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How do pensions work?

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How do pensions work?

It is important to make sure that you are getting the most out of your state pension when you are planning your retirement, as some extra help will put less strain on your other pensions. 

Now read our guides on how to claim National Insurance credits, and how to pay voluntary National Insurance contributions to help boost your state pension

Workplace pensions – defined contribution vs defined benefit

Your employer decides which type of pension scheme to offer and which pension provider they use.

The most common workplace pension is a defined contribution (DC) pension. In this scheme, your money is invested over the course of your working life, and the value of your pot will fluctuate according to stock and bond market moves. 

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Defined benefit pensions (in some cases known as “final salary” pensions) are now very rare outside the public sector. They promise a guaranteed income in retirement, regardless of stock market moves. 

For those of us outside the public sector, long-gone are the days of final salary pensions complete with a generous income that rises with inflation. 

Benefits

Employer contributions

If you’re contributing to a workplace pension, your employer must contribute at least 3pc of your monthly salary, and often they will offer more. This is in addition to your salary, so it costs you nothing.

Tax relief

You get tax relief on pension contributions. If you’re a basic-rate taxpayer earning up to £50,270, the Government will provide 20pc tax relief on your pension contributions. So, if you put in £100 a month, it will actually only cost you £80, since the Government adds the other £20. 

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If you are in a higher tax bracket, you can claim tax relief up to the amount of income tax you pay. You’ll automatically get 20pc, but you can claim the additional relief either via your tax return, or by contacting HMRC.

Tax-free lump sum

When you decide to draw your pension, you can usually take a tax-free lump sum from the age of 55. For most pensions, this is 25pc of your pot.

Your fund grows over time

As you save towards retirement, the money is invested by your pension provider. This is important as without it, the money you put away now would be worth a lot less when you retire decades later due to inflation. You can usually set which level of risk you’d like your provider to take, which will impact your returns.

A guaranteed income in retirement

Almost everyone will need an income when they give up work. For most people, this comes from their pensions. 

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When you retire, you might choose to buy an annuity with some or all of your pension pot. There are a number of different types, but it usually means buying a guaranteed annual income for a set number of years or for life.

Other considerations

Pensions are widely regarded as an important investment for the future, but there are drawbacks. You have to decide how much you can afford, what your future needs might be and how much risk you’re willing to take with your fund. This can be difficult, particularly if retirement is decades away.

There are also major mistakes you can make if you take your pension without carefully considering your options.

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New buy now, pay later launches in the UK to rival Klarna, Clearpay and PayPal – how does it compare?

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Major Buy Now, Pay Later update for millions as huge rule change to protect shoppers will happen within months

A MAJOR US buy now, pay later firm has launched in the UK in a bid to rival big brands Klarna and ClearPay.

Affirm offers a buy now pay later (BNPL) service alternative to credit cards.

Buy now pay later firms let customers split payments into instalments

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Buy now pay later firms let customers split payments into instalmentsCredit: Getty

This enables customers to spread the cost of items bought online and in shops across several payments.

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Affirm will let users pay in instalments such as six, nine or 12 months.

This could be helpful if customers are making a big-ticket purchase such as a sofa or fridge.

The Average Purchase Rate (APR), which refers to the total cost of borrowing for a year, will vary depending on your purchase.

Read more on buy now pay later

For example, a £900 purchase may cost £75 a month for 12 months and have an APR of 22%.

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Affirm does not charge fees for customers who do not make payments on time, unlike other BNPL firms.

Shoppers will also be assessed on whether they can repay before their purchase is approved.

Affirm was founded in 2012 by Max Levchin, who co-founded PayPal.

The company now has more than 18 million active customers in the US, which makes it one of the biggest BNPL lenders in the country.

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It currently partners with around 300,000 retailers worldwide including eBay, Apple and Amazon.

Major buy now pay later firm with 300,000 users collapses into administration

BNPL grew in popularity during the Covid-19 pandemic as customers turned to online shopping and wanted more flexible payment options because of the cost of living.

Companies including Klarna and ClearPay already offer BNPL in the UK, as do banks such as HSBC, NatWest and Monzo.

But shoppers have previously been warned that it’s easy to rack up debt using these services, and you can incur high charges if you don’t meet the repayments.

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How will Affirm work?

To use the service simply select Affirm at the checkout and enter a few details for an in the moment decision.

How to get free debt help

There are several groups which can help you with your problem debts for free.

  • Citizens Advice – 0800 144 8848 (England) / 0800 702 2020 (Wales)
  • StepChange – 0800138 1111
  • National Debtline – 0808 808 4000
  • Debt Advice Foundation – 0800 043 4050

You can also find information about Debt Management Plans (DMP) and Individual Voluntary Agreements (IVA) by visiting MoneyHelper.org.uk or Gov.UK.

