Money
Key ages to make 10 State Pension checks or miss out on hundreds of thousands of pounds, according to money experts
SAVING into a pension can mean the difference between retiring early in luxury or having to work until you’re 80.
But the world of pension saving can seem complicated, and there are lots of small decisions that can make a massive difference to your savings long-term.
For instance, the difference in retirement fund between someone who started contributing to their pension when they are 22 and someone who only begins at 40 could be as much as £240,368 even if you only save the minimum.
Choosing to start saving even earlier, for instance at 18, adds another £69,112 to the pot compared to starting at 22.
To help you understand the thorny world of pensions saving, we spoke to several experts who’ve shared the key decisions to be aware of and when you should make them.
Before April 6 next year
Sir Steve Webb, a former pensions minister and partner at consultancy Lane Clark and Peacock, has flagged one fast-approaching deadline to do with your state pension and national insurance record, which falls on April 6 next year.
“This is the date when the much more relaxed rules about filling historic gaps your NI record ends,” he explained.
“After that date you can only go back the standard six years, whereas until then you can go back to 2006.”
Your national insurance record determines how much state pension you get, and you need 35 years of contributions or credits to get the full amount. Webb says that it’s vital that people check their NI record – preferably well in advance of that date – and consider filling any gaps.
He added: “Note that this more relaxed deadline only applies to people on the new state pension, i.e. those who reached pension age since 6th April 2016.
“It’s already too late to fill gaps for those who retired under the old system.”
A gap of one year is typically worth 1/35 of the full pension rate. At £221.20 this year, that’s £6.32 per week, £328 per year, or a little over £6,500 across twenty-year for every one year gap that you fill.
HMRC now has an online tool which allows you to look at how much it would cost to fill different years and what effect that would have on your pension, or you can ring the DWP Future Pension Centre if you want to speak to someone.
Webb says: “Before paying you should also think about whether you might qualify for NI credits, perhaps as a grandparent looking after your grandchildren for part of the week, or by claiming sickness related benefits if you are unable to work.
Aged 18 (or when you get your first job)
People over 22 get automatically enrolled into a pension if they’re in work and earn more than £10,000 from a single employer. But if you start work earlier, for instance at age 18, you can still ask to be added to the scheme.
You’ll have to pay in 3% of your qualifying earnings, which is everything between £6,240 and £50,270, but your employer will also pay 4% in on your behalf and you’ll get tax relief.
Altogether, it adds up to 8% of qualifying earnings and you only pay a fraction of that. Even better, you’ll benefit from compounded investment returns.
In fact, Royal London has calculated that starting saving when you’re 18 could add an extra £70k to your pot at retirement, compared to starting at 22.
Royal London’s pensions expert Clare Moffat said: “Pension wealth benefits hugely from the magic of time. The longer money is invested, the more it can grow. So, the best preparation for your long-term future is to start saving as early as you can.
“A head start of just four years could mean you’re £69,112 better off by the time you retire, if you started saving at 18 rather than 22. That’s a massive difference, with a pension pot 15% larger, just by starting to save as soon as you start working.
Age when started saving
18 years old
22 years old
30 years old
40 years old
Total pension pot at age 67
£521,185
£452,073
£332,318
£211,705
Difference compared to a 22 year old (current AE starting age)
+£69,112 15% more
n/a
-£119,755 26% less
-£240,368 53% less
*Starting salary of £21,000 at age 18, assuming salary increase of 2.5% per annum, (22 starting salary is £23,180, 30 starting salary is £28,243, 40 starting salary is £36,153) 8% pension contribution on total earnings and 5% growth and retirement age of 67
Every time you start a new job
Whenever you start a new job with a different company, there are things you should do. The first one is to make sure you’re joining the company pension scheme, which should happen automatically if you’re aged over-22 and earn above the qualifying thresholds.
Another important thing to check is whether your company offers something called matching. This is when your employer offers to put more money into your pension each month if you do, usually up to a cap. You will need to contribute a little more, but you get free cash from your bosses which you’d otherwise lose, and it can make a massive difference to your retirement.
The table below from Aon shows the difference that taking advantage of matching can make, adding hundreds of thousands of pounds to eventual sum you can retire on.
Steven Leigh, associate partner at Aon said: “While it may be hard to find the extra money, saving more into your pension if your company offers matching contributions is like getting free money from your employer.
