Meet the women denied state pension payments who finally got their due
on August 5, 2020 at 12:57 pm
Anne Psaros, 79, was delighted to be handed £11,600 after realising that the DWP had failed to upgrade her pension to the married woman’s rate.
After the BP dividend cut, where’s left for the income-hunter?
on August 5, 2020 at 11:35 am
BP is the latest FTSE 100 giant to cut its dividend – the first time in a decade – as a result of the coronavirus pandemic. With payouts significantly slashed, where can income investors go next?
Are YOU a married woman who is underpaid state pension?
on August 5, 2020 at 10:02 am
Married women who retired on small state pensions before April 2016 should get an uplift to 60 per cent of their husband’s payments once he reaches retirement age too.
From IHT to money gifts, how to pass down wealth effectively
on August 4, 2020 at 10:00 am
Coronavirus has given many people a reason to talk about passing down wealth. Here are some practical tips to ensure you aren’t left short if gifting money to your children or grandchildren.
Women underpaid state pension for 13 YEARS fight for full payouts
on August 4, 2020 at 9:55 am
Audrey Watson, pictured with husband Brian, who received a 12-month backpayment of £1,500 despite being underpaid for 13 years, is protesting to the Parliamentary Ombudsman.
Steve Webb answers your pension questions here
on August 3, 2020 at 10:10 am
Former Pensions Minister Steve is This is Money’s Agony Uncle. Here’s where you can check out all his previous columns to see if any involve issues affecting you.
I’m 39, have lost my job and am in debt – can I get my pension money early?
on August 3, 2020 at 7:37 am
I’m 39 and I’ve paid into my pension for years. I have over £18,000 in my pot but I’ve recently been made redundant. I’ve got a lot of debt that needs to be paid. Is it possible to use this money to pay it off?
Call to axe rip-off retirement home fees in small print
on August 2, 2020 at 9:17 am
Bereaved families are being stung by thousands of pounds in hidden fees for selling a deceased relative’s retirement home because a Government crackdown has been delayed.
How do I apply for NHS CHC to cover my care bills?
on July 31, 2020 at 9:05 am
James Urquhart-Burton, partner at Ridley & Hall Solicitors and an expert in care funding, explains how to make an application for yourself, or a loved one.
How do you appeal if your application for NHS CHC is refused?
on July 31, 2020 at 6:08 am
James Urquhart-Burton, partner at Ridley & Hall Solicitors and an expert in care funding, lays out the potential grounds for objecting to an NHS refusal and how to make a successful appeal.
UK inheritance tax receipts fall for first time in a decade
on July 30, 2020 at 5:27 pm
With the Government’s furloughing scheme alone costing over £30bn to date, Chancellor Rishi Sunak could have an inheritance tax hike in his sights at this year’s Autumn Budget.
Temporary coronavirus law allows witnessing of wills on video
on July 30, 2020 at 6:42 am
The Government plans to legalise the remote witnessing of wills and backdate the measure to 31 January – the day the first coronavirus case was confirmed in the UK.
Nest scheme puts savers’ cash into green investment strategy
on July 29, 2020 at 2:09 pm
‘No-one wants to save throughout their life to retire into a world devastated by climate change,’ says Mark Fawcett, chief investment officer of Nest.
A widow, 83, receives £115k after ANOTHER state pension error
on July 27, 2020 at 8:14 am
The payment to Barbara Cornish, pictured with her late husband John, is the latest to emerge in the scandal of elderly women missing out on state pension uncovered by This is Money.
All over-40s could face higher taxes to fund cost of care – expected to soar by £7billion a year
on July 27, 2020 at 8:08 am
All over-40s could be asked to pay more tax to help fund the cost of their care in later life under radical plans being discussed by ministers.
Will a large pay cut reduce my final salary pension too?
on July 27, 2020 at 6:42 am
The company is proposing a pay cut of 22%. I was wondering how this will affect my pension pot as I only have another four years of contributions left.
Coronavirus UK: Pandemic deaths cut £100bn off pension costs
on July 26, 2020 at 8:47 am
The virus could wipe one year off Britons’ typical life expectancy. And because people may die earlier than expected, pension schemes will not have to pay out as much as previously thought.
Law change means wills can be witnessed via video link until 2022 as Covid battle continues
on July 25, 2020 at 2:48 pm
The Government is to legalise the remote witnessing of wills to make it easier for people to record their final wishes during the coronavirus pandemic. The law will be backdated to January 31.
Workers stack up ever more dormant pensions as they move jobs
on July 24, 2020 at 9:09 am
The UK workforce is forecast to have 27m inactive small pots by 2015, a number that a new study suggests will become unsustainable because of a double blow on charges.
