2016
The world is your oyster
Making the most of your freedom
in retirement (page 4)
Blooming marvellous
All about our ‘Garden for
every retiree’ (page 8)
Planning for the future
Why setting up a Power of
Attorney makes sense (page 10)
Retirement watch (page 2) • Finding affordable insurance (page 6) • Keeping our customers
at the heart of our business (page 7) • Puzzles (page 11) • How can we help you (page 12).
Retirement watch
You’d be forgiven for feeling a little lost when it comes to all of the changes that have happened in the
world of retirement. But fear not, here’s a quick overview of what you need to keep an eye out for this
year and beyond.
Welcome to the latest edition of
Just Retirement’s customer magazine, Essentials.
From April 2016 you can expect to see:
Changes to the way
that death benefits
are taxed
When you die, you can pass your pension savings to your
beneficiaries, either as regular payments or as a certain
cash amount (known as death benefits) – though you
would have to have chosen these options when you chose
your annuity product. Under the new pension rules, death
benefits are now taxed much less harshly; it basically boils
down to how old you are when you die. If this is before the
age of 75, the amount that you leave your beneficiaries
will normally not be subject to tax. If this is after the age
of 75, your beneficiaries will normally be taxed at their
marginal rate – so any income or lump sum will be added
to the income that they receive from other areas and taxed
as an income.
Watch out for scams
Amid all of these changes, it’s also important to keep an
eye out for new scams. As technology changes and we
all have more freedom around how we can spend and
access our pension savings, there are some who may try to
take advantage of this. Fraudsters are becoming more and
more sophisticated – they may do their homework and
find out some personal information about you so that they
sound more convincing. Or they may promise something
appealing such as a refund on something that you’ve
already paid for, or a big return on an investment.
There are several tell-tale signs that you can look out for
to help you protect your money from fraudsters. You can
read more about this on our website at:
Dear readers
Changes to Marriage
Allowance thresholds
Are you married or in a civil partnership? If so, did you
know that if your income is less than the standard Personal
Allowance (currently £11,000) and your partner pays basic
rate income tax, you may be entitled to transfer up to
£1,100 of your unused Personal Allowance to them. To
find out more, or to apply online, go to www.gov.uk/
marriage-allowance.
More stamp duty on
buy-to-let properties
From April 2016 George Osborne has increased the stamp
duty on buy-to-let properties by an additional 3%. So if
property is part of your retirement planning portfolio, it’s
worth bearing this in mind.
A secondary annuity
market from 2017
The Government has been talking about this for a while.
The plan is to give those who have previously bought
an annuity the opportunity to sell theirs for a cash lump
sum. The Government plan to launch this in April 2017,
so we hope to provide you with more information in next
year’s magazine. In the meantime you can read more
about our stance on this at www.justretirement.com/
secondary-annuity-market.
This last year has continued at the same rate of change as the previous, and retirees
are now getting to enjoy more freedom and choice than ever before when it comes
to spending their retirement savings.
Although this increased choice is a good thing, we still firmly believe that securing
a guaranteed income for life remains an important priority for many people in
retirement. We’ve also seen lifetime mortgages continue to grow in popularity.
What remains our number one priority, is ensuring that the customer is at the heart
of every decision that we make. This year we decided to celebrate this ethos through
our National Customer Service Week (for which we had so many activities and
enthusiasm from our staff that it actually spanned a fortnight!). You can read about
what we got up to on page 7.
We enjoyed another successful year at the Hampton Court Palace Flower Show,
where we had the pleasure of greeting some of our customers in our ‘Garden for
every retiree’ – you may even have seen it on Gardener’s World. If you didn’t get the
chance to come and see us last year you can have a closer look at our award-winning
garden on pages 8 and 9.
If gardening isn’t quite your cup of tea, we’ve also continued to develop our
website www.justretirement.com to ensure that as your needs and options evolve,
so does our content. Over the last year we have added 21 new videos that tackle key
retirement issues, explain complicated jargon and address common concerns that
you may have – such as struggling to secure affordable insurance which we explore
on page 6.
We continue to review and update this content so that you can stay as informed
as possible with the hope that we can go some way to helping you enjoy the
retirement that you’ve always dreamed of. On page 4 we look at how you can
continue exploring in your golden years – whether that means travelling the world or
becoming more involved in your local community.
Finally, I am delighted to announce that, on 4 April 2016, Just Retirement Group plc
merged with Partnership Assurance Group plc to form JRP Group plc. There will be
no changes to our existing products and services as a result of the merger, and there’s
also no change to how you get in touch with us.
