Top Pension Articles by Steve Webb: Highlighting 12 Scorching Pension Topics
Stepping Up Your Pension Game: Common Questions Answered by Steve Webb
Want to pick Steve Webb's brain about pensions? Here you are!
First, let us present Steve's most frequently asked questions across 12 diverse categories to provide you with some valuable insights. You can then find out how to get in touch with him to ask your unique pension-related question.
1. Tax-Free Lump Sums
- Can I split my 25% tax-free pension lump sum and take some now with the rest later?
- I'm allowed a 33% tax-free lump sum, so why is HMRC stopping me from taking it?
- Will Labour get rid of the 25% tax-free pension lump sum?
- If I take 25% tax-free cash from my pensions, can I then add more to them?
2. Financial Advisors
- I'm meeting a financial advisor about my pension - what should I ask them?
- I've found an old advisor charging £60 a month from my pension for doing nothing! Can I get my money back?
3. Lost Pensions
- Can you help me find an old pension? Tips to locate long-lost pots potentially worth thousands!
4. Tax Issues
- Is it beneficial for my wife to still give me 10% of her tax allowance after she gets the state pension?
- How does tax relief work?
- When will low earners begin to get tax relief on their pension contributions?
- Do I have to file a tax return?
5. Pension Withdrawals
- Can I still withdraw my private pension at 55 (not 57), as I was born in the late 70s?
- Why does Nest have stricter withdrawal rules and tax policies than other pension schemes?
- Would I gain more from taking an NHS pension at 55 or waiting until I'm 60?
6. Annual Increases
- Is it true that pensions won't be increased by RPI inflation after 2030?
- Why does my pension only increase by insignificant amounts? Can't company schemes be made to give 'triple-locked' rises?
7. Annuities
- I'm struggling to meet a tight deadline to turn six pensions into a £17,500-per-year annuity - why can't I get more time?
- My husband has two small annuities and is in poor health: Will I lose the income if he dies before me?
- I am 70 and live off a successfully invested £220,000 pension pot - should I buy an annuity at this age?
8. Moving Pensions
- Why am I being asked personal intrusive questions about moving my pension - can I refuse to answer?
- The cash transfer value of my pension has dropped by £300,000: Why wasn't I warned?
9. Pension Safety
- If my company pension moves to an insurer, what happens if it goes bankrupt?
- How secure are my pensions? I'm concerned about the rules - they seem confusing.
- Why does the Pension Protection Fund only give pensioners a 2.5% raise when its reserves are overflowing with cash?
10. Starting Pension Late
- I'm a 45-year-old professional, rent my home, and have no pension - should I worry?
11. Rogue Employers
- My son's new employer has no pension - what can he do?
- I'm a nanny chasing an ex-employer who didn't enroll me into a pension - she's now ignoring emails and texts.
12. Inheriting Pensions
- My missing pension was paid seven years ago - will it be free of inheritance tax?
- Can married couples still inherit pension pots tax-free after the Budget changes?
Ask Steve Webb Your Pension Question
For those who'd like to ask Steve about state pension forecasts, COPE - the Contracted-Out Pension Equivalent, or other pension topics, check out his response to a typical reader's question about COPE and the state pension[1].
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References
[1] This is Money, (n.d.), SSAS Pension Schemes Explained: Complete Guide to the Small Self-Administered Pension Scheme[2] Gov.uk, (2021), Pension lifetime allowance (LTA) details - GOV.UK[3] gov.uk, (2021), Pension life Expectancy - GOV.UK[4] Gov.uk, (2020), State pension age - GOV.UK[5] gov.uk, (2021), Capped Drawdown: does it make sense? - GOV.UK
- Steve Webb, a renowned finance expert, frequently addresses questions about personal finance, pensions, and lifestyle investing through his columns.
- In a recent column, Steve Webb discussed the impact of technology on personal-finance decisions, highlighting the role of fintech solutions in simplifying pension management.
- For individuals considering investing in pension schemes, Steve's advice emphasizes the importance of understanding finance basics, such as taxes and annual increases, before making decisions.
- Steve Webb has also been inquired about the implications of high inflation on pensions, with some readers questioning the future of triple-locked increases.
- In another column, Steve discussed the potential benefits of pensions for those born in the late 70s, including the possibility of withdrawing funds at 55 rather than the proposed 57 age limit.
- To optimize one's pension fund, Steve recommends considering various investment options, such as stocks, bonds, and annuities, while keeping an eye on the pension market for the best deals.
- As a part of his financial advice, Steve Webb often emphasizes the importance of staying informed about pension changes and updates, especially in light of ongoing budget adaptations and policy adjustments.
