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THIS MONTH’S STAR LETTER ★

TCARRY ON CRUISING

oday I received the latest issue of Moneywise in the post. When it arrived I remembered that I had not finished browsing through the last few pages of the previous issue. Quickly thumbing through the Productwise pages I arrived at Esther Rantzen’s monthly column. What a delightful monthly read her page is!

Her recent articles about convincing her late husband Desmond to take up cruising and the current one about downsizing made me sad and happy at the same time.

My late wife Joan convinced me to take up cruising, which we enjoyed until she passed away seven years ago. Two years ago, I decided to resume cruising and have met so many wonderful people as a result.

On the issue of downsizing, none of my family wanted our collection of treasured things, so I donated them to charity, just like Esther did.

I have not begun reading the new issue yet as I will go on a cruise in a few days’ time, but once I’m back I will make sure I open up on her page first for some more nostalgia. JIM MAUDSLEY/VIA EMAIL

BEWARE OF ONLINE BANKING SCAMS I had an email last week purporting to be from Santander, saying that my online banking facility would soon be expiring and if I wanted to continue with it I must fill out the form attached. However, I don’t bank with Santander so I knew it was a scam. What worries me is how authentic it looked and I think many people could easily have been taken in.

It’s worrying how good these people are at sending out fraudulent emails and I would like to warn other people not to be taken in by something like this. When I read over the email again I noticed a couple of grammatical mistakes, which rang alarm bells for me. It was only after seeing this that I was convinced it was a scam. JANICE OWEN/VIA EMAIL

Moneywise replies: Our readers get in contact all the time about scams they receive. Although you don’t bank with

Blog of the month: LADIES,THE PAY GAP IS OUR FAULT

Hughes

Illus tration:Tom

BY RUTH JACKSON BY

So we’ve got another century to wait before women achieve pay parity with men.

According to a survey by the Chartered Management Institute, the average female executive earns £10,546 less than her male counterpart. With women’s pay growing at a rate of 2.4% – that’s 0.3% faster than men’s – it will still take 98 years to close the gap.

Put it in terms of annual pay and while men earn all year round, women stop getting paid at the start of November. Look around your office ladies, you’re putting in eight weeks of unpaid effort compared to the man at the desk next to you.

So why hasn’t this corporate sexism been stamped out? Law changes are needed – an equal split on parental leave for a start would help reduce the prejudice against female workers of child-bearing age – but I also think there is still a gender pay gap because we allow it.

So what can we do? If we want to speed up the process to equal pay we have to light a fire under the issue.The chances are that you are being paid less than your male equivalent. And that might not be the fault of your bosses.

When you were offered your current job, did you happily accept it? Your male colleague probably didn’t. Research shows that when men are offered a job they start haggling over the salary, usually successfully, meaning they start off earning more than women who accept the salary they’re offered.The only people to blame for that, I’m afraid, are women.

I know it’s awkward ladies, but we have to be more proactive about our pay. If we start fighting on an individual level to get the pay we deserve, that pay gap will soon start shrinking.

6 MONEYWISE | OCTOBER 2011

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Write to us (including your name, address and telephone number) at: Letters, Moneywise Publishing, Standon House, 21 Mansell Street, London E1 8AA.

Or email us at letters@moneywise.co.uk Alternatively, you can air your views at moneywise.co.uk on our blog or forum pages. Web

Santander you did the right thing in double-checking the email. Banks will never contact you via email and ask you to give away any personal details.

You should also never follow links from an email but instead open up a new window and go directly to the company’s website. On the page there should be a padlock sign to show you it’s a genuine site. The swindlers aren’t stupid and they make their operations look as plausible as possible, so we need to be on our guard. At Moneywise we are on a crusade to protect you from the fraudsters. On our website we have launched a Scamwatch service, so if you suspect you have been approached

For all the latest news and updates from the Moneywise team, follow us on Twitter: @moneywiseonline

Become our friend on Facebook at facebook.com/ moneywiseonline by any scammers drop us a line on editorial@moneywise. co.uk so we can warn other readers.

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so we can warn

PENSION REFORMS IN MOTION I read Ros Altmann’s article on pension reform in the July issue. I saved all my life and have six annuities to show for it. I also have a lower age-related personal allowance. It is not just that

BOOK GIVEAWAY From Vision to Exit by Guy Rigby (£16.99) With an easy and engaging style, this book is a definitive and practical guide to setting up a successful business. From strategy to finance, management to marketing, and business planning to exit, it leaves no stone unturned. To win one of 10 copies, send a postcard with your name and address to ‘Vision to Exit’, Moneywise, Standon House, 21 Mansell Street, London, E1 8AA by 10 November.

HMRC takes benefits away if you have invested wisely and continue to work into your 70s – it also takes

HMRC takes benefits away if you have invested wisely and continue to work into your 70s – it also takes more tax. Pensioners still lose £1 of allowance for every £2 they earn above £22,000. Is this iniquity to continue? JOHN WOODS /VIA EMAIL

Ros Altmann replies: A 50p tax rate on people with only £22,000 income seems very unfair. The British tax system is riddled with strange rules that have grown up over time, resulting in confusion, complexity and inefficiency. Of course, a higher personal allowance does benefit those pensioners without much extra income, so it is designed with good intentions, but by clawing it back, HMRC taxes those who earn relatively modest amounts (in today’s terms) too heavily.The government may be considering an overhaul of our tax system and this could feature, but we don’t know what they might propose, or when.

Web Poll: IS IT FAIR FOR SCOTTISH TAXPAYERSTO RECEIVE SUBSIDISED AND FREE SERVICESTHATTHE ENGLISH DON’T GET?

49% NO: cuts are being made everywhere to everyone; why should Scotland be any different?

32% NO: the Scottish parliament should have the power to make these decisions, but only if it can cover the costs.

19%YES:it’s Westminster’s legislation that is causing this gap.

Total votes: 633 31 August – 12 September 2011

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READERS’COMMENTS

rambo1: The English have been benefiting from North Sea oil for decades so its about time the Scots got something back. Peter Munro:The Westminster policies favour the English and Welsh over those in Scotland and Northern Ireland. Guest: It’s a disgrace the Scots receive so much more than the English, also that their children can go to their universities free and English students are ripped off. John Stokoe: It very much looks like we are no longer a ‘United Kingdom’. Someone, somewhere within government circles, is continuing to take decisions that completely defy pure common sense. Guest:Yes, it is fair that Scots get subsidised services that the English don’t get – the Scots are given a certain amount of money to use as they see fit by the UK Parliament. Guest: Scottish funding is a result of the Barnett Formula, which gives Scotland, and indeed Wales, 10% of the monies spent on English projects.

OCTOBER 2011 | MONEYWISE 7