Half a million over-75s face missing out on free TV licence
on July 22, 2020 at 10:59 am
The BBC has announced that free licences for all but the most vulnerable over-75s will be scrapped from next month. The move was delayed by two months due to the pandemic.
Retired police offices say they’ve been spied on and accused of lying
on July 22, 2020 at 10:58 am
Around 13,000 former officers receive injury pensions that are paid on top of their police pensions These are paid for life – but only if an officer can no longer work owing to harm suffered in the job.
Government offers four ways to fix pension tax loophole
on July 21, 2020 at 2:23 pm
Critics have long demanded action over a tax flaw which means some poorly paid staff lose payments into pension pots, depending on the type of scheme operated by their employer.
Power of attorney holders given new online access code by OPG
on July 21, 2020 at 6:30 am
Holders currently use a paper process to prove their status to banks, healthcare providers, businesses and other organisations, but this can take weeks.
Government urged to review pension tax relief
on July 20, 2020 at 4:17 pm
The Public Accounts Committee said the Government did not understand the impact of pension tax breaks, including the differing rates of relief on contributions.
Saver spent £21k on top-ups not added to his state pension
on July 20, 2020 at 1:58 pm
Stephen O’Loughlin, pictured, whose state pension was bungled twice over and then had his complaint ignored, has received an apology from the Government.
Government faces £17bn bill to fix age discrimination pension blunder
on July 16, 2020 at 2:58 pm
Three million workers could get a boost to their pension as a result of the blunder, which led to a successful legal challenge in late 2018.
Parents secretly plan to leave a bigger inheritance than children expect
on July 16, 2020 at 7:14 am
People anticipate an inheritance of £78,000 on average from their parents, much less than the £124,000 they are likely to receive.
Police officers injured on duty see their pensions under threat
on July 15, 2020 at 9:12 am
Disabled and traumatised former officers are being hauled before medical review panels in ‘unlawful’ attempts to cut their pension packets, campaigners claim.
Did I inherit my late husband’s Serps in my state pension?
on July 13, 2020 at 8:47 am
My husband assumed I would be awarded some of the ‘state earnings-related pension’ into my widow’s pension and telephoned the DWP several times to check this out.
Heirs of deceased women underpaid state pension WILL get money
on July 11, 2020 at 11:53 am
Tens of thousands of women are owed a fortune in lost state pension due to a massive blunder uncovered by This is Money, and we understand an official investigation is now under way.
What should over-75s do about buying a TV licence?
on July 10, 2020 at 8:06 am
Over-75s must start buying £157.50 annual TV licences , but are being told to wait for a letter before doing anything – and meanwhile the poorest pensioners will still get them for free.
Two thirds of over-75s will resist moving to care homes due to coronavirus
on July 10, 2020 at 6:20 am
There is already a financial incentive to get care at home if you can, because people’s properties are excluded from means tests until they move to residential care accommodation.
Women underpaid state pension must get their money, says JACK DROMEY
on July 9, 2020 at 6:35 am
‘Labour wants to know how many women have been affected, who they are and how the Government plans to contact them all,’ says Shadow Pensions Minister Jack Dromey.
Women miss out on state pension as key letters were sent to HUSBANDS
on July 8, 2020 at 8:39 am
When women became eligible to a state pension worth 60 per cent of their husband’s, the information was not sent to them, but included in the pack sent to their husband.
Parents are hoarding wealth to avoid children losing it in a divorce
on July 7, 2020 at 6:40 am
Many believe that the coronavirus lockdown will trigger a rise in divorce rates, and are only gifting small amounts or giving directly to their grandchildren.
Women’s pensions take the biggest hit after a divorce
on July 3, 2020 at 8:05 am
Women who split up with their husbands reach retirement with savings of around £26,100, while divorced men have £103,500 by the time they stop work.
Should you put all your pensions in one pot?
on July 1, 2020 at 8:42 am
Thousands of savers have used lockdown to get their old pension pots working for them again. Pension platforms have reported a rise in people taking control of how their savings are invested.
A pay cut put me on basic rate income tax – how is my pension affected?
on June 30, 2020 at 8:12 am
Senior staff at our firm were asked to take pay cuts of up to 20 per cent. What happens to my pension contributions on which I was benefiting from higher rate relief?
Government spurns calls for full probe into underpaid state pension
on June 29, 2020 at 4:33 pm
Labour urged Pensions Minister Guy Opperman to launch a full investigation, and to find and pay women affected by the Government blunder what they are due.
