UK Pensions are Changing – Keep Up with the Future

Most legal firms in the UK are general partnerships, in which ownership, profits and liabilities of the company are shared between however many partners make up the firm. Other employees, such as support staff, office managers, paralegal and clerical workers are employed by the company to ensure that they can offer clients they services they need to take care of their legal requirements. Many law companies are small to medium businesses and, although they may provide their support staff with pensions, law partners are likely to make their own arrangements to ensure their future financial freedom.

This means that law partners often have to set up and administer their own pension schemes. This is fine for those who have the time and the financial nous to ensure that their later years are supported by a decent pension. However, not all legal experts are knowledgeable on the intricacies that they’re likely to meet when entering the field of finance and pensions and many of them would welcome a helping hand as they wade through this minefield.

More and more legal partners nowadays are opting to use the services of a pension provider. This way, their pension funds are managed by experts in the world of finance and investment and they are much more likely to see a good return on their investments this way. Using a professional service to manage a pension fund is the safest way of making sure that the future is bright with enough income to enjoy their later years in style.

Legal professionals usually enjoy a relatively good income during their working lives, however they may be so busy working that they don’t really have the time to enjoy all the opportunities that a good salary has to offer. This often means that they plan to retire reasonably easy to enjoy the fruits of their labours during their later years. However, in order to enjoy life to the full in this modern world, a decent pension income really is essential. The population in general is living longer and staying healthier, which means that pensions need to last for longer than they did in years gone by. This means that more money needs to be invested in order to provide the returns necessary to ensure an adequate income in later life.

In the current economic crisis, it’s advisable to get some expert help on planning for the financial future. The world of finance is changing and the UK government is planning new legislation to encourage more people in the UK to take an active role in planning for their later years. There are pension providers in the UK who specialise in setting up and administering pension funds for legal professionals. They know the money markets and bring a wealth of experience and expertise when designing pension plans that are relevant to the legal industry. Whether it’s pensions for law partners or for all the employees working in a law firm, they have the knowledge needed to ensure that retirement funds will be available to enjoy life to the full in the future.

Some Ways to Save Money You May Not Have Thought About

Realistically, the vast majority of us are looking for ways to make our money work harder. Spending less on certain essential items is definitely one way to do this. However, in practice, this is often easier said than done and changing our spending habits can be quite difficult.
So if you are looking for some tips for how to save money, try starting with these suggestions.

Think about how you shop

Much of this is a mind-set change. With things like your weekly groceries, make sure you aren’t going to the shop feeling hungry, and avoid the tempting, end-of-aisle offerings that trick you into making impulse purchases. Get a rewards card with your regular supermarket which will often give you money-back vouchers on certain items that you regularly buy. Perhaps also consider a credit card which will pay you cashback for purchases made on it, though you should always ensure you can pay this balance back in full each month.

For things like shopping for electronic items or clothes, try comparing prices online, rather than buying the first item you see. You can also find good cashback deals on certain websites, meaning you are effectively ‘paid back’ some of the money you have spent. 

Reduce your travel spending

A surprisingly large amount of money can be saved if you change your driving habits. Becoming a more considerate driver will help you use less petrol, i.e. leaving a bigger gap between yourself and the car in front, accelerating and braking less aggressively, not speeding - especially on motorways, will all reduce your fuel costs, as well as help contribute positively towards a healthier environment.

When it comes to trains, use season tickets when it comes to regular journeys, such as the one you make to work each day. For longer trips try to book online as far in advance as possible. Also try to use advance tickets where possible, i.e. where you have to travel on a set train on a specific date.

Cut down on electric and gas prices

Energy prices are one of the quickest rising costs at the moment, seemingly going up a staggering amount far above inflation every year. So finding ways to cut back on your gas and electricity bills will save you a large amount of money across to course of the year, especially during the winter months. Firstly, consider the things you can do yourself such as ensuring that lights are turned off when not used, not leaving devices such as televisions and games consoles on stand-by, filling up the kettle with only as much water as you need etc.

After you have thought about your own usage, then it is time to do some research into other providers. If you haven’t already, it’s well worth using a comparison tool to see whether you could save money elsewhere and make the switch if necessary - something which is far easier than you may think!

Auto insurance Fraud on the Rise- Watch Out!

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Last month’s twister in Oklahoma left more than deadly destruction and debris in its trail. While picking up the pieces, a number of people had to deal with a disaster of a different kind: insurance fraud, especially in cases related to automobiles. Authorities have reported that out of the 20,000-odd claims registered in the week following the tornado, a big chunk of those were concerning vehicles. To stop victims of the tornado from falling prey to auto insurance scams, the National Insurance Crime Bureau (NICB) has been working alongside the Oklahoma Insurance Department in identifying the people responsible in such cases.

