How to turn your work pension into a moneyspinner and boost your pot

This is Money Podcast

This is Money

Business News, Business, Investing, News

4.1 • 650 Ratings

🗓️ 10 November 2023

⏱️ 65 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

We all know pensions are important but most of us rarely engage with them.

Yet, with a little bit of time and effort, you can get your work pension working as hard as possible for you - and at some point in the future you will be very glad you did so.

On this episode of the This is Money podcast, Georgie Frost, Lee Boyce and Simon Lambert talk pensions: why you should start early, the reason that it involves free money, how to invest for a richer retirement many years down the line and much more.

Also on the agenda, what happens if you get stuck in a mortgage with your ex, why is Lee so annoyed at a sneaky insurance tax that swiftly adds up and can M&S's sales and share price resurgence continue?

And finally, listen to the end if you want to find out where Lee buys his socks and Georgie gets her underwear.

Transcript

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0:00.0	Welcome to This Is Money Podcast. I'm Georgie Frost and joining me and Simon Lambert today is Lee Boyce.
0:08.5	And coming up from free cash to cheap investing and handy money saving perks,
0:13.5	how to squeeze the most out of your work pension, and who does get it when you die?
0:18.5	A reader may be shot of a bad relationship, but they're stuck in a
0:22.1	mortgage with their ex, and he's not playing ball. What rights do you have? Also, today Lee gets
0:27.5	a little bit grumpy about insurance tax and M&S is back. Don't forget, you stop today with all the
0:33.7	latest breaking money news, just go to this ismoney.co.com.com or download the app.
0:38.9	Don't forget, you can stay on top of what's going on in the markets by tuning in to the
0:42.5	Digest and Invest podcast by Itaro. Go to your regular podcast platform and listen on the go.
0:47.2	Digest and Invest by Itoro, the podcast for those interested in trading and investing.
0:52.2	But first, modern work pensions are essentially cheap investment
0:55.8	products provided and subsidised by your employer. Marvelous things that they are. How many
1:01.3	times have you looked under the bonnet to really investigate yours? Now, don't get me wrong,
1:05.1	auto-enrollment takes the hassle out of saving for retirement and more of us are taking advantage
1:10.0	than ever before.
1:11.3	But you could be missing a trick or two by not looking any further into it than that.
1:16.3	So it is time to soup up your workplace pension.
1:21.2	You have a number of tips and tricks, but Lee, welcome.
1:24.3	First, explain what is so good about a workplace pension. How do they work?
1:30.1	Oh, they're magic, Georgie. They are. They're pure enough of magic. It's a way to give yourself a little pay boost, to be quite frank with you. So really stripping it all the way back.
1:40.0	You have two types of white place pension. You have defied benefit and a defined contribution.
1:44.5	Now, most DB schemes are shut.
	...

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