My Short Break in Llandudno

2 Comments

I recently enjoyed a three-night break in the North Wales coastal resort of Llandudno.

I have been to Llandudno a few times. I started going about 10 years ago when my partner, Jayne, was still alive. She fancied the idea of staying in a traditional British seaside resort. Llandudno certainly ticks all the boxes there, with its sweeping promenade, long pier, and Punch and Judy show by the beach 🙂

I have stayed in various hotels and B&Bs in Llandudno, but on this occasion I returned to The Merrion Hotel (pictured below), a place I have stayed twice before.

Merrion Hotel

The Merrion is located overlooking the popular North Shore Beach, just a two-minute walk from the pier. It’s also convenient for the town centre and many of the local tourist attractions. I was happy to be able to park my car there for the duration of the holiday and go everywhere on foot (or the open-top tourist bus – see below).

I have embedded a map of the area below (courtesy of Google maps

The Hotel

The Merrion is a traditional seaside hotel. It is family owned and run, and I have always found the service there friendly and helpful. On this occasion I was allocated a third-floor room with a lovely view across the beach and sea. Thankfully the hotel has lifts, incidentally.

My room wasn’t huge, but quite large enough for a short stay. There was a good-sized bathroom (with bath and shower attachment) and a flat-screen TV. I was staying on a bed and breakfast basis, so there were tea-making facilities but nothing else.

The Merrion has a restaurant downstairs where breakfast is served. This is mainly buffet-style, though tea or coffee and toast (if you want it) are brought to your table. As well as fruit and/or cereal, you can have a cooked breakfast including eggs (fried, poached or scrambled), bacon, sausages, mushrooms, hash browns, black pudding, baked beans, grilled tomatoes, and so on. Smoked kippers are also available on request.

You also have have the option of eating in the restaurant in the evening if you wish (in fact I did for all three nights). The menu changes each day and you pay a set fee for one, two or three courses (plus coffee).

I thought the food generally was excellent, and there was a good range of choice, including meat, fish and vegetarian/vegan options. The service was also excellent from the team of young waiters and waitresses, many of whom were from eastern Europe..

There is a bar and ballroom at the back of the hotel. Live entertainment is on offer here most evenings. This is generally provided by a solo singer, and clearly targeted at the Merrion’s core audience of seniors. It wasn’t really my cup of tea, but maybe it will be in another ten or twenty years’ time 😀

The Merrion has free wifi, which worked perfectly during my stay (not always the case in my experience).

I should also mention that the hotel is well prepared for visitors with disabilities. All public areas are wheelchair accessible, and mobility scooters and other aids can be hired via reception.

The location is obviously not the quietest. If you want that, you are probably better off at a hotel such as The Clontarf (where I’ve also stayed) on the quieter West Beach. Personally, though, I enjoyed listening to the buzz of visitors and the sound of the Punch and Judy drifting over. It all goes pretty quiet at night, and I didn’t have any problem sleeping.

Financials

As Pounds and Sense is primarily a money blog, I should say a few words about this.

I paid £450 for my three-night stay (including breakfasts) at The Merrion, which I thought was reasonable bearing in mind the location and facilities on offer. I didn’t have to pay a deposit and paid the entire fee on arrival. You can cancel up to two days before and not owe anything.

As regards evening meals, The Merrion charge a fixed fee of £27 for three courses, or you can pay lower prices for two courses or a single course (all including coffee and a mint as well). It’s obviously good to have this flexibility, even though I must confess to having three courses every night!

You can check current prices and availability on the Booking.com website. You can book this way (which I did) or directly with the hotel. The latter method may or may not work out cheaper.

Things to Do

I shan’t give you a blow-by-blow account of what I did while I was there. However, I will highlight a few of my favourite attractions in and around Llandudno.

The Pier

Llandudno Pier is the longest pier in Wales at 700 metres, and the fifth longest in England and Wales. It is free to visit and has all the usual seaside attractions, many of which are aimed more at younger visitors. It is pleasant to walk along, though, with wonderful views of the Llandudno seafront (see cover photo). At the end of the pier you can get a drink and a snack at any of several bars and cafes.

Llandudno Pier

Cable Car

The Llandudno Cable Car runs from Happy Valley, an attractive public park overlooking the pier, to the top of the Great Orme. It is the longest passenger cable car system in Britain. The distance to the summit is just over a mile and the whole journey takes about nine minutes. There are stunning views along the way, including both of Llandudno’s beaches, the Great Orme and the Little Orme, the town of Llandudno, and further away the mountains of Snowdonia and the island of Anglesey.

On the day I went the wind was starting to get up and sandbags were put in the cars to stop them swaying too much. Later in the afternoon the ride was stopped. If you hope to go on the Cable Car, be aware that this may happen – and if you get a calm day, take advantage of it!

Llandudno Cable Car

Great Orme Tramway

The Great Orme Tramway offers an alternative method to the Cable Car for getting to the top of the Great Orme (and one that is less susceptible to the weather). It is is Britain’s only cable-hauled public road tramway and opened in July 1902. You have to change trams at the Halfway Station and continue your journey to the summit. You will be travelling in the original Victorian tramcars, which have been lovingly restored over the years.

Great Orme tramway

At the top of the Orme you can visit the Summit Complex, which has a variety of shops, bars and cafes. It’s a bit too commercialized for my taste, and I prefer the Visitor Centre (behind the Tramway station) which has displays about the natural history of the Great Orme and a small gift shop. There are also, of course, amazing views from the summit in all directions.

Great Orme Mines

The Great Orme Mines are said to be the oldest metal mines open to the public in the world. Excavations are ongoing, but visitors can explore several levels of the 3,500-year-old tunnels. The shop offers a selection of interesting and attractive rocks, minerals and fossils.

The Mines are about half-way up the Great Orme. One (relatively effortless) way of getting there is to go up on the Tramway and break your journey at the Halfway Station. It is just a short, signposted walk to the Mines from here.

Boat-Trips on the Sea-Jay

The Sea-Jay (pictured below) offers trips from Llandudno’s south beach. They have short (25-minute) trips around the Great Orme throughout the day, and longer (one-hour) trips that take in both the Great Orme and the Little Orme. I highly recommend the longer trip, which took place at 11 am every day during my visit. It’s not massively expensive (£8 when I went) and you may be lucky (as I was) and see grey seals at the foot of the Little Orme.

The Sea Jay llandudno

If you enjoy boat trips, there are also various others from Conwy (see below).

Conwy

The medieval walled town of Conwy is just a few miles down the road from Llandudno and well worth a visit while you are there.

One option (which I took this time) is to buy a one-day ticket on the open-top tourist bus which runs between Llandudno and Conwy, starting by the pier. This ‘hop on, hop off’ bus is a great way of getting your bearings if you are new to the area, and you get the benefit of an interesting running commentary as well. There is also a discount for over 60s!

