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MOST RECENT ARTICLES FROM STEVE WEBB
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How much tax will I pay on a deferred state pension lump sum under pre-2016 rules? STEVE WEBB replies
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22/07/24 05:00
If you deferred your state pension under the pre-2016 rules you get the choice between a lump sum and increased payments. Steve Webb explains the previous generous system - which currently earns you 7.25 per cent interest on your deferred state pension - and what happens in the unfortunate event you die before taking it. Also, what are the rules if you want to defer your state pension now?...read
Will Labour end the 25% tax-free pension lump sum and should I take mine now to protect it?
15/07/24 06:00If the 25% tax free allowance is removed would you advise on starting to plan to take that now - and how much notice will we get of any changes?How do I protect my pension against tax changes by Labour? Steve Webb replies
08/07/24 06:00I now wish put my pension into drawdown to avoid any potential tax changes or anti-forestalling legislation introduced by a new Government.When will low earners get tax relief on pension contributions?
01/07/24 06:42The Government has introduced a new pension top-up scheme for people on low income. How will it work?Why does Nest have stricter rules than other pension schemes?
24/06/24 06:00I like Nest as an organisation, and would like to have been able to stay with it for longer, given its professionalism and great performance.I'm on Universal Credit - will my private pension payments be taken into account? STEVE WEBB replies
17/06/24 05:00Following my transition to Universal Credit, I need clarification regarding the treatment of my private pension contributions.If I take 25% tax-free cash from my pensions - can I then pay more into them? Steve Webb replies
10/06/24 06:00I want to leave the rest invested without taking any money for a number of years and continue to contribute. Are there any restrictions on doing this I should know about?I've tried for 19 YEARS to get a one-year error in my NHS pension record put right - Steve Webb replies
03/06/24 06:00It would seem without a 23-year-old payslip I don't have a leg to stand on despite having what I feel is a wealth of other evidenceI'm seeing a financial adviser about my pension - what should I ask them? STEVE WEBB replies
27/05/24 06:00I know everyone's case is different, but can you give me just a basic overview of what I need to ask them please?My disability benefit hasn't protected my NI record and I'm 18 years short due to missing credits: STEVE WEBB replies
20/05/24 06:00The International Pension Centre said t I needed to contact the Jobcentre in Annan, Scotland, where I was living for a time. I did and they had no idea what I was talking about.I'm worried about losing annuity income if my husband dies before me: Steve Webb replies
13/05/24 05:00We were never asked whether, if my husband should pass away first, the pensions would pass to me his wife, so we were misinformed I believe.Can I get my private pension at 55 due to this bizarre birth year quirk? STEVE WEBB replies
06/05/24 06:00My pension provider says I am in the unusual position of being able to access my pension at 55 for a short period, but then being denied access again until I'm 57. Why?I'm struggling to hit a tight deadline to turn six pensions into a £17,500-a-year annuity: STEVE WEBB replies
29/04/24 06:00One provider gave me two weeks' notice of a platform change which required a period when no transfers could be made. The period ends three days before the Aviva guarantee on my annuity quote ends.Why did DWP say my mum, 90, was owed £60k in state pension - when that was false?
22/04/24 05:00We were told it was high priority and someone would phone back to explain things as it had gone to the higher managers. No call back came. Is there any way forward with this?How do I track down a long lost pension? Steve Webb's five top tips for finding old pots
15/04/24 05:00I accumulated a small company pension in the mid 1980s. I have tried all the conventional methods to trace this money but without success. Why can't I trace the pension - can you help?Will state pension become means tested if you own property or have private pensions? Steve Webb replies
08/04/24 05:00I personally feel very concerned about this and I am sure I am not the only one. Is this likely to be introduced? At what level would this likely to be triggered? Would it affect those already claiming?I paid NI for 45 years so don't I get a full state pension - please explain? Steve Webb replies
01/04/24 06:00I have no idea when my contributions were contracted out, but was told by HMRC this period of contracting out should provide me with £20 per week from elsewhere - so who will pay me this?I'm 84 and don't have a National Insurance number - can I get a state pension?
