The average person requires 35 years of national insurance credit to qualify for a full state pension - however being short one year, could cost you nearly £5,000 New mothers may have lost out on more than half a billion pounds in state pension rights since changes to benefit rules were introduced in 2013, according to analysis. At present, a parent, usually a mother, receiving child benefit for a child under 12, gets a year of national insurance credits towards their state pension record. This means that even if a mother is not in paid work and does not pay national insurance contributions, her state pension record is protected.
The government has announced that it will raise insurance premium tax from 10% to 12% from next June in order to "fund spending commitments". The standard rate of insurance premium tax, which applies to most general insurance policies purchased in the UK, rose to 10% in October after being increased by the previous Chancellor George Osborne in the Budget earlier this year.
Philip Hammond, has delivered his first Autumn Statement. We set out below what he has proposed and how it will affect our personal finances.
Financial markets reacted sharply to the US election, with the US dollar falling and market expectations of a Federal interest rate hike in December scaled back. In the coming weeks and months, Global Equity Strategist at Legal & General Investment Management, said that forces will pull prices in both directions. He explained: "On the one hand investors may be put off holding US dollar denominated assets with greater domestic uncertainty, while on the other hand the dollar could benefit from Trump’s proposal to encourage US corporates to repatriate some of their overseas cash holdings.
Accident, sickness and unemployment cover is not just a product of insurance. According to a report conducted by Scottish Widows, one in five (21%) households admit that they would not be able to survive financially if they unexpectedly lost their income due to long-term illness or unemployment. Despite acknowledging these hardships, many Brits continue to turn a blind eye when it comes to protection cover. One of the biggest issues is that people are focusing too much on prices and failing to recognise what really matters: the policy cover.