Is it time you ditched your pricey pension plan?
on June 29, 2020 at 8:36 am
Interactive Investor, the low-cost provider, says four of the top five most common transfers into its pension account this year have been from insurance company brands that are typically more expensive.
Will women face big tax bills over state pension error?
on June 27, 2020 at 11:18 am
The Government is being pressed not to ‘add insult to injury’ by landing women with unfair tax bills. Denyse Vallender, pictured with husband David, was handed £21,700 due to Government bungling.
How much tax will women getting state pension backpayments owe?
on June 27, 2020 at 7:10 am
Heather Rogers, pictured, founder and owner of Aston Accountancy, explains what women receiving thousands of pounds in state pension arrears should tell the taxman.
FCA pushes work pension schemes to ensure charges are good value
on June 25, 2020 at 8:34 am
The FCA proposes tightening up rules on assessing value for money, including laying down standardised tests on charges and costs, investment performance and quality of service.
More over-50s are claiming Universal Credit than under-25s
on June 23, 2020 at 6:33 am
The sharp increase reveals many older workers are struggling to make ends meet during the coronavirus pandemic, and follows recent surveys showing many might delay retirement.
My sister has persuaded my elderly father to cut me out of his will
on June 19, 2020 at 8:14 am
Over the years, our father made five wills. He did not include our sister in any of them. He changed his will yet again, within months of her turning up after many years, and we are not in it.
Could your Sipp eat £11,000 more in fees than a rival?
on June 18, 2020 at 7:45 am
We know high charges eat returns when investing for retirement, but do investors pay enough attention when it comes to drawing on their pension?
Will YOU delay retirement after Covid-19 hit to your pension?
on June 17, 2020 at 8:31 am
Self-employed Jude Hough (pictured) who was planning to stop working at 55. She estimates retirement is now at least ten years away because of the impact of lockdown.
Coronavirus hit to pensions could force many to delay retirement
on June 16, 2020 at 12:41 pm
The damage is causing many to rethink their plans, even younger workers who have plenty of time to recover investment losses, according to an Aegon study.
What happens to my pension if I am furloughed?
on June 16, 2020 at 12:28 pm
We explain how pensions are treated while people are furloughed, including what happens if you are in your employer’s ‘salary sacrifice’ scheme.
Banks are ‘handing £100k-plus to bereaved relatives without probate’
on June 12, 2020 at 6:02 am
Lawyers are raising the alarm about banks releasing vast sums to bereaved relatives who have no legal authority over a loved one’s finances.
Probate wait hits two months: Bereaved families facing long delays
on June 10, 2020 at 9:35 am
A grant of probate is the official document families need to take control of a loved one’s estate when they die and execute their will. Applications should usually take ten days.
State pension scandal deepens as NINE more women get payouts
on June 8, 2020 at 8:03 am
The Labour Party and influential pension experts are demanding action to address an estimated £100m shortfall in payments. Carole Graham, pictured with husband Stephen, got £8,600.
How do I complain over poor advice on a final salary pension transfer?
on June 5, 2020 at 11:24 am
A new ‘advice checker’ sets out the correct process to be followed, and explains how to complain and take your case to the ombudsman if you got poor treatment from a financial adviser.
Will you turn to a financial adviser during coronavirus disruption?
on June 5, 2020 at 6:40 am
Many people shun financial advice because they don’t believe they are wealthy enough or that they need it, according to a study by pension firm Aegon.
Hard-up over-75s face losing TV access in midst of pandemic:
on June 4, 2020 at 6:29 am
The BBC postponed axing the perk due to the coronavirus outbreak, after the Government withdrew funding for it starting this month, but the extension ends on August 1.
Are you banking on a big inheritance to support yourself in old age?
on June 2, 2020 at 6:35 am
Some 17% of adults anticipate getting a significant sum, and nearly two thirds of them are relying on it despite the risk it might materialise late or never, or be smaller than they hope.
UK’s largest pension fund ditches coal, tobacco and arms manufacturing
on June 1, 2020 at 9:09 pm
The Universities Superannuation Scheme said it would divest from tobacco businesses, firms that get more than 25 per cent of their revenues from thermal coal mining and certain arms firms.
Have you been left short changed by government pension blunders?
on May 27, 2020 at 8:35 am
Campaigners are calling for the Department for Work and Pensions to conduct a full investigation into how many women have missed out on their pensions and how it was allowed to happen.
VICTORIA BISCHOFF: How many women have missed out in retirement?
on May 27, 2020 at 8:35 am
It is shameful that retired women are being forced to fight hard to get the state pension they deserve. It is estimated these wives, widows and divorcees may now be owed up to £100m in lost income.