Speak to one of these organisations – don’t be tempted to use a claims management firm.

They say they can write off lots of your debt in return for a large upfront fee.

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But there are other options where you don’t need to pay.

Checking if you qualify for an Affirm fixed sum loan will not affect your credit rating.

The company has a minimum spend, which may vary from time to time.

It has not confirmed what this will be in the UK.

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You can also set up AutoPay to ensure you do not miss a repayment.

Customers will be able to manage their account and see their purchase history online.

Martyn James, a consumer champion, said: “We can only compare the US version of Affirm at the moment, but if it follows the same model, it’s pretty much identical to the big BNPL companies in the UK.

“The business offers both interest bearing credit (regulated) in the US and a 4 payment interest free version.”

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How does its service compare?

Affirm does not charge late fees for customers who do not make payments on time, unlike rivals Klarna and ClearPay.

Klarna charges a late fee of around £5.

At ClearPay there is an initial £6 late fee if an instalment is not paid on or before its due date.

A further £6 late fee will apply if a payment is still unpaid seven days after the due date.

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Late fees are capped at £24, or 25% of the order value, whichever is less.

Meanwhile, PayPal charges a hefty late fee of £12 for overdue payments.

Andrew Hagger, founder of personal finance website Money Comms, said: “Affirm’s main difference appears to be that at launch it won’t be charging late payment fees like Klarna and Clearpay – this is obviously a positive for consumers.”

Affirm will also assess shoppers on whether they can repay any money they borrow before their purchase is approved.

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At Klarna each purchase a customer attempts generates a new automated approval decision, which is based on current credit data, regardless of past approvals or rejections.

A rejection will not negatively impact your credit score.

ClearPay also performs pre-authorisation checks on your credit or debit card before you can use it to make a purchase to ensure you can pay it back.

What happens if you miss a payment?

Affirm said that failing to make your minimum payment could lead to you getting a late payment fee and your credit rating may be affected.

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The industry is not regulated which means borrowers using BNPL do not have access to some of the protections provided by other consumer credit products such as credit cards.

But new rules which are set to come into force in 2026 will mean that BNPL companies will have to check that shoppers can afford repayments before they are given a loan.

This will help to prevent people from building up unmanageable debt.

Companies will also need to provide clear, simple and accessible information about loan agreements before a customer applies for one.

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This will allow customers to make informed decisions and understand the risks of making a payment late.

BNPL customers will also be given stronger rights if a problem arises with products they have bought, making it quicker and easier to get compensation.

This will include Section 75 of the Consumer Credit Act, which allows customers to get a refund from their lender.

They will also be able to use the Financial Ombudsman Service to make a complaint.

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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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Fitch reaffirms Sirius’s BBB rating with ‘stable outlook’

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Fitch reaffirms Sirius’s BBB rating with ‘stable outlook’

The ratings firm highlighted the high-yielding nature of the company’s assets, its resilient occupancy and rental growth due to active asset management and the affordability of its rents.

 

The post Fitch reaffirms Sirius’s BBB rating with ‘stable outlook’ appeared first on Property Week.

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Trade Body 2.0 – Does the platform sector need a new voice?

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Trade Body 2.0 - Does the platform sector need a new voice?
Shutterstock / Billion Photos

The platform sector is a diverse and fragmented industry in need of unification and greater collaboration.

In the past, many attempts have been made — unsuccessfully — to bring providers together under an umbrella group. The setbacks have always been attributed to the competing interests of platforms and, until now, there has been no formal trade group to represent the community.

The sector’s views have instead been represented by various organisations, including the Association of British Insurers (ABI), the UK Platform Group (UKPG) and The Investing and Saving Alliance (TISA).

However, all that is about to change with the formation of the Platforms Association.

People have been asking, ‘Why wasn’t this done five years ago?’

The association, which was launched in late September on the eve of the Schroders UK Platform Awards, wants to be the representative voice of the multibillion-pound platform sector.

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It claims the industry has “lacked specific sectoral representation and co-ordination” and “needs to take greater control over influencing regulatory issues and shaping growth”.

The trade body will act as a conduit for the sector to engage with regulators and policymakers, as well as co-ordinate and promote industry interests. Several leading platforms, including Abrdn, Aegon, Fidelity, Quilter, Seccl and SS&C, have already signed up.

The Platforms Association will be chaired by David Moffat, a senior director at SS&C who has decades of platform experience, and headed by industry veteran Keith Phillips, a former executive director at TheCityUK, the British Bankers’ Association and the Investment Association.

The pair will be supported by a board made up of leading industry experts.

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Organisational structure

Membership of the association is open to UK- and Europe-regulated platforms whose primary activities are the settlement, custody and safekeeping of retail investor assets, as well as sub-custodian firms and white-label technology providers.