The biggest and best-known attraction in the town is Conwy Castle, and I went there myself on this occasion. It is remarkably well preserved, and if you go up the spiral staircases to the tops of the towers (you need to be reasonably fit for this), you can enjoy some amazing views of the town and estuary (see photo below).

Conwy view from castle

Two other places I recommend visiting in Conwy if you are interested in history are Plas Mawr, a large Elizabethan town house owned by CADW, and Aberconwy House, a somewhat smaller 14th century merchant’s house owned by the National Trust.

Final Thoughts

As you may gather, I enjoyed my short break in Llandudno staying at The Merrion Hotel, and am happy to recommend both the town and the hotel for a short break. Llandudno is a traditional British seaside resort, and none the worse for that. It’s a good place to chill out, but there are lots of interesting things to see and do as well. And it is very well set up for older visitors, as evidenced by the large number who go there!

As always, if you have any comments or questions about this post, please do leave them below.

If you enjoyed this post, please link to it on your own blog or social media:
Review: SuperLucky Secrets by Di Coke

Review: SuperLucky Secrets by Di Coke

, , 2 Comments

Today I am reviewing a book (and Kindle e-book) called SuperLucky Secrets. It’s by my fellow UK blogger Di Coke, also known as SuperLucky Di.

SuperLucky Secrets is a guide to ‘comping’ – in other words, entering consumer competitions in the hope of winning cash and prizes.

Di is a highly successful comper, having won over £300,000 worth of prizes, including a Volkswagen Beetle, £7,500 cash and an all-expenses-paid trip to Brazil. She also regularly talks about comping on TV and radio, including BBC Breakfast, ITV Weekend and The Morning Show.

I am grateful to Di for offering me a review copy of the brand new (2019) edition of SuperLucky Secrets.

The book’s sub-title is 100 Tips for Winning Competitions, Contests and Sweepstakes. I must admit I was slightly concerned that it would be a book of 100 comping tips in more or less random order. Thankfully that isn’t the case, though. This is a well-organized and comprehensive guide to the art (or science) of comping.

The printed copy of SuperLucky Secrets that I received has 195 pages, plus some pages (e.g. the index at the back) that aren’t numbered. The book is organized in nine main chapters, as follows:.

  • The Basics
  • Get Organized
  • Tips for Finding Competitions
  • Tips for Entering Competitions
  • Tips for Winning Competitions
  • Tools of the Trade
  • Finding Your Wins
  • Tips for Staying Motivated
  • Don’t Even Think About It! [Mistakes to avoid, in other words]

There is also a glossary, a list of useful resources, and an alphabetical index.

I thought SuperLucky Secrets was very well written and edited (or self-edited). As a semi-retired professional writer and editor myself, things like typos and spelling or grammatical mistakes tend to leap out at me. I didn’t notice any in this book, so much respect to Di for that. In my experience it’s rare to read a self-published book that is written and produced to such a high standard. As my eyes aren’t what they once were, I was pleased to see a clear, sensible-sized typeface used as well!

Within each chapter there are a number of sections, each corresponding to one of the 100 tips referred to in the sub-title. In the chapter titled The Basics, for example, there are sections headed Get Online, Write a Wish List, Put in the Effort, Be Super Social, Always Read the Rules, and Believe You’ll Win.

The book takes you through everything you need to know to get started in a hobby that is enjoyable and intellectually stimulating, and that can generate a steady stream of cash and prizes as well.

Di doesn’t, however, pretend that all of this will just fall into your hands. You will need to be well organized and patient (especially at first), as you will be facing plenty of competition from other compers, and it also takes time for contests to be judged and winners notified.

As Di says in her Introduction, ‘Be patient. Some people think they can start comping on Monday and have prizes arriving by Friday!’ And she adds, ‘A brand new comper will take a while to get into the swing of things, but don’t give up if you’re not winning.’

As someone who used to enter competitions years ago, I thought there might be more emphasis on slogan contests, but Di says these have largely gone out of fashion among promoters now. There are still a few and Di highly recommends entering them, as this is one type of competition where you really can use skill to improve your chances of success. She shares some good tips on creating slogans, including some clever (and amusing) winning slogans of her own.

Di also recommends seeking out less well publicized competitions and ones where you have to buy some sort of qualifier, as this will greatly reduce the number of entries yours will have to compete against. And she sets out a range of online tools and resources (mostly free) that can help you find and enter more competitions and boost your chances of winning them.

Overall, if comping is a pastime that appeals to you and you would like to learn more, I highly recommend SuperLucky Secrets, especially in this brand new 2019 edition.

You might also like to check out Di’s blog at https://superlucky.me. You can sign up for her free email newsletter for compers via her blog.

As always, if you have any questions or comments about SuperLucky Secrets, please do post them below.

If you enjoyed this post, please link to it on your own blog or social media:
How to Start Video Gaming as an Older Person

How to Start Video Gaming as an Older Person

3 Comments

Today I have a guest post for you by a fellow money blogger who goes by the name of The Reverend.

I’ve wanted to publish a post about video gaming for older people for a while but faced the obstacle of knowing very little about it (my experience of video games doesn’t go much beyond Space Invaders). Still, I know a growing number of older people are interested in this subject, and there are undoubted benefits, not least in terms of sharpening (or preserving) your wits and reflexes.

Anyway, that explains why I was delighted when The Reverend – a London-based video gaming enthusiast (and talented writer and blogger) – volunteered to write an introduction to the subject for Pounds and Sense. Without further ado, here it is…

I turn 40 this year and am not sure if I’m classed as an ‘older’ gamer or not, but one thing is sure, I can see myself gaming forever, regardless of whether I’m ‘too old’ or not. Its important that you do the things you want to, whether it is writing a book, going to the cinema or even playing video games.

The World of Video Game Consoles

SEGA logo

When you think of Video Games, what companies do you think of? The gamers of today will be playing on a Switch, or a Samsung, maybe a Steambox. When I grew up there was Atari, Spectrum or Commodore. This then moved onto NES and Master Systems before going to SuperNES and Megadrive. Everyone remembers Sega and Sonic the Hedgehog. Sega no longer make games consoles, but Nintendo have had recent successes with the DS (in various versions) and the more recent Switch.

One thing you might be surprised by is that many people nowadays are also playing video games on mobile phones and tablets.

Games for Older Gamers

I’d like to start by saying that games are for everyone – your age doesn’t stop you from enjoying the latest titles. We are also at a point where the block-buster video games are making more money than the block-buster movies! It is worth thinking about what you’d like from a game.

