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Shining examples of the art of enamelling on show in London

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A short walk from Goldsmiths’ Hall in the City of London is the site of one of the most extraordinary hoards of jewellery and gemstones ever found. It was uncovered in 1912 beneath a row of buildings on Cheapside owned by the Goldsmiths’ Company. Among the pieces were some of the rarest examples of enamelled jewellery of the 16th and 17th centuries — gold chains embellished with enamelled floral links, as well as enamelled rings and pendants.

They were examples of a technique of fusing finely ground glass to metal and other materials that goes back to ancient Greece and is still being practised and reimagined by contemporary jewellers. And it is this tradition that is being celebrated at the ongoing Goldsmiths’ Fair, in a special exhibition to accompany the 2024 curated selection of some of the finest designers and contemporary metalsmiths working in the UK.

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The exhibition, in the Front Hall, which you pass through on the way to the selling fair, contains examples of the different ways enamelling techniques have been used in jewellery and hollowware since the 1960s — all drawn from the extensive Goldsmiths’ Company collection.

The Dark Crimson Underwing Moth pin (2021) — by Fred Rich, a veteran master of traditional enamelling techniques who works from a studio in East Sussex — is made with gold wire just 0.05mm thick, using a technique he calls “micro-cloisonné”. It is a relatively small piece among a glorious collection of exhibits that include rings, neckpieces and bracelets, as well as cups, beakers and bowls, but it holds the attention. As does the Sheila McDonald bird brooch (2011) — a quieter but no less memorable example of a different approach to enamelling.

Dark Crimson Underwing Moth pin (2021) by Fred Rich

A set of three floral brooches (2017) in enamelled silver, by Jonathan Boyd — an artist-jeweller who is also head of applied art at the Royal College of Art in London — show a darker, more modern intensity that represents a different approach to enamelling.

From the Front Hall the grand staircase leads up to the main rooms, where this year’s fair exhibitors are set up and where, in the second and final week of the event, there are interesting and covetable examples of the enameller’s art.

Among them is Yinglong Li, known for his mastery of plique-à-jour, where the enamel is applied in cells. It is similar to cloisonné, but without the backing, and is rather like stained glass. His recent ground­breaking research for his PhD at Birmingham City University’s School of Jewellery uses enamel as a bonding agent, as well as a decorative device, through the use of lasers.

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He calls his collection of brooches made using this technique MTG, inspired by “mind the gap” alerts on the London Underground. A silver grid of balls are connected by yellow, green, blue and red enamel that he describes as creating a “special shadow effect”. His designs are an attempt to integrate eastern and western cultures, while pushing the boundaries of what enamel can do.

Li’s eastern influences stem from China. Another exhibiting jeweller, Jane Moore, who also puts enamel at the heart of her work, finds her inspiration in Japan. Both countries have a tradition of fine, decorative enamelling going back centuries. “Simple traditional Japanese artefacts and textiles embellished with tiny floral motifs” have been the inspiration for her “decades of practice”, she says. Moore uses traditional enamel techniques alongside photo etching, laser cutting, and fine enamel transfers. The results are pieces featuring a rainbow of translucent enamel “jewels”, given life by textures and patterns created in their silver backing.

Emma Louise takes inspiration from the seascapes of the east coast of Scotland

Although Emma Louise Wilson finds her inspiration in the seascapes of the Aberdeen coastline, the delicate watercolour effects she creates for her silver and enamel brooches, rings and bowls have a Japanese feel to them, too. Through her jewellery and other pieces, she is trying to capture the feelings of “beauty and quiet solitude” these moody vistas of Scotland evoke. There is a timelessness to her work.

Enamel is all about colour and the most vibrant examples at this year’s fair are from Alice Cicolini, who has used traditional vitreous enamel in her designs, inspired by India, Persia, and the Silk Road. She has also led the way in reimagining the use of enamel in contemporary jewellery. She spent the past few years exploring the potential of “cold” lacquer enamel with Stanislav Reymer, her London-based enamel master.

