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ONE IN FIVE UK TRADESPEOPLE BELIEVE THEY’LL NEED TO WORK BEYOND STATE PENSION AGE

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  • Male tradespeople are three times more likely than women to work past the age of 66
  • One in eight (13%) older tradespeople (55-64s) have no financial plan for retirement
  • Painters and decorators are the most likely trade to work beyond state pension age
  • Finance expert shares advice for tradespeople on how to prepare for retirement

A fifth (20%) of UK tradespeople think they will have to keep working beyond the state pension age of 66, new research has revealed.

The study1, conducted by IronmongeryDirect, the UK’s largest supplier of specialist ironmongery, surveyed 500 tradespeople about their plans for retirement and found that a large proportion are pessimistic about their chances of finishing work when they hope to.

One in ten (10%) say that they will definitely have to continue working for longer than they’d like and a quarter (25%) think it’s a possibility.

This is most common amongst male tradespeople, who are nearly three times as likely as tradeswomen to think that they’ll have to work past the age of 66 (29% vs 10%). Furthermore, 7% of men see themselves working beyond 70, compared to just 2% of women.

Even those approaching typical retirement age aren’t sure whether they will be able to hang up their tools when they want. Over a third (36%) of tradespeople aged between 55 and 64 say that they might have to carry on working longer than they intend.

Worryingly, more than one in eight (13%) workers in this age category have no financial plans for retirement. Less than half of 55-64-year-olds have a personal (49%) or workplace (46%) pension, despite being in the twilight stage of their careers.

This is in stark contrast to younger tradies, who appear to be preparing far earlier for retirement than their older colleagues did. In fact, 18-24-year-olds are the most likely to have some form of financial plan for their post-work lives, with almost three-quarters (73%) having a personal pension.

Furthermore, millennials (25-34s) put away the most money each month towards their future. While the average UK tradesperson saves £390 a month, millennial workers keep back an impressive £509 for their retirement fund.

This also varies by trade, with plumbers (£451) and carpenters (£438) putting away the most each month, and landscapers the least (£265).

Some trades are also more likely to have to delay retirement than others. Painters and decorators are the most likely to work beyond state pension age, with 30% feeling that they won’t be able to retire until after 66. They are closely followed by electricians (29%) and landscapers (25%).

The trades that are most likely to think they will have to work beyond state pension age are:

1) Painters and decorators – 30%

2) Electricians – 29%

3) Landscapers – 25%

4) Joiners – 23%

5) Builders – 19%

In contrast, bricklayers are the most confident that they’ll retire early, with a staggering 94% believing they’ll finish working before they reach 66. On average, brickies think they’ll retire at the youthful age of 56 and they are the most likely trade to think that they’ll be able to step down when they want (89%).

However, it is builders who are most likely to retire before they reach 50, with a staggering 12% believing they’ll have finished working by this milestone.

Whichever trade you’re in, it’s important to plan for your retirement and George Stainton, Senior Wealth Manager at Hoxton Capital Management, has shared his advice:

  1. Get into the habit of saving for retirement early in your career, as it will make life much more comfortable as you get older
  2. Ensure you contribute to your full 35 years of National Insurance so you are entitled to a full state pension
  3. If appropriate, consider delaying your retirement for a couple of years to have enhanced pension income and further compounded investment growth

Dominick Sandford, Director and Head of Merchandising & Marketing at IronmongeryDirect, said: “There comes a time when everyone has to think about life after work and it’s encouraging to see that so many young tradespeople are already putting money aside for their future.

“However, it’s concerning that many older workers have few or no financial plans for retirement. There are lots of ways that people can prepare, regardless of how old you are, so we’ve partnered with experts to share helpful tips for tradespeople on how to boost your finances for the future.”

 

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TINTRA PLC FINALISES JOINT VENTURE WITH ARTIFICIAL INTELLIGENCE PARTNER TO BUILD INDUSTRY CHANGING REGULATORY TECHNOLOGY

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Innovative fintech company, Tintra PLC(https://tintra.com/), has formed a joint venture with award-winning Artificial Intelligence and Machine Learning business, TMC2, via its subsidiary Finsensr.

The Joint Venture will utilise or create advanced, end-to-end AI tech – some already patented – to revolutionise how compliance between developed and emerging market economies works. This exciting tech stack includes the utilisation of lightning-fast large scale predictive modelling and semantic embeddings of financial data; together with the development of scalable efficient solutions based on customised shallow classifiers, deep learning, and Bayesian inference for robust and explainable predictive modelling.

