MONEY MORSELS
Pension problems
TWO of Britain’s biggest pension firms won’t let savers claim a tax break on retirement advice worth up to £675. Aviva and Prudential say this is because the Pensions Advice Allowance is too complicated to administer and demand is low, but they do offer a similar scheme known as ‘adviser charging’, which is more limited.
Mortgage defeat
PROFESSIONAL sports players are no longer able to apply for a mortgage with TSB, unless they already have one with the bank. TSB is concerned that sportsmen and women, who tend to have short careers and suffer a dip in earnings when they retire, might fail to keep up with repayments when their careers end.
Boiler room bust
THREE men have been arrested by the City of London Police after a suspected boiler room scam was uncovered on Fleet Street. At least 39 victims, many of whom were elderly, lost more than £1 million in a fine wine investment scheme after they were promised returns of up to 40pc.
Free credit report
A MONEY website has launched a free credit score service. Users can get access to their credit file via TotallyMoney.com and opt for personalised notifications about changes in their credit score and borrowing power.
Tax return task
ALMOST 300,000 over-80s have to fill out gruelling annual tax returns, research reveals. Growing numbers of pensioners with part-time jobs, rental income or their own business mean record numbers must complete tax forms, according to Royal London. In total, 1.7 million over-65s now do so.
Holiday cost
TRAVEL insurers say six-figure medical bills are ‘not uncommon’ when British holidaymakers need emergency treatment abroad. Nearly 3,000 travellers are helped by insurers each week, according to the Association of British Insurers, with £200 million paid out annually.
Savers punished
HARD-PRESSED savers have seen returns on savings dwindle since the Bank of England base rate was cut to 0.25 pc last August, says financial website Moneyfacts. Last August, savers could get an average easy-access rate of 0.55 pc, but this has fallen to 0.39 pc.
House price rise
HOUSE prices are on track to grow by around 2 pc during 2017, according to Nationwide. This is below the average annual rise of 3 pc to 6 pc seen in recent years. The average house price reached £211,671 in July — a new record for Nationwide Building Society’s index — in part due to a shortage of homes up for sale.