There are also affiliate members drawn from platform consultancies, legal firms and software providers. In addition, related financial and professional services firms, including Alpha FMC, have been appointed as independent strategic partners.

The platforms obviously felt they didn’t have a trade body that properly represented their interests and needs

“Given a background of increased economic uncertainty and regulatory scrutiny, the UK platform industry now needs its own dedicated forum and representative voice,” says Moffat.

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“The Platforms Association will look to co-ordinate collective action and agree best practice to the benefit of platform operators, financial advisers and underlying investors.”

Phillips agrees.

“The investment and fund industry has been transformed and democratised over the past decade, with millions of customers now interacting directly with their financial futures through a platform.”

As a result, he adds, “sector-wide co-ordination should now be fully realised for the benefit of all”.

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The association has already developed a roadmap of priority issues to be tackled, including platform requirements, regulatory expectations, and operational efficiencies and improvements.

Having a body specifically for platforms will encourage a better understanding of the issues

These three broad areas will be overseen by a leadership council comprising representatives from across the industry. This will meet quarterly and set the strategic agenda for the association.

Membership of the council, chaired by platform veteran Peter Mann, will be by invitation only.

‘Hard prioritisation’

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Moffat says the association has already managed to collate a long list of 30 platform issues that the council needs to deliberate on.

The list was collated following consultations with the Financial Conduct Authority, the Investment Association, the Personal Investment Management and Financial Advice Association (Pimfa), TISA and other stakeholders.

“We have probably a capacity to cope with half a dozen [issues] at most and there’s some hard prioritisation going on,” says Moffat. “We need the leadership council to give us the steer as to what areas to focus on.

I’m not sure how dividing representation into two groups is helpful

“There’s a whole slew of other areas that potentially would justify, warrant and command our attention. But we’re going to have to cut our cloth accordingly,” he adds.

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The association will also have standing committees to cover legal, regulatory, operations and technology issues.

Moffat states that the association, which is a not-for-profit, is working closely with some of the leading financial services trade bodies, such as the ABI, Pimfa and TISA.

“We have talked a little about ‘Trade Body 2.0’ as a kind of model, rather than simply emulating some of the existing major players.”

He says the association is different from others because all its members, regardless of size and assets, will participate and contribute “on an equal footing”. The cost of membership is £10,000.

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Moffat continues: “I think that’s important, not so much for the amount but at the level that everybody is there equally.

“Part of the problem you tend to see with the pricing models that some of the other trade bodies adopt is that the biggest players contribute by far the largest amount of the money.

We hope this new forum can find common ground that enables progress

“The problem, of course, is that those very big players dominate and almost dictate the agenda that the trade body follows. And that’s what we’ve been keen to avoid.

“We want everybody sat around the table to contribute, and their value lies in the quality of their arguments and their analysis, rather than the amount of money they paid to be sat at that table.”

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Warm welcome

The sector has largely welcomed the newly formed platform trade body and the response from across the industry has been “genuinely quite flattering”, says Moffat.

“The one question that people have been asking is, ‘Why wasn’t this done five years ago?’

“There is no good answer to that right now other than the fact that it wasn’t. Let’s do it now, then, and get it right.”

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Platforum head Jeremy Fawcett thinks investment platforms should argue their corner with the regulator, the government and other parts of the industry.

In five years’ time, I’d like to see a platform community that is competitive and providing innovation and change at the individual platform level

It’s “surprising that it has taken so long to get here”, he says of the new trade body.

Fawcett adds: “Transact has been around for 25 years and collectively platforms hold a serious amount of the population’s wealth — about £800bn, according to our data.

“As a large and distinct part of the personal investing landscape, they find themselves in the regulator’s crosshairs and often need to respond in a co-ordinated way.

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“Asset managers and wealth managers have their own well-established associations to represent them and don’t just rely on the broader industry groups. Investment platforms are sensible to do the same.

“The platforms obviously felt that they didn’t have a trade body that properly represented their interests and needs, and spoke with a single, clear voice to the government, the regulator and the rest of the industry.

“TISA was never likely to do the job, given the wide range of members — from asset managers to large intermediaries — and the potential for conflict between them, although it remains a very useful forum.”

The challenge in platform trade bodies has been the fact there are some business models that significantly compete with each other

Söderberg & Partners Wealth Management UK CEO Nick Raine adds: “While not a silver bullet, we think having a trade body specifically for platforms will encourage a better understanding of the issues platforms face.

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“This will be a step forward from simply addressing the symptoms, which has often been the problem in the past.

“Platforms can improve transparency for end-clients and help advice firms fulfil their Consumer Duty obligations. With the additional support and advocacy of a trade body, we predict a bright future for platforms.”