Some 130,000 older married women may be owed £100m in state pension
on May 23, 2020 at 10:37 pm
Around 130,000 married women could be missing out on a bigger state pension, an investigation has revealed. It is feared that older married women may be owed up to £100million.
Widow, 96, gets £117k after being paid wrong state pension
on May 22, 2020 at 8:30 am
The DWP is accused of ‘shocking’ treatment of Rosemary Chattell, pictured left, who lives in a Cheshire care home and is unaware she has been handed the vast sum.
Grandparents can keep state pension credits for childcare in lockdown
on May 22, 2020 at 6:41 am
Many grandparents get credits for providing childcare. But normal arrangements have been upended by restrictions to safeguard elderly people and halt the spread of Covid-19.
Can I rely on my half-brother’s DIY will to inherit our mum’s house?
on May 21, 2020 at 7:31 am
I want to make sure my late mum’s house passes to me, as the quid pro quo for allowing him to stay there without paying anything. Helen Taylor, of Franklins Solicitors, replies
New state pension or benefit claimants cannot use Post Office accounts
on May 15, 2020 at 6:44 am
The Government has announced new applicants will have to use a bank account, or a special scheme called the HMG Payment Exception Service if they can’t open one, to get their money.
Married women get new tool to check their state pension is correct
on May 13, 2020 at 12:23 pm
In recent weeks, Steve Webb and This is Money have uncovered a Government blunder which has led to numerous women missing out on thousands of pounds in state pension.
Should I take money from my pension at age 55?
on May 13, 2020 at 8:32 am
Experts fear many savers could resort to dipping into their pension pots early. But doing so could mean they will only be allowed to put £4,000 a year back into a pension without leading to a tax bill.
Elderly in care face ‘postcode lottery’ on deferred payment agreements
on May 12, 2020 at 6:37 am
Elderly people could feel forced to sell their homes or enter into costly equity release schemes because they are unaware of the option to set up a ‘deferred payment agreement’, claims law firm Nockolds.
State pension scandal must be investigated says Tanya Jefferies
on May 7, 2020 at 7:40 am
It’s a bitter irony that the women contacting us about this are 70 and above, the age group most tragically afflicted and threatened by the coronovirus.
Why insurance firms MUST release pensioners from annuity austerity
on May 6, 2020 at 8:37 am
RAF veteran Alan Fowler, 72, (pictured with his wife Lynda) has an annuity from Legal & General paying a pittance but it refused his pleas for a lump sum.
Rose Knight, the 110-year-old who couldn’t get a food delivery
on May 5, 2020 at 10:45 pm
Sainsbury’s customer Rose Knight, from Surrey, who drove ambulances during World War II air raids, has been unable get food dropped off at her home, despite frequent attempts.
Six MORE elderly women underpaid total of £22k in state pension
on May 5, 2020 at 6:30 am
It is still unclear how errors were made in so many cases. And our new cases reveal a scandalous level of incompetence by the DWP when people approach it for help on their own.
Savers transferring final salary pensions will get warning letters
on May 1, 2020 at 7:23 am
Any saver expressing interest in ditching a final salary pension is to be warned off in a letter telling them it’s unlikely to be in their best interests.
How do we convince our elderly father to sign a straightforward will?
on April 30, 2020 at 7:42 am
The only item in the will is his house, which will be split 50/50 between my brother and I anyway. There’s nothing underhand going on in any way. Lawyer Jane Sutherland of Nelsons, pictured, replies.
Financial advisers offer free half-hour chats to over-50s
on April 28, 2020 at 4:30 pm
Older people who are anxious about their pensions or other finances can book a ‘no strings attached’ call with a regulated financial adviser.
I wrongly thought I got divorced – can my wife share an inheritance?
on April 24, 2020 at 8:09 am
We separated 20 years ago. I am about to inherit from an estate and have a small private pension and a full state pension. Can my wife claim on them? Lawyer Lisa Pepper, of Osbornes Law, replies.
How do I set up power of attorney during coronavirus lockdown?
on April 23, 2020 at 8:10 am
Registering lasting power of attorney might start taking longer than the usual eight weeks during the current crisis, but official oversight body suggests some temporary workarounds.
Should you worry about your final salary pension as deficits deepen?
on April 21, 2020 at 9:01 am
Many savers have ditched these generous guaranteed pensions in recent years, often tempted by huge transfer value offers. We reveal six things you must consider if you’re tempted.
