Is there a way to boost YOUR state pension and how easy is it to now retire abroad?

This is Money Podcast

This is Money

Business News, Business, Investing, News

4.1 • 650 Ratings

🗓️ 29 August 2021

⏱️ 49 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

When it comes to state pensions, there has been plenty of talk in recent weeks about the triple lock and what could mean next month when it comes to an uplift.

However, more than 2million receive less than £100 a week in state pension payments – is there a way to boost it?

Tanya Jefferies, Lee Boyce and Georgie Frost discuss and reveal the common reasons why you might not receive the full state pension.

Sticking with the pension theme, we talk through a case of an ex-Judge who faced a hefty 'advice' fee when he made a decision on a drawdown pot.

Spain is still the top choice for those planning to retire overseas – but has the pandemic and Brexit put more people off a life in the sun?

Lee reveals why it is now time to be chasing savings rates again and his tips for making sure a challenger bank you've never heard of is a good spot for your cash.

Transcript

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0:00.0	Welcome to This Is Money podcast. I'm Georgie. For understand alongside me and assistant editor Lee Boyce. Today is pensions and investment editor Tanya Jeffries. And coming up, millions of retirees are getting less than £100 a week in state pensions. So Tanya explains why and gives us some tips on how to boost that figure. We also look at rip-off pension advice fees and whether retiring abroad could become a thing
0:22.5	of the past for Brits, what with Brexit and COVID. Also today, Lee proposes we pick up one of the
0:28.3	most niche hobbies, I think I've ever heard, chasing savings rates, but would you switch your
0:33.3	account to Alica, D.F Capital or SmartSafe? We ask whether fixed bonds are worth locking into and
0:38.7	discuss the Exodus from NSMI and license to spend. Does 207 star Daniel Craig says his children
0:45.4	won't be inheriting his rather sizable fortune? Should you save a nest egg for your kids or just
0:51.0	enjoy the money yourself? Don't forget, you can stay up to date with all the latest breaking money news just to go to
0:55.7	this ismoney.co.com, UK, or download the app.
0:58.7	But first, I wanted to go to this story that you have on your website about a retired judge,
1:04.9	David, because I think it's something that we don't really talk about enough, and it's pension
1:10.0	fees.
1:10.5	Now, when David hung up his robes
1:12.9	earlier this year, being a judge, obviously, he knew exactly what he wanted to do with his
1:18.4	smaller private pension that he held with prudential. Now, the 71-year-old, he planned to dip into
1:23.3	the 70 grand pot over the course of the year to pay off his mortgage without incurring any more
1:27.6	income tax. But he got clobbered another way. So when it came to retiring, David found more
1:33.4	than two grand was missing from his pension pot. Tanya, pick up the story, would you? And remind us
1:39.8	what a drawdown accounts. Drawdown accounts are a way of investing your pension at retirement, which most people do now,
1:48.2	instead of buying an annuity because they regard it as better value.
1:51.9	But you basically continue investing your pension and you draw down an income from it to fund your retirement.
1:59.1	This was a story by our sister publication Money Mail who
2:02.9	interviewed this judge who, it sounds, would almost inevitably have had a decent final salary
	...

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