• Have You Made a Will Yet?

    Have You Made a Will Yet?

    This article was published on Fri 01 Sep 2017. At the time of publishing, this article was true and accurate, however, over time this may have changed. Some links may no longer work. If you have any concerns about this please contact us

    Finding the time to make a Will can protect your family’s future, and provide you with real peace of mind.

    Police Mutual don’t offer a Will-writing service, but we want you to know about a unique service provided by Will Aid.

    What is Will Aid?

    Will Aid is a special partnership between nine UK charities and a network of legal professionals in England, Northern Ireland and Wales.

    Every November, participating solicitors agree to waive their fees for writing a basic Will. Instead, they invite their clients to make a donation to Will Aid (although there is absolutely no obligation to do so), with funds collected being used to support nine Will Aid charities, including Age UK, British Red Cross, NSPCC and Save the Children.

    What happens if you don’t write a Will?

    If you die without leaving a Will, your estate will be distributed according to the laws of intestacy, which means your wealth may not benefit the people you had intended.

    So writing a lawful and binding Will is the only way to make sure that your wishes regarding your estate are carried out after you’re gone – which for most people, means ensuring their family is financially secure.

    How to get a free Will

    There are only a limited number of appointments available, and these will be offered on a first come first served basis. So if you’d like to take advantage of Free Wills month, you’ll need to visit willaid.org.uk. Once you have successfully registered, you will be able to select a participating solicitor in your region, and contact them directly to make an appointment. Your solicitor will provide professional advice on what items you need to take into consideration, and once they have all relevant information, they will draft your Will.

    Police Mutual do not provide a will writing service.

    Chris Morey

  • Retirement Planning

    Retirement Planning

    This article was published on Fri 01 Sep 2017. At the time of publishing, this article was true and accurate, however, over time this may have changed. Some links may no longer work. If you have any concerns about this please contact us

    So we recognise that whether your retirement is an imminent event or a distant dream, effective planning can bring greater peace of mind.

    And because we get asked a lot about pensions, we’ve developed some useful tools to help you prepare for it.

    Police Pensions Calculator

    We’ve recently launched a new Police Pension Calculator. Enabling you to estimate the value of your annual pension, based on a range of retirement dates.

    It provides a guide to the maximum cash sum that will be available to you at retirement, and shows how the value of your annual pension will be affected should you choose to take a lump sum.

    If you’re planning ahead, the Police Pension Calculator can help you estimate your financial position when you retire. And if you’re considering early retirement, it will help you understand whether you can retire fully, or perhaps take on a part-time post-police role.

    This pension and commutation calculator is intended for illustrative purposes, is not guaranteed and does not constitute personal advice.

    Police Pension Reform

    Since the Police Pension Scheme was reformed in 2015, many people have been left questioning what it means to them. So we’ve put together an overview of the changes, outlining key features of the new scheme and explaining how your benefits will be affected.

    By reviewing the fundamental components of the reforms, and explaining features such as “transitional protection” and “tapered protection”, we can help you gain a clearer picture of your financial position at retirement.

    Chris Morey

  • Making Your Credit Score Work For You

    Making Your Credit Score Work For You

    This article was published on Fri 01 Sep 2017. At the time of publishing, this article was true and accurate, however, over time this may have changed. Some links may no longer work. If you have any concerns about this please contact us

    If it’s been a while, then it might be time to take a fresh look – because maintaining a healthy credit score is an important part of managing your personal finances.

    Reviewing your credit report regularly can help keep it in good shape, ready for the next time you apply for credit, plus it can provide an early warning if you’ve been targeted by fraudsters.

    Credit scoring – what is it?

    Whenever you apply for credit, the lender has to decide whether or not to offer you the money. Their decision is based on how likely they think it is that you will repay the debt – so it’s only natural for them to want to learn a little more about your finances. And they’ll find the information they need at the UK’s three leading credit reference agencies – Equifax, Experian and Callcredit.

    These companies manage the credit files of just about every adult in the UK, collating detailed information about each individual’s current account, mortgage, loans, credit cards, car finance, repayment history, and any history of missed repayments.

    All this data is fed into a complex algorithm that generates a credit rating or credit score – which acts as your financial passport to the world of credit.

    How it’s used

    Every time you apply for credit, the lender will analyse your credit report to determine whether or not your application should be approved.

    But your credit score can also influence the interest rate you’re charged – because many lenders reserve their best deals for those customers with the best credit profile. So maintaining a healthy credit score can save you money.

    How to make your credit score work for you

    1. Check your credit files regularly to ensure all information is accurate and up to date. And look out for names or accounts you don’t recognise – which could indicate you’re the victim of identity theft. You can request a copy of your credit report by contacting Experian, Equifax or Callcredit.