Coronavirus lockdown providing rich pickings for heartless criminals
on April 20, 2020 at 8:32 am
So far they have cheated victims out of £2 million, using the fear of Covid-19 to launch a wave of scams that experts describe as ‘sick’. We advise you on how to thwart the fraudsters.
Should you consider a direct cremation? It is the cheapest type of funeral
on April 20, 2020 at 7:51 am
No frills cremations cost around £1,600 on average, and ashes are returned to a family afterwards, allowing them to organise a personal memorial at a time of their choosing.
Should state pension triple lock be axed to help pay for the coronavirus crisis?
on April 14, 2020 at 10:53 am
The guarantee should be abandoned to ensure the economic recovery from the coronavirus crisis is fair to working-age households, says the Social Market Foundation.
Switch away from ‘flawed’ RPI inflation in 2025 would cost BT £1.7bn
on April 13, 2020 at 12:18 pm
Morten Nilsson said switching billions of index-linked government bonds it held from the Retail Prices Index to CPIH would cost it at least £1billion, due to a fall in the value of the bonds.
Pension withdrawals soar at start of tax year: Avoid these five pitfalls
on April 13, 2020 at 8:31 am
Tom Selby, a senior analyst at financial services firm AJ Bell, explains how first-timers and experienced investors can avoid unnecessary losses and big tax bills
TONY HETHERINGTON: My uncle pays £492 a year to long dead funeral firm
on April 12, 2020 at 8:04 am
‘Going through my 91-year-old uncle’s paperwork for him, I found he had signed up for Equitable Lifecare funeral plan in 2016, and has been paying £41 a month – £492 a year – since then.’
Savers struggling in coronavirus crisis warned against pension scams
on April 9, 2020 at 2:39 pm
Savers who are under financial pressure or have lost jobs should beware scammers tempting them to tap pension pots early or switch them into higher risk investments.
Child benefit claims plummet, meaning more parents lose state pension credits
on April 8, 2020 at 4:31 pm
The number of families claiming child benefit has plunged by 44,000 to 7.28m over a year, and has fallen by well over half a million since 2012.
How to stop coronavirus infecting your pension income
on April 8, 2020 at 8:26 am
Younger savers will have decades to recoup pension losses, but those close to retirement have tough decisions to make.
How do you make a valid will with witnesses in the coronavirus lockdown?
on April 4, 2020 at 8:14 am
Demand for wills is surging, understandably in the midst of a grave health crisis. Lawyers explain how to get a will properly signed while not endangering yourself or others.
Two married women get payouts totalling £14k after state pension blunder
on April 2, 2020 at 9:12 am
A probe is now under way into the failure, which went unnoticed for more than a decade until discovered by our pensions columnist Steve Webb and This is Money.
Dividends are vanishing, but you CAN protect your pension
on April 1, 2020 at 11:39 am
Following the closure of millions of businesses due to the coronavirus, many firms are looking to do all they can to hang on to cash reserves to help them through the difficult time ahead.
How do I get a will signed with two witnesses during coronavirus crisis?
on March 31, 2020 at 11:57 am
With fear about coronavirus gripping the country, demand for wills is soaring. Law firms say they are seeing jumps in requests ranging between 30 and 70% compared with normal business.
What to do with your pension if you are hard up or made redundant
on March 30, 2020 at 9:53 am
We explain how you can mitigate the fallout from reducing or ending pension contributions for a time. Don’t panic, stay vigilant against scams, and keep paying in if you can afford it.
Pensions chief warns older workers face delayed retirement after rout
on March 18, 2020 at 4:48 pm
Barry O’Dwyer, chief exec of insurer Royal London, said the catastrophic rout caused by the coronavirus could mean some people nearing retirement age no longer have enough money left to live off.
How do your protect pension investments in a market storm?
on March 12, 2020 at 1:51 pm
We explain the challenges of staying invested during retirement, and offer a checklist on what to do in a market meltdown.
Budget 2020: High earners get pension tax relief boost to help doctors
on March 11, 2020 at 3:49 pm
The Government’s move means most doctors will no longer be hit by tax bills due to the hated ‘taper’ – but it shunned widespread calls to abolish the complicated pension tax rule altogether.
When will age you can access pension cash rise from 55 to 57?
on March 10, 2020 at 2:58 pm
Anyone aged 47 or under must plan ahead if they want to retire earlier than 57, or will need cash for other purposes like paying off mortgages, home renovations or university fees for their children.
Would I lose my pension if my investing platform goes bust?
on March 10, 2020 at 10:16 am
Whilst I fully understand the risk of my investments, I was not aware I could lose the pension if the platform company failed. Is this really the case? What are the dangers investors need to know about?
