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Listener Questions – Episode 54

Questions Asked

• Question 1
  Hi Pete & Roger,

  I’m a chartered management accountant so maybe I should know this but clearly not. I’m wondering is there a financial disadvantage of just taking the longest mortgage deal you can (i.e. 40yrs for example) & then each time it’s up for renewal don’t worry too much about reducing the term.

  As long as the mortgage interest rate is lower than the average long term return you’d expect on the stock market (say min 6%), is it not just best to pay lower monthly mortgage payments each month and keep the spare money invested? On a pound vs pound basis aren’t you better off?

  I understand the stock market can go up and down but over the long term I’m struggling to see what the disadvantage is of this strategy, apart from the apparent freedom of being mortgage free.

  Thanks

  Jamie

• Question 2
  Hi, Why are these things not widely known or discussed?

  Flexible ISA's.

  SIPP contributions when retired. £2880+ Rebate.

  Junior SIPP when worried about Junior ISA end date.
  I have heard that Parents/Family/Grand parents don't want to pay in to an ISA when you don't know how the child will react to suddenly having control of this ISA money at 18. A SIPP may be a better option.

  Also one to watch, if you are retired and contributing to charities and tick “Gift Aid” then HMRC may back charge you if you are not paying tax.

  Emergency fund in Money Market Fund.

  Regards, Gary

• Question 3
  Dear Butch and Sundance

  Long time listener, first time caller. Thanks for all you do, filling in the gaps in our financial education that should (but doesn’t) start in school.

  I’m 56 and looking at my later career options, something that contributes back and can supplement my (early) retirement income. I enjoyed the episodes you did on becoming a financial planner and if I were younger I may well have gone down that route. Instead I would like to help educate people on basic financial good practice. I’m particularly thinking about schools and young people. What options exist in this space, and if they don’t exist and I want to create them, what sort of financial qualification would give me a good grounding so that I am not just an enthusiastic amateur.

  I’m writing this in February, so if it makes it on to the podcast Merry Christmas everyone!
  Keep doing what you’re doing, it’s working.
  Nick

• Question 4

  Hello guys

  I have been an avid listener for many years, really enjoy the content.

  I finally have a question of my own. I am about to sell a property which I own outright and would like some advice on where to invest the money going forward, ie bonds, etf's, pensions, ive even considered premium bonds… I would rather spread the money into different pots rather than one product. I understand a pension would be the most tax efficient and I plan to put a small portion into my sipp and max out my s&s Isa however I'd rather be invested in something more flexible I don't intend to utilise the money anytime soon so I want to maximise its potential. I already have been investing in index funds for many years and built up a nice portfolio through s&s isa's.

  Any advice would be great appreciated

  Thanks, Paul

• Question 5

  Hello Peter and Roger!

  Thank you for the excellent videos. I listen to them on my daily walks and while cooking, and I always come away having learned something new—so thank you for all the insight you share!
  I have a question about planning my finances using the Die With Zero approach, especially as I have no children or spouse. I’m 52 this year and hope to hand in my notice in October 2026. I’ve always been a saver (largely out of insecurity!), so I’d really appreciate your thoughts on whether I have “enough,” and—if so—how I can become a more confident spender in the next stage of my life.

  Here’s a brief summary of my situation:
  I have around £300k across my ISA, general investment account, Premium bonds and cash savings.
  The allocation is roughly 20% equities / 60% UK gilts / 20% cash. This pot is intended to bridge the gap until my DB pension starts at 60.
  My DB pension is currently valued at about £18k per year (today’s terms) and is inflation‑linked.
  I also have a SIPP worth around £500k, invested 85% in equities and 15% in money market funds.
  I have no debts. A small investment property brings in about £1000 a month.
  My spending target in retirement is about £2,500 per month after tax.
  ChatGPT has told me that I likely have enough to retire, but I still worry about worst‑case scenarios—war, high inflation, very low future returns for the next 20-30 years (e.g., below 3%), or needing long‑term care since I don’t have family support. I value your thoughts before I finally hand in my notice lol.

  Thanks again for all the work you do. Abi

• Question 6

  Hi Pete and Roger,

  I’m a long time and regular listener and can even remember the time BR (Before Roger) although the modern era partnership has been some of the most entertaining content on the channel.

  THE CONTEXT

  I’m 41, married with kids (all out of nursery so no childcare free hours), we have a house with a mortgage. I’m employed full time, putting 19% of salary into my DC pension. I maxed my employer contribution of 8% (with 6% from me) back in 2019 and have steadily increased my contribution each year up to the current 11% (19% total). Currently the pot is worth ~£140k with monthly contributions of ~ £1,550.