Gaming Hardware

To play games you have a few options, but the main choices are:

Most people do have a mobile phone, so this is a good way to start gaming. The Apple App Store and Google Play Store have hundreds of ‘free’ games you can download and try out. It’s a good way to judge whether you’d like a particular type of game – and if the game isn’t for you, you can delete the app and you’ve spent no money.

If you are looking to get a games console it’s best to go to a shop and try one out. Although the controllers all look fairly similar, you might find that the grip to ‘hold’ the controller isn’t comfortable or (for example) you aren’t able to see the smaller screens of the Nintendo 2DS. Most game stores will be happy to talk through the options with you, let you try things out, and maybe even suggest some games based on your interests. These people know their games inside out, so do ask for help!

A gaming home computer can set you back thousands if you want to play the latest games in the highest image quality. If you already have a home computer then a chat with your local game store will help identify which game you’ll be able to play without having to spend any more money.

Gaming Options

What do you like to do to relax? Do you enjoy reading books, watching movies, or sitting down with the Sudoku page of the newspaper? No matter what you enjoy doing, there is a game to suit you.

Love A Good Story?

If you enjoy in-depth story-lines in books, TV or film, then you may enjoy an RPG (or Role-Playing Game). Like books, there are plenty of genres for RPG games. I enjoy the Post-Nuclear-Alternative-Timeline story of the Fallout series of games. These are set in a future where technology didn’t move to the microprocessor and stayed with transistor valves. Imagine 1950s Americana with lasers! Death, destruction, cannibalism, nuclear bombs and drugs – not something you’ll be able to share with younger family members! The Fallout series of games are available on the PlayStation 4, Xbox One, and the PC.

At the other end of the spectrum there is Cat Quest. Of course, not every game has to be about lasers and robots. Imagine a medieval adventure game but feline themed! It is also a PEGI 3 rated game and this means it is suitable for all ages – no swearing or nudity in your cat-adventure – so you can play along with nieces/nephews or grandchildren. Cat Quest is available on the PlayStation 4 and the Nintendo Switch.

Catquest

Enjoy Exploring the Real World?

Perhaps you aren’t an actual gamer and you just want something to make your Real World exploration a bit more interactive. Although released three years ago, Pokémon Go remains a popular game. You may have heard of Pokémon and even the phenomenon that is Pokémon Go. The BBC News has even covered a guy who has 11 phones on his bike so that he can catch more Pokémon.

The premise is that you collect Pokémon. You do this by exploring the real world and when you are notified a Pokémon is in the area, you throw a Poké-ball at it to try to catch it. To make the game more interesting you have Points-Of-Interest called ‘Poké-Stops’ and ‘Poké-Gym’. The Poké-Stops help you lure special Pokémon for you to catch, and the Poké-Gym allow you to battle other players to take control of the ‘Gym’.

Part of the success of Pokémon Go is that it is a ‘Freemium’ game available on both iOS and Android, so most smart mobile phones will be able to play it. The fact it is Freemium means that the game is free to download; however, there are In-App Purchases (IAPs) that will allow you to progress faster.

Pokemon Go

LIKE Life Simulations?

The big name in this genre is The Sims. This is a game where you control a person and all aspects of their life. Imagine the board-game The Game of Life but with interactive graphics and almost infinite possibilities. You can choose the life you want, build the house you want, get the job you want, have children, get married, cook dinner and live out all sorts of dreams that perhaps you didn’t manage in your real life! The Sims is available on PlayStation 4, Xbox One, and PC. There is a basic version also available for the Nintendo DS.

Two Point Hospital

If you want to try running a hospital then there is Two Point Hospital for the PC (pictured above), with console versions appearing in time for Christmas. Maybe you want to become your own dictator – Tropico 5 is on the PlayStation 4 and XBox. Has your life-long dream been to drive a big rig? Then check out Truck Driver, also for the Xbox and PlayStation 4. You can even be a goat in the obviously named Goat Simulator!

There are a number of farming-simulations which don’t focus on the farming and do have a story-line. Available for the PlayStation 4, Xbox and Switch is Stardew Valley. You can also get this on the various App Stores as well as for the PC. There are quests in the game and these are designed to help you get more money so you can develop your farm. [Nick writes: My teenage nephews are keen Stardew Valley players – my brother-in-law once told me he wished they were half as keen on helping with the real garden as opposed to tending their virtual ones!].

ENJOY Building?

The classic building game is Minecraft. It’s available across pretty much any platform or device you can imagine. There is a ‘story mode’ for Minecraft but it also gives you a complete open-world building experience for you to create anything you want. The graphics may remind you of a much earlier generation of gaming, but don’t be fooled – this is a serious game that has a massive number of followers.

Minecraft

More serious is that people do stream their gaming and some of these streamers earn millions of pounds just streaming their games while they play. I bet you didn’t realise that playing video games can actually give you a source of income!

KEEN TO TRAIN YOUR Brain?

If you enjoy solving the Sudoku in the paper every day, did you know you can play these for free on your mobile phone? Go to your App Store and search for ‘Free Sudoku’. There are plenty of versions out there for you to choose from. Just make sure you don’t need to share your camera/photos/contact list/etc with the app – they don’t need this data.

Another well-known series of brain training games is from Dr Kawashima. These games are designed to challenge your brain and keep you thinking. They are only available for the Nintendo 3DS, but the series has been running for over 10 years.

Recommendations

Think about what you want from your gaming. If you want to play with family members then get whatever console they have. There is no point having a PlayStation if the people you want to play with have xBoxes.

If you want to just play something quickly while you have a spare five minutes then check out the free games on the app stores for your mobile phone – there are plenty of games like Candy Crush which you can start/stop with no impact to the game-play. If you want to do some more serious gaming on the move then the Nintendo Switch has a large portable display AND can connect to your TV at home.

Remember you don’t have to buy your games machine brand new. The current RRP of the Nintendo Switch is £279.99; however, you can find it much cheaper if you are willing to buy second hand. You could buy from eBay or Facebook selling groups. Another option is to buy it 2nd hand from CEX, where you will get 12 months’ warranty but you will probably pay more than the eBay price.

I have a PlayStation 4 and an iPhone. The iPhone covers my ‘casual’ gaming when I have a spare 5-10 minutes while I’m out and about. On my phone I have Tetris, Countdown, Scrabble, and Candy Crush. My PlayStation has first-person shooters like Call of Duty, RPGs from the Fallout Series, historical stealth exploration from the Assassin’s Creed series, and various games I can play with my nieces and nephews. They enjoy playing Lego Avengers with me, but I must say I’m much better than they are! (well, that’s what they tell me, but they might just be saving my feelings!)

Final Thoughts

Gaming is for everyone. Whatever you are interested in, there will be a video game for you. Don’t be ashamed if you want to go on a Cat Quest, or you are interested in running your own farm. You might even want to build in the Minecraft world and see where your creativity takes you.