Public sector workers are now pensions ‘aristocrats’
on March 9, 2020 at 9:51 pm
According to the Office for National Statistics, 11 per cent of private sector workers who have a pension are in a generous final salary scheme. This compares to 92 per cent in the public sector.
Richest retirees have an income 17 TIMES bigger than poorest
on March 7, 2020 at 9:07 am
The pension incomes of Britain’s richest retirees are now 17 times higher than those of the poorest as the gap between the two has nearly doubled over the past decade.
Budget cremations for under £1k launched by Farewill
on March 6, 2020 at 1:02 pm
The £980 cremation service is aimed at people wanting a budget or unconventional send-off for loved ones. Ashes are returned to a family, who can then mark a death at an affordable price.
Claim pension credit if you are over 75 and could lose free TV licence
on March 5, 2020 at 7:40 am
Pension credit is a benefit for the poorest pensioners, and a surge in applications is likely to be underway due to the decision to means test pensioners for the free TV licence.
Steve Webb’s best pension columns: 12 Christmas crackers
on March 4, 2020 at 11:53 am
A selection of Steve’s top columns can help you avoid being scammed, understand the mysteries of the new state pension, and gain peace of mind by making the most of your pension savings.
Social care system faces collapse in 2029, the Government is warned
on February 28, 2020 at 8:03 am
A ‘tipping point’ will be reached where older people are unable to afford care, councils lack funding, and care homes don’t have enough room to meet demand, warns the ‘Elderly Care Crisis’ report.
Campaigners against Continental Wealth Management take fight to court
on February 26, 2020 at 10:06 am
After the failure by UK authorities to take action, campaigners have launched a private prosecution on the Costa Blanca where many of the rogue schemes now operate.
BEN WILKINSON: Freedom can be costly when it comes to pensions
on February 26, 2020 at 9:45 am
Five years after the introduction of pension freedoms, the Association of British Insurers is warning that many middle-aged savers may not be doing what’s best with their pension pots.
ASK TONY: TalkTalk won’t let me cancel my care home dad’s phone bill
on February 26, 2020 at 9:27 am
My father, 92, was admitted to a dementia care home last September. I have Lasting Power of Attorney. I rang TalkTalk to cancel his account but they refused because I wasn’t the account holder.
More choice for older borrowers looking for retirement interest-only mortgages
on February 26, 2020 at 9:09 am
There are 18 providers offering 74 deals – up from just 36 this time last year. The average interest rate charged has fallen slightly from 3.5 per cent to 3.47 per cent , according to moneyfacts.co.uk.
How fast should you spend your pension pot? Many withdraw 8% a year
on February 25, 2020 at 9:06 am
‘Cash today, poverty tomorrow must be avoided, as large withdrawals from pension pots could mean later life hardship for many,’ says the Association of British Insurers.
RUTH SUNDERLAND: We need a Budget for savers
on February 24, 2020 at 10:54 am
If the new Chancellor Rishi Sunak wants to appeal to Tory voters in the shires and the new converts in the Red Wall seats of the North, he should use his first Budget to end the war of attrition on savers.
Could my ex-husband sabotage a pension before handing it over to me?
on February 21, 2020 at 9:02 am
What is to stop my ex-husband converting everything to useless shares that are falling in value? Barrister Rhys Taylor explains how pensions are handled when couples divorce.
Should you put more cash into your pension in case of Budget changes?
on February 21, 2020 at 1:39 am
Rookie Chancellor Rishi Sunak was given a month to prepare for the Budget on March 11. Will Government top-ups into retirement savings pots be lowered to the 20 per cent basic rate for everyone?
Vanguard’s Sipp is the UK’s cheapest ever DIY pension
on February 20, 2020 at 8:56 am
Vanguard says the new self-invested personal pension scheme is designed to cut the ‘cost and complexity’ of saving for retirement.
Pension pots locked as financial advisers can’t afford insurance
on February 19, 2020 at 3:53 pm
One financial advice firm has told how its premiums rose from £3,700 in 2009 to £45,000 in 2019. Another adviser says premiums jumped from £22,736 in 2017 to £112,000 in 2018.
How can an £18,000 investment-linked insurance policy be worth 60p?
on February 19, 2020 at 2:08 pm
The controversial investment-linked insurance policies were popular decades ago, but have since been all but abandoned by customers and firms after an explosion in complaints.
Should you start a final salary pension on your birthday or in April?
on February 19, 2020 at 9:51 am
This case highlights how complicated the rules on final salary pensions can be to navigate. Find out what you should ask your scheme before triggering payments here.
