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Martin Lewis urges tens of thousands of women to check their state pension payments

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Martin Lewis, Money Saving Expert, has helped many Britons with their financial questions through a number of his platforms. He has also campaigned on a series of issues to try to make change which will help others. Today, Martin appeared on ITV’s Lorraine to provide insight into an issue which could potentially affect thousands of people.

He offered his expertise on the matter of state pensions, and explained many women could in fact be missing out on payments.

The matter has arisen, Martin explained due to an “antiquated” set of rules which affect certain married women, widowed women and those who are divorced.

He stated women aged 67 or older should take immediate action to see whether they are being underpaid, and if they could receive money back.

Under the old state pension system, married women were able to claim a basic state pension at 60 percent of the full rate based on their husband’s contributions.

This was the case if the pension they could receive through this action was bigger than their own contributions.

Before March 2008, women were required to make a claim in order to receive the enhanced version of the state pension.

Women who have husbands who reached the age of 65 before March 2008 should have received correspondence from the Department for Work and Pensions (DWP) informing them of the option to increase their state pension.

But many stated they received no such correspondence, and therefore could be entitled to backdated payments.

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In addition, since March 17, 2008 the uplift should have been applied automatically.

However, a computer glitch means these women may have not been aware their pension was not increased, and could receive back payments.

The DWP is now undertaking a thorough check of its records to determine who has been affected, but Martin has urged women to be proactive on the issue.

While in most cases, payments of state pension have been made accurately, there are some obscurities.

Martin also made reference to one success story, which he stated should “inspire” women to take action on the matter.

One Briton, named Jill, got in touch with the DWP to see if she could benefit after hearing about the state pension underpayment issue.

In the end, Jill managed to claim back £82,000 worth of state pension – a potentially life-changing sum for many.

While state pension back payments are likely to vary on a case by case basis, women could be set to receive a substantial sum in some instances.

Checking sooner rather than later, then, is likely to be particularly important if a person wishes to get money back.

For those who do wish to check whether they could be entitled, Martin explained there are a number of options.

There are now online calculators which can help Britons determine whether they are entitled, and indeed what they could receive.

However, reaching out to the DWP for further clarity is also recommended.

Recently, Peter Schofield, permanent secretary at the DWP, gave evidence to the Work and Pensions Select Committee about the matter.

He said that the DWP has received almost 11,000 cases thus far on the issue.

Some 7,200 of them were reviewed at the time he spoke, with 5,300 of them turning out to be correct.

However, as Martin echoed today, these cases can be complex and therefore involve a lot of work to resolve.

The DWP recently responded to Express.co.uk about the ongoing matter, with a spokesperson stating in early November: “We are aware of a number of cases where individuals have been underpaid state pension. We corrected our records and reimbursed those affected as soon as errors were identified.

“We are checking for further cases, and if any are found awards will also be reviewed and any arrears paid.”

Martin Lewis is the Founder and Chair of MoneySavingExpert.com. To join the 13 million people who get his free Money Tips weekly email, go to www.moneysavingexpert.com/latesttip

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NatWest switching offer to end this week – act now to secure £125

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NatWest provides a number of banking services to its customers who put away money with them each year. The bank is a trusted name, and offers a number of accounts for Britons who are looking to make their money grow. Unfortunately, though, more generally across the country, interest rates have been lower than usual as a result of the financial issues caused by COVID-19.

In March, the Bank of England lowered its base rate to an unprecedented 0.1 percent, having a knock on effect on many providers.

However, to provide enticement to savers, some banks established switching offers – incentivising Britons to bank with them.

NatWest has a generous provision of £125 – but people will need to act quickly as the offer ends in just two days.

People who switch to NatWest will be provided with £125 cash back, as long as they do so by November 19th, 2020.

There are, however, some important factors for Britons to consider if they are looking to make the switch.

Those who do not currently have a NatWest account will have to switch into either the Select Account or the Reward Bank Account.

It is worth undertaking research into which option will be the most suited to a person’s circumstances.

However, people who already have a current account with NatWest can also potentially benefit from the £125 offering.

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These individuals can switch into their existing Select, Reward, Reward Silver or Platinum account, according to the bank’s website.

Next, savers are required to apply online or through NatWest’s mobile banking app.

Then, within seven days, the official Current Account Switch Service automatically moves existing payments, closing a person’s old account.

This is designed to make the process of switching easier, with less administration work for the person involved. 

