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Financial advice
Karen Ritchie is an IFA (independent financial adviser) specialising in helping people structure and make the most of their finances in divorce and separation.
Q –
I have recently become a single parent and have heard that some companies offer discounts to single parents. Do you know where I could find out if discounts for single parents exist? I searched google, which is how I found your site. Any ideas?
Thanks
Sharon
A – 8 October 2008 –
Have you tried Martin Lewis’
moneysavingexpert.com? Packed with information and price comparisons on anything you could think of and it describes itself as ‘free to use - free of ads - consumer revenge’.
Q –
I would like to open a savings account for my ten-year-old daughter. I cannot afford very much – it’s really for the little bits of birthday and Christmas money she gets from family. Do you have any suggestions?
A – 14 August 2007 –
The best place to start is the following website –
www.moneyfacts.co.uk – this lists savings best buys and will give you the top five children’s savings rates. Use the list as a starting point and find an account that suits you – for instance, is it easy for you to manage, do you have to visit a branch to open the account or do you need to do it online, is there a minimum deposit?
Once in place review it every couple of years to make sure the interest rate does not fall behind the rest of the market.
Q –
I missed the deadline to use my daughter’s Child Trust Fund voucher and have ended up with a default choice. Is it too late to change?
A – 3 July 2007 –
HM Revenue and Customs will have placed the voucher with one company from a specific list. You will need to apply to that provider to become the registered contact and once you have done so you will be able to transfer to the provider of your choice. For more information check out
http://www.childtrustfund.gov.uk
Q –
Is it true that getting divorced could increase my state pension?
A – 16 June 2007 –
In some cases this may be true – but not all.
The amount of state pension you will receive in retirement will depend upon the total number of years National Insurance (NI) contributions you have made. If your NI contribution record is less than that of your ex-spouse then the pensions service should base your level of state pension income on their higher contribution record instead of your own (as long as you do not remarry prior to state retirement age). This substitution does not affect your ex-spouse in any way, nor do they even need to know about it.
If you are more than four months away from state retirement age you can complete a state pension forecast request form and, as long as you include your date of divorce (anticipated or actual), the pensions service will tell you if you are better off substituting your ex-spouse’s NI record for your own.
You must, however, remember to send the pensions service your Decree Absolute along with your state pension claim form when the time comes.
You can download a state pension forecast request form at:
http://www.thepensionservice.gov.uk/resourcecentre/br19/home.asp