    2. If you split up with a partner with whom you’ve been financially linked, write to the credit reference agencies to request a notice of disassociation (or complete the request online). Otherwise, your ex-partner’s financial behaviour will continue to feed into your credit rating.

    3. Each credit application leaves a footprint on your file, and too many in a short space of time can make it appear that you’re struggling financially – which will increase the probability of a rejection. So try to space out applications, and don’t apply for credit if you don’t need it.

    4. Rebuilding a credit score – If you’ve missed any repayments in the past 12 months, this will be reflected on your rating, and you may find it difficult to obtain credit in the short term. You could use a “credit builder” credit card. These charge high rates of interest, but if you use the card frequently and repay in full each month, you won’t be stung by higher charges, and the regular repayments will boost your credit rating.

    Chris Morey

  • Debt and Financial Wellbeing

    Debt and Financial Wellbeing

    This article was published on Fri 01 Sep 2017. At the time of publishing, this article was true and accurate, however, over time this may have changed. Some links may no longer work. If you have any concerns about this please contact us

    Consolidation Loans

    Lots of us owe money on more than one credit card or have several different credit agreements or loans in place. It can be tricky keeping track of them all, especially if you’re making repayments on different days during the month and being charged different interest rates.

    This is where a debt consolidation loan can come in handy, combining your debt into one monthly repayment could help you take control of your finances.

    Budget planner

    The first step to financial wellbeing is to take control of your monthly budget, so check out our online budget calculator which can help you gain a clearer picture of your incomings and outgoings.

    Most of us know how much our mortgage or rent costs each month, and we probably all have a good idea of how much we pay for car finance, loan instalments and utility bills. But some expenses can slip under the radar, like the cost of annual car servicing and MOT.

    Our budget calculator lets you break down household expenses into greater detail, to reveal a clearer financial picture – which can help you identify potential savings and bring balance to your monthly budget.

    Debt Advice

    Of the sample surveyed in Neyber’s financial wellbeing survey, 51%* of Fire, Police & Rescue Services (FPRS) employees had been affected by money worries in the past year, while 10% said they have reached the point where they feel their money management is out of control. But whatever your financial position, there are always positive steps that can be taken to get things back on track.

    If things feel out of control for you, Police Mutual has teamed up with PayPlan – an independent, FREE debt management company. So if you feel you could benefit from professional debt advice, the team at PayPlan will take the time to understand your position and offer advice on your best course of action. Click here for more information debt advice service here.

    Debt Consolidation loans

    If you have outstanding borrowing on credit cards and loans, it may be possible to reduce your monthly repayments by pooling your debt into a single consolidation loan. This won’t reduce the total amount you owe, but it may make the debt more manageable.

    And if you have outstanding debt on expensive credit cards, it’s likely that you’ll be able to save money by taking advantage of a lower interest rate.

    Consolidating debts could involve payment of a higher rate of interest and/or charges. Consolidating debts might also increase the overall period required for repayment.

    Neyber

    Police Mutual are working together with Neyber, our trusted partner, to offer personal loans that may be able to help you consolidate debt. You can borrow between £2,000 – £25,000 over 1-5 years, 4.9% APR representative. You can find out more here.

    IMPORTANT THINGS YOU NEED TO KNOW PMGI, trading as Police Mutual, is acting as credit broker. Neyber Limited is acting as lender for the purposes of entering into a consumer credit agreement.**

    Please note, all loans are subject to status and acceptance by Neyber. Rates depend on the loan amount, term and your individual circumstances and may differ from the Representative APR.

    Loans are not currently available for PSNI members and their families.

    *DNA of Financial Wellbeing May 2017

    Personal Loans
    **PMGI Limited, trading as Police Mutual, is authorised and regulated by the Financial Conduct Authority. Registered in England & Wales No. 1073408. Registered office Alexandra House, Queen Street, Lichfield, Staffordshire. WS13 6QS
    Neyber Limited is authorised and regulated by the Financial Conduct Authority. Financial Services Register number 718709. Registered address: First Floor (East), Tabernacle Court, 16-28 Tabernacle Street, London, EC2A 4DD.
    Company registered number: 08806631. Data protection registration number: ZA039009

    Want to learn more? Access our wellbeing hub here.

    Chris Morey

  • The Police Mutual Healthcare Scheme

    The Police Mutual Healthcare Scheme

    This article was published on Fri 01 Sep 2017. At the time of publishing, this article was true and accurate, however, over time this may have changed. Some links may no longer work. If you have any concerns about this please contact us

    And with the 18-week treatment target de-prioritised by the NHS, it doesn’t look like things will improve any time soon – which means we may all have to wait longer for access to care.

