Changes to Work based Pensions

Changes to UK Work Based Pensions

In a recent move by the Government in an attempt to enhance and prolong the standard of life among working class families It is now mandatory for all UK limited companies to offer their employees a pension plan. The introduction of the new pension plans is expected to pile more misery and strain on UK business owners to abide by the new processes that make it mandatory to offer some sort of private pension plan to employees.

The move has been criticized by many UK limited companies due to the added financial pressure this heaps on already struggling businesses.

The basic state pension

The basic UK state pension is a regular weekly/monthly payment from the government once you qualify for a state pension. Under the pensions act 2011, the state pension age is currently set at 65 years of age for both men and women.

State pensions were introduced by the government to help keep senior UK citizens financially secure by offering a regular source of income once the individual had retired from all forms of work and was no longer receiving a regular income. The state pension helps to fund individuals with a low disposable income who were unable to actively pay into a private or work based pension throughout their working live.

With the current maximum weekly amount set at £119.30 the government have set about introducing a total reform in order to enable many more individuals to actively contribute to a private company pension with an added tax relief.

How Work based Pensions Work

A work based pension is a method of preparing and actively saving for your retirement that is arranged by your employer. Your employer will usually provide an equal contribution that will be automatically deducted from your payday check and placed into your pension pot. The contribution will usually amount to 25% of your weekly or monthly paycheck.

With the new pension scheme that has been rolled out throughout the UK all companies will have to automatically enroll their employees to take part and contribute in the scheme unless the employee chooses to opt out of the pension plan.

Based on which pension plan is currently on offer, new laws indicate that any individual over the age of 55 will have access to their savings as opposed to the minimum age of 65 that is currently in place for all state pensions. Employees will still be eligible for a state pension when they reach the minimum required age on top of their private work based pension, a move that has been widely praised by many leading pension firms.

How Work Based Pensions Will Affect Your Business

Many small business owners already face uncertain financial difficulties and have been quick to widely condemn the latest move put in place by the state. Many businesses will now face a mandatory contribution to any employees that wish to utilize the work based pension scheme unless that individual opts out.

With the average UK Salary £27,000 many working class families have stated that they do not have the disposable income to contribute into the new pension plans resulting in a larger number than first predicted to opt out of the imposed pension scheme. Research has shown that many families still need to turn to alternative methods of finance such as payday loans and credit cards in order to keep on top of monthly bills, a figure that has been backed up by the recent numbers that are currently choosing to opt out of the new schemes.

Lucky payday loans are still a hugely popular choice with many working class families and retired couples even since the new pension reforms have been announced. Only time will tell if the work based pension scheme can really become a success story




Working from home is on the rise

Why is Working From Home so Popular?

With many people having to turn to alternative methods of funding such as payday loans and credit cards there may be another way in the form of a work from home job role.

Working from home is on the rise throughout the UK with many companies now offering the chance for people to work directly from the comfort of their own home. For many parents this is the perfect opportunity to generate an extra bit of income as well as maintaining a healthy work life balance. The days of maternity leave and low pay for months may well be a thing of the past thanks to a sharp increase in the number of jobs roles that are home based.

Many organisations understand the growing importance of keeping their employees happy, by offering staff the opportunity to work from home this will ensure that they are able to maintain a healthy work life balance. For many working Mum’s in particular this approach has proved hugely popular with figures on maternity leave reducing year by year with many Mother’s choosing to simply work from home as opposed to going on a lengthy maternity leave resulting in a lower salary.

The Benefits of working from home

  • Flexible working hours – choose when you want to take a break and what time you want to start and finish
  • Work life balance – For individuals with young children a healthy work life balance is essential
  • More relaxed environment – Working in the comfort of your own home
  • Additional income – Can prevent turning to other methods of finances such as payday loans or credit cards

working from home

Here are our top tips on working from home

Find a role you are passionate about

Find a job role that you enjoy and are passionate about, there are hundreds of companies looking to recruit people like you, from beauty, health and well-being companies such as Juice Plus and Forever Living to online customer service advisers.

Health and well-being companies give you the opportunity to become a distributor of their products, selling to your family, friends and neighbors can prove to be a highly lucrative additional source of income. Many online retailers offer at home customer service roles which involve replying to online customer queries either through social media or email.

What do you need?

Many companies will require you to own a laptop/computer in order to maintain frequent communication with your line manager. In some cases you will be required to attend Skype and conference calls in which you can share ideas/strategies with other members of your team.

For many people, working from home is the most suitable option when it comes to finding work, especially for individuals with young children. Working from home can bring in additional finances which can prevent families having to turn to other financial sources such as payday loans, credit cards or overdrafts. Home job roles continue to rise in popularity, a trend that has been noted by the Bank of England in recent figures released.

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Planning a Holiday on a Budget

How to save Money when booking a Holiday

Booking a holiday has never been easier, whether you are looking for a romantic getaway or an all inclusive break for you and the family, there are hundreds of websites that offer a huge variety of destinations and packages. Travel booking websites are experts at selling their holiday packages to us, just a few pictures of a white sandy beach with a blue sea and we are completely sold.

Almost two thirds of Brits now choose to book a holiday through online websites as a result of the online price war between many holiday discount sites such as and which sees holiday prices continue to fall. The increase of online holiday websites over the last year has seen the major holiday companies such as Thomas cook and First Choice drop their prices in a bid to compete with the low discounted prices that are now on offer.

It is estimated that 6 out of 10 families have turned to payday loans and other sources of finance such as credit cards in order to pay for a holiday abroad. It comes as no surprise as to why discount holiday sites have grown in popularity over the last few years making holidays for many British families more affordable.

Holiday planning on a budget - how to save - lucky loans

Here are our top tips to help you plan a holiday on a tight budget

Comparison Websites

Comparison sites will save you a lot of time when it comes to searching for a specific destination, visit sites such as who will do the hard work for you and compare all prices and packages to your desired destination.

Many different travel companies will offer holiday packages to the same popular destinations, look through as many companies as possible that are offering your desired destination. Make a note of the dates available, prices on those dates and whats included within the package that they are offering.

Book out of Season

For those families with children still at school this may not be possible, however it is no secret that all travel agents, airline companies and hotels will increase their prices during the school holidays, Why? Because they know that this is the most popular time for British families to travel.

For families or couples with no young children, booking outside of the holiday season is highly recommended with savings of up to 75%. Flight costs will be cheaper, hotels will be less in demand resulting in a huge saving compared to booking the exact same holiday during the holiday season.

Keep an eye out for flash sales

Social media is great way to find out about any sales or offers before anyone else. Recently Ryanair and EasyJet took the step of announcing flash sales which included flights from as little as £1 (yes £1… Really) through their social media platforms such as Facebook and Twitter. Get onto social media, follow all of the major airlines and travel agents and just keep an eye out for any announcements, status updates or Tweets.

But be quick as there will be many more tech savvy Brits on social media looking for a similar deal!

Look a little closer to home

A holiday doesn’t need to be half way round the other side of the world, there are great places to visit on your doorstep. St.Ives, Cornwall continues to be one of the most popular UK Holiday destinations. Famed for it’s white European style beaches and warmer climate, ST.Ives offers everything that a European beach holiday does for half of the price.

By following our 4 step plan you will instantly see a saving when it comes to booking your next holiday. With over half over UK Families using payday loans as a source of financing a holiday abroad, the savings made can be spent elsewhere such as paying off the alternative methods of finance used in order to pay for a holiday in the past.


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