If you have friends/family who play video games then ask them for advice. Most gamers are happy to talk games, explain what they are playing and make suggestions of what you may want to play. It doesn’t have to be only Fortnite and flossing!

Many video games have online/social components and this means you should be careful with any personal information and not give away too much. Treat these networks/messages/etc the same you would with any other online activity. Microsoft has some good advice that is worth following. Stay safe, as you would with any online activity.

Video games can help keep you active, keep your brain engaged, make new friends and keep you connected with your family, especially the younger generation. With all this available to you, why wouldn’t you want to get into gaming?

 

Many thanks to The Reverend for an eye-opening article. If you’ve been considering trying video gaming – or even if you haven’t – I hope this article might inspire you to get started.

As The Reverend says, gaming can be great for keeping mentally and physically sharp, and engaging with friends and family. You could start with games on your mobile or your computer, and maybe move on to consoles if you really get the bug.

As for me, I’ve decided to make a start in video gaming and have downloaded a couple of games to my smartphone. I’m already looking forward to planting, tending and expanding my first farm 🙂

  • Do check out The Reverend’s excellent blog at https://thereverend.co.uk. As well as some great posts about saving money and making money, there are enjoyable and informative posts about travel, food and entertainment as well.

As always, if you have any comments or questions about this article, for me or The Reverend, please do post them below. And if you are an older video gamer yourself, I’d love to hear any advice, tips or recommendations you may have!

Disclosure: This post includes Amazon affiliate links. If you click through and make a purchase, I will receive a modest commission. This will not affect the price you pay or the product/service you receive.

If you enjoyed this post, please link to it on your own blog or social media:
Review: How to Make Money using Your Mobile by Kathy Cakebread

Review: How to Make Money Using Your Mobile by Kathy Cakebread

2 Comments

Today I am reviewing a Kindle e-book by my fellow UK money blogger Kathy Cakebread titled How to Make Money Using Your Mobile. Kathy was kind enough to offer me a free review copy.

As you may gather from the name, this e-book is aimed at anyone who would like to boost their income using their mobile phone, generally by installing and using certain apps.

According to Amazon How to Make Money Using Your Mobile has 96 pages, though in practice of course that will depend on the device you are reading on and the font size selected.

My first impression was that it was well written and attractively presented. That being said, I was a little disappointed that there is no table of contents at the front. That makes it harder to navigate than it ought to be.

The book lists money-making apps in six categories as follows:

  • Survey Apps
  • Make Money Through Receipts
  • Get Paid to Shop
  • Make Money Doing What You’re Good At
  • Earn Money Through Cashback
  • Ways That Influencers Can Make Money

46 apps are described in total: 24 in survey apps, 4 in receipts apps, 9 in get paid to shop, 4 in make money doing what you’re good at, 3 in cashback apps, and 2 in influencers.

Within each category a number of apps/opportunities are presented. Kathy uses a standard format throughout for this, which is sensible. She starts with a phone screen capture of the app in question followed by a one- to three-paragraph description. Here’s a typical example…

Example 1

The description is followed by a list of pros and cons for the app in question, and (in most cases) a download link. Again, here is an example:

In some cases the download link takes you to the website for the app, but in others it takes you to to the Apple (iOS) App Store. It is a pity there aren’t also links to the Google Play Store for Android users (like myself). This means the book is probably best suited for iPhone users. Android users can benefit from it as well, but they may have to search for the relevant app themselves in the Google Play Store.

On the plus side, I was amazed by the number of sideline-earning apps Kathy has identified. Some, of course, I knew about already, but many I didn’t. I can see I will be busy for some time checking out all these money-making resources!

I like the concise, well-written descriptions, which tell you everything you need to decide whether an app may be of interest. The list of pros and cons is also invaluable. Kathy appears to have tried all these apps herself (which would be a full-time job, I’d have thought) and she shares her advice and experiences using every app, good and not so good!

As the book’s subtitle, Get a side income for extra treats for you and your family, indicates, you won’t make a fortune from these apps or even (probably) enough for a full-time living. But you can definitely earn a valuable sideline income. Some pay in cash – usually via PayPal – while others pay you in Amazon (or other store) gift vouchers. (Personally, I’m a big fan of MobileXpression, which I wrote about in this blog post. It keeps on churning out £20 Amazon vouchers for me every few weeks, for doing no more than keeping the app installed on my phone.)

As indicated earlier, I did think the book could be better organised. In particular, I would like to have seen a table of contents at the front, with the content organised under proper chapter headings and hyperlinked. That would make it much easier to use as a reference resource. It would also be good if the apps described in each chapter were arranged in alphabetical order rather than (I assume) randomly.

Overall, though, How to Make Money Using Your Mobile is a great little e-book, and anyone hoping to boost their income is bound to find something of interest – and value – in it. At the current modest asking price of £2.99 (or free on Kindle Unlimited) it would make a good value addition to your sideline-earning library.

As well as How to Make Money Using Your Mobile, you might like to check out Kathy Cakebread’s Glitz and Glamour Makeup blog, which also has a section devoted to money-making tips.

As always, if you have any comments or questions about this post, please do leave them below.

If you enjoyed this post, please link to it on your own blog or social media:
Active Investing Versus Passive Investing

Guest Post: Active Investing Versus Passive Investing

0 Comments

Today I have a guest post for you by my fellow money blogger Simon from Financial Expert.

In his post, Simon examines the pros and cons of investing in active versus passive funds. This is (of course) a subject of much debate among both pundits and investors. I will share a few thoughts of my own about it at the end.

Over to Simon, then…

 

For people who are enjoying their retirement or approaching it, choosing the right investments is clearly crucial.

With less time to correct mistakes, a bad investment choice is likely to have a major impact on quality of life in retirement. Many older people therefore struggle to make decisions given the number of investment choices available.

But before picking any particular trust or fund, all investors must first navigate a fork in the road. They must decide whether to follow an active or passive investment strategy.

Active Versus Passive

A fund manager following an active strategy has the discretion to hand-pick shares that they believe represent a superior investment opportunity. They do so in an attempt to deliver a return higher than the market average – for example, the return on the FTSE 100 index of large companies listed on the London Stock Exchange.

Funds that follow a passive strategy, on the other hand, use a mechanical approach of buying most of the shares which form indexes such as the FTSE 100. The objective of replicating the index is to provide a return which mirrors it as closely as possible.

Of these two approaches, which is the more successful? There are many arguments on each side of the debate. Below, I pull out the key pros and cons to help you decide.

In Support of Active Investing

Detailed research is valuable in opaque markets

In emerging markets and other less developed economies, quality financial information is a scarce resource. For example, emerging-market companies are less covered by investment analysts, and the quality of their financial reporting may be lower.

This creates a research deficiency which can be exploited by any active fund with a research team. Any insights generated by the boffins can be used to guide trades and improve the performance of the fund.