Could an inheritance tax overhaul hit Bank of Mum and Dad?
on February 17, 2020 at 2:25 pm
Proposed changes to inheritance tax could make it more costly to help children onto the housing ladder, with a proposed 10% tax levied on sums above £30,000 given away each year.
Critical illness policies used to make my blood boil…but now I’m a fan
on February 17, 2020 at 12:33 pm
Jeff Prestridge met Emma Thomson, who has just benefited from the financial safety net provided by protection insurance. Emma is unsure how she would have coped without it.
JEFF PRESTRIDGE: New Chancellor Rishi Sunak needs to make his mark…by improving our pensions
on February 16, 2020 at 2:00 pm
With the smell of a spring Budget in the air comes the rumour of yet more restrictions on the tax relief available to boost our pension saving. But how will Mr Sunak treat pension savers?
My chef husband gets paid via tips in a tronc – can we claim child benefit?
on February 14, 2020 at 1:51 pm
Would tips be taken into consideration for child benefit? If they aren’t then his income falls below the threshold at which child benefit is removed. The child benefit rules and common traps explained…
Can the council make me homeless if money for mum’s care home runs out?
on February 14, 2020 at 1:50 pm
There’s enough money to keep up with my mum’s care home payments until Christmas. I’m keeping the heating switched off and have cut down on groceries to try to save some extra money.
I will inherit £25k while my younger brother gets £5m – can I fight this?
on February 13, 2020 at 9:47 am
I feel aggrieved my inheritance is going to be £25k while my brother will likely get £975k from my father in addition to the £4m in properties he’s already received.
Pension tax relief cuts would be another bad intergenerational deal
on February 13, 2020 at 6:00 am
Moves such as cutting higher rate tax relief are often depicted as hitting the wealthy older generation, but that’s disingenuous.
Will pension tax relief be slashed to 20% for all?
on February 12, 2020 at 2:05 pm
A raid on popular pension tax breaks to drum up cash for other Government projects is reportedly on the cards at the upcoming March Budget.
The £70 a week state pension adult dependency increase faces axe
on February 12, 2020 at 9:58 am
Former Army Major Adrian Furnival, pictured with wife Sheila, will soon have £70 stripped from his £260 weekly pension – yet was only told about the cut in February 2018
Would you delay PART of your state pension to get more later?
on February 12, 2020 at 12:01 am
Savers who want to ease into or delay retirement should be allowed to take part of their state pension and put off drawing the rest, says Aviva.
I live in Canada but can I get my state pension paid in sterling?
on February 10, 2020 at 9:02 am
I have been a permanent resident in Canada and had dual citizenship since 1977. I have opened a sterling bank account with HSBC in Canada – can my British state pension be paid into it?
How do I find out how much pension I have saved?
on February 7, 2020 at 9:45 am
Some 54% said they were unaware of the current size of their pots, and a further 8% couldn’t answer, while 38% said they did know.
Most savers want their pension funds to invest ethically
on February 7, 2020 at 7:53 am
Savers want to prioritise responsible investing for retirement, but ‘default’ funds – which staff are automatically opted into – are not yet reflecting this, according to the report by pensions consultant LCP.
Aviva stopped my 96-year-old mum’s annuity over an address mix-up
on February 6, 2020 at 4:41 pm
Ellen Wade’s son and daughter-in-law got embroiled in a bizarre misunderstanding over her address – despite being easily able to prove she had lived there since the mid-1970s.
The pension payback victims who refused to pay back…and won
on February 5, 2020 at 9:24 am
Some pensioners, such as Royal Navy veteran Arthur Mullett (pictured) and former Royal Mail delivery driver Chris Slaytor, have refused to accept the huge shock bills, they received after mistakes were made.
Should inheritance tax be replaced with a 10% gift tax?
on January 30, 2020 at 3:06 pm
nheritance tax at 40 per cent should be ditched and replaced with a 10 per cent tax on annual gifts of £30,000-plus and a new death allowance, says a report by MPs.
Tax bill threat for workers forced to retire early
on January 29, 2020 at 10:25 am
Insurer Royal London says the hundreds of people who take early retirement every year due to work-related sickness could find themselves in breach of their annual pension saving allowance.
Former prison officer hit with a £100k bill after pension mistake
on January 29, 2020 at 9:19 am
Former prison officer Paul Davidson, 62, pictured, was forced to retire early in 2012 after he suffered a breakdown. He spent a month in a clinic and his wife had to give up work to care for him.