Benchmark Capital chief executive Ed Dymott says: “We are always interested by improving industry collaboration, driving best practice and ensuring regulatory policy is appropriate.

“There is a lot of focus on platform business models, and we see benefits if there is more consensus in how the industry addresses key challenges.”

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Divided loyalties

However, not everyone agrees with the formation of a new platform industry body.

Parmenion chief executive Martin Jennings believes the UKPG represents the platform sector. He wants to see the group strengthen itself rather than have to compete with a rival trade body.

We’ve seen trade bodies that have tried to become quasi regulators; that doesn’t work out well for anybody

“We have currently decided not to join the Platforms Association and to continue to strengthen our representation through the UKPG,” he says.

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“I’d welcome anyone who wants to represent the industry or represent the interests of the industry and the clients within it. However, I’m not sure how dividing representation into two groups is helpful.

“I’ve a concern that we’ll end up diluting the voice because the UK platform people will represent themselves either through the Platforms Association or through the UKPG. And, when I look at
that, one group is surely better than two.”

Jennings hastens to add that his platform firm is not ruling out joining the Platforms Association in the future “if its voice becomes much stronger than the UKPG’s over time”.

The UKPG was set up in 2014 to represent retail platform operators. However, the group is limited to a small number of members in the UK. It does not have a formal legal structure or secretariat.

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They’re just drowning in stuff, trying to make some kind of coherence out of the whole thing

A UKPG spokesperson says the group remains active and continues “to deliver in line with the principles that govern it”, dismissing any suggestion of rivalry between the two trade bodies.

“The UK Platform Group is aware of the Platforms Association,” adds the spokesperson. “The UKPG, with Pimfa as secretariat, will continue to represent the views of its members and looks forward to working alongside the Platforms Association to improve the understanding of the industry and advocate for positive change.”

Definition debate

“‘Platform’ is a label in search of a definition,” the late Ian Taylor, a former CEO at Transact, once said. Decades after Taylor’s assertion, the platform sector still can’t agree on one definition.

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I put the question to the UKPG.

It replied: “It is not the role of the UKPG to define what is and what is not a platform. The UKPG has clear criteria for membership in its terms of reference, which are available on request to prospective firms who may wish to join.”

Meanwhile, the Platforms Association’s founders say they too struggled to come up with a definition.

“What is and what isn’t a platform has been a bedevilment all through the period. In the mid-2000s, this was a recurring theme on all the conference circuits,” says Moffat. “What we always agreed whenever we got bored was, ‘If it walks, swims and quacks like a duck, it’s probably a duck.’”

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We have currently decided not to join the Platforms Association and to continue to strengthen our representation through the UKPG

However, the association has opted for a broad definition of ‘platform’, he adds.

“The answer is: anybody who’s got a name above the door operating a kind of investment online solution. Most people know what a platform is when they look at it.”

The sector is beset with challenges, from regulation to tech integration. The association will face its stiffest task in getting a consensus on key industry issues.

Dymott says: “The challenge in platform trade bodies has been the fact there are some business models that significantly compete with each other.

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“This has always been a limiting factor for the sector in making progress. We hope this new forum can find common ground that enables progress to be made.”

Moffat agrees with Dymott’s assessment, adding that the new association is aware of the challenges ahead because of the “very disparate business models and players sat around the table”.

He continues: “You can’t really do anything in this space without potentially treading on toes.

This will be a step forward from simply addressing the symptoms, which has often been the problem in the past

“I would argue that a trade body, particularly one that’s trying to establish industry best practice and to provide thought leadership, should be treading on a few toes. Otherwise you’re probably not doing your job.

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“Ideally you want to do it in a way that doesn’t offend people. We’ve seen trade bodies that have tried to become quasi regulators; that doesn’t work out well for anybody.”

Regulatory scrutiny

Platforms have experienced a sharp rise in regulatory scrutiny since the introduction of the FCA’s Consumer Duty.

The duty, which came into force in July 2023, seeks to set higher standards for consumer protection across the financial services sector.

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In September the same year, the regulator sent a Dear CEO letter to platform bosses in which it outlined concerns that fees and charges might not represent fair value.

It said platform fees were “not properly disclosed” and consumers did not have a “clear understanding of what they are being charged”.

A similar letter was also sent last November on the practice of ‘double dipping’ by platforms. This led to issuance of several Section 166 reviews against platforms.

Moffat says: “Part of the challenge for the sector is a regulator that is not entirely comfortable with the behaviour of some of the platform operators. And that was evidenced.”

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TISA was never likely to do the job, given the wide range of members

He stresses that the Platforms Association is keen to engage with the FCA in addressing issues that affect the sector, saying that in the past the industry has struggled to get its message across.

“There is no steering group they can talk to,” says Moffat. “The challenge is, they’re having to have a multitude of bilateral discussions and they keep getting told different things and different approaches. And they’re just drowning in stuff, trying to make some kind of coherence out of the whole thing.