This is one of the key reasons why investors opt for active funds over passive funds in the emerging market equities asset class.

Moreover, the higher returns of high-risk markets such as emerging markets helps to cover the premium fees charged by active funds.

Absolute return strategies

Active funds are free to engage in investment strategies which seek to provide a positive absolute return regardless of whether the market is rising or falling.

They can do so by either short selling a company, by switching between asset classes, or by investing for relative value. Relative value investing is where fund managers seek out under-priced securities. They buy under-priced securities and sell over-priced peers. In theory this strategy will deliver a profit regardless of the overall direction of the market, as long as the pricing anomaly corrects itself over time.

These funds seek to provide a lower level of volatility compared to an ordinary equity investment, and similar returns over the long term.

However, the recent performance of large absolute return funds has been underwhelming. In the three years to the end of November 2018, the flagship absolute return fund managed by Standard Aberdeen’s has returned only -6.6% compared to 42% for an average investment trust.

In fact, only 12 of 102 similar funds reported a positive return over the same period. This implies that while active strategies might work on paper, they are difficult to execute in practice, particularly when so much money is chasing the same strategy.

The Drawback of Active Investing

Active managers are losers… most of the time

The track record of active funds highlights their biggest drawback: after fees, active funds tend to under-perform the market average.

The Financial Times reported in 2015 that ‘Nine out of ten active funds fail to beat their benchmark.‘

Fund managers and research staff are expensive. This translates into higher annual ongoing charges. The higher the fees, the higher the bar is lifted on the returns needed to meet investor expectations.

Simple logic can provide a hint at why active funds disappoint:

  • Worldwide, the lion’s share of assets are still owned by active funds.
  • By definition, only half of the market participants can perform ‘better than the average’.
  • Of the winning half, some of these winners will have significantly outperformed, while many will have only incrementally outperformed.
  • Because of the premium fees they charge, any active fund that beats the benchmark only slightly will still come out as a loser after fees are taken into account.
  • Therefore we can conclude that theoretically, only a small proportion of fund managers (those that beat the benchmark by a good margin) can deliver the return that investors expect.

The second issue that plagues active managers is the difficulty of repeating the performance in subsequent years.

A fund manager may have enjoyed a particularly strong year because of sheer luck alone.  Perhaps the fund happened to simply be in the right asset at the right time. This doesn’t guarantee that the fund will enjoy remarkable success in the future.

The temporary and unrepeatable nature of fund success explains why the fraction of fund managers that fail to meet their benchmark rises to the ‘Nine out of Ten’ statistic reported by the Financial Times when their performance is measured over a long time frame.

In Support of Passive Investing

Passive strategies deliver what they promise

Followers of passive investment strategies understand this logic and are prepared to accept an ‘average’ market return, in exchange for the assurance that they will not under-perform it.

Passive funds, which create portfolios which closely resemble the indexes they track, carry much lower fees as no research analysts or star fund managers are needed on the payroll.

With fees as low as 0.06%*, trackers give investors the best chance to achieve as close to the ‘average market return’ as possible. As stated above, this will beat active funds, which typically trail behind the same benchmark.

* Vanguard FTSE 100 Index Trust

The Drawback of Passive Investing

An unhealthy concentration

Indexes are created mechanically by companies such as FTSE and Standard & Poor’s. Each company in the index is weighted by its size, among other factors.

This formulaic approach has the unintended side effect of creating unhealthy levels of concentration.

Vanguard’s Emerging Market Stock fund is a good example. 31% of the fund value is invested in a single country; China. In contrast; India, Brazil and Russia take up just 8%, 8% and 4% of the fund respectively.

Indexes can also be skewed by industry. Financial companies form 24% of the same fund. This vastly outstrips banking’s share of the global economy. Even in the UK, which of course contains London, a global financial capital, banking and finance only contribute 6.9% of economic output.

The result of these distortions is that ‘diversified’ passive investors can find themselves exposed to country-specific, sector-specific or even company-specific risks. They may have no clue that such a large proportion of their portfolio is invested in such specific areas, given the global nature of the fund.

Therefore, while passive funds appear to give retirees the best opportunity to achieve average market returns over the long term, investors should be wary. Any potential index fund should be reviewed to discover whether they have an unintended concentration in a particular region or sector.

About the Author: Simon writes for Financial-Expert.co.uk, an investing website with an educational focus. Recent posts include How to Invest in Property and How to Invest in Shares.

 

Many thanks to Simon for an illuminating article on an important topic for all investors.

Anyone who is considering investing in funds or trusts needs to bear in mind the distinction between passive and active management . For new investors, low-cost passive tracker funds, such as those run by Vanguard and mentioned by Simon above, could certainly be worth considering. But bear in mind the point Simon raises about the risk of unintentionally creating unhealthy levels of concentration in a single country, sector or even company.

Personally I have some money in tracker funds, but quite a lot more in funds that are actively managed. This is partly due to the fact that having no living dependants I can afford to take a slightly more adventurous approach in pursuit of better returns. Nonetheless, I do of course aim to diversify my investments as widely as possible, so that a downturn in one particular market or sector doesn’t impact too badly on the value of my overall portfolio.

I would also comment that most investment funds and trusts incorporate quite a bit of diversification already due to the range of investments they hold. Although they do of course come with a degree of risk, other things being equal this is likely to be a lot less than investing in individual company shares. And for older investors, careful risk management is key to ensuring a comfortable retirement, no matter how long this may prove to be 🙂

As always, if you have any comments or questions on this article, for me or for Simon, please do post them below.

Disclaimer: Nothing in this article should be construed as individual financial advice. All investments carry a risk of loss. Be sure to do your own ‘due diligence’ before making any investment and consult a qualified independent financial adviser if in any doubt how best to proceed.

If you enjoyed this post, please link to it on your own blog or social media:
How to save money on prescriptions

How to Save Money on Prescriptions

, 2 Comments

The full cost of an NHS prescription in England is now £9. If you need regular medications, that can quickly add up to a substantial sum.

The good news, however, is that many people are entitled to free prescriptions, and others have methods open to them to save money.

Before I go into that, though, I should point out that all NHS prescriptions are now free in Scotland, Wales and Northern Ireland. So if you are lucky enough to live in one of these countries, you won’t normally be required to pay for your prescriptions.

Who Is Eligible for Free Prescriptions in England?