Three-quarters of Britons risk being left without access to their cash
on January 29, 2020 at 9:08 am
Which? found 77 per cent of 1,500 people surveyed in the UK held either one account or several with the same provider, leaving them stuck during online and mobile banking hitches.
Wives and husbands to get first £270k if you die without a will
on January 27, 2020 at 2:52 pm
Spouses whose partners die intestate are to receive at least the first £270,000 of their estate from 6 February onward.
As the cost of funerals is soaring, would YOU forgo a funeral service to save £3,200?
on January 27, 2020 at 2:11 pm
The cost of funerals is soaring – rising more than £200 over the past year to an average of more than £4,400 this month. But a decent send-off can still be arranged for less than half of this price.
Threat of frozen state pensions lifted for British expats in EU
on January 27, 2020 at 9:29 am
The withdrawal agreement under which the UK exits the EU on January 31 provides certainty on future state pension rises for current EU expats.
Redundancy has a 40% drag effect on pension savings
on January 27, 2020 at 9:23 am
People aged 39-54 who suffered compulsory redundancy have average pensions savings of £120,634 – while those who avoided being laid off have £202,017.
ASK TONY: We cancelled our Greek villa but insurer refused to pay the bill
on January 26, 2020 at 12:23 am
My husband and I booked and paid for a villa for a week in Corfu, and invited our four daughters and families to join us at our expense. The villa cost £2,391. We paid £96 for insurance with Get Going.
Nearly half of over-55s tapping pensions only take their 25% tax-free cash
on January 23, 2020 at 7:03 pm
Of those who start drawing an income, just two out of five do so immediately. Among those who wait, 40% put it off for at least half a year, and 24% delay for more than a year, says Hargreaves Lansdown.
Charity warns BBC over plan to strip over 75s of the free TV licence
on January 23, 2020 at 12:10 am
Age UK has warned that hundreds of thousands of over 75s could struggle to pay for their TV licences if the BBC scales back on the benefit this summer in an effort to slash costs.
Have you got a silver start-up idea to profit in your pension years?
on January 22, 2020 at 9:49 am
Lorraine Johnson-Rosner, 70, makes £10,000 to £15,000 a year selling similar rooms and gardens for dolls, plus vintage dolls and clothes for them.
Prudential promises victims of IT glitch will get pension payments
on January 22, 2020 at 9:29 am
We reported last week how Peter Burgess (pictured) had been unable to access his pension pot, while Pat Savage had been waiting for a compensation payment for nearly three months.
Could YOU be a victim of the pension payback scandal?
on January 22, 2020 at 9:27 am
Sweeping reviews of pension calculations have uncovered tens of thousands of errors that have seen pensioners overpaid, and underpaid, for decades.
Saga puts savings rates up for over 50s, who can now earn 1.5%
on January 22, 2020 at 8:59 am
The provider bucked the trend of falling rates, increasing the interest on its one-year fixed saver from 1.15 per cent. The account is operated by Goldman Sachs International Bank.
Can you start renovations on an inherited house before getting probate?
on January 21, 2020 at 11:23 am
As the executor I’m a bit concerned that we may be breaking the law if he starts the work before probate is granted. What should we do? Lawyer James Beresford, pictured, replies.
Tempted to cash a pension before 55? You are at serious risk of fraud
on January 20, 2020 at 12:47 pm
Reputable firms don’t encourage savers to take money out of pensions before they are 55, in the form of a loan or any other kind of cash payout, due to the stiff tax penalty.
Experts demand inheritance tax reform as thousands have to fill in forms for nothing
on January 20, 2020 at 12:41 pm
Thousands of families are being forced to complete complicated paperwork to report the value of a loved one’s estate to the taxman when they die – even when there is no inheritance tax to pay.
A new permanent pensions commission is needed to solve ‘unfinished business’ of reform
on January 20, 2020 at 12:00 pm
Pensions Minister Guy Opperman and shadow pensions minister Jack Dromey have called for for a new independent ‘arms-length’ government body in a think-tank report.
JEFF PRESTRIDGE: Get radical, Chancellor, and kill off the death tax
on January 19, 2020 at 10:41 am
Some of the taxes we currently pay and a number of the tax breaks we are given to encourage us to save for old age are either too onerous or far too complicated.
Rumoured new fix for doctor pensions crisis could mean windfall for ALL higher earners
on January 17, 2020 at 10:50 am
The Treasury is reportedly considering raising a key threshold where the controversial ‘taper’ kicks in from £110k to £150k, but pension experts think this will be ineffective or ‘a sticking plaster’.
Friday, August 07, 2020