“While we probably wouldn’t have [the FCA] at the leadership council every time, there’s a standing invitation if they want to come along and discuss any of their concerns. They will get a very attentive audience.”

Moffat says the Platforms Association will focus on a comprehensive programme of activity to address high-priority industry issues.

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“In five years’ time, I’d like to see a platform community that is competitive and providing innovation and change at the individual platform level; which benefits from a coherent world view of what we’re doing and why we’re doing it; and which benefits from a number of common initiatives that strip away either costs or possible errors, or uncertainty as a whole.

Given a background of increased economic uncertainty and regulatory scrutiny, the UK platform industry now needs its own dedicated forum and representative voice

“I’d like us to be far more transparent with management information, and we’d like to have clearer best-practice guidance around what transfers look like.”

Watch this space

When it was launched in September, the Platforms Association was roundly welcomed by a sector yearning for representation.

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Those in favour say it was long overdue, while others prefer to wait and see.

Will it succeed where previous initiatives have failed?


This article featured in the November 2024 edition of Money Marketing

If you would like to subscribe to the monthly magazine, please click here.

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Exact date Greggs festive bake is back in shops along with fan favourite item finally returning to menus

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Exact date Greggs festive bake is back in shops along with fan favourite item finally returning to menus

GREGGS has revealed the exact date it will bring back two of its festive favourite baked goods.

Customers will be able to get hold of the Festive Bake from Thursday, November 7.

The festive bake is returning to menus this week

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The festive bake is returning to menus this week
The Christmas Lunch Baguette will be returning

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The Christmas Lunch Baguette will be returning
The festive flatbread will be joining menus for the first time

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The festive flatbread will be joining menus for the first time

The Greggs Xmas staple is made up of a crumb-topped pastry filled with pieces of chicken, sage, onion stuffing, and sweetcure bacon, covered in a creamy sage and cranberry sauce.

The announcement came during the launch of Greggs’ first-ever Christmas advert featuring Nigella Lawson.

In a move that’s also expected to delight vegans and veggies across the UK, the Vegan Festive Bake is also set to return after a hiatus from the menu last year

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The Christmas Lunch Baguette will be returning to the menu alongside the much-loved Festive Bakes.

This is filled with chicken breast and sage and onion stuffing, with a dash of onion gravy, sweetcure bacon, and cheese, finished with a cranberry and onion relish.

The all-new Festive Flatbread will also be launching – a soft and warm flatbread stuffed with sage & onion style chicken mayo, sweetcure bacon and a tangy cranberry and red onion relish.

For customers looking for a Christmassy sweet treat, the brand-new Toffee Fudge Muffin and Chocolate and Hazelnut Flavour Doughnut will be making an appearance.

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The toffee flavour muffin contains toffee pieces and is topped with a swirl of toffee flavour frosting. 

The Chocolate and Hazelnut Flavour Doughnut is packed with a chocolate and hazelnut flavour filling, then topped with white chocolate flavour icing and pieces of honeycomb coated in milk chocolate.

Greggs isn’t just for savoury or sweet snacks.

I visited Greggs’ new champagne bar – one cocktail tastes just like an iconic childhood treat

The chain is also adding several hot drinks to its menu.

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Mint Hot Chocolate and Mint Mocha are making a comeback.

The hot chocolate is a festive twist with delicious mint-flavoured syrup, a cream topping and a sprinkle of chocolate to finish.

The Mint Mocha is made with freshly ground espresso, steamed milk, hot chocolate, and mint-flavoured syrup with sweetener, and it is finished with whipped cream and chocolate sprinkles.

GREGGS FESTIVE MENU

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GREGGS has unveiled its highly anticipated festive menu and the exact date it lands in shops.

Here’s the full list of menu items being added nationwide and the date they will be landing on menus.

  • Festive Bake – from £2.00 or as part of the savoury bake deal from £2.85 (458 Calories) – November 7
  • Vegan Festive Bake (New and improved Recipe) – £2.00 or as part of the savoury bake deal from £2.85 (412 calories) – November 8
  • Christmas Lunch Baguette – from £3.80 or as part of the hot sandwich deal with wedges and any drink, from £4.95 (544 calories) – available now
  • Festive Flatbread – from £3.50 or as part of the hot sandwich deal with wedges and any drink, from £4.95 (395 calories) – available now
  • Gingerbread Latte – from £2.50 (204 calories) – November 7
  • Iced Gingerbread Latte -from £3 (165 calories) – November 7
  • Gingerbread Flat White – from £2.50 (124 calories) – November 7
  • Mint Mocha – from £2.60 (293 calories) – November 7
  • Mint Hot Chocolate – from £2.60 (278 calories) – November 7
  • Toffee Fudge Muffin – from £1.50 or as part of the sweet deal with a regular hot drink from £2.85 (367 calories) – November 7
  • Chocolate and Hazelnut Flavour Doughnut – from £1.35 or as part of the sweet deal with a regular hot drink from £2.85 (331 calories) – November 7
  • Christmas Mini Caramel Shortbread – from £2.15 (95 Calories per shortbread) – available now

FIRST CHRISTMAS ADVERT

Greggs unveiled its first-ever Christmas advert last night, and it sees celebrity chef Nigella Lawson try the bakery’s festive menu.