Those who switch are then required to pay in at least £1,500 into their new account.

This, alongside logging into Mobile or Online Banking must be done by January 15th 2021.

Finally, Britons can expect the £125 to be paid into their NatWest bank account by February 12, 2021.

The new account cannot be closed before this date, or savers risk losing out on the switching bonus.

But the terms of the switching offer state NatWest is able to end the offer at any time, so acting sooner rather than later is important. 

The NatWest Reward account, for Britons who may be interested in this option, offers £3 a month in cashback.

It requires a monthly pay in of £1,250 for those who set up the account. 

The Select Bank Account is NatWest’s most popular everyday bank account.

To apply for both accounts people need to be 18 or over and a UK resident. 

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State Pension UK: Britons can boost their pension sum using Child Benefit

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State Pension payments are issued in varying amounts dependent on the National Insurance contributions a person has made throughout their lifetime. To unlock the full state pension sum, it is usually the case that a total of 35 years of contributions are necessary for a person to claim. However, an issue which slips under the radar for many people is how intrinsically the state pension is tied to Child Benefit.

This is because pension payments can be affected later down the line by the way in which parents and guardians choose to claim.

The issue has been highlighted by Kay Ingram, Director of Public Policy at national financial planning group, LEBC.

Ms Ingram has drawn attention to a number of ways Britons may be able to increase their state pension sum.

Simply taking the time out to address one’s state pension entitlement could make a valuable difference to the amount a person receives.

As such, people of all ages should pay attention to this sum as acting sooner rather than later could be a significant help. 

Ms Ingram urged those who are eligible to claim for Child Benefit to potentially benefit later in life.

She said: “Parents not paying National Insurance contributions through employment or self-employment may claim credits, which are automatically provided when claiming Child Benefit.

“To ensure the National Insurance credit is not wasted, it is essential that the adult who is not paying NI through employment or self-employment claims the Child Benefit.

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“Credits will continue until the youngest child is 12.”

According to government rules, only one person is allowed to receive Child Benefit for a child.

Therefore, as Ms Ingram importantly highlights, who claims this benefit is vital as it is likely to affect a pension sum later down the line.

If one parent has taken time off work, or has quit work altogether to look after a child, it may make sense for them to claim.

This is because the Child Benefit payment will boost the National Insurance they have lost out on due to not working.

However, as Child Benefit is taxable for those earning over £50,000, many may have opted out of receiving the sum from the government.

But, as Ms Ingram also highlights, these individuals should also take action to protect their state pension. 

She added: “Parents who have waived the benefit due to the High Income Child Benefit Charge can also claim the NI credit by applying for Child Benefit but then waiving payment.”

Waiving the payment means parents will not be subject to tax implications, but can receive the all-important National Insurance credit for their state pension. 

At present, the full new state pension stands at £175.20 per week for those who are eligible.

Pensioners can expect to be paid their sum once every four weeks into the bank or building society account of their choice. 

Britons can also apply for a state pension forecast via the government website, which will inform them how much they are currently set to receive and when. 

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PIP: Britons must report certain issues ‘straight away’ to avoid a penalty charge

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PIP is a payment available to those who have a disability, or long term ill-health, and is designed to help with extra costs. Britons can receive the payment whether they are working or not, however, there are certain eligibility criteria to bear in mind. A person must be aged 16 or over, and usually must have not reached state pension age.

Individuals will need to have a disability or health issue where they have had difficulties with daily living or getting around for three months or more.

They will also need to expect these difficulties to continue for at least nine months.

But there is an important matter for PIP claimants to bear in mind, and it is vital to pay attention to avoid a penalty.

Britons must report any changes in their circumstances to the DWP as soon as possible.

The government website has outlined the consequences if these rules are not followed.

It states: “You could be taken to court or have to pay a penalty if you give wrong information or do not report a change in your circumstances.”

This is particularly serious as deliberately misleading the DWP is considered as benefit fraud.

As such, there are a number of changes where people will be required to keep the DWP in the loop.

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These include if personal details such as name or address change, if a person goes abroad, or if they are in hospital or a care home.

In addition, if the help a person needs, or their condition changes, they must provide an update.

Finally, if a person’s condition has worsened and they are not expected to live more than six months, reporting this is key so Britons can receive the right support.

Changes in circumstances should be reported as they may affect the amount of support a person is entitled to.

Citizens Advice has urged Britons to report changes, even if they aren’t sure whether these affect their payment, just to be on the safe side. 

