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Money & Rights

Money and Rights News: October

Annuity rates increase

New data from Moneyfacts reveals that average annual annuity income has risen by between 1.4 and 4,8 percent during the first half of 2018, putting annuity rates on course for a second successive year of increases, for the first time since 2006-2007.

The report shows that since falling to all time lows in September 2016 following the EU referendum result, annuity rates have rallied strongly. Average annual standard annuity income has increased by 14.6 percent since then and is now just 1.2 percent lower than when pension freedoms were introduced in April 2015.

Shop around for car insurance

Over 65s can cut their annual car insurance bill bu nearly a third by switching to the mos competitive insurers, new analysis from insurance market research experts Consumer intelligence shows.

The company says its analysis of more than 14,000 insurance quotes shows the average bill for over-65s is £477 from the most competitive insurers but around £685 for all insurers- a difference of 30 percent or £208 a year.

When older drivers regularly move insurers on average 44 percent move every two years, one in seven over 65s have not moved insurer for nine plus years and are risking paying over the odds.

Just say no! (to paying in pounds)

On holiday abroad, at retailers, restaurants and ATMs you may be offered th choice of paying in sterling or the local currency. Gut instinct might tell you to pay in sterling, but Caxton FX warns travellers to always pay in the local currency.

So-called DCC (Dynamic Currency Conversion) allows local businesses to use their own currency rate to exchange your pounds. This is almost always worse than the one you'd be charged had you chosen to pay in local currency, with some merchants charging as much as 30 percent on top of the standard rate. 

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October 2018

Profile: Tamsin Greig

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