Pensions

A Government plan to use people's pension savings to boost economic growth has broad public support, new research reveals. In her Mansion House speech tonight, Chancellor Rachel Reeves will announce the creation of pension 'megafunds', by forcing mergers of smaller public sector and private work schemes, to unlock £80billion of new investment and drive economic growth. Do YOU think it's a good idea to co-opt retirement funds to drive growth - take our poll.

I am 64 years old, and took early retirement six years ago due to ill health. At first I didn't know what was making me so ill, but after several years of trying I received a diagnosis of motor neurone disease in 2021. It is very important to me to ensure all of my finances are in order before my condition deteriorates and I am unable to communicate effectively. I uncovered a forgotten defined benefit pension from when I was an apprentice in the 1970s - but I have been trying to claim it for a long time and gotten nowhere.

In our wills we leave everything to each other if one of us dies and in the terrible scenario where we both died, we would leave everything to the children. As it stood before the Budget, they would have been able to have the house, our savings and pensions without losing any money to inheritance tax. Would our children now lose 40 per cent of our pensions to inheritance tax?

The gender pensions gap has fallen from 52% since 2008 for those aged 50-64, but is still substantial at 33%, a report by pension firm Scottish Widows reveals. If progress continues at this rate, it will take another 20 years for women to retire on the same annual income as men, it warns.

Now that, as of April 2027, my pension pot will be included in my estate for inheritance tax purposes, is there any advantage for keeping it in a pension plan? Should I instead draw down annually the amount to fund my lifestyle plus £20,000 to invest in an Isa until the pension pot was empty. Ray Black of Money Minder replies.

We spoke to financial advisers to find out what their clients are asking them following the Budget and how many of the changes are likely to affect you. The main worries about the raft of changes announced by Chancellor Rachel Reeves are the hikes to capital gains tax and the inclusion of pensions into estates for inheritance tax calculations.

My parents are looking at remortgaging their home to pay off a sibling who has a stake in the house. The house is worth between £1.8 and £2million and was inherited. The sibling does not live in the home, but is entitled to around £600,000 of its value. . My parents want to buy them out, but can't get a mortgage on their own. As such they have asked me and my wife to go into the mortgage with them - but I think this is a bad idea.

Inheritance tax rules have long been a minefield, catching out even the most prepared families. But major reforms announced by Chancellor Rachel Reeves during the Budget yesterday have added yet more complexities. There are still many legitimate ways to pass down your wealth to loved ones without paying tax.

Pensions will be included in the assets that count towards inheritance tax from April 2027, throwing family legacy plans into turmoil. It means inheritance tax thresholds will be breached by many more savers in future. The move is part of a £2billion raid on inheritance tax which includes freezing the current thresholds until 2030 and reforms to agricultural and business property reliefs,

There are a few simple things you could still consider to protect some of your cash from the tax grab. We look at some of the changes Reeves announced and some of the tweaks you can make ahead of them being implemented.

My wife and I are in our mid 50s and currently have two houses, the main house we live in and the other that an older relative is living in rent free. We have two teenagers and we are looking to sell the second house to help them in the future. Is it possible, rather than give them £3,000 each per year, to give them the equivalent as a percentage of the house per year.

I am waiting for an inheritance from my father who passed away a while ago and his estate is going through Probate at the moment. I would like to give our son a third of what I receive. My husband will receive the other third. Can I give my son this money, and will either of us be taxed? What can we do to mitigate this if so?

Independent Age has found that 49% of older people in England who will lose their Winter Fuel Payment said they were planning to only heat and spend time in one room. A similar proportion (43%) think they will have to wear coats and hats indoors to keep warm.

The Competition and Markets Authority is trying to stamp out poor behaviour like aggressive upselling, refusing refunds and failing to respond to complaints. A clampdown may follow when new legislation comes into force next Spring. The watchdog's intervention has been welcomed by Sarah Manuel, head of professional standards at the inheritance industry body STEP, and chair of the Association of Lifetime Lawyers Michael Culver. pictured.

The new easy-access cash fund would be created from increased pension contributions, and any surplus would be diverted into people's retirement pots. Resolution proposes a hike in minimum pension contributions from 8 per cent of qualifying earnings - made up of both personal and employer contributions, plus tax relief from the Government - to 10 per cent.

I had estimated the value of my father's house at £190,000. As this was under the inheritance tax threshold I didn't think it was a problem but in hindsight I realise I should have given a more accurate, higher figure. I got probate in May and instructed an estate agent who valued the house at £220,000, and I am selling it hopefully for £218,000. I have told HMRC the true 'market value' should have been higher so no CGT would be due.

Before a rule change in March 2008, married women could claim their state pension at 60 based on their own record of National Insurance contributions. However, this could be uplifted to a 60 per cent pension based on their husband's contribution once he drew his state pension.

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.

Turning your pension funds into an income that can replace your salary is among the most important financial moves you will make in your life. Here, we look at what you can expect from your work scheme as you get closer to retirement, and round up expert advice on how to maximise what you will have to live on in old age.

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.

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.

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.