To report such changes, claimants can reach out to the PIP enquiry line, with all information accessible through the government’s website.

The line is open from the usual hours of 9am to 5pm on Monday to Friday to offer support to PIP claimants.

If a person cannot call themselves, they can get someone to do so on their behalf, but the claimant will need to be with this person when the call is made. 

Britons can also write to the DWP, with the contact address found on a person’s original decision letter.

Citizens Advice has also told PIP claimants it is a good idea to keep a written record of a change being reported, in case the matter is disputed later down the line. 

Those who report a change by phone can ask the DWP for a transcript, and those who write are encouraged to keep a copy of their letter. 

It is worth noting, however, that a change in circumstances may result in the DWP wishing to assess a PIP claimant again.

If so, Britons can expect to receive a new claim form to complete, which should be filled out in full and returned by the specified deadline on the correspondence. 

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Universal Credit boost: Is Universal Credit going up?

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Universal Credit is a government benefit paid to millions of Britons each month, boosting low incomes with payments for housing, income support, jobseekers allowance and more. Eligible claimants will receive a standard allowance based on their personal circumstances, and this is dependent on any current earnings.

Circumstances are assessed each month, and any changes can impact how much money you receive.

The amount of money a claimant will receive is made up of a standard allowance and any additional amounts which could be applied.

Top-ups to Universal Credit are paid to those who have children, have a disability or health condition which prevents people from working and for those who need help paying rent.

You can visit the Government’s benefits calculator here — to assess how much you could be eligible for.

Read More: Universal Credit UK: Healthy Start scheme payments to rise 

Is Universal Credit going up?

Universal Credit was given a boost in October for certain claimants.

From October 8, an increase in payments was introduced in order to bridge the gap between the old benefits and Universal Credit.

This was for claimants who receive Severe Disability Premium (SDP).

Severe Disability Premium (SDP) is extra money paid on income-related benefits.

This includes Job Seekers Allowance, income-related Employment and Support Allowance, Income Support or Housing Benefit.

SDP payments payment recognises living alone with a disability can lead to extra costs.

You can only get the Severe Disability Premium if you get an income-related benefit and you get the daily living component of PIP, the middle or high rate care component of DLA, Attendance Allowance, or AFIP.

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As of January 2020, SDP payments had been made manually, instead of being part of Universal Credit.

This meant claimants received two separate payments a month.

Now the system has been simplified, so those eligible will receive an increase to their Universal Credit payments of £120, £285, or £405, depending on individual circumstances.

While not a boost, it has also been announced self-employed Universal Credit claimants will not see the minimum income floor return until April 2021.

This means payments for those who are self-employed will not face a drop this week.

The Minimum Income Floor is an assumed level of earnings and is calculated using the “National Minimum Wage for your age group, multiplied by the number of hours you are expected to look for and be available for work”.

The Minimum Income Floor calculation also includes a “notional deduction for tax and National Insurance”.

The suspension of the Minimum Income Floor was originally due to end on November 12, 2020.

Without the Minimum Income Floor, self-employed people with earnings lower than the Minimum Income Floor may be receiving more financial support through Universal Credit than they would normally have.

However, Work and Pensions Minister Thérèse Coffey has now announced the suspension will be extended.

Dr Coffey said: “After careful consideration of the ongoing public health situation and the national working environment, the current easement of the suspension of the Minimum Income Floor in Universal Credit that was due to expire on November 12, 2020, will be extended to the end of April 2021.

“Regulations will be laid and made prior to November 12, 2020.”

The Department of Work and Pensions (DWP) has also announced some will benefit from an increase to payments starting next year.

The DWP plans to launch a new winter package which will give extra support for children and families.

The package will see a rise in Healthy Start payments from £3.10 to £4.25 per week starting in April 2021.

The DWP also announced plans to launch a “Winter Grant Scheme” which will see local councils given £170million in funding.

This funding will be set aside with at least 80 percent to be used to support food bills and cover the period towards the end of March 2021.

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Pension panic: Key steps to take if you’ve left saving late – ‘there is no silver bullet’

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Pension saving at its best is considered to take a long time to build up the right amount for retirement. However, as it is often considered an arduous task, or too far off, many people may have put this off. For those who are hoping to rescue their retirement before they leave the workforce, there are various options to consider. 

Express.co.uk spoke to Lee Platt, Senior Wealth Planner at Barclays Wealth, who provided further insight.

