Stay young if you want to cash in on car premiums

Young drivers are more likely to get a large discount on insurance premiums at the age of 21 than at 25, according to insurance intermediary Quoteacar.co.uk. 'The figures show it's possible to save an average of 30 per cent on motor insurance premiums just by reaching 21,' says spokesman Giles Ashley. 'Our research dispels the myth that 25 is a magic age for motor insurance, and given the savings that a no-claims bonus can add, my advice to young drivers is grit your teeth and get started with your own policy as soon as possible.' Quoteacar's research showed that 21-year-olds with a no-claims bonus could get a discount of 44 per cent.

Meanwhile, insuresupermarket.com has researched the charges of women-only insurers and is 'advising female drivers to be wary of women-only insurers as they are not necessarily the cheapest'. In another move last week, Virgin Money - which is launching car, home, pet and travel insurance - claims its customers can save 'up to 48 per cent on car insurance ... through a combination of aggressive pricing and scrapping interest charges for monthly instalments'. See www.virginmoney.com.

Call a CAB


Free financial advice will soon be available from nine citizens advice bureaux taking part in a pilot study funded by Barclays, the Society of Financial Advisers and the Tudor Trust. The nine bureaux have yet to be chosen - but will start offering the service from August. If successful, the scheme could be extended nationally. CAB has become increasingly eager to offer this advice as it believes many debt problems are best addressed by financial and investment advice. People outside the nine areas could still access the service if they ask to be referred.

Grey areas


The first draft 'Pensioners' Manifesto' from the National Pensioners Convention will be launched at this week's pensioners' parliament in Blackpool. The document covers a range of issues from the basic state pension, council tax to social care and transport and will be used to measure the friendliness of parliamentary candidates to pensioner issues at the next general election. The parliament is being held in the Winter Gardens from Tuesday to Thursday. Day tickets are £2.

Pension reform


Workers contributing to final salary pension schemes that were wound up in deficit on or after last Monday, 10 May, are likely to be better off now that new rules have come into effect. No more money will be made available(until the new Pensions Protection Fund starts in 2005) but available cash will be spread a bit more evenly between future pensioners and existing pensioners.

Before, existing pensioners received most, and in some cases, all of the money available, leaving those still working to face an impecunious retirement.

Tim Keogh of actuary Mercer explains: 'By putting future pensions higher up the priority list and increases for pensions in payment to the back of the queue, at least everyone is more likely to get something after a wind-up.'

Card sharp


Credit card holders can use a new service on website uSwitch (www.uSwitch.com/creditcards) to compare 'all the cards on the market to find the best credit card deal that suits their individual needs'.

Gilt edge


People considering buying an annuity are being encouraged 'to move quickly to take advantage of the highest gilt yields since July 2002 and the best annuity rates for some time' by the Annuity Bureau. Various free guides are available from the bureau on 08000 718111.