25/03/24 07:00I have tried many avenues to try to get an NI number but each time am told that if I am not looking to get a job, I cannot be given one.I've got £213,000 in my pension pot, what do I need to do before I hit 75? STEVE WEBB replies
18/03/24 08:28I will be 74 years old in July this year. Is there anything I should be doing with my Sipp before I reach the age of 75?I take £3k a year from my £50k pension pot - should I buy an annuity? Steve Webb replies
11/03/24 07:00Interest rates are much higher now and therefore I assume annuities will have improved also. Would I have to use the same firm for the annuity as currently hold my pension pot and will the transfer incur fees?Can I stop an old financial adviser taking £60 a month from my pension? STEVE WEBB replies
04/03/24 06:00I estimate this has cost me thousands of pounds without any contact from my old adviser. Should I contact the Ombudsman as this seems like theft and should I be able to seek compensation?DWP says my dad who died at 100 was underpaid state pension for 20 years: Steve Webb replies
26/02/24 06:00There was a declaration to complete which I did and I have since tried to call them to find out if he is eligible. They are unable to advise as the section dealing with this do not take calls.Why am I being asked intrusive questions about moving my pension?
19/02/24 06:00I have changed companies and want to move my pension - but my old provider wants signed declarations about my pension plans and to know if it's high risk, as well as photo ID.A pension transfer I made in 2006 was short by £3,800 but I'm only being offered £5k back now: Steve Webb replies
12/02/24 06:00I am unhappy with the sum offered. I feel 17 years of investment in a managed pension scheme would have yielded much more than the sum offered.Should I pay extra into my pension to dodge the 60% tax trap above £100k? Steve Webb replies
05/02/24 06:00I'm enrolled in a workplace pension, and this tax year I will earn over £110k and I will lose part of my tax-free allowance. Will paying £11k as an additional contribution to my pension offset any extra tax?Why does the Pension Protection Fund only give pensioners a 2.5% raise? Steve Webb replies
29/01/24 06:00ln a recent letter they said that although they have billions of pounds of assets they have decided not to increase the indexable part of the pension by more than the 2.5 per cent required by the rules.I'm a retired nurse and just had a £200-a-month rent hike, but no rise in housing benefit: STEVE WEBB replies
22/01/24 07:26After my bills have been taken out of my account I am left with just over £100 a week. I have applied for an increase in my current housing benefit but was told t I am receiving the maximum I can get.What will National Insurance cut mean for self-employed and their state pensions? Steve Webb replies
15/01/24 06:00Now that Class 2 has been abolished, how can a self employed person contribute towards his or her state pension entitlement?My mum might be due more state pension - but will she lose pension credit? Steve Webb replies
08/01/24 08:49My mother has recently received a letter stating that she may be eligible for Home Responsibilities Protection. Is it worth applying or could she lose out financially?Are YOU on the right state pension? STEVE WEBB reveals the 'magic minimum'
06/01/24 12:01The New Year is an ideal time to get this sorted once and for all. Here is what you need to know and how to take action, says This is Money's popular agony uncle.Can we inherit state pensions after 30 years living together, or do we need a civil partnership? Steve Webb replies
26/12/23 06:00I am 69 and claiming my state pension. My partner is 65 and not yet claiming his pension, which will be available from December 2024.How does the Boots pension deal with L&G affect my early retirement plan? Steve Webb replies
18/12/23 06:01Previously there was no penalty for taking your pension from 60-65, so I was planning to retire early - but the rules have now changed.Can I claim my deceased husband's state pension 15 years after he died? Steve Webb replies
11/12/23 06:00My husband died in 2008. He was 60, I was 47. I never received widows pension as I was apparently to young.I'm a 45-year-old professional who rents and has no pension - should I worry? Steve Webb replies
04/12/23 06:00I am a psychologist working for the NHS and privately. I am not contributing into a pension as I am investing my earnings into furthering my career - but I am getting worried about the future.Should I take an NHS pension at 55 or wait until I'm 60? Steve Webb replies
