New Pension Age Rise to 66 Years

New pension age rise introduced for 2016

The new Government has proposed that a new pension age threshold will come into force from 2016.

The new pension age threshold is set to rise to 66 years for men by 2016 and by a further two years to 68 by 2048.

Work and Pensions Secretary Ian Duncan Smith said on the new pension age rise:

“People are living longer and healthier lives than ever, and the last thing we want is to lose their talent and enthusiasm from the workplace due to an arbitrary age limit.

We also need to recognise that to meet the challenge of providing an affordable, stable pensions system in a society with ever increasing life expectancy, people will need to work longer.”

The government is also in talks to phase out the current default retirement age to ensure those who want to work past 65 are able to do so.

Key points from June’s Budget, 2010

VAT
VAT rate will rise from 17.5% to 20% from January 4, 2011

Tax

Tax credits have been reduced for families earning over £40,000 next year

Low income families will see an increase in Child Tax Credit

There will be no new increase on alcohol, tobacco or fuel taxes

Council tax could be frozen for one year from April 2011 in England

Benefits

Child benefit will be frozen for the next three years

Unemployed people will see their Housing Benefit cut by 10% after 12 months of claiming Jobseekers Allowance from April 2013

Public Sector

Public sector workers face a two-year pay freeze if they earn over £21,000

Public sector workers earning less than £21,000 to be paid £250 extra each year for two years

Plans to cut the Deficit

Chancellor George Osborne plans to cut the structural deficit anticipate a fall of 1.1% of gross domestic product (GDP) by 2015/16 compared to a deficit 10.1% of GDP in 2011.

Payplan

If you are struggling with debts contact Payplan today for free, confidential debt advice or simply call 0800 280 2816.

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Cost of Owning a Pet - 5 Ways to Cut Pet Ownership Costs

As a nation of pet lovers, the cost of owning a pet can add up over time as we try to provide our beloved animals with the best care and protection.

Many Payplan clients already owned a pet before they got into financial difficulty - making the cost of caring for them part of their budgeting process. Here are some handy tips from Payplan for how to cut the cost of owning a pet, without cutting out on the care.

1. Pet inoculations - Don’t miss jabs!

Although the cost of inoculating your pet can be expensive, prevention is better (and cheaper!) than cure. By keeping up-to-date with your pet’s jabs you could avoid extra costs in the future.

2. Pet insurance

Again the same adage is true - prevention better than cure. Shop around for cheap insurance deals for your pet’s insurance, although paying each month adds up, the insurance will act as a great safety net should your pet need emergency or long-term medical treatment in the future.

3. Cheap toys

Instead of spending money on expensive toys for your pets, why not pick something up from charity shops or even try homemade toys.. sometimes a bit of string or a simple feather can provide just as much fun!

Alternatively, many ‘pound’ shops sell various ranges of pets’ toys and pet foods for only £1 - bargain!

4. Pet sitting

To avoid the cost of pet sitting or kennels, why not visit Pet Sitter Swap, a site which puts local pet owners in touch with each other so they can organise a free pet-sitting rota. You have to pay £9.99 to join, but all pet-sitting is free after that.

5. Buying a Pet

If you’re seriously thinking about buying a pet such as a dog or cat, and you’ve already considered the financial, emotional and care implications over the long-term, it may be a good idea to consider a non-pedigree rather than a pedigree breed.

Pedigrees, as well as the initial cost of the pet being expensive, are also known to cost considerably more in terms of ongoing insurance and general day to day care.

Additionally, apart from the obvious benefits to the animal, adopting a pet from a rescue home will most probably work out cheaper than buying from a breeder and some will even arrange subsidised vaccinations and neutering where necessary before you pick up your new pet.

For more information about adopting a rescue animal visit the RSPCA’s website.

Payplan

Providing free budgeting advice and free, confidential debt help for those struggling to manage their debts.

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Problems with debt; PM’s bleak warning over UK’s severe deficit problem

Deficit problem will affect ‘every single person’

Prime Minister David Cameron warned yesterday about the UK’s problems with debt and that plans to cut the deficit will have “enormous implications” for the country, stating in a speech;

“How we deal with these things will affect our economy, our society - indeed our whole way of life”

“The decisions we make will affect every single person in our country and the effects of those decisions will stay with us for years, perhaps decades to come”.

The consequences of the problems with debt that the country currently faces are also reflected in the debt problems that many consumers are facing and struggling to come to terms with in their personal life.

Personal problems with debt?

The number of people struggling with personal debt in the UK has risen greatly over the last few years. Those facing debt problems may be suffering from considerable anxiety, stress and depression or perhaps more alarmingly, in some cases, thoughts of suicide.

If you are worried about debt then it’s important to seek debt help. Advice lines such as the Samaritans or your local Citizens Advice Bureau are there to provide help and support in a crisis, both emotionally and practically. Additionally, why not read Payplan’s tips on how to beat the stress of debt for additional help.

Some people struggling to manage their finances may even be trying to hide a debt problem from their loved ones too, whilst others may be struggling with a relationship breakdown due to problem debts. Relate offer relationship advice and counselling services to those in need - click here for more information on how to find your nearest Relate counselling service.

Many people are today struggling to manage their home or business, are facing redundancy or even bankruptcy. If you’re struggling to manage your finances, then contact Payplan today for free confidential debt advice.

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5 Ways to Cut Your Bills

Can you cut your bills?

The following bill cutting tips could help you save money on your monthly outgoings. Click here for further budgeting advice

1. Cut your TV package

Ask yourself this question; do you really watch all the channels you subscribe to? If the answer is no, then maybe you should consider cutting your sky or digital packages back to basics - and watch your bill reduce.

Many programmes can now be watched online but if you would still prefer the extra channels why not consider a Freeview package? Some televisions have Freeview already integrated and so you may be receiving many of the channels for free already without even knowing.

2. Cut your phone bill

At the beginning of the year Payplan reported results of a study that showed the average adult wasted almost half (45%) of their mobile tariff’s minutes and text allowance each month, totalling almost £250 in waste each year.

If you think you could reduce your mobile monthly allowance, why not contact your network provider to see if you can lower your tariff and cut your monthly bill.

3. Cut your magazine subscriptions

A variety of magazines actually upload most of their content online now and so you can view most of what you would pay to read, for free! Magazine subscriptions add up over time, with a £1.50 weekly magazine costing almost £80 over a year!

4. Compare the market

Market comparison sites are great for finding the cheapest deal on your monthly bills. Compare the Market, GoCompare and Money Supermarket are a few of the well-known providers (there are many others) - all specialise in searching for the cheapest deals from car insurance to broadband.

My Supermarket also allows you to scan the supermarkets for the cheapest deals.

5. Haggle

If you feel you are paying too much for your television, mobile or broadband package, it may be worth contacting your provider and asking directly about cutting your bills or reducing your monthly contract - you may find they are willing to provide you with a similar package but at a reduced rate - after all, its always worth asking.

Payplan

If you are struggling to manage your monthly outgoings then contact Payplan for free debt advice online or simply call 0800 280 2816.

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