Alice Cicolini’s designs are inspired by the art of the Silk Road © Alice Cicolini

“Stanislav is a tinkering genius and has developed a series of enamel techniques with me using this material,” says Cicolini. “I have never entirely understood the received wisdom that vitreous is a ‘high craft’ and lacquer enamel is in some way ‘lesser’ — it’s really about who uses it and what they choose to do with the material.”

Because lacquer enamel is not heat-fired, the colours do not merge together and that allows her to emulate the swirling pools of colour that are the distinguishing characteristic of marbled end papers that feature in some of her work.

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Inca Starzinsky’s collection is inspired by childhood dreams

The opportunity to play with colours, and merge and combine freely, that “cold” enamel offers, is also seen in the work of artist and jeweller Inca Starzinsky. Her Float collection is a colour-drenched celebration of childhood dreams, whose melting illusion gives the impression of floating shapes — some organic, others forming words — that belie the satisfying solidity of the brass and silver brooches, rings and bangles when you pick them up.

As with Cicolini’s work, colour is everything. Cicolini also amps up the impact of enamel with gemstones and this is also the case with Ingo Henn, whose 18ct white gold Radiance bangle is one of his standout pieces: alive with swirls of pink, red and blue enamel. For him, “rare coloured gems always form the focal point” and, in the case of the Radiance bangle, it is a shining rubellite cabochon stone.

Goldsmiths’ Fair runs to October 6

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EU to vote on import taxes on Chinese electric cars

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EU to vote on import taxes on Chinese electric cars

A pivotal European Union (EU) vote is set to take place later on whether to impose big taxes on imports of electric vehicles from China.

The move to introduce tariffs aims to protect the European car industry from being undermined by what EU politicians believe are unfair Chinese-state subsidies on its own cars.

Charges of up to 45% could be enforced on electric cars made in China for the next five years if EU members back the proposals, but there have been concerns such a move could raise electric vehicle (EV) prices for buyers.

The decision also risks sparking a trade war between Brussels and Beijing, which has condemned the tariffs as protectionist.

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China has been counting on high-tech products to help revive its flagging economy and the EU is the largest overseas market for the country’s electric car industry.

China’s domestic auto industry has grown rapidly over the past two decades and its car brands have began moving into international markets, prompting fears from the likes of the EU that their own companies will be unable to compete with the cheaper prices.

The EU imposed import tariffs of varying levels on different Chinese manufacturers in the summer, but Friday’s vote will decide if they are implemented.

The charges were calculated based on estimates of how much Chinese state aid each manufacturer has received following an EU investigation. The European Commission set individual duties on three major Chinese EV brands – SAIC, BYD and Geely.

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Figures show that in August this year, EU registrations of battery-electric cars fell by 43.9% from a year earlier.

In the UK, demand for new electric vehicles hit a new record, but sales were mostly driven by commercial deals and by big manufacturer discounts, according to the industry trade body.

EU members remain divided on tariffs. Germany, whose car-manufacturing industry is heavily dependent on exports to China, is unlikely to vote in favour of them.

German carmakers have been vocal in opposition. Volkswagen has said they are “the wrong approach”.

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However, France, Greece, Italy and Poland are likely to vote in favour of the import taxes. The EU’s proposal can only be blocked if a qualified majority of 15 members vote against it.

On Friday, SAIC – which owns the MG brand – said it would not change the price tags of its electric vehicles this year, regardless of the outcome of the vote.

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Abrdn’s plan to solve ‘vacuum’ caused by cost disclosure rule removal

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Abrdn's plan to solve ‘vacuum’ caused by cost disclosure rule removal

The recent announcement by the Treasury and the FCA that it will temporarily ban the “double counting of costs” for investment trusts was welcomed by the sector.

However, the immediate removal of the requirement to provide costs disclosures has left a “potential vacuum”, according to Abrdn.