Here is a list of everyone eligible for free prescriptions in England, taken from the NHS website:

You can get free NHS prescriptions if, at the time the prescription is dispensed, you:

  • are 60 or over
  • are under 16
  • are 16 to 18 and in full-time education
  • are pregnant or have had a baby in the previous 12 months and have a valid maternity exemption certificate (MatEx)
  • have a specified medical condition (see below) and have a valid medical exemption certificate (MedEx)
  • have a continuing physical disability that prevents you going out without help from another person and have a valid MedEx
  • hold a valid war pension exemption certificate and the prescription is for your accepted disability
  • are an NHS inpatient

The medical conditions which qualify you for free prescriptions include cancer, diabetes (unless treated by diet only) and hyperthyroidism. For the full list, see this web page from the NHS Business Services Authority. If this applies to you, you will need to complete an application form FP92A from your GP, who will also sign it to confirm that you have the qualifying condition stated. Certificates are valid for five years, and once you have one you will be eligible for free prescriptions for any condition, not just the one through which you qualified.

You’re also entitled to free prescriptions if you or your partner (including civil partner) receive, or you’re under the age of 20 and the dependant of someone receiving:

  • Income Support
  • income-based Jobseeker’s Allowance
  • income-related Employment and Support Allowance
  • Pension Credit Guarantee Credit
  • Universal Credit and meet the criteria

Finally, you will qualify for free prescriptions if you’re entitled to or named on:

  • a valid NHS tax credit exemption certificate – if you do not have a certificate, you can show your award notice; you qualify if you get Child Tax Credits, Working Tax Credits with a disability element (or both), and have income for tax credit purposes of £15,276 or less
  • a valid NHS certificate for full help with health costs (HC2)

People named on an NHS certificate for partial help with health costs (HC3) may also get help with prescription costs.

What If You Don’t Qualify for Free Prescriptions?

If you don’t qualify for free prescriptions on any of the grounds set out above, there are still some things you can do to reduce the cost of your prescriptions.

One is to buy a Prescription Prepayment Certificate (PPC). These are available for three months or a year and entitle you to free NHS prescriptions for all conditions during this time.

At the time of writing a three-month PPC costs £29.10 and a year’s costs £104. In general, if you need more than one prescription a month and have to pay for it, a PPC will work out cheaper.

If you have a long-term condition, a one-year certificate will usually represent the best value. A person getting two prescriptions a month would save more than £100 a year by this means compared with paying for individual prescriptions. The simplest way to get a Prescription Prepayment Certificate is to apply via the NHS Prescriptions website.

Finally, it’s worth bearing in mind that some medications, especially for minor conditions, are available over the counter without a prescription. This can often work out cheaper than paying a prescription charge.

As always, if you have any comments or questions about this post, please do leave them below.

If you enjoyed this post, please link to it on your own blog or social media:
How to cash in on free lottery websites

How to Cash in on Free Lottery Websites

4 Comments

If you’re looking for a fun and free way to boost your income, free lottery websites are definitely worth a look.

These sites offer the opportunity to enter free daily or (less often) weekly draws, with the prizes financed by advertising revenue. You simply register for each site and enter the details required, whether it’s your postcode, your birthdate, a set of emojis, or whatever. Then all you have to do is check them every day to see if you have won.

At one time there seemed to be dozens of these sites. Some have closed over the last year or two, but there are still a number around. The following will get you started…:

Pick My Postcode

Freemoji Lottery

Date of Birth Lotto

The Emoji Lottery (currently paused prior to a relaunch)

Free Birthdate Lottery

Some of these lotteries offer incentives for introducing new players. These vary, but typically include extra bonuses if you win. Disclosure: some of the links above include my personal referral code.

The first in the list, Pick My Postcode, is my clear favourite. They offer multiple chances to win each day – and in the days when they were called Free Postcode Lottery I was lucky enough to win it!

Pick My Postcode also have the largest prizes. The main daily prize – which I won – can be over £1,000. When I had my win, the prize was £1,200, though as one other person in my postcode area also claimed, the prize was split between us. So I got £600 plus a small bonus – not a life-changing amount, but certainly a day-changing one 😀

There are plenty of smaller prizes on Pick My Postcode as well, from £10 upwards. If you don’t do any of the other free online lotteries, at least do this one 🙂

With most free lottery sites you have to go back to them daily to see whether you have won. Personally I use a Firefox add-on called Morning Coffee which lets you save a list of sites and open them all with a single action. I can then quickly check them all. This takes five minutes at most, so it isn’t a big chunk out of my day.

Good luck with your free online lottery entries. If you have any comments or questions, please post them below (likewise if you know of any other free online lotteries). And if you have any big wins yourself, I’d love to hear about them!

This is a fully updated repost of my original article on this subject published in January 2017.




Save

Save

Save

If you enjoyed this post, please link to it on your own blog or social media:
Why Property is an Essential Part of the Retirement Planning Jigsaw

Why Property is an Essential Part of the Retirement-Planning Jigsaw

, , 20 Comments

Today I’m sharing some thoughts about the role of property in retirement planning. The post is partly inspired by recent research and insight from retirement planning specialists Just.

In association with Opinium Research, Just surveyed 4,000 adults from all over the UK to discover what they think and feel about property, including their views on owning versus renting, how property affects their attitude to their current and long-term financial plans, whether they thought of their property as a home or an investment, what impact property ownership has across the generations, and more.

When looking at those in their 50s, the research revealed that this age group turned out to be (in some respects anyway) the most pessimistic age group.

Survey Results

The survey threw up some interesting – and in some cases concerning – findings for the 50s age group. Key points arising included the following:

  • Whilst those in their 50s are building up towards retirement, half (47%) feel unprepared and hit a ‘pessimistic peak’.
  • Among homeowners who don’t feel prepared – not having enough to retire on (52%) and not having enough to do what they want (45%) is the biggest concern. Ranking these above other concerns such as debt and handing down wealth to their children.
  • 1 in 4 (23%) don’t know how to fund long term goals. And this goes up to almost half of renters (43%), compared to 16% of homeowners
  • It has become noticeably more difficult to get on the housing ladder – and this affects over a quarter (26%) of people in their 50s, who are still renting.
  • The impact on retirement is one of the biggest concerns for those now unable to buy, as property remains a core component of household wealth.
  • Even those on the property ladder are struggling to juggle their priorities and plan for the future.

You can see more information about the survey, and other findings from it, on Just’s My Home My Future website.

My Thoughts

At the age of 63 I am a little older than this age group, but I can definitely relate to these findings, both in respect of my own experiences and those of friends and relatives.

I believe that property should play an important – and arguably essential – role in every person’s retirement plans. And owning your own property puts you in a far stronger financial position than if you are renting.

