Underpaid state pension scandal update alongside the future of pensions and green bonds

This is Money Podcast

This is Money

Business News, Business, Investing, News

4.1 • 650 Ratings

🗓️ 2 July 2021

⏱️ 52 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Yet more people caught up in the underpaid state pension scandal have been unearthed by This is Money – and tragically, in the two cases we highlight this week, they weren't alive to see justice.

Two bereaved daughters received sums of £42,000 and £71,000 because their mothers were underpaid state pension for more than a decade before dying in their 90s.

The payouts are all thanks to the intrepid work of investment and pensions editor Tanya Jefferies and our pensions agony uncle Sir Steve Webb.

They join deputy editor Lee Boyce and Georgie Frost to talk about these latest cases, and what it means in terms of inheritance tax and care fees – could you, a family member or friend have been caught up in the scandal?

We also talk about pensions in more details – do you know what yours is invested in and what it's worth?

It will matter even more than usual if the Chancellor gets his way and taps into our retirement pots and parcel it out to fast-growing businesses, transport projects, real estate and carbon-friendly investments.

We also discuss the new green savings bonds from NS&I: how long is the term, what's the rate and just how green are they?

There's a chink of light for easy-access accounts and if you leave Georgie and Lee to organise the podcast, they will inevitably add a section in about sport - we talk about this booming trend during Euro 2020.

Transcript

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0:00.0	Welcome to This Is Money podcast. I'm Georgie Frost and alongside me and assistant editor Lee Boyce.
0:05.0	Today is Pensions and Investment Editor Tanya Jeffries. And coming up, more shocking cases in the 3 billion state pension scandal.
0:13.2	So Steve Webb will be joining us to discuss the latest. Meanwhile, do you know what your pension is invested in and what it's worth?
0:20.5	It might matter even more than usual
0:22.4	if the Chancellor gets his way and taps into our retirement pots to help pay for the pandemic.
0:27.2	We also discuss the new green savings bond from NS&I, how long is the term, what's the rate
0:32.3	and just how green are they? There's a chink of light for easy access accounts and, well, if you will leave
0:38.7	Lee and I to sort out the pod alone, we will find a way to talk about football. Don't worry,
0:44.4	it is money related. Don't forget you this up to date with all the latest breaking money
0:48.0	news, just go to this ismoney.com.uk or download the app at first. Sadly, we suspected that there would be cases like this in the
0:56.6	wake of the state pension scandal, but it is still shocking to read. Tobreed daughters have received
1:02.1	sums of £42,000 that should have gone to their mums to give them a comfortable retirement.
1:09.9	But they died in the 90s, having
1:12.6	been underpaid their state pensions for more than a decade. In one case, DWP was repeatedly
1:18.6	asked to review a retired teacher's £10 a week state pension from 2017 onwards. Her efforts got her
1:25.6	nowhere before her death three years ago, age 93. And her daughter also
1:30.1	got the brush off until she wrote to former pensions minister, Steve Webb, via his This Is Money
1:35.5	column, and he intervened personally in the case. Well, Steve joined us now with Tanya. Before we
1:41.3	get to that particularly shocking case, Steve, Tanya, just briefly remind us of
1:46.2	this scandal. We've talked about it quite a lot on the podcast, but just give us an idea of the
1:50.2	material impact that this has been having on people's lives. Okay, just to recap on what happened,
1:56.5	over a year ago, a lady and a husband wrote into Steve's column, which started our investigation
	...

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