- Britain's poorest households will begin receiving the first of two cost-of-living payments totalling £650 from Thursday.
- The first payment of £326 will be paid out from Thursday, while the second payment of £324 will follow in the autumn.
Over eight million of the UK’s poorest households will begin receiving the first of two payments totalling £650 from Thursday as part of former chancellor Rishi Sunak’s support package to address the spiralling cost of living crisis.
The first set of payments of £326 is expected to be rolled out to poor households from Thursday. The second payment of £324 will follow later in the autumn.
The money, which will be sent by the Department for Work and Pensions (DWP), will cater to certain needs such as Child Tax Credit, Universal Credit, Employment and Support Allowance (ESA) etc. and the amount will be directly credited to their accounts. The eligible households have been identified by the HM Revenue and Customs (HMRC) and the DWP together, and they will not have to apply for the payment.
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According to the DWP, most eligible households will receive the first payment between 14 and 31 July. However, not all will recieve the money in July. For people who will be eligible for tax credits will receive their first payment in the autumn and next set in winter. Pensioner households will also get an additional £300 to ease the sharp rise in energy bills during winter. In contrast, those on any kind of disability benefit will get £150 extra in September.
In the wake of this information, let us explore some stocks related to pension services and analyse their investment prospects.
AJ Bell Plc (LON: AJB)
British financial services firm AJ Bell Plc offers investment solutions as well as stockbroker services. The FTSE 250 listed firm on 13 July, had a market cap of £1,169.04 million, with its shares trading at GBX 278.60 as of 10:04 AM (GMT+1). Its share price has depreciated by 33.95% over the past year, and the YTD return is at -26.67%. It currently has an Earning Per Share (EPS) of 0.11.
PensionBee Group Plc (LON: PBEE)
One of the UK’s leading online pension providers, PensionBee Group on 13 July was trading at GBX 99.00 0:17 AM (GMT+1). PBEE was down by 2.94% with a market cap of £226.89 million on Wednesday. PBEE's share value has depreciated by 37.34% over the past year, and the YTD return is presently at -21.90%.
XPS Pensions Group Plc (LON: XPS)
XPS Pensions Group Plc is among the leading UK-based pension consulting and administration businesses entirely focused on pension schemes. The FTSE All-Share listed company has a market cap of £261.57 million, with shares trading 1.18% higher at GBX 129.00 as of 10:13 AM (GMT+1) on 13 July. Its shares have slumped by 1.83% over the past year and have given investors a YTD return of -7.86%. It currently has an Earning Per Share (EPS) of 0.04.
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