Customers have taken to social media to share their views on the 60-second clip.

One person said on X: “Possibly the best advert ever created”.

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Another said: “Nigella elevates Greggs to ANOTHER level”.

“Fabulous! Nobody does Christmas as beautiful as you do, Nigella! You make the festive season feel warm, cozy and special,” said a third.

However, a fourth joked: “Somehow, I can’t see the goddess queuing for any of that.”

The advert is set to an instrumental version of Carol of the Bells – a well-known Christmas carol.

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It opens with Nigella returning home to a London townhouse decorated with a traditional Christmas tree decked in Greggs baubles.

In a scene lit by fairy lights, she notes that Christmas is her “favourite time of year” before tucking into a Greggs Festive Bake.

Describing the return of the eagerly anticipated festive favourite, Nigella describes it as a “rapturous riot of flavour” with a “succulent filling”.

The advert parodies Nigella’s famed use of superlatives, which viewers of her popular cooking shows will be familiar with.

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The camera then pans over a table filled with Greggs goodies as Nigella narrates the items being showcased.

She describes “sweet mince pies, aromatic gingerbread lattes and gorgeous Christmas baguettes”.

Eagle-eyed viewers will also spot a fan favourite item making an appearance on the festive spread – the Vegan Festive Bake.

The advert confirms that the savoury treat will be returning after customers were left fuming when it was removed from menus last year.

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The film ends with Nigella preparing to sip a gingerbread latte while telling viewers: “The Gregg’s Christmas menu is back. Bag some joy.”

OTHER FESTIVE MENUS

M&S revealed its new Christmas menu last week.

It features double-wrapped pigs in blankets with gravy and a s’mores milkshake.

The festive items, set to hit M&S from November 6, also include a range of sandwiches, snacks and sweat treats.

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The pigs in blankets, which come with a side of gravy for dipping, will set customers back a modest £2.50.

The s’mores milkshake, which is flavoured with “toasted marshmallow syrup” for a taste of the fireside, comes at a steeper £4.

The indulgent drink comes with whipped cream, biscuit crumbs, chocolate sauce and marshmallows – much like the £4.10 s’mores hot chocolate.

Meanwhile, a favourite from last year’s menu is set to return, the £7.50 Turkey and Ham Hock Toastie, which also comes in a gluten free version.

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The festive sarnie, which was a hit on social media, is getting an indulgent upgrade – with extra turkey and a cheesy bechamel sauce.

A brand-new cheeseboard toastie has been added to the mix for £6.50, with Barbers cheddar, Emmental, and Red Leicester, as well as a Christmas port and onion chutney and three cheese bechamel.

If sarnies aren’t your thing, you can also try the new Chicken Schnitzel with Roasties – served with cranberry sauce and mayonnaise for £9.95.

Starbucks also revealed its new Christmas menu last week.

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The chain has brought back fan favourites alongside new sweet treats.

Returning to the menu is the toffee nut latte, which starts from £4.35 for a tall size.

It’s made with toffee nut flavour syrup and steamed milk, and is finished with whipped cream and toffee nut flavour sprinkles.

The caramel waffle latte and gingerbread latte has also made a comeback and is priced at £4.35.

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All of these Christmas favourites are available hot, iced, or as a Frappuccino blended beverage.

Fans of the eggnog latte will be thrilled to learn that the drink has returned, with prices starting at £4.40.

It can be bought either hot or iced.

Hungry shoppers can pair their festive drink with the Polar Bear Cake Pop.

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It features a vanilla-flavoured sponge with digestive biscuit crumb, as well as chocolate icing and frosting to create the adorable face of a polar bear.

Meanwhile, rival coffee chain Costa has unveiled nine new items and a returning favourite that it will be adding to its Christmas menu.

How to save money on Christmas shopping

Consumer reporter Sam Walker reveals how you can save money on your Christmas shopping.

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Limit the amount of presents – buying presents for all your family and friends can cost a bomb.

Instead, why not organise a Secret Santa between your inner circles so you’re not having to buy multiple presents.

Plan ahead – if you’ve got the stamina and budget, it’s worth buying your Christmas presents for the following year in the January sales.

