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That is coming up after this, Your Money with Declan Curry.
Hello and welcome to Your Money. Your weekly guide to making the most
of your cash. Till death do you part, how to track down the pension
money you are owed after your partner dies. A guide to the virtual
currency of bitcoin. And what bank account should you pick if your
A`level results have sent you the college?
Hello. When your husband or wife dies, you don't always know what
arrangements they have made for both of you in old age. The pensions
minister warned this week that more than 10,000 retired widows have less
money than they should have because they have lost track of their little
husband's pensions. Tom McPhail is pensions expert `` is a pensions
expert. Does that estimate sound about right to you, 10,000 widows
who should be getting pension money but are not? Yes, it may well be
more than that. It is important to bear in mind that it is not just the
widows or widowers may be losing out, in some cases it is former
spouses. They may also potentially have a claim if they still have some
financial dependency on an ex`partner. There is clearly a lot
of money not ending up where it should. Estimates of ?3 billion.
This should be allocated to people. Thousands of widows and widowers are
missing out financially. How do you start the process of tracking this
money down? Do you need to work out where your late partner worked and
then go to that place of work and say, was there a pension? The
obvious starting point is any paperwork. There is the Government
pension tracing service which you can find on the Government website.
There are commercial organisations that also offered to do this,
sometimes for a fee. You do not need to pay them to do that. Go back to
former employers, to any old pension schemes you do know about, and ask
the question. They will ask for information like date of birth,
national insurance number etc. You can always ask a financial adviser.
Hopefully through one of those free sources you can track down any money
you are entitled to. You could be going back over decades past
employment. Former employees `` employers from 20 or 30 years ago.
You mentioned former husbands and former wives, and that they may also
be entitled to some money. What about civil partnerships? Generally
it is at the discretion of the pension scheme as to how they
allocate death benefits. The obvious starting point would be current
spouse. Anybody who can demonstrate financial dependency, and this may
be a respective of whatever the deceased member's instructions
were... Anyone who can demonstrate they had genuine financial
dependency on that individual may have a legitimate claim on death
benefits distributed by the pension scheme.
Thank you very much. If you think you have lost track of a pension,
Tom mentions the Government run service which can help you track it
down. If you are a saver and you are
hoping for a rise in interest rates later this year, you will not be too
pleased by the latest tea leaf reading from the Bank of England.
Governor Mark Carney had earlier hinted the Government should not
rule out an early rise in interest rates. Now he seems to have changed
his mind. It next year after all. People who go to food banks to get
emergency supplies of food are to be given free advice on how to manage
their money and avoid debt. A pilot scheme will be launched by the the
Trussell Trust this September. It is being paid for by a donation from
money campaigner Martyn Lewis. And the Premier League is back this
weekend. If you live near a ground, it may make your house or flat more
valuable. Prices of homes near Premier League rounds have more than
doubled in the last five years. A change in overdraft charges at
HSBC and first direct. At the moment if you go deeper into the red
without advance permission, you are charged a one`off ?25 fee. From
November, that will be replaced by a fee of ?5. You will be charged that
every day that you are over your agreed limit. There is a cab. ``
Capp. HSBC and first direct will text you
if you go over your limit. If you get the balance back by 11:45pm, you
will not be charged the fee for that day. Bitcoin is, you may or may not
have heard of them. Some people get very excited about them. Others
think they are enormously risky. We asked our technology expert to give
us the lowdown on bitcoin 's. Here in the traditional seaside town
of Swanage in Dorset, a bar of chocolate from the local newsagent
will cost you 65p, or 0.019 bitcoin 's. Andy James, owner of the
newsagents, started accepting the currency this summer. He is the only
bitcoin trader in time. The or the customer comes in, selects the item.
We select bitcoin payments on the screen. That opens up what we need.
Then we put the mountain. For instance, ?1 50. `` the amount in.
It puts a cold on the screen. The customer scans that with their form
and accepted. It sends the bitcoin is from their accounts to our
account. His first customer was Scott Green. A friend of mine sent
me a photo of the bitcoin logo in the window. I came down here to buy
a kit cat just to see if it would work. I thought if you can buy a kit
cat in Swanage, this guy is the limit. There are about 11 million
bitcoin is in the world right now but you will never see one because
they have no physical appearance. They are created by computers
solving complicated maths problems online. That means you can only buy
them or spend them using your computer or your smartphone. The
value also goes up and down a lot. Are they safe? The bottom line is
no. If the value was to drop, there is nothing to boy it up. If there is
a run on the pound, the Bank of England stepped in. If there is a
run on bitcoin, nobody steps in. If trust breaks down it is worthless.
There have been a lot of high`profile thefts. Tens of
thousands of dollars worth of bitcoin tab and stolen. In the UK
there is a steady stream of bitcoin buyers. Digital currency? I have
never heard of it. I have never heard of it. But I probably would
use it. I would, yes. It sounds really interesting. If it was
introduced to me I would probably use it. I would, yes. It sounds
really interesting. If it was Used it once before to receive money. It
was a website job that I did. It is good. A little bit slow. Bitcoin
describes itself as experimental. Obviously it is a risky investment.
But here in Swanage it is a currency that may just float.
If you got the A`level you needed, congratulations, you're off to
university. Time for a few extra lessons on managing Your Money. What
is the best bank account for you to get? Matt Saunders is from go
compare in Cardiff. A great university city. Bank accounts for
students, they offer all sorts of free gifts and inducements. Now they
ever worth the gift on the wrong or should you look beyond the flashing
gimmickry and look at the essentials of the account? Exactly right. The
key rule for choosing any financial product is to do your research, make
sure you understand what your incoming and are going to be whilst
you're at university. Choose the products that are right for you.
There are a number of gimmicks and inducements to encourage students to
take certain accounts out. The advice would be to look at what the
inducements are, or the benefits. Is it something you would normally
purchase? Is it something you are looking to purchase? Is it something
you are going to use? Way that up against the potential for the
flexibility account against overdraft charges and overdraft
interest you may be paying on the accounts offering these inducements.
How big the overdraft is, how long it will last etc. No exactly. It
comes down to how you are going to use the account. Look at what
overdraft is suitable for you. If you're looking to borrow money from
the bank, you are looking for the cheapest possible option. This is
not free money. You are expected to pay that back at the end of term or
the end of your education. Look at your ability to pay it back. Is
there much of a difference between the accounts? They tend to look
fairly similar. The overdrafts are detailed as guaranteed or limited.
The limits are not applicable to all applicants. There are credit
searches to decide what the limit is. The guaranteed limits are
guaranteed when you apply for the account provided you are accepted.
If you know you will be using ?1500 on the account it is worth going for
the account but if you might need more, take a risk and go for the
higher limit itches and guaranteed. Thank you. That is all from us. You
can keep up`to`date all week long on the BBC business website. On social
media we have updates on Twitter. More next week. Thank you for your
company today. Goodbye. The headlines are coming up. Now,
Weekly round-up of news about mortgages, savings, credit cards, bank accounts and pensions. Helpful tips and advice on how to get the best deals, consumer rights and making your money work harder for you. With Declan Curry.