The company has released a ‘Statement of Operating Expenses’ (SOE) template as an interim measure to deal with this issue.

The new template document is for disclosing expenses incurred by investment trusts.

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The Treasury also said it will lay out legislation to provide the FCA with the appropriate powers to deliver reform – the new Consumer Composite Investments (CCI) regime.

It said the new CCI regime will deliver more tailored and flexible rules to “address concerns across industry with current disclosure requirements, including for costs”.

The UK’s new retail disclosure regime is expected to be in place in the first half of 2025, subject to Parliamentary approval and following a consultation from the FCA.

Due to the time gap with the new regime not being in place until 2025, Abrdn said that “investors need clarity and consistency among data providers and publishers in the meantime”.

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Both Abrdn and industry campaigners have always been clear that the “end objective should be more transparency, not less”.

This is why Abrdn is suggesting the SOE as an interim measure.

Abrdn explained the SOE provides more “relevant and transparent information”, with the added advantage that the underlying data will have been audited, although the SOE itself will not be an audited document.

The SOE is the result of a consultation with data providers and industry participants over recent months.

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The rule, to “double counting of costs”, was inherited by the European Union (EU) and makes it appear that investment trusts are more costly to invest in than they actually are.

The disclosure rule required trusts to publish the costs of financing, operating and maintaining real assets.

However, many of these costs were already published in regular company updates and reflected in the value of the share price for all investment companies.

This “double counting of costs” is putting investors off, and an estimated £7bn a year is not being invested due to this issue.

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Association of Investment Companies chief executive Richard Stone labelled this issue “misleading” and that the cost disclosure regime was an “unnecessary hindrance to investment trusts”.

Abrdn head of investment companies Christian Pittard said: “The forbearance measures announced on 19 September were a huge leap forward for the investment company sector, but there’s a long way to go yet.

“A potential vacuum has been created by the immediate removal of the requirement to provide costs disclosures.

“There is yet to be agreement on what could and should replace the disclosures, and clarity could be months away.

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“Abrdn believes that the sector can and should improve cost disclosure for the benefit of investors.

“That’s why we are proposing a stand-alone cost disclosure template – a SOE, that Key Information Documents (KIDS) and factsheets could refer to.

“While the announcement on exempting investment trusts from cost-disclosure rules was hugely positive, we now see a risk that either an information vacuum on costs develops or conflicting information will emerge – creating confusion and eroding confidence among investors.”

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We save HUNDREDS on UK attraction tickets with our free Blue Peter Badge – yes they still exist and anyone can get one

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My family use Blue Peter Badges to save hundreds on days out in the UK

MY FAMILY saves hundreds on attraction tickets and days out using our Blue Peter badges.

Children between the ages of five and 15 can apply for a Blue Peter badge, which entitles the holder to free entry to over 200 UK attractions like museums, science centres, castles and zoos.

My family use Blue Peter Badges to save hundreds on days out in the UK

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My family use Blue Peter Badges to save hundreds on days out in the UKCredit: JENNA MAXWELL
My daughter gets free entry to attractions across the country using her Blue Peter badge

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My daughter gets free entry to attractions across the country using her Blue Peter badgeCredit: Jenna Maxwell

Personally, I grew up watching the likes of Anthea Turner and Konnie Huq on my TV screen.

The show is still going strong with presenters like Abby Cook, Joel Mawhinney and Shini Muthukrishnan still delighting a generation of children to this day.

There are nine different types of badges kids can apply for from silver, green and purple to the music, sports and book badges.

But the instantly recognisable blue badge is the easiest to get because it’s awarded to kids who send interesting letters, stories, pictures, poems and good ideas for the show.

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As soon as she was old enough my now 8-year-old daughter Sabrina, painted a beautiful picture of flowers in a vase and sent it off to the team.

Her badge arrived within three weeks along with a letter to apply for the badge’s ID card – you can’t get entry without this – and the ID card arrived shortly after.