    Poor healthcare provision adding to psychological stress

    This is a concern for many people, not just Police Officers and Staff, but Officers can feel particularly exposed by a lack of access to adequate healthcare, and this can result in more stress, discomfort and anxiety.

    Research by The Police Federation of England and Wales has shown that 20% of Officers have suffered one or more injuries requiring medical attention as a consequence of work-related violence, with 59% of Officers using annual leave or rest days to take time off due to the state of their physical health. Yet this covers only part of the story.

    Worries about lack of healthcare provision only add to the stress of the job, and heighten existing pressures.

    The Police Mutual ‘discretionary’ Healthcare Scheme

    Police Mutual’s Healthcare Scheme can help relieve these worries by providing timely care and support should you need prompt medical attention.

    Benefits of the scheme include:

    1. No waiting – Speak to an adviser to arrange treatment straight away
    2. Extensive treatment – Up to £30,000 in-patient treatment per year
    3. Choice – Receive treatment at a choice of leading hospitals across the UK
    4. Family care – Includes treatment for children under 18

    Peace of mind for you and your family

    The Police Mutual Healthcare Scheme includes consultations up to the value of £600 a year, plus £1,000 diagnostic tests benefit for diagnostic procedures like X-rays and ECGs.

    The Scheme is open to all Police Officers, PCSOs, Special Constables, Police Staff and their immediate families. And 15,000 members of the Police family already enjoy the peace of mind that comes from knowing they have access to the best possible care.

    To find out more about Police Mutual Healthcare click here.

    Chris Morey

  • How to Reach Your Savings Goals

    How to Reach Your Savings Goals

    This article was published on Fri 01 Sep 2017. At the time of publishing, this article was true and accurate, however, over time this may have changed. Some links may no longer work. If you have any concerns about this please contact us

    It’s important to get into the habit of saving but very few of us have the motivation to save regularly just because we know it’s the right thing to do.

    Whether you’re looking to buy a new car or build a nest egg for your retirement, you’re more likely to succeed if you have an end goal in mind.

    Take a look at the simple steps below to help you start your savings journey:

    Step one: What’s your goal? 

    Ask yourself ‘what do I want to save for?’ Your goals might be short term, like taking a dream holiday; long term, like saving a deposit for a new home; or somewhere in between, such as paying off a loan. Remember it’s next to impossible to save successfully for something if you’re not clear on the end goal.

    Step two: Create a timeline

    The next step is to decide how much time you have to reach your goal. If there’s no set date, make sure that you pick one. It’s much easier to reach your savings goals if you break them down into smaller milestones.

    Step three: Assess your finances

    Once you have a goal and a timeframe in which to achieve it, you need to decide how much you can save in order to successfully reach your target. It’s easier to work this out as a monthly figure and a budget calculator can help with this. Remember, honesty is the best policy – be realistic with yourself about the amount you can afford to save. Also set aside some money for emergencies, otherwise your savings plan can suffer a major setback if something unexpected comes up.

    Step four: Every bit counts

    Have a look at your regular monthly spending – re-evaluating some of your expenses such as gym membership, paid TV services and mobile phone plans could free up some extra money for your savings pot. Ask yourself if you’re paying for a monthly subscription that you no longer use? Or could you negotiate a better deal with your provider as a long-term customer? To give your savings the best chance to grow you need to spend some time finding the right home for them

    Step five: Do your homework

    To give your savings the best chance to grow you need to spend some time finding the right home for them. This will depend on how long you have to reach your goal and how much risk you want to take. Over the short term you could consider a savings account or cash ISA which will allow you easy access to your money. For the medium and longer term think about a fixed-term savings product or an investment product which could provide protection from inflation over the longer term.

    Step six: Track your progress

    Tracking your progress is a great way to stay on top of your savings goals. Set aside some time each month to review your income and expenses and see how much you have saved so far. If your savings aren’t quite where you want them to be, don’t be discouraged, have another look at your budget and adjust your targets accordingly.

    Police Mutual offer a range of savings and investments products. Whether you want to save regularly or invest a larger amount, our products could help meet your needs. To find out more about our range click here or call the team on 0345 88 22 999.

    Police Mutual Assurance Society Limited is an incorporated friendly society. Registered office: Alexandra House, Queen Street, Lichfield, Staffordshire WS13 6QS.

    Chris Morey

  • Thinking About Your Retirement?

    Thinking About Your Retirement?