27/11/23 06:00I am 55 years old and considering taking an old NHS pension as soon as possible like many of my colleagues. The other question is should I take the larger tax free lump sum or smaller?How can I avoid paying 'emergency tax' to HMRC on a pension withdrawal? Steve Webb replies
20/11/23 06:00My pension firm advises me that they will apply an emergency tax code on this £20,000 and then I need to reclaim overpaid tax from HMRC.I'm a full-time carer on a £90-a-week state pension - but denied benefits: Steve Webb replies
13/11/23 06:00I was already shortchanged by recent state pension rises because prices of everything have outstripped the increase on what is now a very, very low state pension.I was underpaid state pension but DWP says it's too late to fix: Steve Webb slams 'outrageous' case
06/11/23 06:00I realised that I could have had a bigger pension when my husband retired. But when I contacted them they said it was too late and nothing could be done.My state pension record has a big hole from the time I was looking after my child - Steve Webb replies
30/10/23 06:00My husband and I did not claim child benefit money as my husband's salary was over £65,000. However we did complete a form stating that I would like my contributions to continue.Should I move to low interest rate accounts to avoid paying savings tax?
23/10/23 07:50I have just gone semi-retired and have my lump sum and savings to deal with. I still plan to work on for three or four years, and earn about £18k a year and get about £10k a year as pension.How many NI qualifying years are enough to get a full state pension? Steve Webb replies
16/10/23 07:55I have been paying class three voluntary contributions towards a state pension while working abroad. However, there was no direct debit made to my account since the last one in April 2023.I am about to get a £50,000 inheritance, will I lose my pension credit? Steve Webb replies
02/10/23 05:00I will shortly receive around £50,000 from my aunt's will. Will I lose all my pension credit when it comes?How do I make sure I get the full state pension at age 66? Steve Webb replies
25/09/23 05:00I am 64 and spent 30 years in the fire service pension scheme, and have a further 11 qualifying years from various other jobs. I'm struggling to make sense of my state pension forecast.The cash transfer value of my pension has dropped by £300k: Why wasn't I warned? Steve Webb replies
18/09/23 05:00Why did the pension fund not have an obligation to warn me that the cash transfer value of my pension was so adversely linked to interest rate increases?Aviva is withholding my late husband's pension until a coroner confirms I wasn't involved in his death, STEVE WEBB replies
11/09/23 05:00I have little hope that the inquest will happen before the new year, and I resent the implication that hangs over my head that I had anything to do with my husband's death.My complaint against a financial adviser about a final salary pension transfer was upheld by the Ombudsman, so what happens now? Steve Webb replies
04/09/23 05:00What is puzzling is they are requesting to know my product provider and policy numbers? Am I obliged to forward this information to them?Paying married women's stamp for one year hit my state pension record
28/08/23 06:00All my working life from age 16, when in full-time employment or latterly self employed, I paid full National Insurance, apart from in 1978. Can you help in any way?Why did my pension lump sum have to come out of the inflation-protected portion?
21/08/23 05:00This scheme never pays any discretionary increases on pre-97 pensions and seems to cap the post-97 increases at 3%. What do you think? Do I have cause for complaint?I'm being underpaid state pension and HMRC is doing nothing: Steve Webb wins back £17k
14/08/23 05:00For part of my working life I was at home bringing up my family, and I think I should be getting 'Home Responsibilities Protection' for this period.Why aren't company pension schemes forced to give people 'triple locked' annual increases?
07/08/23 07:53I was struggling before the inflation rates rocketed. What with record inflation and miserly pension increases I stand to struggle until my state pension kicks in.I pay into a police pension, but could I save tax and keep child benefit by opening a private pension plan too?