“For people wondering whether it is worth it, as our figures show, saving tens of pounds now could mean you end up with tens of thousands more when you come to retire.”
He added that while there is no right age to do this, the earlier you start, the better.
This is because money you save into your pension in your 20s or 30s will be worth far more than the same amount if you saved in your 50s or 60s because it will have far longer to benefit from investment returns.
Assumes median (average) salary for relevant age and a retirement age of 65:
Projected pension fund at retirement
Auto-enrolment contribution levels8% Total contribution
Using maximum contribution matching16% Total contribution
Age now
Current Auto-enrolment pensionable pay rules(1)
If government removes the bands for auto-enrolment contributions, i.e. pension contributions based on full pay (2)
Using current auto-enrolment pensionable pay rules (3)
Pension contributions based on full pay (4)
20
181,000
260,000
362,000
520,000
30
192,000
238,000
384,000
476,000
40
121,000
146,000
242,000
292,000
50
58,000
70,000
116,000
140,000
When you get a pay rise
Every time you get a pay rise, you should consider funnelling some of the extra money into your pensions savings. Doing this straight away means that won’t have got used to the extra cash in your pocket and hopefully won’t miss it.
This is particularly important if your pay rises beyond £50,270 as auto-enrolment doesn’t apply to earnings above this threshold.
Brewin Dolphin explains: “Let’s imagine you’re on a salary of £55,000, are a member of an auto-enrolment scheme, and pay 5% of your qualifying earnings into your pension.
“Each month, you would make a £183.46 pension contribution and receive an estimated take-home pay of £3,302.381.
“If your salary increased to £60,000, your pension contribution would remain at £183.46, whereas your estimated take-home pay would increase to £3,544.04 – that’s an extra £241.66 in your pocket every month.
“It might be tempting to keep this cash for little luxuries, but putting it in a pension could increase its value by a huge 20-45% because of the tax relief you’ll receive. This could make a big difference to your future.”
If you have a baby and take maternity or paternity leave
When you’re on maternity or paternity leave, your employer must keep paying into your pension at the usual rate based on your salary before maternity leave for the first 40 weeks, after that it will depend on your employment contract and scheme rules.
However, your auto-enrolment contributions will be based on your actual maternity or paternity pay, which may be much lower.
This could have a serious hit on your overall pensions savings, particularly for mothers who often take up to a year.
If you can afford it, you can choose to keep contributing at your normal level, which will protect your pension pot.
When your child goes to school
Many parents pay hefty nursery fees in the early years, which can significantly impact their ability to save for retirement. However, if you are eligible for free-hours from the government, or when your child goes to school, consider funnelling some of that spare cash into retirement.
According to daynurseries.co.uk the average annual cost of full-time nursery is £15,865.72.
If your child went to school when you were 37, and you saved just half of this money into your pension pot between that and 67 (the state pension age for those born after April 1960), you’d have funnelled away an additional £237,985.80, and that’s without investment growth or tax relief.
When you’ve finished paying off your mortgage
A mortgage is another big expense that can stifle your ability to save, but again, once it’s cleared consider funnelling some of the savings into retirement. According to Unbiased.co.uk, the average monthly mortgage repayment on a house in the UK is currently £1,441.36.
That works out as £17,296.32 a year. If you paid off your mortgage aged 50, and started paying that into your pension instead, in just 15 years you’d add £259,444.80 to your pot.
When you’re 50
From age 50, you’re entitled to a free Pension Wise appointment. This service is designed to help you understand the different options available to you, and the things you need to consider.
One of the biggest mistakes people can make is to withdraw all their cash more quickly than they need.
There are three issues with this, the first is that you pay tax at your marginal rate, so clearing out a pension unnecessarily (for instance to put it in the bank), could mean a 45% tax bill that could otherwise be avoided.
The second reason is that money left in a pension can continue to be invested and grow tax-free. The third is that when you die pensions sit outside of your estate for inheritance tax purposes.
Seeing a Pension Wise specialist can help talk you through the pitfalls, but it might also be worth taking advice. An IFA can give you personalised recommendations based on your financial circumstances, and make sure you know the difference between an annuity and UFPLUS and which is right for you.
Retirement Income Market Data from the FCA shows that of the 280,000 plans that entered income drawdown during 2023/24, only 46% benefited from professional financial advice compared to 66% using advice five years earlier.
Use of advice has fallen for all methods of accessing pensions over that timescale, except for annuities where it has risen from 26% to 32%.