As we live in Edinburgh, my daughter has used her badge for entry into Edinburgh Zoo countless times.

A standard child’s ticket for costs £17.20 on the door, so by using her badge we’ve saved hundreds over the years.

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The badge even works for entry during some special events such as character meet-and-greets, giving you more bang for your buck.

As frequent visitors to Dundee, we’ve also used the badge for entry into Discovery Point and RRS Discovery, saving us £9.50 a pop.

Exciting Family Day Out: Get Your Tickets Now!
The Blue Peter badge covers free entry to hundreds of attractions across the UK like Kew Gardens (pictured)

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The Blue Peter badge covers free entry to hundreds of attractions across the UK like Kew Gardens (pictured)Credit: PA

The best use of the badge has been during family staycations. One of our favourite attractions was the Jorvik Viking Centre in York, which includes a fun ride through a Viking village.

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Sabrina’s badge entitled her to free entry and, as my son is under 5, he was free too which meant we only paid for two adult tickets (£16.50 each), meaning it cost only £33 for a family of four instead of £55.

The best part about Jorvik is that every ticket is valid for 12 months after the initial visit so we could go every month for the next year and not pay any more than the initial £33.

The Tower of London, Kensington Palace, Kew Gardens and London Zoo are among the attractions included with a Blue Peter Badge.

Parents must be careful when booking though, as some sites are stricter than others and must be booked in advance.

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Some attractions will allow you to bring two children with badges per one paying adult whereas others insist on one child with a badge per one paying adult. Either way, you’re still saving money.

There are 200 attractions to choose from throughout the UK so savvy families can even plan their next staycation based on what attractions are included.

Sabrina has now had her blue badge for three years and is planning on applying to get her book badge – the latest in the collection which was designed by one of the UK’s best-known illustrators, Sir Quentin Blake.

This badge must be earned by sharing thoughts on a favourite book – something my bookworm daughter will be great at.

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With the October holidays on the horizon, it might be worthwhile getting your kids to apply now to start saving.

How to Apply for a Blue Peter Badge

IT’S free to request a Blue Peter badge – but you’ll need to get your kid involved.

Firstly, they need to be between five and 15 years old. You’ll need to read and accept all the information on the CBBC website about it too if your child comes up with the idea themselves.

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They’ll need to send a creative piece of art to Blue Peter, which might include a poem, story, artwork, model, recipe or a suggestion for the show.

There’s a full list of options on the CBBC website if you’d like to know more.

Once your child has chosen what they want to send, you’ll need to include the following alongside it:

  • your child’s full name
  • their date of birth
  • your home postal address and postcode (not their school address)

You’ll need to send it to: Blue Peter, MediaCityUK, Salford, M50 2BH

Travel writer Catherine Lofthouse has also used Blue Peter Badges to save hundreds of pounds on family days out.

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My daughter Sabrina (pictured) applied for a Blue Peter badge when she turned five

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My daughter Sabrina (pictured) applied for a Blue Peter badge when she turned fiveCredit: Jenna Maxwell
We use the Blue Peter badges on UK staycations

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We use the Blue Peter badges on UK staycationsCredit: Alamy

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Why are the British so reluctant to invest?

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Millions of people have five-figure sums sitting in cash, in spite of inflation’s corrosive effects

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How thousands of unpaid carers can unlock winter fuel payments and extra £2,370 a year

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Thousands of households have just hours left to claim £105 cost of living voucher

THOUSANDS of unpaid carers can unlock winter fuel payments, as well as £2,370.

People over the state pension age and who are on a low income can grab the benefits through Pension Credit.

Unpaid carers can unlock winter fuel payments, as well as £2,370

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Unpaid carers can unlock winter fuel payments, as well as £2,370Credit: Getty

The benefit will also entitle carers to the winter fuel payment this year, worth £300 – as well as the top-up “carer addition”.

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Charity Carers UK is encouraging pensioners to check their eligibility, as they could receive up to an extra £2,370 a year as well as housing benefit and council tax support.