31/07/23 07:54Would it be worth contributing a portion of my overtime into a private pension which I could draw down as cash later in life?I think my late mother was underpaid state pension, but can't get an answer from the DWP: Steve Webb replies
24/07/23 05:00I wrote two years ago, and I have rung enquiring and every time get a different answer. One was: 'Wow two years that's a long time let me check yes your mum's claim has not been dealt with yet.'I'm missing NI from 1977 to 1984, have I lost out on state pension: Steve Webb explains how to check if £1bn underpayment scandal affects you
17/07/23 05:00I had my children in 1976 and 1979 and went back to work in 1984 when my youngest was five. Should I receive a higher pension as I was caring for my children during the seven-year discrepancy period?My son's new employer has no pension - what can he do? Steve Webb explains the rules on auto enrolling staff, and what to do if your firm breaks them
08/07/23 05:01Unfortunately there are significant rates of non-compliance with pension auto enrolment duties, primarily amongst the smallest firms, says Steve Webb.Do rising interest rates and higher income from savings mean more people have to fill in a tax return? Steve Webb replies
03/07/23 05:00I can foresee the ludicrous situation that even non-taxpayers may need to complete a tax return even if their overall income will result in them still being a non-taxpayer.I'm a pensioner and interest-only mortgage prisoner: Will a DWP loan only pile more interest onto the 9.75% I already pay? Steve Webb replies
26/06/23 05:00If the Government pays my interest but also adds more interest, then I will not have much equity left when I have to sell my home as the mortgage runs out in about four years time.My husband is in a care home and my state pension is £101 a week - what can I do to get by? Steve Webb replies
19/06/23 06:23Not long ago I discovered that when I move and the house is sold, as my husband is part owner of this house it means that I will only receive half the amount.Help! HMRC has delayed updating my state pension record with top-ups AND grandparent credits - and I retire in August: Steve Webb replies
13/06/23 06:00I am forwarding you an email I sent to Jim Harra, chief executive of HMRC, on 30 May. Needless to say I have had no acknowledgement or reply.How to check your state pension forecast and National Insurance record for any errors: Steve Webb's handy five-step guide
05/06/23 06:00Steve Webb replies to a reader who has discovered a missing year on their NI record, and asked him to alert other readers that it is important to make checks on a regular basis.My son will inherit my £135k pension pot - but the provider says he must take it as a lump sum: How can we avoid 40% tax hit? Steve Webb replies
29/05/23 06:00I have not needed to touch the pot and have named my son as the beneficiary - but have recently learned there is no drawdown option. How can I avoid him paying a big tax bill?We rent our home in a retirement development from our son, so would we qualify for housing benefit and help with council tax? Steve Webb replies
22/05/23 06:25We pay my son a small amount of rent and are responsible for all charges including council tax and service charges. Would we be able to claim assistance on these?Should my recently widowed 85-year-old mum claim state pension, or stay on Severe Disablement Allowance? Steve Webb replies
15/05/23 09:39When she turned 60 my mum did enquire whether she would be better off claiming her pension, but the Department for Work and Pensions said the SDA was worth a few pounds more.I receive the guarantee credit element of pension credit - so why doesn't housing benefit cover my full rent? Steve Webb replies
08/05/23 06:00I'm a single pensioner receiving the guarantee credit element of pension credit. But my housing benefit only covers £85 per week out of my weekly rent which is £129 per week. Why is this?I am 70 and live off a successfully invested £220,000 pension fund, but at my age should I buy an annuity? Steve Webb replies
01/05/23 06:00I draw down £1,000 per month. I believe my pension fund has done reasonably well and fallen around £33,000 since I started to draw down six years ago.I am 65, on disability benefits, and have a £62k retirement pot: What should I do when I reach state pension age? Steve Webb replies
24/04/23 06:00I am considering taking some money from my pot, but I am worried that this will affect my benefits. I also don't know whether to buy an annuity.My state pension is going up by 16.6 PER CENT! Is this an error, or have I been short-changed all these years? Steve Webb replies
