December 2020 • Issue 6 PROSPERO
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The newspaper for retired BBC Pension Scheme members • December 2020 • Issue 6 PROSPERO RECOGNITION FOR PENSION A LIFETIME'S WORK SCHEME PAGE 8 | WELLBEING MANAGING YOUR MONEY DURING UNCERTAIN TIMES Prospero’s readership will have their BBC pension and maybe a State pension providing a regular source of income – but while your income might not depend directly on the ups and downs of investment markets, it’s always a good idea to ‘look after the pennies’, especially during such uncertain times. ere, we share some tips for Make small changes managing your finances Small changes can add up over a year: positively and proactively to H • ‘Try and plan your meals every week. improve your overall wellbeing. This will not only reduce your weekly Managing your money food bill, but also the amount of food The good news is there are plenty of waste in your home'. organisations who are regulated to give Tax financial advice to support you with When you get paid, check your payslip financial wellbeing, like the Money Advice and pay close attention to your tax code. Service (moneyadviceservice.org.uk); Millions of people across the UK are Citizens Advice (citizensadvice.org.uk) on an incorrect tax code. The most and Step Change (stepchange.org) common tax code for the 2019/2020 However, we also asked some BBC tax year is ‘1250L’ – this means that the colleagues for their tips on how they first £12,500 of your annual income is manage their own money. Here’s what not subject to tax deductions – but they said… there are lots of reasons why your tax ‘It sounds obvious, but a good place to code might be different, like if you have start is by working out how much more than one job, you get a pension or money comes into your bank account taxable benefits, you are repaying a tax each month, and how much is due to go underpayment from a previous year, etc. out for things like bills, direct debits and It could also be because HMRC have other essentials.’ wrong or outdated information about Shop around and you can often find Dealing with debt you. If you think you might be on the Regular expenditure better deals (especially if you take Even small steps can make a big wrong tax code, get in touch with them Look at what you spend every month advantage of a cashback rate for a difference when you’re in debt. – you might even get a tax refund. and whether you could make a change: new customer). Don’t be afraid to It’s always best to do this well in switch companies from one year to Debt charity Step Change recommends • Your gas and electricity tariff advance of March (the end of the tax the next. As soon as your renewal five steps for managing your money: ‘It might be time to switch energy year), giving HMRC enough time to quote comes through, use a price providers – you might save money 1. Create a budget re-issue a code if necessary, which then comparison website to see if there’s a even if you have to pay an early exit may mean a tax refund in your pension better deal out there.’ 2. Be honest with yourself fee, even if your current tariff isn’t before the tax year ends. due to end anytime soon. It’s a very • ‘Before buying anything online, have 3. Gradually reduce the credit easy process and takes a lot less time Relationships a check to see if there is an active you’re using discount code for that particular than you might think. There are lots As of February 2020, if you are married 4. Talk about money of different tools online that can help or in a civil partnership, you may be able retailer. A quick search will often you find the best deal.’ to benefit from Marriage Allowance. throw up a code, for discounts like 5. Get debt help If you or your partner earns less than 10% off or free delivery, for example.’ • Premium TV channels £12,500 each year, you can ‘donate’ Talking about money (step 4 above) ‘Review the package that you’re • ‘If you travel by train, split-ticketing is £1,250 of your personal tax allowance is important if you’re feeling stressed, paying for and ring your provider if another way you can save money. It to your civil partner/wife/husband. anxious or your situation is getting you’re paying more than you would doesn’t always work, but when it you down. It’s natural to think that like to.’ This could reduce their tax contributions does, it’s very satisfying. By buying people might judge you, but money by up to £250 a year, and you can claim two or three separate tickets for the • Subscription-based media services worries are common and most people it for past tax years since 5 April 2015. same journey, you can save quite a ‘If you have more than one person can relate in some way, even if it’s not Further details of this allowance can be significant amount of money, without paying for a subscription-based the same situation as you. Talking to found at gov.uk/marriage-allowance or having to even move from your seat media service in your house, join call the helpline on 0300 200 3300 or change trains. There are tools family, friends or even a charity like Step forces and you could potentially save online that’ll work out if you can split Change can help when you're dealing over £100 a year.’ Spending your ticket and suggest the best way with debt. It can also help to A lot of your monthly outgoings will be • Other subscriptions of doing it – all from the comfort of put things in perspective and make you on essentials, however, there are ways ‘If you have subscriptions that you your favourite armchair.’ feel better about your situation. to reduce the amount you are spending, do not use regularly, like gym often with little effort. Here are some memberships or magazines, top tips from our colleagues: perhaps think about cancelling them. WHERE TO GET SUPPORT There’s always hope and help if you’re struggling. Not only is that better for your wallet, • ‘You can earn cashback by simply but it might be better for the doing your online shopping via a • BBC Benevolent Fund environment too.’ cashback website. You simply log Funded by the BBC to provide support for current and former employees into the site or app, search for the ‘Look into changing your standing as well as their dependants at times of unexpected financial hardship. retailer you are after and then you orders and direct debits so that Grants are made at the discretion of the Trustees. Call 029 2032 2811 for are directed to the website via the they come out the day after your more details. site’s link. It can take a while for BBC pension is paid (normally the • Grace Wyndham Goldie (BBC) Trust Fund cashback to land in your account and 16th of the month). This will give A registered charity which provides small grants towards the cost of the rates vary quite a lot, but it’s an you a much better idea of how much education or hardship. The Trustees are responsible for awarding grants. easy way to earn some extra money.’ you have left to spend for the rest of The deadline for applications is 31 July each year. They meet during the month.’ • ‘Watch out for insurance policies that September and grants are awarded following that meeting. auto-renew when your policy ends. 2 TAKE 5 TIPS… PROSPERO FOR EMOTIONAL WELLBEING Prospero is provided free of charge to retired Scheme Blogger and author Liggy Webb members, or to their spouses and dependants. (liggywebb.com) has published Prospero provides a source of news on former books around physical and colleagues, developments at the BBC and pension mental health issues, and also issues, plus classified adverts. It is available online runs webinars for companies at bbc.com/mypension and organisations. After a To advertise in Prospero, please enclose a cheque recent one for the BBC, made payable to: BBC Central Directorate. Rate £6 she gave us permission to print for 20 words. Please include your pension number her ‘Take 5 Tips’ in Prospero. in a covering letter. Dealing with emotions can be challenging and sometimes overwhelming and it is important to Please send your editorial contributions, understand that we have a great deal more control over our emotions than perhaps we sometimes or comments/feedback, to: believe. Establishing approaches to manage emotions is fundamental to our overall emotional wellbeing Prospero, BBC Pension and Benefits Centre, and mental health. Central Square, Cardiff CF10 1FT Learning to harness and manage emotions and use them to the best of our ability will help us all to feel Email: [email protected] calmer and more in control. Here are five top tips on ways to manage emotions: Please make sure that any digital pictures you send 1. And…breathe are scanned at 300dpi. Please also note that the maximum word count for obituaries is 350 words. One of the best ways to calm high emotion is to manage your breathing. Get into a comfortable position and slowly take in deep breaths, breathing in through your nose and out through your mouth. This will help you to calm your mind and be less reactive.