He said: “It is never too late to start putting away money for your pension, but you will have to make some adjustments.

“You should be increasing the amount you are willing and able to put away for retirement as this will massively help.

“Doing this inside a pension is a massive benefit not only because of the tax relief on the way in, you also have the tax-free growth inside of the pension.

“Over a number of years, that tax-free growth, or what we would call compounding, of your investment can make a significant difference over a meaningful period of time.

“Even if we look over a 10 year period, having growth which isn’t being taxed on an ongoing basis makes a huge difference to the size of a pot you can generate.”

However, what is clear is that traditional pension saving is not the sole option for those hoping to accelerate their retirement plans.

In fact, it may prove advantageous to have a number of options at a person’s disposal to assist in their retirement journey. 

Mr Platt added: “I think for other people who are looking for a bit more flexibility around being able to access some of that money should they need to, which a lot of people are concerned about, there are also other alternatives to consider alongside pensions.

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“These vehicles can be used in conjunction with saving into a traditional pension, with things like ISAs being a classic example where money can be put in, benefit from tax-free growth, but also allow access.

“For lots of individuals, there will be a very important balance to strike when it comes to preparing for retirement.

“You should consider what you are happy to tie up, and what you are happy to put to one side with the comfort of knowing you can access it in the future.”

Pension saving later on in a person’s life is not an insurmountable goal, and in fact one which can be achieved fairly easily with the right amount of work, Mr Platt said. 

He concluded: “There is no silver bullet for this matter.

“The reality is that it is usually about doing a variety of things – pensions, ISAs, other alternatives to help you out along the way.

“You should always be considering vehicles which are tax-efficient, as these are likely to help you the most.

“They should be working in conjunction for your objectives, but also to help you meet particular goals. Not just now, but at any point in the future.

“Things will change, that is inevitable, and you should utilise your savings and investments in an appropriate way as much as possible.

“Reviewing those on a regular basis is also important to ensure you’re on track.”

When making decisions about pensions, it is generally advised Britons seek further assistance on the matter.

This can generally be achieved through a pension or financial adviser, who has the expertise and background knowledge to help.

They will often be able to tailor a pension plan to a person’s individual circumstances, and guide them in making important decisions. 

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Biden win sees bitcoin boost on threat of massive Federal Reserve stimulus injection

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Mr Keiser argues the long-term price trend of bitcoin will see a surge as investors use it as a safe haven fearing the US dollar will depreciate because of the US Federal Reserve’s quantitative easing. The Biden administration hopes to get a $2trillion (£1.5trillion) to $3trillion (£2.28trillion) stimulus package passed by the US Senate. A stimulus injection will be used to ease an economic downturn caused by the coronavirus pandemic.

Speaking to Express.co.uk Mr Keiser said: “Biden will be fighting a rear guard action against China and Iran.

“China wants to, and will succeed, in creating and backing a global crypto currency to replace the US dollar and Iran is now taking bitcoin for imports in addition to mining bitcoin for their strategic reserves.

“Biden will see this and mistakenly push for more Fed fiat money printing “stimulus” that will only make America’s position worse.

“He’ll do this on the advice of the same Democratic advisors that got Obama to bail out Wall Street in 2008 by moving 20 trillion from savers and workers in America to Wall Street banks via zero percent interest rates.

“Biden will trash talk Bitcoin and that will seal America’s downfall and fate as a failed empire.

“In its place, of course, China.

Mr Keiser, who is also considered by many to be the ‘high priest of bitcoin’, added: “Biden will inadvertently, not by design, boost Bitcoin price to $400,000 by pushing for more “stimulus” and going down the path of MMT (Modern Monetary Theory) that increases centralisation of the economy even more than it is now guaranteeing even more mishandling and corruption than we see now.

“Biden’s Bitcoin blindness will go down in history as the single greatest cause of America’s downfall and collapse as a world power.”

Republican Senate majority leader Mitch McConnell admitted the nation “need another rescue package”.

He stated on Wednesday this package was needed “before the end of the year”.

Currency markets expect any stimulus package to have a significant impact on the value of the US dollar.

The consequences of this were today were highlighted by Mr Keiser who tweeted: “A Trump concession will add $1,000 (£760) to the bitcoin price as the market runs like hell away from the US dollar into bitcoin knowing the only Biden policy, as already indicated, is to print like never before.

“Bitcoin pumps on Biden speech as I’ve been saying… As he gets closer to WH the panic-buying of BTC from smart-money will ratchet up exponentially.”