“The trend towards more pensions being accessed without professional advice looks like a massive red flag,” said Stephen Lowe, group communications director at Just Group.
“Retirement decisions are some of the trickiest financial decisions that people will ever face. That’s particularly true for income drawdown where the saver is being asked to shoulder all the longevity and investment risk and is likely to find their income fluctuating over time.”
It’s also important to make sure your pension providers know when you want to retire and which of the retirement options you plan to choose. This can help them make sure your money is invested in the right way for your goals.
When you retire
If you decide to do drawdown in retirement, you need to make sure you choose the right provider. This means looking at charges and what exactly each one offers in terms of flexibility to withdraw funds.
Meanwhile, failing to shop around when buying an annuity can easily lose pension savers thousands of pounds.
More than 1,500 annuities were sold every week in 2023/24 but four in 10 (41%) were to retirees buying from their existing pension provider according to figures released by the FCA.
This raises concerns that many people may inadvertently be choosing convenience over value.
Analysis of current annuity deals by retirement specialist Just Group shows significant gaps between the best and worst income on offer, and that older buyers face a much higher income gap than those buying at younger ages.
A healthy 75-year-old can secure 20% more income from the best annuity provider compared to the worst. The best-worst gap is 18% at age 70 and 13% at age 65. The income offered could be higher once medical history and lifestyle factors are disclosed.
Stephen Lowe, group communications director at Just Group, commented: “The gap between the best and worst deals has been rising through this year. That is true for all ages we track but is currently particularly high at 20% for buyers aged 75.
“Annuities provide secure income, giving people peace of mind to spend what they receive without worrying if it will rise, fall or run dry during their lifetime. But there are no second chances when you buy an annuity – you must get it right first time.”
At State Pension Age
Your State Pension isn’t paid to you automatically, you have to choose to get it. This might seem like a no brainer, but for some people delaying might be a sensible choice as the government will boost the amount you get.
Lane Clark and Peacock’s Webb says: “A lot depends on your individual circumstances. Most people who have stopped working will need their state pension as soon as they can have it. But if, for example, you carry on working past pension age then it may be worth thinking of deferring until you’ve stopped work.”
One reason for this, he explains, is tax. Suppose that your employment mops up all of your tax-free personal allowance and that you’re a basic rate taxpayer.
If you draw your pension at the same time, then every penny of your pension will be taxed at 20%.
But, if you defer taking your pension until you don’t have a wage coming in, then the £12,570 personal allowance will cover all or most of your state pension so you won’t have to pay as much tax.
You also get an uplift of 5.8% for each year of deferral.
However, he cautions that the two groups who should be particularly wary of deferring their state pension are those with a relatively low life expectancy and those on benefits.
He says: “For those who don’t expect to live long in retirement, they may unfortunately not get back in enhanced state pension what they gave up by not claiming it on time. For those on benefits, any improvement in state pension for deferring could be clawed back in whole or in part through reduced benefits, so again you may have done better to claim the money on time.”
Money
Warning for 335,000 taxpayers ahead of key HMRC deadline including Vinted and eBay sellers – do you need to act?
THOUSANDS of taxpayers have been warned not to miss a fast-approaching HMRC deadline or they could face fines of £100.
There are just three weeks left to submit a paper self-assessment tax return with the final cut-off point on October 31.
The assessment is used by the government body to collect income tax.
This tax is usually deducted automatically from people’s wages, pensions and savings.
However, people and businesses with extra income must report it in a tax return.
Many people choose to complete this process online through the HMRC website as the online deadline is not until January 31, 2025.
But if you want to submit your tax return via the post you must complete it by October 31.
In some instances submitting a physical tax return is your only option, especially if you need to fill in the foreign income and gains, or the trust and estate pages.
This is because these forms are not available online.
If you sell clothes or other items on websites such as eBay or Vinted you might want to make note of the date.
That is because since the beginning of 2024, firms like Vinted have to pass on customer data to HMRC if a user sells 30 or more items, or earns over £1,700, in a year.
While the reporting rules have changed, this is not a new tax.
Those who earn more than £1,000 outside their regular employment were already required to file a Self Assessment tax form with HMRC.
It is worth bearing in mind that HMRC will fine you for failing to file your return by the deadline.
Then, a £10 daily fine applies every day you don’t submit your tax return.
Alastair Douglas, chief executive of TotallyMoney said it is important people do not get “caught out”.