    This article was published on Thu 01 Jun 2017. At the time of publishing, this article was true and accurate, however, over time this may have changed. Some links may no longer work. If you have any concerns about this please contact us

    For many people, the most important aspect of retirement is the opportunity to spend more time with their family.

    Of course, it’s also a chance to broaden your horizons, either by travelling or exploring new interests. So to make sure you’re well prepared, it’s important to consider the physical, financial and emotional changes it will bring. By managing change in a positive way, you can help you and your family get the most out of your retirement.

    Physical

    Whether you’ve spent a large part of your career out in the community or behind a desk, the change in routine that retirement brings can have a profound impact on your physical wellbeing.

    Health specialists recommend we do at least 30 minutes of moderate exercise each day, yet that doesn’t mean you have to join a gym or go jogging – your daily exercise regime can include anything from housework to gardening.

    The health benefits of staying active are enormous – it can boost your energy levels, improve your sleep patterns, increase mobility, help you maintain a healthy weight, and even delay the ageing process.

    For more guidance, check out the Health and Wellbeing section on our website.

    Financial

    Retirement is likely to bring a change to the level of disposable income you have, so it’s important to understand what your financial situation will look like after you finish work. Our Retirement Centre offers guidance on budgeting for your future and can help you calculate your potential retirement income.

    If your retirement is still a long way off, our Investments and Budgeting section could help you make sound decisions that affect your long-term financial wellbeing. Or to learn about Police Mutual’s independent and impartial financial advice, click here.

    Many officers retire young enough to pursue a new post-police career, and a part-time role can provide a welcome boost to your income. In fact, Government research has shown that nearly two-thirds of over-50’s don’t believe that suddenly switching from full-time work to stopping work altogether is the best way to retire.

    Emotional

    Retirement brings the freedom to spend your day just as you wish. Yet without the day-to-day support of former colleagues, some new retirees can end up feeling bored or unfulfilled. So taking steps to fill your day can help maintain a healthy emotional state.

    It’s important stay socially active once you’re retired, so if you’ve never had time for a serious hobby, now could be the perfect time to find one. Or if you’re keen to continue playing a more productive role in society, why not consider volunteering or mentoring?

    Retiring Police Officers have an enormous amount of experience, so they’re valued as volunteers or mentors by a wide range of organisations. Act as mentor with The Prince’s Trust, and you could provide one-to-one support for young people seeking to move towards employment, education or training. The Prince’s Trust mentors are expected to commit to around 4 – 6 hours per month for a minimum of one year, and it’s an opportunity to make a real difference to the lives of young people.

    Barnardo’s is another UK-wide organisation that’s always on the lookout for volunteers to provide support to vulnerable children and young people. Plus there are a huge number of local groups right across the UK who would love to add a retiring Police Officer to their volunteer staff.

    So whether you’re planning your retirement or have already retired, visit our online Retirement Centre – it’s packed with practical tips on everything from pensions to post-retirement courses. And to help you make sound financial decisions now, our police pension calculator can help you estimate your future income when you retire.

    Note: The pension and commutation calculator is intended for illustrative purposes only.

    Chris Morey

  • Inflation and Your Savings

    Inflation and Your Savings

    This article was published on Wed 01 Mar 2017. At the time of publishing, this article was true and accurate, however, over time this may have changed. Some links may no longer work. If you have any concerns about this please contact us

    The UK’s inflation rate is now at 2.9%, which is its highest since 2013.

    Combined with the fact that savings rates remain at low levels, it’s now even harder to secure a good return. So what does inflation really mean for your savings and how can you minimise its impact?

    What is inflation?

    Inflation is when money loses value over time. It is happening constantly and is generally why things are more expensive now than they were 10 or 15 years ago. When the inflation rate is high, it means you can buy less for the same amount of money.

    How does inflation impact your savings?

    High inflation is not good news for savers, as it generally means that interest rates on savings accounts are low. If inflation is higher than your savings rate your money is actually shrinking as prices are increasing faster than your savings are growing. If your goal is to make money then you need to find a savings account or investment that beats inflation.

    What can you do to inflation-proof your savings?

    There is no way to completely protect your savings from the effect of inflation but there are steps you can take to minimise the impact. Generally cash savings accounts are the worst place to leave your savings long term. However, if you are saving for the short term or if you need to get access to your money quickly then cash accounts are usually safer.

    If you have a longer-term savings goal in mind (5 years or more) it might be time to consider investing at least part of your savings.