03/04/23 06:00How can this situation arise? I am left wondering if I should have received some additional state pension amount each week since I retired in 2010.Can I start paying into my pension again after the £1.1m lifetime allowance was scrapped in the Budget? Steve Webb replies
27/03/23 06:28I am a person of retirement age who has not taken the proceeds of a private pension which was over the lifetime limit, and thanks to the Chancellor it is not now.Can I top up my state pension AFTER I retire - and will it make financial sense for me to do so? Steve Webb replies
20/03/23 07:00I have bought the extra year of NI contributions DWP said I could, but I am struggling to work out whether I should buy earlier years as well given I am already claiming a company pension.How will a work pension pot worth £9,000 be taxed when I retire? I'm being given confusing advice on this: Steve Webb replies
13/03/23 07:00My pension firm said if I make my pension up to £10,000 then I would be able to take £2,500 for the next four years tax-free. Is that right?I've sadly been widowed twice but never inherited any state pension from my late wives: Is this right? Steve Webb replies
06/03/23 07:00My first wife died in 2003 at 59 years old and sadly this was a few months before her 60th birthday and the point she would then have been able to claim her state pension.I delayed taking my state pension to boost payments but now miss out on pension credit - can I claim anything else? Steve Webb replies
27/02/23 07:00I didn't know that because of deferring, making my income above basic pension, I am taxed on it and do not qualify for pension credit and all its associated benefits.Will a £250k lump sum I inherited from my late wife's pension in 2013 be counted against my lifetime allowance? Steve Webb replies
20/02/23 07:27As the LTA was lowered and has remained low, where does this leave me? How will I be assessed - against the £1.5million LTA when I benefited or against £1.073million now?Why is £20 a week docked off my state pension because I contracted out of an old pension I cashed in years ago? Steve Webb replies
13/02/23 07:00I have called the DWP and produced documents regarding this paid out pension, as I drew out the private pension in around 2000, but I get told there's nothing I can do but accept this.Could this be YOU? Did you miss out on a state pension lump sum if you were widowed in retirement?
09/02/23 09:08This is Money's columnist Steve Webb calls on elderly widows who might have missed out on a backpayment when their husbands died to get in contact. Could this be you, or a family member?Help! Pension firm failed to pay my mum with dementia £52k over four years - now HMRC has taken £17k in higher rate tax: Steve Webb replies
06/02/23 07:00The administrators have forced my mother into a higher rate income tax level due to her not receiving the pension and obviously I am far from happy about this.Should I stop giving my husband 10% of my tax allowance after the state pension rises in April? Steve Webb replies
30/01/23 07:00If I continue to give my husband the 10% I will then be liable for tax, albeit on only a small amount. Should I keep using the marriage allowance scheme?I've just turned 66 and HMRC intends to overtax me on my state pension - how is this right? Steve Webb sheds light on tax codes in retirement
23/01/23 07:00I had an email advising my tax codes had changed so I checked and there is a clear error. My tax codes for my existing pensions are cut by the equivalent of a full year's state pension income of £9,548.Help! A pension I split with my ex in our divorce plunged from £121k to £71k while the scheme dawdled over sorting it out: Steve Webb replies
16/01/23 07:00The delayed response has resulted in me being worse off. What are the reasons for not allowing me to remain rather than having to transfer my share to an external provider? Why has it dropped so much?Will the Government scupper my plan to leave a pension pot to my children free of inheritance tax? Steve Webb replies
09/01/23 07:00Recently I read that the government is looking at now including pensions in the inheritance tax calculation, which for me and many others would be a disaster.Six Christmas crackers from Steve Webb: A big state pension blunder, pensions vs Isas, and the golden rules of buying top-ups
26/12/22 09:11Steve receives a huge mailbag every week on a wide variety of issues, although the most frequent topic continues to be the state pension.
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