Tintra is focused on enabling financial institutions, EMI’s, multi-nationals, and large corporates in the emerging world to gain access to banking systems that understand their geographic need. Using pioneering payments technology and compliance infrastructure will evolve the global banking industry. Where other fintech’s iterate, Tintra will innovate across the space.

In forming a joint venture with TMC2 – the team behind Mashtraxx, the AI engine being used to power a multi-billion dollar US based social media platform – Tintra aims to eliminate or radically improve the well documented emerging market issues of KYC & AML. The mission is to utilise these solutions to democratise financial regulation and level the playing field for all markets and make access to the global market place as seamless in Africa or Asia as it is in Europe or the United States.

 

Gary Wright, lead for TMC2 in the transaction stated, said “We are extremely excited to enter into this long-term partnership with Tintra to support the expansion of its business through the use of our leading-edge artificial intelligence. 

Our in-house team includes PHDs in Artificial Intelligence & Machine Learning. A Senior Executive Team with experience in the financial sector across financial services, Technology, Corporate banking, Investment management, Fund Management, and transaction services. With our key personnel gaining experience in institutions including Sungard, Mann Group, Royal Bank of Scotland, M&G, Prudential, Simplex Technology amongst a host of others

We are setting out to create the next generation of intelligent automated AI RegTech that we are confident will help power another billion-dollar unicorn, like Mashtraxx before it. We hope that this will revolutionise how the financial services industry fulfils the complex demands of KYC and AML compliance and regulatory legislation”

Tintra PLC is publicly listed on the AIM market of the London Stock Exchange and also available on the OTCQB Venture Market in New York.

In early November 2021, the PLC unveiled plans to raise additional capital to accelerate its growth strategy.

 

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CELLPOINT DIGITAL PARTNERS WITH VYNE TO ENABLE INSTANT OPEN BANKING PAYMENTS FOR MERCHANTS

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The partnership will allow CellPoint Digital customers to incorporate Vyne into its payment ecosystem and access instant payments without a need for direct integration.

 

Payment orchestration leader CellPoint Digital today announces a partnership with full stack account-to-account (A2A) payments specialist, Vyne. This partnership allows the Vyne platform to offer instant payments to CellPoint Digital’s merchant customers, allowing users to check-out faster than ever before and reducing merchant transaction costs.

Through CellPoint Digital’s Velocity Payment Orchestration Platform, merchants can easily incorporate Vyne into their payment ecosystem, providing all the speed and convenience of instant payments without the need for a direct integration with an open banking provider. With transactions intelligently routed and monitored in real-time, merchants can analyse performance and use data to cut costs, boost acceptance rates, and simplify operations via automated reconciliation.

By partnering with Vyne, CellPoint Digital’s merchants can now access improved payment experiences too. Harnessing open banking technology, the Vyne solution allows online shoppers to check out in as few as three clicks and offers settlements within seconds.

 

CellPoint Digital CEO, Kristian Gjerding, said: “The partnership with Vyne represents a significant addition to CellPoint’s payments offering. Merchants currently using our Velocity Payment Orchestration Platform can utilise all the benefits of the Vyne platform within their payments ecosystem and this will provide merchants with a greater opportunity to grow their business.

“At CellPoint, we put much stock into our partnerships. To us, they are more than simply functional and with Vyne being fellow innovators in the payments space with a track-record of supplying top tier merchants, we look forward to developing a long-lasting, collaborative relationship.”

The Vyne solution functions by using a customer’s existing online banking app to initiate and authenticate a transfer. As a result, the customer does not need to enter their account information online and sensitive financial details are never held by the merchant, resulting in a more secure process for both parties. By enabling a payment method that can be completed in just three clicks, the platform provides a simple and seamless experience that can help to reduce cart abandonment.

 

Vyne CEO, Karl MacGregor, said: “Existing payments and banking solutions are broken, and stacked against the merchants and consumers that use them. Payment methods come with a variety of settlement formats and can take anything from days to weeks to complete with customer conversions impacted by manual card data entry.

Vyne provides a new, alternative payment method for merchants and their customers and we’re delighted that more people will benefit from it through this partnership. CellPoint merchants will now experience instant fund settlement and their customers will be able to complete payments through their own banking apps in just a few taps with no card details needed. Merchants can also engage customers at the right time, through the right channels, using pay by link or QR codes, which can be sent via email, SMS, in app or used for in person sales.

“We look forward to working closely with CellPoint and empowering merchants with a level of payments functionality that can drive real, measurable growth.”

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