Auto insurance scam numbers at a dizzying high

Recent surveys suggest that such incidences are neither restricted to occur in the aftermath of natural disasters nor in Oklahoma. In fact, D.C. recorded the highest rate of auto insurance fraud. At 83 questionable claims per 100,000 people, the country’s capital was leading when it came to the sheer volume of questionable claims considering its size and population. Maryland, California, Rhode Island and California rounded up the list of the top five states with a high rate of questionable claims.

Across the country, incidences of auto insurance fraud are on the rise and if numbers are anything to go by, there is no stopping fraudsters from making a quick buck. In a report published by the NICB, the percentage of questionable claims that were filed in 2012 jumped 13 percent from the previous year, with the number of questionable personal automobile claims increasing to 78,024 claims in 2012 from 69,219 claims filed the year before. In all, there were 209,724 questionable claims filed with the bureau when it came to all types of automobile insurance, many of them due to the growth in the number of staged accidents in the country.

These are startling numbers, given that you can never know what hit you, literally. The NICB analysis also pointed out that at one-fifth of all questionable claims, those related to bodily injury were right on top. This is a cover through which other people’s injuries can be paid for if they were caused by the one insured. Closely following was the cover in case of collision, making up 16 percent of personal automobile claims, in which the one holding the insurance policy is paid, for the damages to his own car, incase no one else is involved.

Keeping insurance scams at bay

Cases of fraud can strike without much warning, no matter how experienced you may be as a driver. While the numbers keep rising by the day, you as the one insured, can keep track of how and where these scams strike.

A few pointers to protect yourself against fraudulent claims:

• The auto insurance company or agent through which you access coverage should have a valid license.
• Do not leave the site of the accident without first noting down details of the other driver. Information like phone numbers, license numbers, license plate numbers and insurance information should be noted down.  
• Legal documentation of the accident is vital.
• Be alert about all referrals at the time of the accident, be it auto repair shops or health and legal experts.
• Avoid signing forms that you haven’t filled that may be related to health care or treatment for injuries caused by the accident.
• Review your auto insurance policies and make sure you understand them well.
• Always insist on bills for auto repairs and medical costs connected to the accident.

Older people are especially to be on guard against auto insurance frauds as they are more gullible because of their trusting nature. Seniors may want to take the help of AARP not only to get great discounts on car insurance but also to help them find coverage from an auto insurance carrier who can smell a rat when they see one!

Author Bio: Elvis Donnelly is a father of two who works from home and lives with his wife. He is voracious reader and always looks out for happening topics related to personal finance. He specializes on subjects related to insurance and uses his spare time to write on topics related to auto insurance, car insurance quotes etc.

Looking For the Best Oil & Gas Companies for Investment? Here Are Some Ideas!!!

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These days it seems everyone is interested in investing in oil and gas companies. The strategy is shared and very common amongst all who want to indulge in tax deferred investments. By doing so, one can now invest the money which would have been taken by the government, into something that would bring home returns. 

Some choose to pay for charity or donate that extra to avoid large tax amounts, but tax deferred investments actually help an individual make more. This is why investing in oil and gas companies across the nation have become such a rage amongst investors these days. But before you jump the gun and cut a cheque, know what risks are involved and use these tips wisely to make the most while the wells are drilled.

Check the company’s portfolio

This would help you decide if you want to deal with large or small medium companies. And it would further help you choose private or public enterprises to invest in. Once this is done, check the investment strategy and be determined with it. Your expectations should be borne in mind, but don’t forget that there are many risks along the way too. Higher profits come along the way when higher risks are taken. This means your money is at stake, and every investment would need minimal risks involved to have profits too.

Check the company’s credentials and history

The history of the company should be long and stable. Financially it should be diversified and there should be a strong team to help with risk management too. Ask them for reports and papers that prove their credentials.

Contact the companies one by one

Go to their websites and fill out the enquiry form. They would then send you prospectus and brochures through snail mail or in PDF forms. Before you think of investing in any oil and gas investment, it is mandatory for you to qualify as one. You have to be an accredited investor before any investment from your end can be made. Check resources online to learn more on what it takes to be an accredited investor.

Licensed professionals only

For appraisals on the net value of the investment being made by you, only a licensed and well certified petroleum engineer should be taken into confidence. He or she should have an exit strategy set-up for you in place. This would ensure while the holding period is on, liquidity is well managed.

Check Better Business Bureau

It is important to check for oil and gas companies in the US, since this site would bare the ugly truth about companies that claim to make your rich. If there are frauds and scams happening around, investors who have suffered the same shall post their grievances and will inform others about it too. Any company with unresolved issues from the past should not be thought of as a favourable investment platform.

Guarantees on any investments should not be made by any company dealing with oil and gas production, exploration or drilling. If there is a company that emails and tell you so, please don’t fall for it. It is on the basis of speculations where oil and gas investments are thought of and made. This could lead to major profits or losses, only time would tell. Since the prices for oil and gas has not been stable over the recent past, it would thus be wise to use your due diligence and then decide on such investments.

