Latest news with #OceanFinance
Leader Live
21-05-2025
- Business
- Leader Live
DWP Universal Credit, State Pension, Child Benefit changes
Monday May 26 is the second bank holiday in May, where payments from the Department for Work and Pensions (DWP) won't be made. If you are due to receive a DWP benefit payment, you may find you receive it early. While this may be positive for some claimants, others may find it harder to budget, with longer until their next payment is due. Payments due on Monday 26 May will usually be made on Friday 23 May. If your payment is due on a different day, it will arrive in your account as normal and the amount you are due to be paid will remain the same. These are the benefits that may be affected by the two May bank holiday weekends: Attendance Allowance Carer's Allowance Child Benefit Disability Living Allowance Employment and Support Allowance Income Support Jobseeker's Allowance Pension Credit Personal Independence Payment (PIP) State pension Tax Credits Universal Credit While you may be paid earlier in some cases, the money will also have to last you longer, as payment dates will return to normal afterwards. Recommended reading: Fiona Peake, Personal Finance Expert at Ocean Finance, says: 'Getting your money on Friday instead of the Monday might feel like a win going into the long weekend, but it means you'll have three extra days to stretch it. "That can throw your budget out, especially if you're living week to week. It's not always easy to hold back spending when your account's just been topped up but blowing through your benefit early could leave you short when it really matters. 'Most benefits hit accounts in the early hours, but if yours hasn't arrived by midday Friday, check your bank again before panicking. If nothing shows up, get on the phone. Don't wait until after the bank holiday when lines will be jammed. Contact Universal Credit, PIP or your relevant benefits line before 5pm Friday so there's still time to get help. 'Some people get caught out by thinking they'll always get their benefits early around a bank holiday. That's not the case. If your next due date falls on a normal working day, your payment will be back to its usual timing and if you've spent early, you might already be playing catch-up.' Five easy ways to make your money last over the bank holiday Freeze your card on payday: 'Sounds extreme, but if you've got a habit of splurging as soon as money lands, hit pause," says Fiona. "Most banking apps let you freeze your debit card instantly. It gives you a cooling-off period before impulse buys.' Treat Friday like Monday: 'Don't think of the early payment as a bonus. It's not. Treat Friday 23 May like it's your usual payday and plan your week as normal.' Check your direct debits: 'The early payment might not line up with when your bills go out, and that can leave you short just as rent or utilities come calling. Log into your bank now and check your direct debit dates. Shifting them by a few days can help you avoid missed payments and overdraft charges.' Stock up on cupboard staples: 'If you've got a bit of wiggle room, grab extra essentials like pasta, rice, and tinned goods. That way, if money's tight in the last few days before your next payment, you've got back-up.' Use the 'spare change' trick: 'Round up every spend to the nearest pound and stash the difference using an app or savings pot. It might only be a few quid, but it adds up fast and it's perfect for emergencies.' How about other bank holidays in 2025? These are the bank holidays in 2025, and the expected payment dates. (Image: DWP) Public holidays in Scotland and Northern Ireland Your payment might be delayed if the bank is closed for a public holiday on the day HM Revenue and Customs (HMRC) pays you. Local holidays in Scotland Your payment might be delayed because of local holidays if you live in the following places: Glasgow - local holiday on 29 September Edinburgh - local holiday on 15 September Dundee - local holiday on 6 October Check with your bank for the date you'll get your payment.
Daily Mirror
15-05-2025
- Business
- Daily Mirror
DWP update about letter going out about 2026 state pension change
Key changes to state pension eligibility are coming in from next year The DWP has released a statement about an important change to the state pension coming in from next year. Starting from April 2026, the age when you can claim your state pension will gradually increase from the current 66, up to 67. The retirement age will become 67 by April 2028. In light of the change, the DWP was asked if it had notified people soon to reach state pension age of the change. A DWP spokesperson said: "People reaching state pension age between April 6, 2026 and April 5, 2028 should have already received a letter from the DWP." The department said that people reaching state pension age between these dates would have been sent the letter between 2016 and 2018. The DWP also said: "People can use the Check Your State Pension tools on at any time to find out when they can claim state pension." The Government website has a state pension forecast tool you can use to check your state pension age as well as how much state pension you are on track to receive. Officials from the DWP are also seeking to notify people of the change in the state pension age through advertising campaigns and digital tools. Fiona Peake, personal finance expert at Ocean Finance, encouraged people to check their state pension age so they can be sure when they can claim their payments. She said it's worthwhile checking so that you don't suddenly find out you have to wait longer than expected. The expert said: "If you were expecting to get that money from a certain date and it turns out you won't, you could be left with a gap of hundreds or even thousands of pounds depending on how long you need to wait. This can hit particularly hard if you don't have much in private savings or if you've already started slowing down at work - you may have to dip into your savings sooner than planned or carry on working longer to cover everyday costs." The full new state pension is currently £230.25 a week, after payment rates increased 4.1% in April in line with the triple lock. You typically need 35 years full National Insurance contributions to get the full new amount. Matthew Parden, CEO of savings provider Marygold & Co., also spoke about the importance of checking your state pension age. He explained: "Understanding your state pension age allows you to assess whether there's likely to be a gap between leaving employment and receiving the state pension. "If so, it's essential to consider how you'll cover living costs in that period — whether through personal savings, private pensions, or other income. By checking early, people can make informed decisions and avoid financial surprises later on, particularly as retirement planning often involves long-term commitments and careful timing."
