State pension goes above £10,000 - but has something got to give?

This is Money Podcast

This is Money

Business News, Business, Investing, News

4.1 • 650 Ratings

🗓️ 6 April 2023

⏱️ 38 minutes

🔗️ Recording | iTunes | RSS

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Summary

The state pension is getting a boost this week, meaning many pensioners will see their payments go above £200 per week or £10,000 per year for the first time.

The Government has also recently announced that it is delaying a decision on hiking up the state pension age to 68 until after the next election – perhaps influenced by protests across the channel.

Pension commentators said move would be 'incredibly unpopular', and likely 'political suicide'.

Governments don’t like to upset retirees because they vote in high numbers – but maintaining the status quo is incredibly expensive. Has something ultimately got to give when it comes to the state pension age and maintaining the triple lock?

On this week’s podcast, Georgie Frost is joined by Tanya Jefferies and Helen Crane to discuss.

We also look at one lucky This is Money reader who is getting an even bigger rise, seeing his pension go up by more than 16 per cent. It sounds like great news – but he is wondering whether it means he has been short-changed in the past.

Elsewhere, research this week has shown Britons are still dragging their feet when it comes to making a will.

The team looks at why it’s important, how to do it – and why it isn’t just about money.

Etoro’s Sam North provides the latest update on the markets as we head into the long weekend.

We also discuss why broadband companies have been able to get away with ignoring instructions from regulator Ofcom to make switching easier for customers.

It told them two years ago that they needed to make it possible to swap providers in just one day – so why are most of us still left languishing without an internet connection for up to two weeks?

Finally, do you fancy a sabbatical from work to travel? Some big firms are offering the extended time off as a perk to long-serving staff – but would your boss let you go, and how would you afford it?

Transcript

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0:00.0	Welcome to This Is Money podcast. I'm Georgie Frost and joining me and Deputy Editor Helen Crane today is Pensions and Investments editor Tanya Jeffreys.
0:10.6	And coming up, the state pension is getting a boost this week. So why is one This Is Money Reader getting an even bigger rise?
0:17.8	We're still dragging our feet on getting a will. If that's you, then you may want
0:22.2	to listen to this. Talking of dragging feet and broadband bills are shooting up this month,
0:26.9	as firms told two years ago to make it easier to switch, well, seem to have ignored the deadline
0:31.8	set by off, Gem. And fancier sabbatical from work to go travelling, we explain how you can make sure it doesn't harm your future finances.
0:40.3	Don't forget yourself to date with all the latest breaking money news, just go to this ismoney.co.com.
0:44.7	Or download the app.
0:47.1	Don't forget, you can stay on top of what's going on in the markets by tuning in to the Digest and Invest Podcast by Itara.
0:52.8	Go to your regular podcast platform and listen on the go.
0:55.4	Digest and Invest by Itora, the podcast for those interested in trading and investing.
0:59.7	But first, we're used to hearing stories, aren't we, about people not getting enough state pension?
1:04.6	However, Tony Jeffries, you have a reader question.
1:08.3	And they're wondering if they're getting too big a rise, 16.6%.
1:14.3	More, it seems, than what we thought everybody else was getting.
1:18.3	It seems they aren't alone either.
1:19.7	So is this an error, they're asking?
1:22.4	Or have they been shortchanged all these years?
1:24.8	Tanya, welcome.
1:26.9	State pension going up. Some people are getting more than that.
1:30.9	Yes, yes. It's worth starting off by saying what everyone is getting. It's 10.1%. Obviously, it depends on
1:37.0	what you're on at the moment. But if you're on the full flat rate and you reach state pension age
	...

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