Author Bio
Take a look online at the various resources available on oil investing. Learn more on how you could make the best out of small and minimal investments, says Lily Noronha. There are risks involved in the oil and gas industries too. Play it smart and do your homework well, this would bring in the profits you so look forward to.

Discover the Best Tips for Quick and Easy Money Transfers Abroad

In the modern day there are many different ways people can send money abroad. Obviously it is always good to have a lot of choice; however this can make things more confusing at the same time. A lot of people find it mind-boggling when it comes to deciphering what method of sending international payments is the best. Nevertheless, by the time you have finished reading this article all should be a lot clearer. 

Choose to transact face to face or complete your money transfer online

As mentioned earlier, there are many different ways you can send an international payment. Nevertheless, to narrow down your choices you should decide whether you prefer to transact face to face or complete your money transfer online . There are a lot of benefits to be had via using the internet, however, if you prefer to deal with a person then face to face options are available.

One of the main advantages associated with the internet is the fact that it is a lot more convenient. If you need to transfer money quickly then this is the best way to do so. You can make your money transfer from the comfort of your own home with only a few integral pieces of information – such as your personal information and bank details, as well as the recipient’s details.

Sometimes you may find that better exchange rates are offered online.

If you prefer to deal face to face then make sure that you shop around as exchange rates and fees can vary dramatically. Deal with businesses that you trust and have more than a few branches and most importantly check that the company you chose are registered with the Financial Conduct Authority.

A credible and secure money transfer company

When searching for the best online money transfer company you need to take a lot more into account than the points already mentioned. Finding a good deal is one thing, but you need to make sure that the website is genuine and that the company is credible. After all, the last thing you want is for your money to be lost altogether.

The best way to check the worth of the business is to make sure that they have a substantial level of experience, check how long they have been trading – most companies will say this somewhere on their website. If you have their FCA registration number you can check that they are registered on the FCA.Gov.uk website. 

Finding the best exchange rates for your money transfer

And last but not least, you obviously need to make sure that the company you opt for offers good exchange rates. After all, let’s say you are sending money abroad to pay a maintenance company for work they have done on your holiday home. They charge $500 for their service. It does not matter to them whether your exchange rate is good or not; $500 is what has been agreed. If you look for a good exchange rate you won’t lose too much money. However, if the exchange rate is poor then in reality you are going to end up paying a lot more than $500.

Investing Your Money - Understanding Your Options in the Current Economic Climate

If you have a nest egg that you'd like to keep safe and see grow then you might be forgiven for thinking that your only option is to put that money in a savings account and let the bank grow it for you. While this is fine for smaller amounts of money though, for real investing it is one of the worst and least profitable options available to you. When you invest money with a bank, they will invest the money for you in stocks, shares and properties but they will only give you a tiny fraction of the interest they make meaning that your money could be growing much faster if you had made those same investments yourself. In the current economic climate too, with the banks struggling more and more, those interest rates go down considerably meaning you can end up tying your cash up for years on end and getting less than 1% APR for your troubles.

The benefit of savings accounts for most of us is the simplicity they offer and the security. In theory you should just have to put away your money and then forget about it while it grows and there should be no chance of a bad investment causing you to lose that cash. Unfortunately though with the current climate that's no longer even true and there's no guarantee that a bank isn't going to go bankrupt losing you some or all of that investment. If you are going to stick to savings accounts then - even for smaller amounts of cash - you should divide your money across several banks to protect it.


Better yet though you should look into some of the other options you have for protecting your money. Here we will look at what the best options are for really growing and protecting your money

The Best Protection

If you really want to keep your money safe then an overseas account can be preferable in a number of ways. One of the best forms of overseas account for keeping your money safe is a Swiss Annuity which you pay into in a large lump sum up-front in order to get subsequent smaller payments over the years. This works well to save your money as it will be with a Swiss bank (meaning the economic crisis isn't so much of a factor) and because there won't be a pot of your money sitting somewhere. This is also a form of 'asset protection' meaning that even if you were to go absolutely bankrupt your money would be safe.

Investing Yourself

Another option is to invest your money directly yourself and there are a number of different ways you can do this. For security and peace of mind for instance you can invest in gold, precious materials, wine or paintings which will be generally impervious to fluctuations in the market and the economy. Investing in property is also relatively safe, though it requires a big upfront expense and can be a hassle if you plan to rent it out or just maintain it.

Alternatively you can invest in stocks and shares yourself or with a self-managed super fund (which basically sees you teaming up with other investors). This can yield high rewards but is very high risk - so if you're going to go that route it's wise to use a financial advisor who can talk you through the best decisions.

Author Byline:

John Lowrie resorts to blogging to share his thoughts and opinions with his readers. He works for Payday Angels and likes to keep himself updated with the latest developments in the field of personal finance management. His Twitter ID is j_lowrie.