    Don’t forget the impact of tax

    You also need to consider how much of the interest you will receive on your savings before you are taxed. From April 2016, a basic-rate tax payer can earn up to £1,000 in interest tax free each year. If you earn over this you will need to pay tax which will reduce the value of your savings even further. Don’t forget that you have an annual ISA allowance each year (£20,000 for 2017/2018) – this is the amount you can save in an ISA tax free. ISAs can be either cash or stocks & shares linked and using this allowance to the full could help towards your fight against inflation.

    Can investing help protect against inflation?

    If you have longer-term savings goals and you are willing to accept some level of risk you could consider investing some or all of your savings. History shows that investments can deliver better returns than cash accounts if they are left to grow over the longer term. Please note, past performance should not be seen as a guide to future performance.

    There are many different types of investments available including stocks and shares. Contrary to what many believe, you don’t need a large lump sum to start investing and it’s not as complicated as you may think. However, investments carry additional risks and can fall as well as rise, so you could get back less that you invest. The general rule is the greater the potential return the greater the potential loss.

    Finally, don’t forget to review regularly

    Keeping your savings in a top-paying account is a step towards beating inflation. If you have older savings accounts (especially those that had introductory offers) your money may not be working as hard as it could for you. Conduct a review of your savings accounts and take action on any that are paying a low rate.

    Police Mutual offer a range of savings and investments products. Whether you want to save regularly or invest a larger amount, our products could help meet your needs. To find out more about our range click here or call the team on 0345 88 22 999.

    Police Mutual Assurance Society Limited is an incorporated friendly society. Registered office: Alexandra House, Queen Street, Lichfield, Staffordshire WS13 6QS.

    Chris Morey

  • Adding Value to Your Home

    Adding Value to Your Home

    This article was published on Wed 01 Mar 2017. At the time of publishing, this article was true and accurate, however, over time this may have changed. Some links may no longer work. If you have any concerns about this please contact us

    From a lick of paint to building an extension or conservatory, there are a number of ways to add value to your home.

    Your home is probably the biggest asset you’ll ever own, and whether you’re looking to sell it, or simply make it more comfortable, there are some DIY jobs that can add value to it.

    A fabulous frontage

    If you have a viewing planned, remember that first impressions count, so make sure your home’s frontage is spick and span. Tidy up the exterior by clearing the front garden, cleaning up your garage and front door, and adding new door accessories such as a smart letterbox or doorknob.

    Always make sure drain pipes are secure and not leaking, and give them a coat of paint to make them look new. At the back, tidy the rear garden and add a splash of colour by painting the fence or shed.

    Freshen up the interior

    The main reception rooms create the biggest impression, so always ensure the carpets have been professionally cleaned, and touch up any paintwork.

    If you’re going to treat your living room to a fresh lick of paint, neutral colours are best. Upstairs, you can make over the bathroom with simple changes such as new taps, new grouting and new shower screens. In the bedrooms, replace any broken storage and keep everything neat and uncluttered.

    In the kitchen

    Fancy a new kitchen but don’t want to fork out thousands for the pleasure? Then simply replace your cabinet doors and drawers. New “facings” can transform a tired-looking kitchen and give it a completely new look. They cost just a tiny fraction of the price of a full replacement kitchen, and there’s none of the mess involved in ripping out the old one.

    And best of all, you can do it yourself. New doors and drawer fronts are available for just a few pounds each, and they’ll completely change the look and feel of your entire kitchen. Or if you’re an experienced DIYer, you might even consider fitting new worktops or laying new flooring.

    To DIY or not to DIY?

    Whatever home improvement projects you’re planning, doing them yourself can save a small fortune compared to hiring a handyman. But be careful not to bite off more than you can chew, because some jobs really do require the services of a professional, and a botched DIY job can leave you with a hefty bill to put it right.

    For anything electrical, call in a NICEIC-registered contractor. And don’t even think of going near a gas supply – call in a Gas Safe engineer. Even putting up a new shelf or hanging a picture can have disastrous consequences if you hit a cable or pipe in the wall – so always check using a multi-detector. You can buy a handheld detector for around £15, and it could be the smartest investment you ever make.

    Protecting your investment

    If you’ve invested in your home, make sure you’re adequately covered with home insurance. Police Mutual’s Home Insurance provides a range of benefits including £75,000 contents cover as standard (including contents in outbuildings), Domestic Emergency Cover as standard (up to £500 per claim) and a dedicated claims team should you ever need it.


    Police Mutual’s Home Insurance is provided by Royal & Sun Alliance Insurance plc. PMGI Limited, trading as Police Mutual, is authorised and regulated by the Financial Conduct Authority. Registered in England & Wales No 1073408. Registered office: Alexandra House, Queen Street, Lichfield, Staffordshire WS13 6QS.

    Chris Morey