Pensions

I have a total pension value of £177,000 which is held with one provider. I believe the Government will only cover £85,000 of my pot if something happens to the company that hold my pension. Is that right, and if so what can I do to protect it?

Labour is planning a major review of pensions, which is bound to make savers apprehensive as it implies that everything will be on the table. Chancellor Rachel Reeves, pictured right, has ruled out a Budget before September and said even then there will be no surprise tax changes. The new Work and Pensions Secretary is Liz Kendall, pictured left, who has shadowed the role since September 2023. We look at what will be on their agenda.

I contributed approximately £100,000 to my pension in the 23/24 tax year, taking advantage of the abolition of the lifetime allowance and using unused allowances from previous years. I now wish put my pension into drawdown to avoid any potential tax changes or anti-forestalling legislation introduced by a new Government.

The manifesto was notably light on detail, but now the votes are in we will finally find out what Labour intends to do on regaining power after 14 years of Tory government. New Prime Minister Sir Keir Starmer has pledged to prioritise economic growth. Here are the proposals we know about so far and the things that have been left unsaid and what Labour in power could mean for your finances.

Trevor Chainey, pictured, told us: 'I am a patient man but this is getting a bit silly. It's running down my savings.' This is the third case of late payments to people turning 66 that we have exposed in the past fortnight. DWP apologised and blamed administrative error - again.

Dennis Haslam, pictured, told us the lack of income was making him and his wife ill with stress as they had to 'put life on hold' and run down their savings. Last week, we reported that an NHS nurse was forced to delay retirement and keep taking shifts because the DWP failed to start paying her state pension when she turned 66.

'Dad's dead - what happens next?' A colleague of mine died last year after a long illness, and that was the title on the front of a folder that he had left for his family, writes Ian Dyall, head of estate planning at Evelyn Partners. As well as generating a smile from those who appreciated his dry humour, it was an exceptionally thoughtful and useful gift to his family. It is an idea that I have adopted myself - here's how to go about it.

A third of people set to retire in the next two years are not confident they will be financially secure, according to a study by Barnett Waddingham. The consultancy firm found those who are confident tend to hold investments beside a pension and own their home, advantages which are both more prevalent among male savers.

An estimated 2.5million pensioners, or one in five of those living in Great Britain, receive a state pension above the income tax threshold. The £12,570 personal allowance marks the point at which income tax kicks in, and it has been frozen since 2021, prompting the Conservatives to offer a 'triple lock plus' pledge in their manifesto.

The house has been valued at £300,000 plus. However, my mum's sister is trying to sell it to another family member for almost £50,000 less. This seems illegal, as someone holding power of attorney is obligated to act in the best interest of the person they represent. My mum wants to ensure they get the highest possible price for their mother's property to properly cover her care expenses. Lawyer Chris Gilbert of Nalders replies.

Families are finding they're stuck in a 'parent trap' when it comes to where they live with many needing to be close to grandparents in order to get help with childcare. Half of parents with children under the age of 13, live less than five miles from their nearest grandparent, according to a new study by Zoopla, with seven in 10 being a 30 minute journey away. Full-time places in nursery now cost as much as £140 per day - the equivalent of £33,700 a year for one child or £2,800 a month. 

Chris Taylor, 72, pictured left, spent £740 nearly eight years ago on top-ups that turned out to be worthless, but did not receive a full refund until we intervened. Martin Ryves, 65, pictured right, paid £4,900 to boost his state pension in May last year, but his money vanished until we and his MP asked the Government to investigate. We have previously reported that untold sums of top-ups cash could be sitting in government coffers, instead of being processed to boost state pensions or repaid to people.

Labour has u-turned on its plans to reinstate the pensions lifetime allowance in a boost to wealthy savers. The Government abolished the old £1.073m lifetime allowance last year, but Labour said at the time the party would bring it back if elected.

The party is pushing proposals that would assist older and disabled people with everyday tasks like washing, dressing and receiving medication, and boost the pay of care workers to address staff shortages. The plan for England is similar to the system in Scotland, where free personal and nursing care is available to all adults assessed by their local authorities as eligible. How would it work, what might the other parties offer, and what is the response from experts?