We hope you enjoy reading the magazine – please remember that your feedback is
always welcome.
Merger between
Just Retirement
Group plc and
Partnership
Assurance plc
On 4 April 2016, Just Retirement
Group plc merged with Partnership
Assurance Group plc to form
JRP Group plc.
Why did the merger take place?
The merger has brought together
two strong retirement businesses
to create an even stronger
combined Group. We’ll remain a
leading provider of solutions to
people approaching retirement
and in retirement, and will
continue to deliver award-winning
customer service.
Will the merger affect
Just Retirement’s customers
in any way?
There will be no changes to our
existing products and services
following the merger, and we
continue to trade using the Just
Retirement brand. There’s also no
change to how you get in touch
with us.
We’ll keep you updated if there
are any developments in the future
which may be of interest to you.
Best wishes,
www.justretirement.com/protecting-your-money
Rodney Cook, CEO
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The world is your oyster
Making the most of your freedom in retirement
If all you’ve been dreaming of since you retired is globe-trotting to the far-flung places that you haven’t
yet managed to visit, you are not alone. In fact, research from the National Employment Savings Trust has
revealed that the most desired activity in retirement (with over 62% of the vote) is to go travelling or on
multiple holidays.
You may of course be reading this thinking that while travel is high on the wish-list unfortunately that is where it will remain. Holidays
are certainly a luxury, and just because you have the time to travel, doesn’t necessarily mean that you suddenly have the funds to do
so. Luckily there are a few tricks that can mean travelling the globe doesn’t have to cost the earth. Here are our top tips:
Eat local food
People often steer clear of street
food, but in many South-east Asian
countries you’re missing out on the
tastiest, freshest and cheapest grub.
That pad thai cooked in front of you
is likely to be far better and more
economical than the sloppy pizza
from the international restaurant.
Travel off peak or
in the shoulder season
Be flexible with flights
Do you need to leave on a Saturday?
Do you need to fly direct? Mid-week
departures are often much cheaper, as
are flights with lay-overs. Flight prices
rise and fall all the time so keep an eye
out so you can grab them when they
fall. Skyscanner.com is a great website
for this.
Avoiding the school holidays
is often the cheapest way to travel.
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Be open to alternative accommodation
Do your research
Adventures closer to home
Don’t just go for the first travel
insurance company you find. Make
sure you look into several options and
if you are planning to go abroad more
than once, a multi-trip insurance policy is
worth considering.
Of course exploring new places in
retirement doesn’t have to involve a
round-the-world ticket. There are plenty
of places within the UK and on your
doorstep that are worth exploring that
you might not have noticed before.
You could:
There are plenty of
places within the UK and
on your doorstep that
are worth exploring.
Avoiding the school holidays is often
the cheapest way to travel, but this
doesn’t always guarantee the best
weather. So sometimes the ‘shoulder’
season (which is in between low peak
and high peak times of year) can offer a
good compromise.
While youth hostels may (understandably)
be off the list, there are plenty of costeffective options. Sites such as Airbnb offer
great value, or house-sitting could secure
you a completely free stay. You’ll need
to register with a house sitting site such
as trustedhousesitters.com (who will
expect you to look after a pet in return)
but other than the membership fee (which
is usually annual) you’ll have nothing to
pay for your accommodation!
• join local groups that cater for
your interests
• visit local National Trust or English
Heritage sites, or
• finally get round to visiting parts of
the UK that you have never seen.
There are also plenty of active pastimes
where you can meet new people listed
in local newspapers or circulars. If you
don’t receive one, have a look at the
noticeboards in your local community
centre to see what kinds of things are
advertised there. If nothing appeals, why
not consider setting up your own group?
After all, during your golden years, the
world is your oyster.
Stay with the locals
In countries such as Cuba, you can rent
private rooms from local families which
will help keep costs down and provide
you with a much richer experience.
5
Keeping our customers at the
heart of our business
Struggling to find affordable
insurance in retirement?
You are not alone. In fact, many retirees report a hike in their insurance premiums as they get older.
Some even find that their insurance companies won’t insure them after a certain age. Here we tackle
the most common gripes faced by the over 50s when it comes to finding reasonably priced insurance.
How can I find reasonably priced
travel insurance?
It goes without saying that you shouldn’t
travel without insurance, so the best
thing to do is to factor in the cost of the
insurance when booking your holiday.