Pension Credit is a weekly payment from the government to those over the state pension age who have an income below a certain level.

Unpaid carers may be eligible for a higher minimum amount because the carer addition is factored into the Pension Credit calculation.

But in order to get the carer top-up to Pension Credit, carers must first apply for a Carer’s Allowance.

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To claim this benefit, they must be spending at least 35 hours a week caring for someone with an illness or disability receiving a disability benefit such as Attendance Allowance or Personal Independence Payment (PIP) at the right levels.

It’s important to note that current benefit rules state that if someone’s State Pension is more than Carer’s Allowance, they cannot get the benefit.

But, carers still need to apply for Carer’s Allowance to get the addition so they can prove they have an “underlying entitlement”.

This would increase their chances of being eligible for Pension Credit and would increase the award.

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Rule changes announced in July mean that only pensioners who claim Pension Credit or certain other benefits will receive the £300 Winter Fuel Payment this year.

Could you be eligible for Pension Credit?

Carers UK says it is concerned that pensioners who are unpaid carers and on low incomes will struggle this winter if they don’t get the benefit.

It says that carers often face high social care costs and extra costs, like for travel when accompanying the person they care for to appointments.

The charity’s research shows that 20% of carers aged 65 and over live in poverty, compared to 13% of non-carers.

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Just 100,000 unpaid carers who are pensioners get Pension Credit and the Carer Addition, it found.

Carers UK is concerned that there could be many more who could be missing out.

There’s no exact figure for just how many carers are missing out but with half a million missing out on Carer’s allowance and 880,000 on Pension Credit – according to the latest data – we can assume it’s likely thousands of carers.

Emily Holzhausen CBE, director of policy and public affairs, at Carers UK, said: “There’s no time to lose to make sure that carers apply for Pension Credit when we know that so many are struggling in poverty in retirement. With the winter coming, and fuel prices still high, they need every penny they can get.

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“For pensioners who are unpaid carers, understanding your entitlements is complicated. We’re worried that many more carers will be missing out, but we just don’t know how many.”

She went on to urge pensioners who are carers to apply for Carer’s Allowance.

While they are very likely to be told it won’t be paid, it is the first step to getting Pension Credit and Carer Addition. 

Ms Holzhausen added: “This shines a light on the urgent need for reform of the system when applying for benefits. We’ve seen the devastating impact of Carer’s Allowance overpayments due to poor systems for working-age carers.

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“The mind-boggling complexity of benefits for older carers prevents them from getting the help they are entitled to and could be drastically simplified by Government.”

What is the Winter Fuel Payment?

Consumer reporter Sam Walker explains all you need to know about the payment.

The Winter Fuel Payment is an annual tax-free benefit designed to help cover the cost of heating through the colder months.

Most who are eligible receive the payment automatically.

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Those who qualify are usually told via a letter sent in October or November each year.

If you do meet the criteria but don’t automatically get the Winter Fuel Payment, you will have to apply on the government’s website.

You’ll qualify for a Winter Fuel Payment this winter if:

  • you were born on or before September 23, 1958
  • you lived in the UK for at least one day during the week of September 16 to 22, 2024, known as the “qualifying week”
  • you receive Pension Credit, Universal Credit, ESA, JSA, Income Support, Child Tax Credit or Working Tax Credit

If you did not live in the UK during the qualifying week, you might still get the payment if both the following apply:

  • you live in Switzerland or a EEA country
  • you have a “genuine and sufficient” link with the UK social security system, such as having lived or worked in the UK and having a family in the UK

But there are exclusions – you can’t get the payment if you live in Cyprus, France, Gibraltar, Greece, Malta, Portugal or Spain.

This is because the average winter temperature is higher than the warmest region of the UK.