Make sure you shop around for the best deals by using price comparison sites so you’re not forking out more than you should though.

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Buy in Boxing Day sales – some retailers start their main Christmas sales early so you can actually snap up a bargain before December 25.

Delivery may cost you a bit more, but it can be worth it if the savings are decent.

Shop via outlet stores – you can save loads of money shopping via outlet stores like Amazon Warehouse or Office Offcuts.

They work by selling returned or slightly damaged products at a discounted rate, but usually any wear and tear is minor.

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All about international rates: tech advancements in monitoring exchange prices – Finance Monthly

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Technology has transformed how traders monitor trends. It has made it easier to collect data and come up with effective strategies. For example, the intricacies around Forex demand for constant monitoring of prices. As well, any price fluctuations can lead to significant losses or huge profits. It all depends on whether you have access to data or not.

New tools are making it easier to access accurate price predictions. These have emerged due to the challenges that traders have faced such as the inability to overcome the high volatility around exchange markets. So what are some of the advancements that are impacting how people monitor exchanges? First of all, different tools can be effective and provide the right information as value changes, for example, aggregators like Rates – all about international rates. Let’s check more about how to find out proper data and the best ways to monitor prices.

Integration

Having many tools can be challenging sometimes. Being able to integrate different tops helps you to have seamless operations. API integration offers another way to monitor currency value. It makes it easier to connect to various sources of data and get a single report.

All you need to do is ensure that the data is accurate. These APIs can also automate data extraction. They help you to update any system depending on the current trends. This provides a competitive advantage for traders.

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Exchange platforms

There are a number of platforms for exchanging currencies. You can use these to gain access to information on currencies according to Rates. They provide both historical and current insights. This makes an exchange platform a good option for anyone looking to improve the rate of success.

One of the best features is customization. So users can choose features that would be useful. For instance, you can set alerts for certain parameters. If the value of the US dollar reaches a certain amount, you will be notified.

Tailoring features according to individual needs allows you to get only information that would be useful for decision-making. Platforms such as Blumberg are useful for anyone who wants to stay up to date with the latest international rates.

Calendars

Because currencies are impacted by many events, it is important to stay informed. Calendars provide information such as inflation reports and economic events. You should be informed about any event that is likely to affect the exchange rate. These are likely to have value shifts and may offer new opportunities.

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This lets you know all about international rates. It allows you to set reminders and stay up to date with the latest trends and any upcoming events. Other important events to look out for include:

  • Central bank changes
  • Geopolitical agreements
  • Economic trends

The goal here is to stay up to date with any potential price movements. It allows you to modify any existing strategy to make it more successful.

Indicators

There are other features that provide various indicators to keep track of. An example is volatility indicators. These show periods when a currency is most likely to be unstable. By looking at how the price has changed over a few months, it is easy to estimate how it will fluctuate in the future.

This feature is important for those looking to invest in an exchange. Additionally, if a currency becomes very volatile, it may be wise to sell a position. Managers can use these indicators to modify their strategies before suffering huge losses.

Analysis tools

Having accurate information is not enough to guarantee success. The next step is to perform a good analysis. This helps traders to come up with effective strategies. Analysis websites can help you do this. They not only help you monitor rates but also look at the overall performance. Examples of such websites include Blumberg and CNBC.

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These also offer expert insights and opinions. This is great for those that may be new to Forex or any other market or those looking for different strategies. Aside from this, you will have access to the latest events that impact international rates. With more accurate predictions, it is easier to make informed decisions. Information should be taken from various sources before creating a report.

Automation

There is a lot of automation in many fields. As a result, the market value is about 244 billion US dollars. Automated systems are a great addition for those that want to improve monitoring. They use preset algorithms to search for patterns and execute trades on your behalf. This is once a set criteria is met.

These can pick up on volatility as well. However, success will hugely depend on the settings. So make sure to test out the algorithm before applying it on exchanges.

Mobile apps

With the majority of people opting to use mobile apps, it is no surprise that traders want the same. With the fast-paced nature of Forex and other different markets, you can now access crucial data through mobile apps. These provide real-time insights on:

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  • Changing rates
  • Estimated exchanges
  • Convertors

Most of these apps are focused on helping you get better results. They come with converters that you can use on the go. These are always updated, therefore providing the best conversion rates. There are so many benefits of using apps including:

  • Convenience
  • Updated data
  • Customization

Users can set the criteria on all international rates. This ability to filter through data allows you to save time and focus on things that will impact your strategy.

Conclusion

With all these changes, you don’t want to stay behind. Various mobile apps and websites have simplified the way traders transact. Now you have information at your fingertips. It is more convenient to make decisions on the go as prices change. AI tools offer a better way to make predictions. They also promote automation, making it easier for investors to perform more trades in a shorter time.