The financial professional said people struggling with learning difficulties such as autism or dyslexia should contact HMRC’s extra support team for assistance.
He explained: “They’re specially trained, and can guide you through the process with a video appointment or phone call — you’ll just need to mention your situation when contacting the HMRC helpline or webchat.”
Do I have to pay tax on my second-hand sales?
Sellers on apps such as eBay and Vinted my be required to pay tax.
If you have made 30 sales or £1,700 this year you will be contacted by Vinted and asked to submit the seller report form on the app.
This year, the company said it will only approach new sellers who registered in 2024.
If you do not hear from Vinted then you don’t need to do anything, though you may need to file a tax return for other reasons separately.
Users who meet the criteria will be asked to add their National Insurance Number to a pre-filled form and check the details are correct before submitting it.
This will be done on the Vinted app.
You don’t need to calculate or count anything yourself.
A Vinted spokesperson said: “Reporting members’ details to the authorities does not necessarily lead to taxation.
“Taxation is a separate matter that doesn’t depend on HMRC reporting.”
They added: “HMRC requires Vinted to collect information from members who meet the criteria mentioned above, regardless of whether or not their earnings are taxable.”
Vinted said that it will be getting in contact with users who need to fill out these forms towards the end of the year.
What that means in practice is that money you make may be reported to the taxman if it’s over the amounts above.
Whether or not you have to pay tax will depend on your wider circumstances.
The majority of people pay income tax automatically through employment via what’s known as PAYE.
How do I file a tax return?
TO file a self assessment tax retun, you’ll need to register with HMRC first, which will then issue you with a Unique Taxpayer Reference (UTR).
You must register for self assessment by October 5 if you have to file a tax return and you have not sent one before.
You can do so by visiting www.gov.uk/register-for-self-assessment.
If you’ve previously registered and already have a UTR, you don’t need to go through this step again.
Once you’ve got your UTR, you can sign in via the “Self Assessment tax return” section of HMRC’s website by visiting www.gov.uk/log-in-file-self-assessment-tax-return.
You can then file your self assessment tax return online.
The deadline for sending a return online is January 31 every year.
If you need a paper copy of the main Self Assessment tax return, call HMRC on 03000 200 3610 and request an SA100 form.
The deadline for sending a return using a paper form is October 31 every year.
You need to pay the tax you owe by midnight on January 31 each year.
HMRC accepts your payment on the date you make it, not the date it reaches its account.
File late and HMRC will issue you with a fine.
Money
Almost a third of business owners fast-tracking exits over CGT concerns
UK business owners have fast-tracked their exit plans over the past 12 months, according to new research from Evelyn Partners.
Nearly one in three (29%) have accelerated business exits in the past year, ahead of amid rumours CGT rates could take centre stage in the upcoming Budget.
This is an uplift on the 23% who said 18 months ago that they had brought forward business exits over the previous year.
The research found nearly a third (23%) of the 500 business owners with turnovers of upwards of £5m surveyed by Evelyn Partners who had fast-tracked their exits in the last year had done so because of worries about an increase in CGT.
In addition, 20% brought forward business exits over the past 12 months because of fears of potential cuts in IHT reliefs.
The government has ruled out increasing the main rate of corporation tax above 25% and has pledged to freeze headline rates of VAT, income tax and National Insurance in the Budget.
However, the Treasury has remained tight-lipped on the outlook for CGT rates and IHT reliefs, as well as the tax rules around workplace pensions.
Other factors are also at play, with 25% of business owners who had fast-tracked business exits saying they had done so because of personal finance challenges resulting in a need to access the capital tied up in their business.
In addition, 24% brought forward plans due to increased costs of accessing capital as a result of rising interest rates.
Laura Hayward, tax partner at Evelyn Partners, said: “As the countdown to the Budget on 30 October ticks away, we have been contacted by an increasing number of business owners worried about what the chancellor will do to CGT and IHT.
“The prime minister’s statement that the upcoming Budget would be ‘painful’ has put owner-managed businesses on edge and this has prompted many to want to exit as quickly as possible.
“The business environment for many owners has already been tough enough in recent years as they have worked hard to rebuild their businesses after the pandemic, against a backdrop of cost-of-living pressures and high inflation.
“Add to that the potential for unfavourable tax changes in the upcoming Budget and it’s completely understandable that some are hoping to realise the gains of their successes sooner rather than later.