Daily Record
12-05-2025
- Daily Record
Expert issues scam website alert for anyone who needs travel card
UK tourists have been warned to be on the lookout for a scam that could catch out holidaymakers People have been urged to research deals before booking trips after over £11 million was lost to holiday fraud in 2024. Siobhan Blagbrough, Financial Crime Manager at Ocean Finance, explained: "Everyone's looking for a bargain break, and that makes us more likely to rush into things without checking the details properly. "Fraudsters take advantage of the seasonal demand by posting fake listings, posing as landlords or travel agents, and demanding upfront payments for holidays that don't exist." The expert also issued an alert over a Global Health Insurance Card scam, warning: "We're also seeing people being tricked into paying for Global Health Insurance Cards (GHICs), which are free through the NHS." The NHS website explains that you can apply for a card for free. It says: "The UK Global Health Insurance Card (GHIC) lets you get necessary state healthcare in the European Economic Area (EEA), and some other countries, on the same basis as a resident of that country (...) A UK GHIC is free and lasts for up to 5 years. Apply for your new card through the NHS website. Avoid unofficial websites – they may charge you a fee to apply." However, scammers could target holidaymakers applying for a card, and it's one of several methods known to be popular with fraudsters, reports the Mirror. Siobhan said: "The most common trick is to pile on the pressure, scammers love using urgency to force quick decisions. If a deal seems too good to be true, take a step back and research before you book." Below, the expert highlighted five of the biggest holiday scams to look out for. Fake accommodation listings Siobhan said: "Fraudsters will post holiday homes that don't exist or aren't available for rent, taking payments upfront before disappearing. These listings often appear on social media or lesser-known websites. Always double-check the listing by running a reverse image search and booking through trusted platforms." Clone comparison sites "Some scammers go to great lengths to build fake versions of well-known holiday comparison or airline sites. They look almost identical but are set up purely to steal your payment details. Double-check the web URL and look out for subtle misspellings or unusual domain names," the expert warned. Bogus travel agents "You might get a message from a 'travel expert' offering a last-minute deal that feels too good to ignore. They may even send what looks like a real booking confirmation," the expert revealed. "But behind the scenes, there's no flight or hotel reservation. If they insist on a bank transfer or pressure you to book fast, walk away." Social media bargains Siobhan continued: "Many scammers use Facebook or Instagram to post holiday deals, but clicking through often leads to fake booking pages or demands for advance payments. They might say 'only two spots left' or 'another family is interested', but this urgency is all part of the scam." Fake GHIC websites "Applying for a Global Health Insurance Card (GHIC) through the NHS website is free, but scam websites sometimes charge a £30 - £40 fee to 'process' your application. These fake sites look professional and often rank high on search results, so it's easy to be fooled," the expert said. How to protect your money Siobhan advised sticking to trusted sites and companies and paying by credit card for extra protection. She said: "Book through well-known companies and pay inside the platform using a secure method. Once you go outside those platforms, you lose the protection they offer. If someone asks for a bank transfer or says they'll give you a better deal if you pay privately, that's a big red flag." Siobhan added that you shouldn't ignore warning signs. "If a deal looks unusually cheap for the time of year or destination, slow down and look a bit closer. Check whether the company is part of a recognised travel association like ABTA or ATOL. Even searching the company name with the word 'scam' can bring up useful results," she explained. The expert said: "If you think you've been scammed, act fast. Contact your bank straight away - if the payment hasn't gone through yet, they might be able to stop it. If it has, they can talk you through what to do next. It's also important to report the scam to Action Fraud and Citizens Advice, and if the scam came via email, forward it to report@
Daily Mirror
12-05-2025
- Daily Mirror
Expert issues travel alert over Global Health Insurance Card scam