One obvious reason for this is that your property can be a source of extra money if and when you need it in retirement. This can work in a variety of ways…

  1. If you own your property and have equity in it (i.e. its value its greater than any outstanding mortgage/s) you can release some of this by downsizing. By selling up and moving somewhere smaller and cheaper, you may be able to release a chunk of cash that can be used to fund major purchases and/or invested to provide you with extra income.
  2. If you don’t want to move, you may be able to use equity release to access some of the money tied up in your home. At one time equity release had a slightly dubious reputation due to the risk of going into negative equity, but nearly all lenders now offer a No Negative Equity Guarantee (NNEG) which ensures a borrower can never owe more than the value of their home. Equity release is nowadays a well accepted – and increasingly popular – method for releasing funds tied up in a property. Modern ‘lifetime mortgages’ in particular offer great flexibility for drawing down funds when you need them, with repayment only required when you die or go into long-term care.
  3. Another option for generating income from your home is to rent a room in it. Under the government’s Rent a Room scheme you can charge up to £7,500 a year in rental without having to pay tax on it. This can work well for people in family homes whose children have flown the nest.
  4. Owning a property also presents other opportunities to generate money from it. An example is renting out your driveway or garage, which I discussed a while ago in this blog post.

For more information on using your property for money, check out this page from the Just website.

My Circumstances

I am fortunate in that I own my home outright. The mortgage I took out with my late partner Jayne was paid off around ten years ago with the aid of a modest windfall. I also have various pensions and investments.

No-one can see what the future holds, but knowing that I could potentially release a substantial sum from my home if the need arises is obviously reassuring – especially in case in my old age I have to go into long-term care.

The latter is obviously a major concern for many older people. A recent report from Just revealed that 88% of people who have organised long-term care for a family member said they were shocked at how expensive care is, and 75% were surprised by how little financial support the state provides.

Further Thoughts

One thing that struck me particularly in Just’s My Home, My Future survey was the number of middle-aged (and older) people who are still renting, often through necessity rather than choice. Just found that non-homeowners in their 50s tend to be those who haven’t been able to buy their home (43%) rather than those who haven’t chosen to buy (21%).

This is clearly a concern for those affected, and for society generally. These people will be cut off from an important potential source of income in later life. If they have to go into long-term care, much of the (considerable) cost may have to be borne by their family, who may or may not have the means to do so.

A serious discussion needs to take place about how social care in Britain is funded, and specifically the balance between what is paid by the state and by the individual. Government policy in this area has been mired in confusion for years – and with the current political turmoil over Brexit it’s hard to see the situation improving any time soon.

In the meantime, it’s clearly desirable for everyone to get on the property ladder as early as they possibly can, so they are able to build up equity in their home and access the additional cash and income property can provide in later life. Whilst it remains unclear how much any of us will need to contribute to the cost of our own care, having a source of money to fund this if needed is all the more vital.

As always, if you have any comments or questions about this post, please do leave them below. I would especially like to hear your thoughts if you are 50 or over on how you plan to fund your retirement and the role you see for property in this. Check out also the #MyHomeMyFuture hashtag for more about this subject on social media.

  • For further advice on planning for retirement, I recommend checking out the government’s Pension Wise website, which includes detailed information about pension saving. If you are over 50 you can also book a free telephone or face-to-face appointment with an adviser who will go through the options with you.

Disclosure: This is a sponsored post on behalf of Just Group plc.

If you enjoyed this post, please link to it on your own blog or social media:
How to save money on clothes shopping

How to Save Money on Clothes Shopping

3 Comments

Today I have a post for you on how to save money on clothing.

Like it or not, we all have to spend money on clothes. And over a year those costs mount up.

Any of my friends will tell you that clothing isn’t my specialist subject, so I asked my fellow UK money bloggers for their advice on this subject. I’m pleased (and grateful) to say that they came up trumps 🙂

So here, without further ado, are the UK money bloggers’ top tips on how to save money on clothes shopping…

1. Kirsty Holden from The Money Saving Mum says, ‘Go to outlets! My new fave shop is a local Next outlet. I’ve always been a Primark girl but honestly the quality is getting worse and I only ever buy from there now if it has a red tag on it 🤣 I would never normally go into Next and pay their prices but the outlets are fab!’

2. Fiona Elizabeth Hawkes from Savvy in Somerset writes, ‘Buying second-hand from charity shops can save you a fortune and means you could afford brands you might not otherwise be able to, meaning better quality clothing for less money. Also they often have lots of brand new clothes that have never been worn with the tags still attached.’

3. Emma Jackson from Bee Money Savvy says, ‘If you’re a student, make sure to check to see if the retailer offers student discount either through the UNiDAYS app or the TOTUM/NUS card. Student discounts can save you anything between 5% and 20% at most major retailers.’

4. Laura Dempster from Thrifty Londoner writes, ‘If I’m looking for something specific I always check eBay first! I’ve got brand new jeans for £15 instead of £30 just by looking on eBay. I’ve also found that brand new books are often cheaper on eBay than Amazon.’

5. Stephanie Addison from Debt Free Family advises, ‘Buy winter clothes at the end of winter. Likewise, buy summer clothes at the end of summer. They are so much cheaper then, when the shops need to clear out.’

6. Emma Bradley from Emma’s Savvy Savings says, ‘Voucher codes – shopping online gives you extra discounts via voucher codes (quick Google search) and/or Top Cashback and Quidco. You can also try on the clothes in the comfort of your own home and not feel pressured or rushed into buying.’

7. Lisa Garwood-Cross of Living Thrifty says, ‘Take a look at websites like Everything 5 Pounds. They are often selling end-of-line high street items brand new for a fraction of the price. There may be limited sizes but the website often has loads to choose from. You won’t know which brands they are until they arrive, but you’d be amazed at what you can get for a fiver!’

8. Emma Bradley from Emma’s Savvy Savings adds, ‘Another one is not so obvious but use a personal shopper. They really are brilliant at finding and putting together outfits that suit your body shape. This saves money as you don’t buy things that you later regret and store in your wardrobe with the tags still on!’

9. Francesca Henry of From Pennies to Pounds says, ‘If it’s for a special occasion, ask your friends and family if they have anything that you can borrow first. You can return the favour – it works particularly well if you have a lot of weddings to go to!’

10. Faith Archer from Much More With Less says, ‘Pick up clothes with your food shopping. I’ve nabbed great basic T-shirts and workout gear from supermarket ranges like Tu at Sainsbury’s and George at ASDA, and they tend to offer a wide range of sizes. Great for bargain school uniform too, especially in the Tu 25% off sales.‘

11. Nikki Ramskill, who blogs as The Female Money Doctor, says, ‘I save small amounts of money every month and then when the sales are on, buy what I need then. Knowing WHAT I need really helps before I go. Do I really need another pair of jeans, when actually it’s work dresses I am lacking, for example. Saving money to have a few big shops a year to search for key pieces and creating a capsule wardrobe saves me so much money.’

12. Hayley Muncey of Miss Manypennies writes, ‘Try looking on Facebook buy/sell groups in your area. People will often have a clear-out and offer a huge bundle for free or very cheap. Then you can look through, pick out anything you like, and pass the rest on again.’