For European travel, as a minimum
make sure you have a European Health
Insurance Card which is available
free from the Department of Health
and entitles you to treatment in state
hospitals – avoid any sites or companies
who try to charge you for this. And bear
in mind that while the European Health
Insurance Card is not an alternative to
travel insurance, some insurers may
waive the excess on your insurance
if you do have one. It’s therefore
advisable to also have travel insurance,
as in some countries there are additional
costs and charges.
It goes without saying
that you shouldn’t travel
without insurance.
6
A good place to start to find the best deal
is an independent comparison website.
Try moneysavingexpert.co.uk. This
site has specialist help for the over 50s.
And if you’re planning to travel regularly
there are often significant savings to
be made by buying annual cover rather
than arranging cover for each trip
you take.
I’ve never had an accident, and
yet my car insurance premium
has soared
As with travel insurance, the first thing
you should do is shop around every year.
Use an independent comparison website
such as moneysupermarket.com or
gocompare.com to help you find the
best deal.
If you are willing to have your driving
put under scrutiny, there are specialist
insurance companies (such as Coverbox)
that fit a box to your car and monitor
how many miles you drive and when you
drive. If you are a low-mileage driver and
don’t drive at night, then you might save
money choosing this option. The AA has
also recently launched a GPS tracking
device that insures you according to
how you drive. So if your premiums are
soaring, there are several options that
may help you bring down those costs.
However, it’s worth checking whether
Coverbox or the AA do cover older
drivers and whether they will provide
different rates based on these factors first.
My insurance company are
refusing to insure me because
of my age
Some insurance companies do not insure
drivers over a certain age which means
that older drivers can be left in the lurch.
If an insurer or broker can’t offer you
insurance because of your age, they
should refer you to an alternative insurer
or give details of a signposting service
such as the British Insurance Brokers’
Association’s (BIBA’s) ‘Find a Broker’
service. You can use this service to find
specialist insurers who can offer specific
types of cover based on factors such as
age and medical condition.
You can find the BIBA’s ‘Find a
Broker’ service by phoning their
helpline on 0870 950 1790 or
by going to their website at
www.biba.org.uk.
Since our humble beginnings in 2004 we’ve always centred on the need to be ‘just’ – keeping our focus
very clearly on our customers and how we can best serve them. Our customer service teams regularly
exemplify this, scoring exceptionally well in customer feedback and surveys. And we are always looking to
improve – so that we can keep up with the changing needs of today’s retirees. The better we understand
our customers and the challenges that they face, the better our products and our service will be.
To help everyone here at Just Retirement focus on what it’s
like to be a retiree in today’s society we embarked on a
programme of getting to know our customers better during
October. This involved extending National Customer Service
Week to National Customer Service Fortnight!
Understanding your needs better
“This is a really worthwhile event
and helps those of us not
directly in touch with customers
to understand their needs
much better.”
National Customer Services Fortnight
Everyone was presented with a range of activities that they could
participate in. These included listening to customer calls, meeting
and interviewing local retirees at a nursing home, playing bowls
with our local bowls club, and interviewing (and gaining valuable
tips!) from the bowls players themselves. Other employees
learned more about how big the financial decisions that retirees
face are, by playing a retiree in The Game of Retirement – an
interactive board game based on The Game of Life. Some staff
even volunteered to eat for a week on the State Pension – to
say they found it tough was an understatement – and that was
before they had budgeted for costs such as heating.
The need for a supplementary income
“I think it is definitely possible to eat
on the State Pension, but you need
military planning of your budget and
aren’t able to eat out socially. It has
been a struggle and has emphasised
the need for a supplementary income.”
Learning from our experiences
All employees were asked to share what they had learned;
the results were informative and insightful. They gave us
a real desire to continue to learn about the issues that
retirees in the UK face and the impetus to plan future events
so that we continue to put our customers at the heart of all
of our decisions.
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“It was really great to see how much the
retirees at the bowls club were enjoying
their retirement, but it made me realise
that I need to put a lot more thought into
planning for my own retirement.”
7
Blooming marvellous
Designing a garden that can be enjoyed during
every stage of retirement
Last summer marked our second outing to the Hampton Court Palace Flower Show, where we teamed
up with award-winning garden designer Tracy Foster. Tracy first caught our eye the year before, where
her innovative Hedgehog Street Garden showed us all how a garden can be both purposeful (to attract
and sustain wildlife) and beautiful at the same time. And it deservedly won her praise from critics and
fans alike – securing her the much-coveted Gold Medal and People’s Choice Awards.
