Every month, we pull together the most relevant stories affecting your employees' financial lives.
⚡️ Energy price cap increases - The cost of energy will rise by 6.4% from 1st April.
📉 Crypto price crash - Bitcoin price falls 20% in just one week.
🤔 More missing pensions - There are around 20 million dormant defined contribution pension pots under £10,000 holding nearly £30 billion.
The cost of energy for UK consumers will rise by 6.4% from 1st April.
The rise is set to increase bills by £111 per year for a typical dual-fuel household's cost (up to £1,849 annually). This follows a 1.2% increase in January and 10% in October 2024.
Ongoing volatility in wholesale energy prices and the UK’s reliance on imported gas are key factors in rising costs. However, energy consultancy Cornwall Insight predicts a 5% decrease in July 2025 (to £1,756 annually), though geopolitical risks could impact this. Ofgem will confirm the new cap on 27th May.
Whilst over 9 million households are on variable rates, fixed tariffs offer price certainty but may cost more if prices fall, so your decision depends on risk tolerance and budget stability needs.
To manage costs, consider investment to improve energy efficiency through insulation and smart thermostats, compare tariffs online, and seek support grants. Staying informed and managing your energy use wisely are key to minimising costs.
Bitcoin price falls 20% in just one week.
The crypto market took a significant hit, with Bitcoin plunging 9% in 24 hours last week. Bitcoin now trades around £67,000, a sharp fall from its £86,500 all-time high just over a month ago. The downturn has wiped 20% off Bitcoin’s value in the past week, with Ethereum suffering even more, dropping 25%.
The market decline follows last week’s Bybit hack, the largest crypto heist in history, where $1.5 billion in Ethereum was stolen. Broader financial markets have also struggled, with the Nasdaq falling 2.8%, driven by fears over tech stock declines and Trump’s proposed tariffs.
For investors, uncertainty remains high. Market sentiment is fragile, with traders unsure how to react to shifting economic and political factors. The volatility in Crypto this week shows the importance of investment diversification and taking a long term approach to your riskier investments.
There are around 20 million dormant defined contribution pension pots under £10,000 holding nearly £30 billion in total, according to the IFS.
If you've ever changed jobs, you could have lost track of a pension—just like millions of others in the UK. With billions sitting in forgotten pension pots, you might be missing out on savings that could boost your retirement income.
Consolidating your pensions into a single plan could make managing your retirement savings easier while potentially reducing fees. Over time, lower charges can significantly increase the value of your pension. Before making any transfers, check if your existing pensions have valuable benefits or exit fees.
The government’s upcoming pensions dashboards will help you track all your pensions in one place, making it easier to locate and manage them. In the meantime, tools like the Pension Tracing Service can help you track down lost pots.
Taking action now could mean thousands more in retirement—so it’s worth checking whether you have a pension you’ve forgotten about.
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