One fifth of all energy company switches in May were people leaving British Gas, according to the price comparison website Compare the Market. Eon won the largest share of those switches with 28 per cent. The highest average saving was made by customers switching from an average tariff deal to EDF Energy’s one-year fixed deal, which would have saved them £472.73 over the year. The Green energy company Together Energy managed to secure 9 per cent of all switches. At least 130 fixed-rate tariffs are due to come to an end this month.
Still driving up costsThe average cost of car insurance was £715 last month, up from £679 in April, a 5 per cent rise. This is still £3 below the cost of insurance in May 2019, says the consumer site Compare the Market, after a fall in prices as people stopped driving in lockdown. Premiums are still highest for drivers aged between 17 and 24, who pay an average of £1,123 — £763 more than the over-65s, who pay the least. The cheapest place to insure a car is the southwest at about £540 a year. Drivers in London pay nearly double that at £1,089.
Did you know?The first insurance policies were established in the 1700s in London to cover homes after the Great Fire destroyed more than 13,000 houses.
New home, new systemMotorists who need to update address details in their vehicle log book can now do so online. Drivers who move home and fail to update the log book with their new address risk a fine of up to £1,000. Last year the government’s Driver and Vehicle Licensing Agency received about 1.4 million change-of-address applications. Drivers who file paper applications have to wait up to six weeks to get their log book back, but the online system will take five working days. You need to submit your vehicle registration number, log book document reference number and postcode to use the online service at gov.uk.
Retirement on holdSome 18 per cent of people have changed their target retirement age during lockdown and 20 per cent of those over 55 said they had taken money out of their pension. Another 12 per cent said they were considering it. The survey of 2,000 people for the pension company Aegon suggests that the self-employed are particularly affected, with 40 per cent saying they have rethought their pension plans and 22 per cent now expecting to delay retirement.