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You will also not qualify if you:

  • are in hospital getting free treatment for more than a year
  • need permission to enter the UK and your granted leave states that you can not claim public funds
  • were in prison for the whole “qualifying week”
  • lived in a care home for the whole time between 26 June to 24 September 2023, and got Pension Credit, Income Support, income-based Jobseeker’s Allowance or income-related Employment and Support Allowance

Payments are usually made between November and December, with some made up until the end of January the following year.

What is pension credit and who is eligible?

Pension credit is a government benefit designed to top up your weekly income if you are a state pensioner with low earnings.

The current state pension age is 66.

There are two parts to the benefit – Guarantee Credit and Savings Credit.

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Guarantee credit tops up your weekly income to £218.15 if you are single or your joint weekly income to £332.95 if you have a partner.

Savings credit is extra money you get if you have some savings or your income is above the basic full state pension amount – £169.50.

Savings credit is only available to people who reached state pension age before April 6, 2016.

Usually, you only qualify for pension credit if your income is below the £218.15 or £332.95 thresholds.

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However, you can sometimes be eligible for savings credit or guarantee credit depending on your circumstances.

For example, if you are suffering from a severe disability and claiming Attendance Allowance, as well as other benefits, you can get an extra £81.50 a week.

Meanwhile, you can get either £66.29 a week or £76.79 a week for each child you’re responsible and caring for.

The rules behind who qualifies for pension credit can be complicated, so the best thing to do is just check.

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You can do this by using the Government’s pension credit calculator on its website.

Or, you can call the Pension Service helpline on 0800 99 1234 from 8am to 5pm Monday to Friday.

Those in Northern Ireland have to call the Pension Centre on 0808 100 6165 from 9am to 4pm Monday to Friday.

It might be worth a visit to your local Citizens Advice branch too – its staff should be able to offer you help for free.

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One additional and major perk of pension credit is that it is known as a “gateway” benefit in that it opens up a host of other freebies and perks.

This includes a free TV licence worth £169.50 a year if you are 75 or over and council tax discounts.

And of course, if you are on the guarantee credit part of pension credit, you also qualify for the Warm Home Discount.

What is Carer’s Allowance and who is eligible?

To be eligible for carers allowance you must be aged 16 or over and not be in full time education.

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You also must not be earning over £151 a week from employment or self-employment after tax deductions.

Carers will also not be paid more if they look after more than one person.

If you qualify for the benefit you can choose to be paid weekly in advance or every 4 weeks.

You can apply for the carer’s allowance online by visiting www.gov.uk/carers-allowance/how-to-claim.

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You can also request a form by calling the Carer’s Allowance Unit on 0800 731 0297.

Processing time usually takes up to 12 weeks to get a decision on your claim.

Carer’s Allowance can be backdated for up to 3 months if you were eligible during that time.

If your state pension is less than the Carer’s Allowance amount of £81.90, you can claim Carer’s Allowance to top it up to that level.

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But if your state pension is more than £81.90, you won’t receive any of the benefit.

This is because the State Pension and Carers Allowance are classed as ‘overlapping’ benefits, which can’t be paid at the same time.

If the government recognises that you are struggling financially as a carer on a pension you can get extra money on other benefits you claim such as Housing Benefit.

Are you missing out on benefits?

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YOU can use a benefits calculator to help check that you are not missing out on money you are entitled to

Charity Turn2Us’ benefits calculator works out what you could get.

Entitledto’s free calculator determines whether you qualify for various benefits, tax credit and Universal Credit.

MoneySavingExpert.com and charity StepChange both have benefits tools powered by Entitledto’s data.

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You can use Policy in Practice’s calculator to determine which benefits you could receive and how much cash you’ll have left over each month after paying for housing costs.

Your exact entitlement will only be clear when you make a claim, but calculators can indicate what you might be eligible for.

Do you have a money problem that needs sorting? Get in touch by emailing money-sm@news.co.uk.

Plus, you can join our Sun Money Chats and Tips Facebook group to share your tips and stories

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what’s in the Budget line of fire?

