Paul Lewis: missing pension pots, help with heating and pet microchips
Our money expert brings you everything you need to know for January.
Image credit: Getty Images/Poike
Our money expert brings you everything you need to know for January.
When you make an online faster payment from your bank to a person or small business for the first time, your bank will tell you if the details you’ve entered match those of the account you want to send money to.
The system has been in place for bigger banks for some time but at the end of October it was rolled out to just about all of them.
It can be quite pernickety about the name so if it is rejected, check details exactly and re-enter. A green tick means you’ve not mistyped and the payment will go to the right place. If it is rejected, do not send the money. Not only will it prevent fraud, it should prevent honest mistakes too.
The charity Independent Age has found that older people are turning off their heating earlier and going to bed to keep warm after prices rose in October and the winter fuel payment was taken away.
Your energy supplier can help if you will find it hard to pay your bills – tell them your age and any health issues.
You can learn about other financial help available by visiting Independent Age or calling on 0800 319 6789 in office hours.
There’s in excess of £30 billion languishing in more than three million lost pension pots waiting to be reunited with their owners.
People aged 55 to 75 have the biggest missing pots – an average of £13,620, which they can, if they want, just cash in and take, though there will be income tax due on most of it.
Find yours for free through either the government’s pension tracing service or by using private service Gretel.
Pet dogs and cats must be microchipped, but about one in five owners say they will not do it even though it could lead to a fine of up to £500.
Dogs must be chipped by the time they are eight weeks old everywhere in the UK. Cats must be done before they are 20 weeks old, but that law only applies in England.
Each microchip contains a unique number that is registered on a database. If the animal is lost then this number can be used to trace the pet back to you. You are required to keep your contact details up to date and there may be a fee to do that.
The cost of getting the chip inserted averages about £14.50, though some animal charities may do it free.
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With the start of the new financial year on 6 April, our money expert explains the changes to your pension, benefits and taxes.