Putting Tracy’s design talents to the
ultimate test, last year we asked her
to create ‘A garden for every retiree’ –
encompassing the changing needs of
retirees today.
your garden could offer you more
and more, and some hard graft now
might mean that you can reap the
benefits when you want to put your
feet up later on.
So she brought on board an army of
volunteers either at, or approaching
retirement to help her meet the brief.
They created beautiful details such as
our handmade bird boxes and cushions,
as well as providing vital insight into the
needs of the UK’s retirees. They even
came along to help with the build.
Here are some of the highlights from
our entry last year and how Tracy
designed ‘a garden for every retiree’
with this in mind.
The results were overwhelming. Tracy
added a Silver Gilt Medal to her collection
and we had the pleasure of talking to
the adoring public all week long in our
beautiful garden. But what exactly does a
‘garden for every retiree’ involve?
Well that entirely depends on what you
want from your garden – and this might
change over time. As you grow older
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‘A garden that appeals to
all the senses’
Tracy spent months researching the best
possible range of plants for the garden.
These included the incredibly fragrant
‘Darcey Bussell’ rose, plants intended to
encourage bees into the garden such as
Achillea ‘Credo’, lavender and Echinacea
purpurea, as well as a wealth of colours
to provide visual delight all day long. By
using perennials she was able to ensure
that some clever planting now would
provide benefits for years to come.
‘In retirement your garden can
play host to whatever hobbies
take your fancy’
‘Space that is accessible to all of
the family’
The garden was designed to be as
accessible as possible – with raised
beds perfect for those who struggle
to work at ground level – or who
want to prevent future back problems!
The walkways were also paved to
allow access for wheelchairs or for
grandchildrens’ pushchairs.
‘Social space and impromptu seating
for those expected and unexpected
social gatherings’
A big highlight of our garden was our
social space – complete with covered
seating, beautiful handmade cushions
and a gin table that was the envy of all
who passed through. What Tracy also
incorporated into this garden were some
clever little details such as the raised
beds all the way round that provide
impromptu seating for unexpected
guests… or weary Hampton Court
Palace Flower Show attendees!
Our garden raised £3,600
for our charities
What people most look forward to in
retirement is the opportunity to indulge
in the hobbies that they didn’t have
time for during their working lives. So
our garden reflected this through some
lovely examples including bee keeping,
a compact but very beautiful vegetable
patch and a vibrant cut flowers patch.
The story continues…
And the story didn’t end there. At the
end of the flower show we also sold
off all of our plants (as is custom),
donating a massive £3,600 to our
chosen charities Alzheimer’s UK, NI
Hospice and St. Catherine’s Hospice.
In addition to this, we also donated
our beautiful accessible shed to The
Conservation Volunteers. They work with
local communities to create volunteering
opportunities in the great outdoors and
have been a lifeline for many retirees.
Since then, some of our staff have
even joined them on a corporate social
responsibility day, helping clear a local
woodland. The Conservation Volunteers
are also very popular with retirees –
providing opportunities for exercise and
fresh air across many communities. You
can read about the great work that they
do at: www.tcv.org.uk.
Our garden may have won a medal, and
we were delighted to have helped our
chosen charities, but what was most
rewarding was the opportunity that
it gave us to speak to so many lovely
retirees over the week.
9
Planning for the future
Puzzles
Office of the Public Guardian
[email protected]
Telephone: 0300 456 0300 Textphone: 0115 934 2778
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www.justretirement.com/powers-of-attorney
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Where can I find out more?
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If you purchased an annuity or fixed term
annuity and decided to include benefits
that would be paid to beneficiaries in
the event of your death (either as a
guaranteed payment for a set number
of years or as a lump sum payment) it’s
important that we know who you would
like to receive these benefits. An easy
way to let us know (if you haven’t done
so already) is to fill in an Expression of
Wish form that we have enclosed with
this magazine.
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The person that you appoint as your
‘attorney’ needs to have a good
understanding of your personal affairs
and be willing to act on your behalf.
You can have more than one attorney
and if this is the case you will need to
decide if you would like them to make
decisions together or separately. You
Complete an expression of wish form
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What else do I need to consider?
You may find that your wishes have
changed since you last wrote your will
– perhaps you would like to include
another grandchild, you have remarried
or someone that you had previously
named as a beneficiary or executor
may have passed away. It’s important to
check that you have kept your will up to
date so that your wishes are met when
the need arises.