The advice comes from a Financial Crime Manager, who explained how scammers are targeting holidaymakers An expert is urging Brits to research deals before booking vacations after over £11 million was lost to holiday fraud in 2024. Siobhan Blagbrough, Financial Crime Manager at Ocean Finance, explained: "Everyone's looking for a bargain break, and that makes us more likely to rush into things without checking the details properly. "Fraudsters take advantage of the seasonal demand by posting fake listings, posing as landlords or travel agents, and demanding upfront payments for holidays that don't exist." She also warned against a Global Health Insurance Card scam, adding: "We're also seeing people being tricked into paying for Global Health Insurance Cards (GHICs), which are free through the NHS." As per the NHS website,"The UK Global Health Insurance Card (GHIC) lets you get necessary state healthcare in the European Economic Area (EEA), and some other countries, on the same basis as a resident of that country (...) A UK GHIC is free and lasts for up to 5 years. Apply for your new card through the NHS website. Avoid unofficial websites – they may charge you a fee to apply." Unfortunately, it's not the only scam aimed at UK holidaymakers. Siobhan said: "The most common trick is to pile on the pressure, scammers love using urgency to force quick decisions. If a deal seems too good to be true, take a step back and research before you book." Below, the expert shared five of the biggest holiday scams to watch out for. Fake accommodation listings Siobhan warned: "Fraudsters will post holiday homes that don't exist or aren't available for rent, taking payments upfront before disappearing. These listings often appear on social media or lesser-known websites. Always double-check the listing by running a reverse image search and booking through trusted platforms." Clone comparison sites "Some scammers go to great lengths to build fake versions of well-known holiday comparison or airline sites. They look almost identical but are set up purely to steal your payment details. Double-check the web URL and look out for subtle misspellings or unusual domain names," the expert warned. Bogus travel agents "You might get a message from a 'travel expert' offering a last-minute deal that feels too good to ignore. They may even send what looks like a real booking confirmation," the pro explained. "But behind the scenes, there's no flight or hotel reservation. If they insist on a bank transfer or pressure you to book fast, walk away." Social media bargains Siobhan said: "Many scammers use Facebook or Instagram to post holiday deals, but clicking through often leads to fake booking pages or demands for advance payments. They might say 'only two spots left' or 'another family is interested', but this urgency is all part of the scam." Fake GHIC websites "Applying for a Global Health Insurance Card (GHIC) through the NHS website is free, but scam websites sometimes charge a £30 - £40 fee to 'process' your application. These fake sites look professional and often rank high on search results, so it's easy to be fooled," the expert said. How to protect your money Siobhan suggested sticking to trusted sites and companies, paying by credit card for extra protection, and not ignoring warning signs. "If a deal looks unusually cheap for the time of year or destination, slow down and look a bit closer. Check whether the company is part of a recognised travel association like ABTA or ATOL. Even searching the company name with the word 'scam' can bring up useful results," she said. The expert added: "If you think you've been scammed, act fast. Contact your bank straight away - if the payment hasn't gone through yet, they might be able to stop it. If it has, they can talk you through what to do next. It's also important to report the scam to Action Fraud and Citizens Advice, and if the scam came via email, forward it to report@
The Independent
22-04-2025
- Business
- The Independent
Experts explain what happens to your pension when you die
Planning for retirement often focuses on maximizing income, but the fate of pensions after death is a crucial, yet often overlooked, aspect of estate planning. While the state pension typically ends upon death, understanding the nuances of different pension types and potential survivor benefits is essential for ensuring your wishes are met. The basic state pension, available to those 66 or older who've made sufficient National Insurance contributions, generally isn't inheritable. However, complexities arise with the Additional State Pension, applicable to men born before April 6, 1951, and women born before April 6, 1953. This additional component may have different rules regarding inheritance, highlighting the need for personalized advice. A surviving spouse's own National Insurance contributions and any deferred pension payments can also influence what, if any, benefits continue after a death. For clarity on your individual situation and to ensure your estate plan accurately reflects your wishes, contacting the Pension Service directly is highly recommended. They can provide tailored guidance based on your specific circumstances. Here, experts explain what generally happens to your pension after death. A few scenarios to consider Inheritance rules regarding the state pension can be complex, varying depending on individual circumstances. While the state pension generally isn't inheritable, certain situations allow for spouses or civil partners to receive additional benefits. If death occurs before reaching state pension age, a surviving spouse or civil partner who hasn't yet reached pension age may be eligible for additional pension benefits. For those who pass away after reaching state pension age, the rules differ depending on the pension system. Under the pre-2016 system, if the deceased received the Additional State Pension, their partner might inherit a portion of it. Those on the post-2016 system may be entitled to increased pension payouts. If the state pension was deferred and hadn't been claimed before death, the surviving spouse or civil partner may receive a lump sum payment or increased payments on their own pension. It's important to note that the state pension is typically linked to an individual's National Insurance contributions and therefore doesn't automatically transfer to a spouse or partner upon death. What happens to private pensions when you die? Private pensions work very differently, and in many instances can be passed on to a beneficiary or beneficiaries in the event of your death. There are two kinds of workplace pensions, however, and it's important to understand what they are, how they work, and how passing them on can differ. 