Category Archives: Financial News

Extension to deadline for State Pension voluntary contributions

The deadline to pay voluntary national insurance (NI) contributions on gaps in your NI record between 2006 and 2016 has been extended until 5 April 2025. The cost of paying voluntary NI contributions will also remain frozen until 5 April 2025, despite the State Pension having increased. The option only Read the full article…

Posted in Financial News |

FSCS £85,000 Savings Protection

In the UK, the FSCS (Financial Services Compensation Scheme) covers savings in the event of a bank going out of business. It protects the first £85,000 of an individual’s savings (or £170,000 for joint savings), per UK-regulated financial institution. The savings protection applies to current accounts, savings accounts, cash ISAs Read the full article…

Posted in Financial News |

Market Update – March 2023

Concerns about the banking system have abated, following the collapse of Silicon Valley Bank (SVB) and Signature Bank in the US and the takeover by UBS of its troubled Swiss rival, Credit Suisse. Confidence in the banking sector has undoubtedly been shaken, but Credit Suisse ran into difficulties for very Read the full article…

Posted in Financial News |

Spring Budget 2023

The Spring Budget was delivered by Chancellor of the Exchequer, Jeremy Hunt, on 15th March, with some unexpected announcements regarding pensions. The outlook for the UK economy has improved, with the OBR (Office for Budget Responsibility) now forecasting a slight reduction in growth for 2023 (-0.2%) but that a recession Read the full article…

Posted in Financial News |

State pension for 2023/24 tax year

The flat-rate state pension will increase by 10.1% to £203.85 per week (up from the previous £185.15 per week) from 6 April 2023. This equates to just over £10,600 per year or £880 per month. After some speculation, the UK Government committed to maintaining the “triple lock”, meaning the September Read the full article…

Posted in Financial News |