Contact

News & Insights

Are you aware of the new pound coin?

The Royal Mint says that approximately one in 30 round pound coins is counterfeit and the hope is that the new thinner, lighter, 12-sided design will be tougher to make a copy of because of its distinctive shape, the use of micro-lettering plus grooves on its side, the addition of a hologram image that changes from a “£” to a “1” when viewed from different angles, and it being made of two metals.

But while a new shape of currency may be exciting, it does come with a warning to those with an abundance of loose change around the house.

As the new pound comes in, then the old pounds must indeed go out. The deadline to use current one pound coins is 15 October 2017. However, many people are currently unaware of this change. According to a survey of 2,000 Britons by Mastercard, 87 per cent did not know they had until this date to utilise any round pounds rattling about in pockets, piggy banks, money jars, and down the back of UK sofas. In fact, only 17 per cent even knew about the new pound coin.

As the study found that Britons have roughly £15 to £25 in pound coins lying around their homes, this could mean that there will be a total of £1.1 billion in unspent change if Britons do not get spending or saving in time.

David Gauke, Chief Secretary to the Treasury, said that this “historic moment” should be on everyone’s calendar. “Our message is clear: if you have a round one pound coin sitting at home or in your wallet, you need to spend it or return it to your bank before 15 October.”

After the October deadline, shoppers will no longer be able to spend the old coins in shops, but most high street banks will still allow them to be deposited into bank accounts. However, there may be specific limitations and rules applied by individual institutions, so it will be important to check policy well before the cut-off date.

It should be possible to use the new pound coins in most vending machines, ticket machines, etc. from the date of introduction as businesses were made aware of the upcoming change three years ago. However, it’s likely that not all machines will accept the coins from day one of their circulation.

Make the most of your round pounds now!

While it may seem like a fairly small scale change, making sure you use all your pound coins before they become obsolete is showing good financial sense.

The financial advisers at Blacktower can further help you make the most sensible decisions in every area regarding pensions, regular savings, and investments – whether it’s moving your pension into a QROPS in France or helping you come up with the best savings plan to enable you to send your children onto higher education.

Contact one of our advisers today, and see how you can make your money go further.

This communication is for informational purposes only and is not intended to constitute, and should not be construed as, investment advice, investment recommendations or investment research. You should seek advice from a professional adviser before embarking on any financial planning activity. Whilst every effort has been made to ensure the information contained in this communication is correct, we are not responsible for any errors or omissions.

Other News

FAQ: How will Brexit affect my pension and should I look at alternatives?

EU and UK FlagsAt the moment, no one can say with complete certainty what will happen in the near future regarding Brexit and pensions.

However, one thing is clear: uncertainty about the future should not be a pretext to doing nothing about your UK pension; it is not automatically the right idea to think to yourself “Will Brexit affect my pension? I’ll just leave it where it is and wait to see”.

Read More

Custodial Sentence for Pensions Fraudster

PrisonAn investigation by The Pensions Regulator has for the first time resulted in an immediate custodial sentence for the perpetrator of professional pensions fraud, after William Bessent, an accountant who used his position as the trustee and administrator of a pension scheme to steal his clients’ savings, was sentenced to 40 months in prison. He pleaded guilty to multiple fraud charges, making prohibited employer-related investments, and separate charges of acting as a director while disqualified.

The landmark case, being heard at Preston Crown Court* will also hopefully result in the return of stolen funds. On July 5 the courts will seek to obtain a confiscation order in order to make Bessent repay the remainder of the money he owes; he has so far repaid £80,000 but owes a further £200,000.

Read More

Select your country

Please select your country of residence so we can provide you with the most relevant information:

You are currently viewing the Blacktower Financial Management EU website.

You may be looking for the Blacktower United States website.

Blacktower United States > X Stay on this site

Or choose your country.