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You can give someone power of
attorney to deal with your property
and financial affairs, or your health
and welfare. You can also limit them
to just making decisions about certain
things such as the power to operate a
bank account.
Keep your will up to date
Sudoku
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A Lasting Power of Attorney is a
legally registered document that
allows someone (called the ‘attorney’)
to make decisions and act on behalf
of someone else (called ‘the donor’). It
replaced the previous ‘Enduring Power
of Attorney’ – although if you already
have an Enduring Power of Attorney
set up this will still be valid.
How is it used?
How else can I prepare for
the future?
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What exactly is a Lasting Power
of Attorney?
You might make a Lasting Power of
Attorney if you have been diagnosed
with, or think you might develop, an
illness which may prevent you from
making decisions for yourself at some
point in the future. It must be set up
while you are still capable of making
decisions for yourself and needs to be
registered with the relevant authorities
before it can be used.
also normally have to pay a fee to
register a Power of Attorney with the
Office of Public Guardian.
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If you live in Scotland or Northern
Ireland the rules and relevant
authorities are slightly different –
you can read more about this by
going to the link on our website
at the bottom of this page.
When might I need to make a
Lasting Power of Attorney?
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No one knows exactly what the future
holds, and for some this can seem
daunting. So some people choose to
make a Lasting Power of Attorney – so
that if the time comes when they aren’t
able to make their own decisions, they
know they already have something
in place that allows others to act on
their behalf. At Just Retirement we are
now seeing an increase in how many
people are using a Power of Attorney
to make important decisions for their
loved ones. And without this document
it’s impossible for any organisation to
follow anyone other than the customer’s
wishes. So if you aren’t sure what a
Power of Attorney is, or haven’t quite
got round to setting one up, now might
be the right time to find out more.
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Puzzle content © Puzzler Media 2016
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How can we help you?
We’re always happy to help you with any questions you
might have about your policy or our service. If you’d like to speak to
someone, you can:
Call
01737 233 297
Email
[email protected]
Visit
justretirement.com
Just Retirement annuity payment dates
2016
Annuity payment dates usually fall on the first of
the month, except if that day falls on a weekend or
a bank holiday. So we’ve put together a handy list
of all the payment dates for the rest of 2016 and
through to April next year – so you’ll know exactly
when to expect the money in your account.
May paid Friday 29 April
June paid Wednesday 1 June
Your payments are generated approximately
one week before they are due, so please remember
that if you change your bank account details and
we receive your written notification after the
payment has been generated, we won’t be able to
make the payment into your new account until the
following month.
November paid Tuesday 1 November
December
paid Thursday 1 December
Your annuity payment may change if:
April
• You’ve linked your income to inflation – this
means that your annuity payments may increase
(or possibly decrease) annually in line with the
Retail Price Index or the Limited Price Index. It can
also increase by a set percentage depending on
what you originally included with your policy.
Other helpful services
July paid Friday 1 July
August
September October
paid Monday 1 August
paid Thursday 1 September
paid Friday 30 September
2017
January February March paid Friday 30 December
paid Wednesday 1 February
paid Wednesday 1 March
paid Friday 31 March
• Your tax code has changed, which may be due
to changes in your income (for example, if you’re
receiving taxable earnings from employment or
receiving another annuity). For more information
about your tax code, you should contact HM
Revenue & Customs at www.hmrc.gov.uk or
call them on 0300 200 3300.
Gov.uk Pensionwise website
A free and impartial government service that helps you
understand your new pension options.
www.pensionwise.gov.uk
The Money Advice Service
Helping consumers understand financial matters and better
manage their finances.
www.moneyadviceservice.org.uk
Telephone: 0300 500 5000
Citizens Advice
Provides free, independent, confidential, and impartial advice to
anyone on their rights and responsibilities.
www.citizensadvice.org.uk
Telephone England: 0344 411 1444
Telephone Wales: 0344 477 2020
Text Relay users should call 0344 411 1445
Financial Ombudsman
An independent and impartial service that helps in settling
complaints between consumers and businesses providing
financial services.
www.financial-ombudsman.org.uk
Telephone: 0800 0234 567
The Silverline
This charity offers information friendship and advice to older
people and is open 24 hours a day, every day of the year.
www.thesilverline.org.uk
Helpline: 0800 470 80 90
Email: [email protected]