While many people dislike the idea of an annuity, the alternative means keeping your pension invested in retirement and managing it yourself - a process that can be confusing and full of pitfalls. So here's a checklist, from investing, to income, taxes, the state pension, inheritance, illness, financial advice and much else.

Investors can rack up big losses early on and never make them up if they aren't careful. People who persist in taking an income in those circumstances can pile up future problems. But you can put defences in place against market shocks before you retire, and there are ways to overcome investment setbacks in the early years too. Find out how...

The bond market crash in recent months has drawn attention to a little-known or understood investment strategy that many workers are 'defaulted' into in the run-up to retirement. Some older workers have discovered to their horror that they are sitting on huge losses right on the brink of retirement , which they might be forced to delay as a result. Here's what you need to know about pension lifestyling...

This depends on when the surviving partner reaches or has passed state pension age and their spouse's date of birth and National Insurance record. What you might get if anything is far more limited if you reached or are still due to reach state pension age after April 2016.

Modern work pensions are essentially cheap investment products provided and subsidised by employers. At a time when money is tight, it's worth exploring what they can do for you - including some obscure and surprising add-on benefits. Auto enrolment into work pensions takes the hassle out of saving for retirement, but you could be missing a trick or two by not looking any further than that.

Elderly women could receive nearly £1.5billion in state pension arrears after being shortchanged for decades, the Government admitted this week. A lot of women are understandably asking if they missed out on thousands of pounds in state pension, and we explain how to find out and what to do if you are owed money by the DWP. The scandal was uncovered by former Pensions Minister Steve Webb and This is Money, after we launched an investigation into a reader question to his weekly column in early 2020.

No one wants to save up all their working life for a decent retirement only to get stuck with an avoidable tax bill. Unfortunately, there are many tax traps for the unwary when it comes to pensions. It's especially important to find out about them if you decide not to get financial advice when you start tapping your fund. We asked pension experts for their tips on what trips people up the most often, and how to keeping a retirement fund as safe as possible from the taxman.

There are many legal ways to dodge the dreaded 40 per cent 'death tax' if you want to pass on the maximum sum possible and are prepared to plan ahead. Here's our round-up of 10 ways to reduce or avoid a large inheritance tax bill, some of which can be undertaken easily by any ordinary person without the need for elaborate arrangements or to pay for professional help.

Hoard your pension and spend other cash and investments first, to keep your money away from the taxman. That's the advice experts dish out to retirees worried about inheritance tax. But anyone who wants to minimise their annual income tax, or use up their capital gains tax allowance efficiently, might also benefit from not spending a pension first.

Job switching, auto enrolment with every move, and people's tendency to lose pension information and not update schemes with contact details are all behind the rise in orphaned pots. The cost of living crisis has highlighted the importance of tracking down lost pensions to boost your eventual retirement income, according to an industry campaign to help people find them.

We decode some of the jargon, from the more commonplace to the exotic, that you might come across when exploring your pension options. It comes as research shows that while savers heartily welcomed pension freedoms launched in April 2015, they feel baffled and overwhelmed when dealing with the new choices opened up to over-55s of spending, saving and investing their retirement pot.

To avoid in the future potentially my brother's wife being entitled to some of the inheritance we have discussed the option of my grandmother leaving 100 per cent to myself. My brother and I have a very good and close relationship. This would keep the money safely under my control. I would then when the time is right use the money to provide things for my brother such as a car, holiday and so on. My question is are there any tax implications on me spending potentially large amounts on 'gifts' for my brother?

A few years ago I employed a financial adviser to consolidate all my company pensions, and my personal pension into one pension. Since signing up, I now pay a percentage of the value in fees to the financial adviser each year and I don't feel I'm getting value for money. Basically I have an annual review where they advise not to do anything with the pension. Do I have to have a financial adviser or am I allowed to manage my pension myself? Veteran money expert Henry Tapper, pictured, replies.