5.25 Buy Now

Monthly Or Lump Sum Savings Calculator

Monthly savings plan

Find out how much a regular monthly savings scheme could make me.

Results
Or lump sum investments

Calculate how much a lump sum investment could be worth.

Result

Mortgage Affordability Calculator

Your monthly payment

Enter how much you plan to borrow and find out your monthly bill. Assumes interest calculated annually.

Result
Your total mortgage

Enter the amount you can afford to pay monthly (eg. your current rent) to find out how much you can borrow...

Result
Are you over-stretching

How much of your income goes on your mortgage?

Result