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Unlock the Editor’s Digest for free

Investment experts are warning of a potential tax raid on pensions by UK chancellor Rachel Reeves in this month’s Budget, as the UK government seeks to close a £22bn-hole that it has identified in the public finances.

The government estimates the net annual cost of tax relief to be £48bn. But a failure to create incentives for pension investing could store up problems in the future, as ministers weigh up the range of options at Reeves’s disposal.

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Where are the biggest gains?

Income tax relief on pensions contributions cost about £27bn in the past financial year, according to the Office for Budget Responsibility, the fiscal watchdog.

One commonly suggested way to raise revenue is to limit the tax benefit on money paid into pensions for additional and higher-rate earners. Tax relief applied at the basic income tax rate of 20 per cent across all contributions could raise about £15bn a year, according to the IFS.  

Relief is set at the marginal rate, so 40 per cent for higher rate and 45 per cent for additional rate. Under current rules, savers can pay up to £60,000 into their pensions each year and receive tax relief at their marginal tax rate. While in opposition, Reeves argued for a flat rate of pensions tax relief. 

However, advisers warn that reducing higher rate pensions tax relief would hit a group of public sector workers the government is unlikely to want to alienate, and drag more people into the £50,270 higher-rate tax band, particularly in the public sector where pension contributions are higher.

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Investment consultants Lane Clark & Peacock said that flat-rate tax relief would be “hugely complex to implement and could potentially create millions of losers”.

“This is really one of those ideas that gets worse and worse the longer you think about it,” Isaac Delestre, Institute for Fiscal Studies research economist, posted on social media platform X.

Are there more palatable alternatives?

Advisers said the government was more likely to opt for levying a rate of national insurance on employer pension contributions — a change that would be less politically painful.

Employers currently pay national insurance of 13.8 per cent on earnings of more than £175 a week, but these are exempt for pension contributions. 

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The exemption costs the Treasury a headline £23.8bn a year, and encourages the practice of “salary sacrifice”, where an employee accepts a lower salary in return for their employer paying the cost of their pension contributions. 

Stripping out the relief enjoyed by public sector employers — such as schools, hospitals and local employers — the Treasury could potentially raise about £16bn a year from the private sector, according to calculations by pension provider LCP. 

Charging NI on employers’ pensions contributions would allow the Treasury to raise money quickly without savers feeling an immediate impact.

Tom McPhail, a pensions specialist at consultancy Lang Cat, said the policy was “the lowest fattest fruit on the tree”. But such a move could be criticised for failing to support the government’s mission to stimulate growth and encouraging long-term savings plans. 

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What about inheritance tax?

The inheritance tax exemption for defined contribution pensions is viewed as one of the most generous pension tax reliefs.

Under current rules, personal pensions can be passed to your beneficiaries free of tax if you die before the age of 75. If you die after 75, beneficiaries will pay income tax on money withdrawn at their marginal rate. 

The chancellor could reintroduce income taxation of inherited pension pots when the person who dies is under the age of 75. Currently, pension pots are not subject to inheritance tax.

Another option is to include defined contribution pensions within estates and therefore make them subject to inheritance tax. 

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Christine Ross, client director at Handelsbanken Wealth & Asset Management, said: “I think that there’s a great possibility of inheritance tax on pension funds . . . that’s the one that makes me the most nervous.” She added that many of her clients had built up “very large pensions” under the assumption that they could pass this down to their beneficiaries.

The IFS estimates that bringing pensions within the scope of inheritance tax could raise up to £2bn a year.

And tax-free lump sums?

Pensioners can currently access 25 per cent of their pensions tax-free up to a cap of £268,275.

The proportion that can be extracted tax-free could be reduced, but advisers say it is more likely the government could lower the threshold, perhaps to about £100,000, to raise more money from the wealthiest savers.

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However, as few people have pensions worth more than £1.07mn, the potential gains are small. 

The IFS estimates that annual revenue foregone from the system of tax-free lump sums and based on unchanged saving behaviour, is about £5.5bn.

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