Of those owners who are currently working towards a business exit, family succession (22%) is the most popular strategy followed by establishing an employee ownership trust (16%).
Hayward added: “Whatever strategy is used, exiting a business is a really big decision for business owners and it’s important that they put in place a plan that is appropriate for them and their business.
They need to carefully consider a range of factors, with possible changes to the tax regime being just one aspect.
“Holistic advice considering both the business and personal implications of a sale will help make the exit – which can be fast-tracked if need be – as successful as possible.”
Money
The Morning Briefing: Business owners fast-tracking exits over CGT concerns; Is a shrinking protection market bad for competition?
Good morning and welcome to your Morning Briefing for Friday 11 October 2024. To get this in your inbox every morning click here.
Business owners fast-tracking exits over CGT concerns
UK business owners have fast-tracked their exit plans over the past 12 months, according to new research from Evelyn Partners.
Nearly one in three (29%) have accelerated business exits in the past year, amid rumours CGT rates could take centre stage in the upcoming Budget.
This is an uplift on the 23% who said 18 months ago that they had brought forward business exits over the previous year.
The research found nearly a third (23%) of the 500 business owners with turnovers of upwards of £5m surveyed by Evelyn Partners who had fast-tracked their exits in the last year had done so because of worries about an increase in CGT.
Is a shrinking protection market bad for competition?
The UK protection market is lucrative but cut-throat as insurers battle for a shrinking market share amid an ongoing squeeze on incomes. This has affected their bottom line, making some businesses unviable.
However, experts say the departure of insurers has been happening since the 1990s. Notable names include AXA, Bupa, Old Mutual and Scottish Provident.
“Insurers large and small have always come and gone from the protection market,” says Kevin Carr, protection consultant and MD at Carr Consulting.
Consolidation of consolidators will not be a ‘dramatic shift’
If the consolidation of consolidators mooted for the advice space happens, it will unlikely be a “dramatic shift” in the market, NextWealth consulting director Emma Napier has suggested.
Napier told Money Marketing she believes consolidation of consolidators could happen, but it is not going to be a “great big turn” for the industry.
“It comes down to the process that a consolidator has managed to embed,” she said. “The consolidation of consolidators will only occur if the seller finds the process [of buying small advice firms] too slow and needs to recapitalise, and the buyer can quickly see a clear route to market.
Quote Of The Day
As the old saying goes, failing to prepare is preparing to fail – and nowhere is this more pertinent than on Budget Day.
– Hannah English, head of DC corporate consulting at Hymans Robertson, comments on the importance of DC schemes ahead of the upcoming Budget.
Stat Attack
Women across the UK are facing a stark savings shortfall, with nearly one-third (29%) saving less than £100 a month, according to a new report by Schroders Personal Wealth (SPW). The report reveals financial gaps between men and women that span investments, pensions and even inheritances. Key findings:
29%
of women save less than £100 each month, versus 15% of men. Only
17%
of women feel very confident about achieving their long-term financial goals, compared to 29% of men.
53%
of women cite a lack of extra cash as their main barrier to investing. Just
26%
of women have a stocks and shares ISA, compared to 45% of men. Only
13%
of women are very confident they’ll be able to leave an inheritance, compared to 22% of men.
Source: Schroders Personal Wealth
In Other News
As part of Abrdn’s overall sustainability strategy, the Abrdn Charitable Foundation (aCF) has launched its inaugural innovation fund.
The fund is open to charitable organisations and other non-profit entities across the globe.
Organisations from across the UK, Americas, Asia-Pacific and EMEA, the four regions where Abrdn operates, are encouraged to apply.
One grant up to a maximum of £50,000 (or local currency equivalent) to be awarded per region.
The fund is looking to provide organisations with resources to pilot new projects linked to technology and innovation within ‘Tomorrow’s Generation’.
This features two themes – people and planet, which includes helping people overcome barriers and gain access to opportunities aligned with education, employment and financial wellness, as well as protecting nature and addressing climate change.
The application window for 2024 is from 1 October to 1 November.
UK executives dump shares on fears of Labour capital gains tax raid (FT)
Why even at 20 you should care about pension changes (BBC)
Dollar bulls suffer setback as traders add to Fed cut bets (Reuters)
Did You See?
Mark Dampier, an independent financial consultant, explores the reasons why active management is over.
He writes: “The changing nature of the asset management industry is a wonder to behold.