READ: Bitcoin prices surge to over $10,000 as investors ditch other cryptocurrencies

Analysts predict a Joe Biden administration will rely on much more Federal Reserve stimulus injections programmes than a Trump administration.

This will have the effect of making investors ditch the dollar and run to bitcoin, and so making the crypto-currency appreciate.

This is the one key factor in a Biden administration’s boost of the bitcoin price.

Speaking to Express.co.uk Mr Keiser said: “The company MicroStrategy bought $420 million (£319 million) of bitcoin recently and he’s up more than $100million (£76million) already.

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“He is the biggest thing to hit bitcoin in many years.”

Confidence in bitcoin has been strengthened after US tech entrepreneur Michael Saylor announced his intention to explore purchasing the crypto-currency.

The entrepreneur wants to invest millions in Bitcoin instead of holding cash.

His MicroStrategy company invested $250million (£190million) from its cash stockpile to purchase 21,454 bitcoin in July.

In September he announced that he purchased an additional $175 million (£133million) worth of bitcoin.

Speaking to cryptocurrency news-outlet CoinDesk, he said: “I want something that I could put $425 million (£323 million) into for 100 years.”

The US treasury wishes to bring the inflation rate back to 2 percent, but hopes of this are dwindling with the economic woes brought about by the coronavirus pandemic.

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Made redundant? What can you claim?

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Hundreds of thousands of people in the UK have lost their jobs over the last few months as companies face financial hardship due to the coronavirus pandemic. The latest Office for National Statistics (ONS) data shows the UK’s unemployment rate was last estimated at 4.5 percent, 0.6 percent higher than the same time last year, and 0.4 percent higher than the previous quarter in 2020.

What can you claim if you’ve been made redundant?

The Bank of England estimates unemployment levels could rise to 7.5 percent before Christmas.

That figure equates to around 2.5 million people in the UK who have lost their jobs.

The Government has decided to extend its furlough scheme, which pays 80 percent of a worker’s wages up to £2,500, until March 2021.

The Government’s decision undoubtedly came after stark warnings of a big spike in job losses once the scheme was due to wind down at the end of October.

In terms of what you can claim, there are a number of Government calculators to help you work out what benefits you’re entitled to.

These estimates will be based on your income, savings, your partner’s income and any existing claims for benefits and pensions.

You can access the tools you need through this link.

Broadly speaking, however, the main benefits that are a fit for people who’ve been made redundant are Universal Credit and Jobseeker’s Allowance (JSA).

Universal Credit replaced a whole host of different benefits and rolled them into one.

Typically, claimants need to be 18 or over, under State Pension age, out of work and have less than £16,000 savings between you and your partner.

Universal Credit is paid monthly and directly into your bank account, and you can apply for the benefit online.

The biggest downfall of Universal Credit is the waiting time after submitting your claim.

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Claimants can face a five-week wait for their first payment to come through.

Some people may be able to use savings or redundancy pay to tide them over, but if this isn’t the case, you can request an advance.

JSA is designed for those who are between 18 and State Pension age and not in full-time education.

The amount you will get depends on your Class 1 National Insurance contributions over the past two to three years.

Claimants will receive the new-style JSA for up to 182 days, or around six months.

The sum equates to £74.53 a week for those aged 25 or older and are single.

If you’ve been made redundant and have been working at the company for two years or longer, then you’re entitled to receive Statutory Redundancy Pay.

The amount is one week’s pay for each full year you worked for your current employer between the ages of 22 and 41.

It’s cut to half a week’s pay for those years you worked when you were under 22 and increases to a week-and-a-half’s pay for the years you worked over 41.

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Universal Credit: DWP announces major changes to benefit this month – full details

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Universal Credit is intended to both streamline the UK benefits system, as well as provide support to those who need it most. Unfortunately, COVID-19 has meant many have lost their jobs or may be on a lower income due to furlough, so Universal Credit is likely to be a particular help. To be eligible, one must be over 18 in most circumstances, but under state pension age and with less than £16,000 in savings.

However, what are the major changes which are worthy of note for Universal Credit claimants, and when do they kick in?

The first key issue is the start of the Cold Weather Payment, available to eligible Universal Credit claimants. 

The payment is designed to support those who live in particularly cold areas, potentially helping with energy bills.

Cold Weather Payments are available to those who live in an area where the average temperature is recorded as, or forecast to be, zero degrees celsius or below over seven consecutive days.