13. Claire Roach from Daily Deals UK says, ‘I clothes swap with friends – we both get to refresh our wardrobes that way for nothing. I have asked on Facebook as well once and got a great response. I got three new dresses and got rid of three that I hadn’t worn for years.’

14. Lynn James, who blogs as Mrs Mummypenny, recommends, ‘Create a capsule wardrobe! My friend Claire came shopping with me and created a wonderful capsule wardrobe for me. Everything goes with everything. And from maybe 10 items of clothing I have 20+ outfits, all timeless styles and colours. I still wear all the clothes now, bought three years ago.’

15. Emma Maslin from The Money Whisperer says, ‘I hate clothes shopping and do most of it online. I am on the email lists for my favourite brands so whenever they have a sale or promotion, I get notified and I buy then.’

16. Jennifer Graudenz of Monethalia comments, ‘I like going to fashion outlet stores and buy from their clearance sections. There isn’t as much choice, but getting as much as 90% off the normal retail price is possible.’

17. Clair Louise of Thrifty Clair says, ‘Sites like Everything 5 Pounds [also mentioned by Lisa of Living Thrifty, above] and Single Price sell ex-high street stock for a fiver an item. If you’ve got a good eye you can get some amazing items for a fraction of the original cost.’

18. Katie Schulten of Student Skint says, ‘If you’re planning on buying something brand new that’s not an immediate buy, try it on in store so you know your size then search online – eBay, Depop, Facebook marketplace, etc. – for someone selling the same one brand new with tags for much cheaper…you know it’ll fit! Just check the description for the reason they could be selling.’

19. Andrew Young from Capital Matters writes, ‘Don’t buy too cheap and don’t buy too expensive. To use an example from my own life, I used to buy £20 shoes. They rarely lasted more than six months. I switched to £45 (on-sale) Ralph Laurens. They’ve lasted years and they’re still going strong, effectively saving me money. But anything priced above that? Likely just a waste.’

20. Katie Watkins from Katie Saves says, ‘Ask for vouchers for birthdays and Christmas. I know some people don’t like giving/receiving vouchers but as I never buy for myself I look forward to having vouchers specifically to buy anything new I need.’

22. Scott Dixon of Thegrumpygit.com writes, ‘I have just been to the Sainsburys Tu sale and bought a pair of jeans on the half price rack that still qualified for the 25% off (£16 down to £5.50 less £3 on a £20 spend with a Nectar card coupon = £2.50). I also got another pair of jeans £16 & trainers £14 with 25% off. Wait for the annual Tu sales at this time of year, go with a coupon and search through the 50% off rail is my tip!’

23. Jim Gall of Money Blog Scotland writes, ‘I shop in GAP a lot and they ALWAYS have discounts on. Their high street stores almost always have 40% off, and the online store always has discounts on. Plus if you install the app, you get a voucher code which means you get a further 5% off on top of your original discount. I have NEVER paid the listed price for anything in GAP. And it’s all good quality stuff which lasts for ages.’

24. Finally, Sian Melonie, who blogs as Little Miss Frugal, is another fan of cashback websites. She says, ‘If there is something that l have my eye on from a particular store, I always check Top Cashback and Quidco to see what cashback offers are available from the store I’m wishing to purchase from. It’s then essentially free money back!’

Thank you so much to all my fellow UK money bloggers for sharing their top tips. I hope you will agree there are some great money-saving ideas and resources listed here.

I guess I should offer a tip as well, so mine is to sign up with the loyalty scheme of any clothes store you shop at regularly. Being a gentleman of a certain age, two stores where I often shop for clothes are Marks and Spencer and Debenhams.

I have a Sparks card from M&S, which gets me special offers and discounts from the store and the occasional freebie. And I have a Debenhams credit card, which (among other benefits) earns me points every time I shop there. These are then converted to Debenhams vouchers every three months. Note that I don’t advocate borrowing on a credit card as the interest quickly mounts up, but as long as you pay off your balance in full every month there won’t be anything more to pay.

Finally, please do check out the money blogs listed above – they are all linked from the blog names – and sign up to follow any you enjoy.

As always, if you have any comments or questions on this post, please add them below. I would also love to hear any other tips you may have for saving money on clothes shopping.

If you enjoyed this post, please link to it on your own blog or social media:
Infographic: Are you a victim of pension mis-selling?

Infographic: Are You a Victim of Pension Mis-Selling?

, , , 0 Comments

Today I have an eye-opening infographic for you from my friends at Edinburgh IFA about pension mis-selling.

If you watch the TV news, you may be aware that there has been a spate of stories in recent months about pension mis-selling.

In particular, some people have been persuaded to transfer valuable final salary pensions to unsuitable, often high risk, investment schemes, potentially putting their future income and security at risk. Of course, the advisers concerned typically pocket large sums in commission for this.

There is, however, some hope for victims of pension mis-selling, as the government has set up a compensation fund to help them. Here is the infographic with further information.

Mis-Sold Pensions

Thank you to Edinburgh IFA for their detailed and informative infographic.

If you think you (or a friend/relative) may have been mis-sold a pension or badly advised about a pension transfer, then – as the graphic says – you may be eligible for compensation from a £120 million fund set up for this purpose by the government. You can make a claim to the Financial Services Compensation Scheme (FSCS) or the Financial Ombudsman Service (FOS).

The FSCS only looks at complaints if an organisation has entered liquidation or administration. If – as is more likely – the organisation you wish to complain about is still trading, you will need to apply to the FOS.

You do need to act quickly, as if you are going to complain there is a time limit of six years from when the product was sold to you, or three years from when you noticed that you had been mis-sold – whichever is the later.

If you wish to complain about being mis-sold a pension, the first step is to contact the adviser (or SIPP provider) in question. They are obliged by law to have a complaints procedure and respond within eight weeks. If they don’t respond, or you are unhappy with their response, you can then file a complaint with the FOS. If they agree that you were badly advised, they can award you compensation of up to £150,000. More detailed information about the complaints procedure is available on the Edinburgh IFA website.

If you don’t feel confident going to the Pensions Ombudsman yourself, you can use a claims adviser. Edinburgh IFA say they are happy to put anyone in this position in touch with an independent financial adviser (IFA) in their area who will provide initial advice free and without obligation. Despite the company name, they offer a nationwide service (not just Edinburgh!).

Or if you don’t want to use them, any IFA specialising in pensions should also be able to help you. The website Unbiased.co.uk can locate suitable independent financial advisers in your area for you.

Either way, if you think you have been a victim of pension mis-selling, don’t bury your head in the sand. Compensation may be available if you act now. In any event, it costs nothing to find out more.

As always, if you have any comments or questions about this post, please do leave them below.

If you enjoyed this post, please link to it on your own blog or social media:
«< 30 31 32 33 34 >»