“When I first started out, the main recommendation for investment was a managed bond. Partly because so many adviser firms were being set up by those who had worked in the insurance industry selling life bonds and also because they would pay 5%-plus commission.
“At that time, unit trusts paid 3%. It wasn’t hard to see what was going to be sold the most.
“The 5% withdrawal, often described as tax free, was another selling point. Do you remember the income surcharge investors had to pay for their dividends too, again helping the sales of insurance bonds? And, of course, no regulation to begin with. What a cowboy’s charter.
“It’s good to see how much has changed – mostly for the better. The Retail Distribution Review was a big change, and the Consumer Duty has signalled a turning point for old poor practices.
“Meanwhile, the active management industry is now under the most pressure I have ever seen.”
Read the full article here.
Money
Tricky insurance question that almost everyone gets wrong – it could cost you thousands of pounds
MILLIONS of households are falling foul of a home insurance mistake that could end up costing them thousands of pounds, new research for The Sun has found.
Undervaluing all of the contents in your home can see you having to fork out over the odds if something gets stolen or damaged – while overvaluing it could void your insurance policy altogether.
And recent research from GoCompare, provided exclusively to The Sun, has revealed that an estimated 5.6million households are making the mistake of misjudging the value of their items.
We exclusively revealed earlier this year that a surge in the price of gold has potentially left thousands of households underinsured on their contents policies.
Add to that undervalued furniture, clothes and electronics, and you could end up having to fork out even more from your own pocket, despite thinking you were covered.
Nathan Blackler, home insurance expert at GoCompare, said: “If you underestimate the cost of replacing your possessions, you could find that in a worst-case scenario, you make a claim and don’t receive enough to replace or repair everything you need to.
Read more on Home Insurance
“Worryingly, our research shows that more than 5.6 million households in the UK are underinsured – and a staggering 9.3 million households don’t have contents insurance at all.”
Of course, accurately measuring the value of your contents means you could end up paying out more for a policy if it turns out it’s worth more than you thought.
But, the average cost of a contents-only policy in the second quarter of this year was only £137, according to the Association of British Insurers, so any increases will likely be much lower than the cost of being underinsured.
Despite this, GoCompare said a staggering amount of households don’t know how to accurately calculate the value of their possessions.
In a YouGov survey of 2,000 adults carried out in October 2023, only 24% of respondents said they could accurately calculate how much their contents were worth.
That means over three quarters – 75% – could not accurately measure how much their possessions cost, leaving them at risk of losing out if they come to make an insurance claim.
But it’s not just underestimating the value of your items that could end up costing you.
If you overestimate the worth of your contents, you could end up paying more for the premiums than you actually need.
And inflating the cost of your items could also invalidate your policy if your insurer decides you exaggerated, leaving you with no cover at all – and potentially a huge bill.
How to calculate the value of your contents accurately
Knowing how to accurately value your possessions can seem daunting, especially if you’ve got a treasure trove of goods inside your home.
But there are some ways to ensure you are doing the best job possible, GoCompare said.
Save receipts for any high-value items
Saving receipts when you’ve bought a high-value item isn’t just helpful if you’re looking for a refund.
Knowing how much that Panasonic TV or Dreams bed cost will help ensure your contents policy is up to date and accurate.
GoCompare also said it will help you avoid exceeding the single article limit on your policy too.
This is the maximum amount an insurer will pay out for an individual item when you make a claim.
But undervalue one particular item and it could mean you have to fork out for anything over that limit.
Whenever buying anything new that’s of worth, make sure you add it to your contents insurance policy too, so everything is up to date and accurate.
Walk through your home
It might seem obvious, but walking through the entirety of your home will help flag items you might not otherwise have thought of including in your policy.
Make sure to include anything that might be stowed away in lofts or basements too, like carpets, curtains and garden furniture.
Once you’ve compiled a list of everything, try your best to estimate their value by researching similar items online.
Pay particular attention to antiques and valuable
You might not want to estimate the value of any antiques and highly-prized valuables like jewellery though.
In this instance, getting a valuation from an expert is advisable, GoCompare said.
This is also another good way to check nothing exceeds the single article limit.
You can get an antiques dealer to do this for you, or you could try one of the major auction houses like Sotheby’s or Bonhams.
Use a contents insurance calculator
Price comparison sites like Confused.com and GoCompare have contents insurance calculators you can use to get an estimation on what your possessions are worth.