If you are concerned about all about international rates, then keeping up with the latest tech trends is important. It will lead to more effective strategies in a highly volatile market. Capitalize on all the opportunities you get by investing in the right tools, and Rates.fm will help you with that.

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The Morning Briefing: Trade Body 2.0 – Does the platform sector need a new voice?; MainStreet Partners hires new funds research director

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The Morning Briefing: Phoenix Group scraps plans to sell protection business; advisers tweak processes

Good morning and welcome to your Morning Briefing for Monday 4 November 2024. To get this in your inbox every morning click here.


Cover story: Trade Body 2.0 – Does the platform sector need a new voice?

The platform sector is a diverse and fragmented industry in need of unification and greater collaboration.

In the past, many attempts have been made — unsuccessfully — to bring providers together under an umbrella group. The setbacks have always been attributed to the competing interests of platforms and, until now, there has been no formal trade group to represent the community.

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The sector’s views have instead been represented by various organisations, including the Association of British Insurers (ABI), the UK Platform Group (UKPG) and The Investing and Saving Alliance (TISA).

However, all that is about to change with the formation of the Platforms Association.


MainStreet Partners hires former Abrdn ESG analyst as funds research director

MainStreet Partners has appointed Sophie Meatyard as funds research director.

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Meatyard previously was at Abrdn where she was senior environmental, social, and governance (ESG) investment analyst, “overseeing proprietary ESG ratings, regulatory updates, and manager engagement on key sustainability themes”.

Before Abrdn, Meatyard worked at Hymans Robertson as investment research associate and FE fundinfo as a fund analyst.



Quote Of The Day

Investors are bracing for a week of potential volatility, with the highly fractious US Presidential election in focus and key interest rate decisions looming. For now, the FTSE 100 has shaken off nervousness and opened in the green, making fresh gains after Friday’s recovery

– Hargreaves Lansdown head of money and markets Susannah Streeter on the FTSE 100 still opening in the green despite the US elections being held and UK interest rate decisions being made this week.

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Stat Attack

Research from St. James’s Place shows why the majority of individuals that receive professional financial advice across the nation have remained with the same adviser throughout.

62%

have never switched their financial adviser.

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72%

of those aged 35-54 and those aged 55 and over (74%) have never switched their adviser.

39%

said the main reason for not switching advisers was trust.

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35%

said being happy with the advice and financial returns their adviser has delivered was the main reason.

34%

said their adviser understanding their financial situation followed by having a good relationship with their adviser which has been built over several years at 33% being the main reason.

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Source: SJP 



In Other News

EFG Asset Management has announced the launch of the New Capital – BlueOrchard Global Impact Credit Fund in collaboration with the specialist impact investment manager BlueOrchard.

Part of the Schroders Group, BlueOrchard is an impact investor. This is EFG’s second product focused on sustainable investing following the launch of the New Capital Climate Transition Equity Fund in 2023.

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The New Capital – BlueOrchard Global Impact Credit Fund, which is an Article 9 fund under SFDR, is a global corporate bond fund that invests primarily in bonds labelled as green, social or sustainable, with the use of proceeds being clearly defined and disclosed to investors.

In the period from 2016 to end-2023, the issuance of labelled bonds increased by 37%.

The fund is a Luxembourg registered SICAV and will offer daily liquidity via multiple retail and institutional share classes denominated in EUR, CHF, USD and GBP.

BlueOrchard CEO Philipp Mueller said: “We are excited to collaborate with EFG Asset Management on the New Capital – BlueOrchard Global Impact Credit Fund, which aims to provide consistent financial returns alongside positive and measurable impact for the climate and society. The Fund focuses on helping investors align their portfolios with their values while driving substantial progress in environmental and social areas.”

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Dollar falters, stocks tick up as markets gird for US election showdown (Reuters)

Bank of England expected to cut interest rates despite looser fiscal policy (Financial Times)

One thousand UK workers to join first four-day week trial under Labour (Guardian)


Did You See?

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National Friendly has reduced and simplified the questions on its Income Protection (IP) application.

The mutual said this cuts the time it typically takes advisers to apply by over half, from 14 minutes to six minutes.

Matt Suddards, senior specialist protection adviser at LifeSearch said: “To sell IP, advisers have to deal with lengthy applications that can be both time-consuming and unclear.

“It’s one of the aspects of protection that puts off non-protection specialists from selling IP. Shortening and simplifying the process is better for advisers and reduces frustration for consumers.”

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National Friendly also announced that it has renewed its long-term relationship with Munich Re Automation Solutions.

The deal includes a five-year contract extension to use its ALLFINANZ Underwriting Engine for IP.

The underwriting tool gives National Friendly the ability to underwrite accurately and make changes quickly, as well as delivering a huge amount of valuable data.

Momodou Musa Touray has the full story.

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