As such, eligible people can expect to receive £25 for each seven day period of cold weather between November 1 and March 31.

While Cold Weather Payments commenced at the start of the month, it is more likely people will need this support as the weather becomes colder in the coming weeks.

A second change for many Universal Credit claimants relates to receiving extra sums from the DWP as a transitional element.

People who switched from certain legacy benefits such as Income Support, Housing Benefit or Jobseeker’s Allowance sometimes found themselves out of pocket. 

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As a result, legislation was introduced to provide these claimants with a transitional payment to cover the difference in their sum.

While some did receive the top up, if their last payment was before the legislation was introduced, they could get this payment in November instead.

The DWP has said it will pay out sums of £120, £285 and £405 to individuals who have been affected, and the amount will be added to a Universal Credit income. 

A third change relates to the Minimum Income Floor (MIF) suspension from the DWP.

While the suspension of rules was due to end on November 13, potentially affecting hundreds of thousands of claimants, the government has made a key announcement. 

To provide further support to the self-employed the MIF will remain suspended until the end of April 2021.

Therese Coffey, Work and Pensions Secretary, said: “We have always been clear that easements would be reviewed as public health guidance and the national working environment changes.

“Extending the Minimum Income Floor suspension ensures these workers have security from the welfare safety net throughout the winter.”

This has meant an important lifeline has been extended to many people, and worry is likely to be lifted somewhat. 

Finally, an important change this month relates to the way Universal Credit is paid.

Previously, those who were paid twice in a month by their employer could often be penalised due to the way the system of Universal Credit worked.

The matter particularly affected those who had their payment date shift due to weekends or bank holidays.

However, after an important Court of Appeal case to settle the issue, the DWP has made vital changes.

Now, the Universal Credit system will only register one payment in every assessment period to stop confusion and potential loss. 

Universal Credit is paid monthly, or twice a month for some people who live in Scotland.

Claimants can expect to be paid directly into their bank, building society or credit union account, and should contact the DWP if this does not occur.

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Pension warning: Britons choose ‘rainy day savings’ over preparing for retirement

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Pension saving is usually a long-term endeavour which involves regularly putting money aside to build up a pot for retirement. In so doing, Britons are often able to secure the later life they have been hoping for, using the money they have put aside to reach particular goals. However, there is concern many are likely to be woefully unprepared for their retirement in the future, due to actions taken in the present.

Research undertaken by BlackRock in the latest DC Pulse Survey, has shown many are now prioritising “rainy day” savings over putting towards their retirement.

Some 51 percent of those asked said they had plans to review or reduce their pension contributions to have more money for emergencies amid the pandemic.

While it is often advised to have three months worth of savings in case of difficult circumstances, pension saving is important too.

Failing to save amply enough for retirement could be disastrous, as it could prevent Britons from reaching certain goals after leaving the workforce.

And it appears that while many are reducing or reviewing contributions, concern is still rife about retirement.

A total of 51 percent of savers said they were not on track to achieve the sort of lifestyle they hoped for in retirement.

This was combined with a staggering 100 percent of those aged 65 and over believing they have fallen behind on their retirement savings.

However, COVID-19 has potentially brought about a good attitude towards saving in general.

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Out of those asked, 76 percent said they would be more careful about their finances in the future. 

Alex Cave, head of UK institutional DC at BlackRock commented on the findings.

He said: “Our research clearly evidences many people are struggling with matching expected retirement lifestyle with what will be reality.

“In the current environment, people are understandably having to prioritise short-term financial pressures over longer-term retirement ambitions.

“Still, we believe that being invested – and staying invested over the long-term – enables compound interest to work for savers throughout their working lives and allows their capital to work much harder for them.

“It is imperative to stress the need to stay committed to pensions throughout these months of uncertainty, particularly in light of the potential ‘lower forever’ rate environment for savers.”

Mr Cave said the view of BlackRock was that Britons should be putting away at least 15 percent of salary over time.

This, he added, should be combined with the right level of portfolio risk versus return in terms of investments.

By doing so, people can ensure they secure the type of lifestyle they are hoping for in retirement.

It is generally stated Britons should be reviewing their pension savings and investments on a regular basis.

This is because wants and needs often shift, and people may wish to change their arrangements to suit their desires.

Finally, checking a pension can also ensure a person is getting the kind of return they hope for.

If not, they can explore the other options which may be available to them to help them meet their retirement goals. 

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