'Workplace pensions come in two main types: defined contribution (DC) and defined benefit (DB),' explains Fiona Peake, personal finance expert at Ocean Finance. 'With a DC pension, it's all about the pot of money you've built up. If you pass away before age 75, your beneficiaries can usually access this money tax-free, as long as it's paid out within two years. After 75, they'll likely need to pay income tax on any withdrawals at their own rate.' An important element here is in whether beneficiaries have been nominated. If they have, either by informing your pension provider or by naming beneficiaries in your will, they will typically receive your DC pension under the conditions Ms Peake has explained. In cases where no beneficiary has been named, the pension provider may decide where it goes on your behalf and it will typically be endowed to your estate. Under these circumstances, the funds would be eligible for inheritance tax, depending on the total value of your estate. If you've already begun drawing your private pension, the ways it can be passed on will be affected by how you decided to access it. If you chose a drawdown option, in which the bulk of your money remains invested while you withdraw what you need, anything remaining in your fund can usually be inherited by a beneficiary. 'Lump sum payments or setting up an income for beneficiaries are both common options,' says Ms Peake. For those who opt for annuities, however, the terms can be more limiting. 'If you've bought an annuity with your pension, it's important to check the terms,' Ms Peake continues. 'A basic annuity stops paying out when you die, but if you've got a joint or guaranteed term annuity, there might be payments that continue to your spouse, partner, or dependants.' That's defined contribution pensions covered, but what about defined benefits pensions? DB pensions, sometimes known as final salary pensions, provide a continued, guaranteed income rather than a money pot from which to draw. 'When you pass away, some schemes might pay a percentage of this income to your spouse, partner, or dependants,' explains Ms Peake. 'The exact rules depend on the scheme, so it's worth checking with your provider to see what applies.' If you have a DB pension in place but your spouse or civil partner is not listed with it, it will typically stop upon death unless that particular scheme allows for continued payments to your children or other dependants. Regardless of the type of private pension you have, it's important to name your beneficiaries and keep that information up to date. 'One area where people can sometimes lose out is forgetting to nominate a beneficiary for their pension,' says Ms Peake. 'Most workplace pensions let you name who you'd like to benefit from your pension when you die, and it's something you can usually update if your circumstances change. For example, if you've divorced or remarried, you might want to revisit this to make sure it reflects your wishes.' Looking forward Pension rules face a significant overhaul in April 2027, impacting how they are taxed after death, according to Joshua White, Head of Growth at Level. Currently, most unused pension funds are exempt from inheritance tax, but this will change. From April 2027, these funds will be included in the value of an estate for inheritance tax purposes. This change will particularly affect individuals on defined benefit schemes. Those on defined contribution pensions will be less impacted. The shift also has broader tax implications, especially concerning "fiscal drag", where frozen tax thresholds pull more people into the tax system due to wage inflation. 'Given current property prices and fiscal drag, we at Level estimate that around one million UK properties currently just below the inheritance tax threshold could become liable due to these changes. As property is often the main asset in an estate, this will bring many estates into the scope of inheritance tax for the first time,' Mr White says. 'It's clear from HMRC's consultation notes that this change is designed to prevent pensions from being used as a tax-planning tool rather than a means of providing for retirement. Executors and beneficiaries need to be aware of the potential tax implications and plan accordingly.' It is important to be abreast of upcoming changes and how they will impact upon your situation. If you're ever in doubt or need further guidance, it's never too late to get in touch with a financial adviser or pensions expert to assist with understanding your own circumstances, your options, and how you can pass on your pension when the time comes.