Meanwhile, a number of insurers have their own calculators, including Admiral, Direct Line while John Lewis also has one.
In any case, when it comes to contents insurance, always use a price comparison site to find out the best deal to suit your needs.
What is home insurance?
Home insurance is designed to cover you in the event of fire, flood, or theft or loss of any item inside it.
There are two types of home insurance policy – contents and buildings.
Buildings insurance covers the cost of repairing any damage to the structure of your property which might have been caused by a fire or flooding.
The “building” includes elements like your roof, walls and floors as well as permanent fixtures such as windows or fitted kitchens.
Contents insurance says what it does on the tin – it covers you in case the contents of your home are damaged, lost or stolen.
You can buy either buildings or contents policies separately, or combined so you are covered across all scenarios.
Not all home insurance policies cover the same things though, so it’s worth shopping around.
You can use price comparison websites like Compare the Market, GoCompare and Uswitch.
Most home insurance policies also come with an “excess” – the amount you have to pay towards a claim.
Increasing your excess will see your policy go down, but means you’ll have to fork out more if you have to make a claim.
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
Money
UK economy returns to growth as GDP grew 0.2% – what it means for your money
THE UK economy has grown after a two month period of stagnation, new figures reveal.
Gross Domestic Product (GDP) rose by 0.2% in August, the Office for National Statistics said.
It comes after the economy showed no growth during in June and July.
However, quarterly figures show that GDP still increased 0.5% in the second quarter of this year.
Services output was the main contributor to the growth in the three months to August, rising by 0.1%. There was also a 1.0% increase in construction output, while production output showed no growth over this period.
Liz McKeown, ONS director of economic statistics at the ONS, said: “All main sectors of the economy grew in August, but the broader picture is one of slowing growth in recent months, compared to the first half of the year.”
Money
‘Here we come’ rave shoppers as Lidl brings back USA week with beloved snacks – from fried chicken to toaster tarts
SHOPPERS are raving as Lidl brings back its USA week with beloved snacks from fried chicken to toaster tarts.
For one week only, the supermarket giant is stocking all things American.
A keen-eyed shopper had spotted the German supermarket stocking the American foods and drinks on Thursday.
They shared the post on Facebook group Newfoodsuk in which hundreds of people commented their enthusiasm for the products.
The limited-time range includes items such as a 750g Fried Chicken Bucket (£5.99) as well as a range of cheap American chocolates and other sweet treats.
It comes as part of Lidl’s Flavour of the Week programme which features foods from a specific world region for just 7 days.
Previous editions have covered the Alps, Iberian Peninsula, and Germany.
For its USA week, the retail is stocking a range of American and American-inspired cuisine.
Shoppers were quick to comment their excitement under the Facebook post.
One said: “Oh wow that all looks amazing.
“Lidl here I come.”
Another added: “Some of the bits look really nice.”
Many also expressed their desire to visit their local store as soon as possible.
Users tagged their friends saying “we are going tomorrow” and “we need to go.”
Lidl has stocked an extensive range of products for the week.
For just £1.99, you can get your hands on a set of nine pizza bagels in either Margherita, Salami, or Cheeseburger Style.
A packet of Chocolate or Nougat American Cookies could be yours for even less at just £1.29.
If you’re feeling in a more breakfast food mood, you can grab Mcennedy’s Pancake Mix (£1.19) and Clarks’ Maple Syrup (£1.99).
The special week also covers drinks with a Chocolate or Cranberry & Cherry Mcennedy Milkshake selling for just 59p.
How to save on your supermarket shop
THERE are plenty of ways to save on your grocery shop.
You can look out for yellow or red stickers on products, which show when they’ve been reduced.
If the food is fresh, you’ll have to eat it quickly or freeze it for another time.
Making a list should also save you money, as you’ll be less likely to make any rash purchases when you get to the supermarket.
Going own brand can be one easy way to save hundreds of pounds a year on your food bills too.
This means ditching “finest” or “luxury” products and instead going for “own” or value” type of lines.
Plenty of supermarkets run wonky veg and fruit schemes where you can get cheap prices if they’re misshapen or imperfect.
For example, Lidl runs its Waste Not scheme, offering boxes of 5kg of fruit and vegetables for just £1.50.
If you’re on a low income and a parent, you may be able to get up to £442 a year in Healthy Start vouchers to use at the supermarket too.
Plus, many councils offer supermarket vouchers as part of the Household Support Fund.
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