Register my appliance day

The Institute for White Goods Engineers are very happy in adding our support for Register my appliance day as an essential campaign that will save lives.

AMDEA (The Association of Manufactures of Domestic Appliances) are spear heading this campaign as an important but often missed step in the purchase of a new appliance.

As modern living advances the demand for appliance and white goods has increased, add to this the growing population, then it goes with out saying that we will see a rise in the number of faulty appliances hitting news headlines.

AMDEA members have invested millions of pounds in to developing environmentally friendly technology to greatly improve the efficiency of their appliances.

Technology has advanced from mechanically switched to electronically controlled circuits. This makes them more sensitive to their environment but does add greater control.

  1. an average new European washing machine consumes 44% less energy and 62% less water compared to an average washing machine made in 1985.
  2. in refrigeration, today’s best products consume only a quarter of the energy used by a typical refrigerator  made in 1990.

With more complex products on the market it is inevitable that from time to time faults will surface at component level.

Making the Register my appliance campaign vital.

Consumers lead busy lives and often filling in the registry card or going on line to register an appliance can be the last thing on their mind.

We have long felt that the registration proses should and could be done at the point of sale. In most cases the customers details have already been captured.

A simple API link to submit data to the manufactures portal could elevate the £100,000 spent on urging consumers to register their appliance.

This thought is backed up by a YouGov survey, carried out by AMDEA in December 2016, found that less than half (43%) of GB adults usually register their large domestic appliances, which leaves thousands of owners untraceable if a recall is required.

Electrical Safety First, Trading Standards and the Fire Services, including the 46 fire and rescue authorities across England and the Fire Services in Scotland and Wales all add their support to this campaign.

Registration is simple via this link

Register my appliance day

Once selected scroll to the Manufacture

 

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Know your pension options

Your pension options?

self-employed-pensions-government-boostIn the Governments Autumn Budget, they committed to making it easier for people to save at all stages your life.

Specifically, the Department for Work and Pensions highlighted “boosting pensions for the self-employed”. As part of that commitment, they are due to publish a paper that lays out the government’s approach to “increasing pension participation and savings persistency among the self-employed.”

Whoever; what does that mean in practice, and how can the government and the self-employed apply this in there business? Here are five options – see if there’s a way you can get a head-start.

Self-employed pensions options boost – 5 ways to do it

1. The ‘sidecar’ pension Option

In 2017 the Government reviewed whether auto-enrolment will work for the self-employed, and ultimately they concluded there’s no clear way it could. In the Autumn Budget, they suggested their focus may instead be on “a programme of targeted interventions and partnerships.”

The Association of Independent Professionals and the Self-employed (IPSE) gives an alternative to auto-enrolment – the ‘sidecar’ pension.

This option works by diverting money into both a pension and a savings account. Essentially they’re both separate ‘jars’ and it could give the self-employed more flexibility over how they use their money.

It would be possible to use the savings jar in emergencies, so this could be a more attractive option if and when you need easy access to your money.

National Employment Savings Trust (NEST) are trialling the sidecar option for the employed and workplace savings, so it could be an option for the self-employed sooner rather than later.

2. Make sure you think about pension option planning

Government guidance not tailored to self-employed pensions

The government’s ‘targeted interventions and partnerships’ could lead to more tailored guidance for the self-employed.

With guidance currently tailored to employees, those that are self-employed might be hoping that the government’s commitment leads to more help with pension planning in the future.

What should the self-employed think about now? It’s a good idea to consider all of your options for saving, including ISAs, which often give you more flexible access to your money if you need it in an emergency. You can save up to £20,000 tax-free in ISAs in 2018-19.

The government’s also introduced schemes like the Lifetime ISA and the Help to Buy ISA, which give you a bonus on top of your savings.

Plus, while advice doesn’t always come cheap, professional advisers will help you come up with an overall plan for your future. IPSE have identified the cost of advice as a barrier for the self-employed, so the government could focus on breaking down that barrier with its interventions and partnerships.

3. Remember the tax relief in pension options

Tax relief is probably the best thing about a pension – you can get tax relief on contributions of up to 100 per cent of your annual earnings, or the £40,000 annual allowance, whichever is lower.

When basic rate taxpayers contribute to their pension, the government adds back the 20 per cent that’s usually deducted from their earnings.

But IPSE says that in focus groups, people say they don’t know what tax reliefs are available, so keeping tax-efficiency in mind could give the self-employed more incentive to save into a pension.

IPSE also recommends that the government further communicates the tax incentives available to encourage saving.

4. The mid-life MOT for pension options

As people live longer and the state pension age increases, a report by the Centre for Ageing Better has revealed that there’s strong appetite for a ‘mid-life MOT.’

Aviva, Legal and General (L&G), Mercer and The Pensions Advisory Service (TPAS) have all piloted their versions of the scheme, which include one-to-one advice, as well as online and group seminars.

The report says that demand for this kind of scheme was high, with organisations adding more sessions to accommodate people signing up.

If you’re in your 40s or 50s, taking stock of your finances now and planning for the future should help you lead a great retirement. With schemes like the mid-life MOT, the self-employed should have easier access to advice and guidance.

5. Don’t put all your eggs in one basket

It’s important that you don’t rely on just one asset to fund your retirement. Whether that’s the sale of your business or the money tied up in your house, effective pension planning should make sure you’ve got a diverse range of assets to see you through when you stop working.

As mentioned in point two, professional advice here can help. A good plan will factor in particular assets, while also working out how to diversify your pension pot so you don’t just rely on one source.

Advise courtesy of Simply Business.

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