Steve Webb pensions special: our panel answers 12 of the best questions submitted by readers
This is Money Podcast
This is Money
4.1 • 650 Ratings
🗓️ 9 November 2018
⏱️ 57 minutes
🧾️ Download transcript
Summary
Are you trying to save for retirement, make the most of your income in old age, navigate the state pension maze, or just feel baffled by some bit of pension jargon?
In the This is Money podcast this week, former Pensions Minister and our regular columnist, Steve Webb, is on hand to help you out.
Editor Simon Lambert and host Georgie Frost are also joined by The Pensions Advisory Service boss Michelle Cracknell to answer reader questions about retirement savings.
Topics include:
Am I being overcharged by a financial adviser to invest my pension?
If I die, will my wife inherit some of my state pension?
Will the transfer value of my final salary pension go up if I wait a while?
The panel also tackles questions on getting married later in life, setting up a pension when you're self-employed and they explain some of the terrible jargon used by the pensions industry.
Why might the GMP, or Guaranteed Minimum Pension, actually reduce your state pension?
Is a PIE - a pension increase exchange - worth taking from a former employer?
How does the Lifetime Allowance work and if you think you might breach it should you consider getting a Lifetime Isa?
They also discuss some of the most popular pensions issues raised by This is Money readers, including pension freedoms and the flat rate state pension.
Enjoy.
Transcript
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| 0:00.0 | Welcome to a very special episode of our This Is Money podcast in partnership with NS&I. |
| 0:06.6 | I'm your host, Georgie Frost, and alongside editor Simon Lambert and I today is Sir Steve Webb, |
| 0:11.9 | former pensions minister, now director of policy at Royal London, |
| 0:14.7 | and of course this is Money's Pensions Agney Uncle, |
| 0:17.8 | and Michelle Cracknell, Chief Executive of the Pensions Advisory Service. |
| 0:22.2 | And this week, perhaps unsurprisingly, given our guests, we're focusing on your pensions-related |
| 0:27.2 | questions. So we'll be covering such topics that you've got in contact with us about, |
| 0:32.2 | including breaching the lifetime allowance, what are reasonable fees and charges, plus inheriting the state |
| 0:38.6 | pension, also what to do if you're self-employed, young or live abroad, and whether |
| 0:43.9 | you can or should top up if you've been contracted out. All that and plenty more coming up. |
| 0:48.8 | Just a reminder though that while there will be some great general guidance coming up the |
| 0:52.3 | team, only have very basic information. |
| 0:54.4 | So if you are confused or have any complex financial issues, |
| 0:57.8 | then it's best to seek professional advice. |
| 1:00.5 | For all things, money, though, don't forget, |
| 1:02.2 | you can stay up to date with all the latest breaking money news. |
| 1:04.8 | Just go to this ismoney.co.uk or download the app. |
| 1:09.1 | This is Money, brought to you in partnership with Ennis and I. |
| 1:11.6 | For a gift your little ones will appreciate even when they're not so little. |
| 1:15.6 | Give them premium bonds at ns and I.com. |
| 1:17.6 | But first, before we get stuck into answering some specific questions from readers, |
| 1:22.6 | I just want to get a very brief overview of where we're at with pensions at the moment. |
... |
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