  I’m in the very fortunate position that my salary growth has outpaced inflation and I am now teetering on the edge of the £100k mark. We also receive a variable annual bonus which is targeted at 10%.

  Pre Covid, we started a stocks and shares ISA, contributing £300/mo but when my wife was furloughed and subsequently made redundant, we had to stop those contributions. Still, that ISA pot has grown to ~£17k.

  I’d like to build up the ISA to give us flexibility on draw down in retirement but struggling to find the spare cash. Also mindful of creeping over the £100k threshold and reducing my tax free allowance so considering options like sacrificing part of my bonus this year into pension.

  THE QUESTION

  So the question, is it worth continuing to increase my pension contribution to 20% and beyond at this stage or start to focus more on building up ISA contributions.

  Congrats on the success of the Meaningful Money podcast, it is always top of my weekly listening queue and continues to educate and inspire me.

  Best wishes, Ben

Send Us Your Listener Question

We’re going to spin out the listener questions into a separate Q&A show which we’ll drop into the feed every 2-3 weeks or so. These will be in addition to the main feed, most likely, but they’re easier for us to produce because they require less writing! Send your questions to hello@meaningfulmoney.tv Subject line: Podcast Question

---

The post Listener Questions – Episode 54 appeared first on Meaningful Money – Making sense of Money with Pete Matthew | Financial FAQ.

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Listener Questions – Episode 53

Questions Asked

• Question 1
  Hi Pete and Roger,

  I have followed meaningful money for around 6 years now and it has been an invaluable source of sensible advice which I have followed. This has left my wife and I in a very good situation for retirement as you will see below. You deserve an MBE at least!.

  Love the double act with Roger as well. I am 62 and my wife is 60 years young. Our total pensions will be around 35K a year which is all we need for our basic living cost and general going out etc. We have a house worth £750K with no mortgage and no debts. I have a DC pension around £920K and my wife around £650K and our two boys have just moved out of our house and so we are now retiring and relearning life B.C. (Before Children).
  I have begun looking into gifting them money out of excess income. I like the idea of giving with warm hands – and strangely so do my boys!

  Putting our scenario into google gemini, using UFPLS with regular drawdowns and keeping within the current 20% tax band we could each have around 50K income after tax over the next 30 years. Really cannot see us spending more than 40K/year travelling and this will certainly reduce in time as we get older and so will give the increasing excess to our kids.
  To keep HMRC documentation simple (hmm) we plan to use our joint account to give gifts to the boys but I am guessing that we will need to prove to HMRC that we have equal income to do this? So my wife will take 8.5K less from her DC pension than I from mine. I hope this all makes sense. I presume if our incomes were not balanced we would have to pay out from our individual accounts and document both for HMRC purposes?

  In addition I have 200K and my wife around £150K in ISAs and savings . I know we can each gift 3000/year from the ISA as well as using excess income from our pension. Again, I asked google gemini about this and apparently I can use the ISA for certain capital payments. Eg
  a) to buy a new car
  b) redo bathroom/bedroom
  c) a large holiday 

  Not sure what would be the position if we said our largest holiday each year is paid from an ISA and any other holidays are from our pension income and we still gift excess to the kids? – seems a very grey area. I am sure in time HMRC will look closer into this area.

  So I think it will be sensible to still use the ISA in the next few years and not take everything from the pension and possibly change to funds from accumulation to income as well?

  One last thought as all this is based on the current tax rates. The IHT rate NRB has not changed since 2009 and would be worth around £530K today and I am presuming there will be increasing pressure to raise this given house price growth and especially after 2027 when pensions are included in the estate for IHT?

  Best Regards, Bill

• Question 2
  Dear Pete and Roger,

  I can’t thank you enough for the excellent free content you put out into the world. I recently got diagnosed with a degenerative condition which will affect me and my family down the line. Your podcast has inspired me to take control of my finances including putting the right protections (insurances) in place and using investing to help navigate a more uncertain future – THANK YOU! The information is accessible and you guys make me chuckle as I go about my day!

  My question…

  I am keen to make my life easy when it comes to managing my finances but I have hit a wrinkle in my plan. My preference would be to consolidate my pension into as few pension accounts and underlying funds as possible.

  To me the levels of protection available through the FSCS seem too low to be compatible with keeping a pension all with one provider. Am I missing something? How do you think about balancing this risk, without ending up with lots of pension accounts with different providers? Additionally, I have been selecting the same low cost All-World tracker ETF across my family’s ISAs and SIPPs, is this inherently risky too and should I aim to use different fund providers (perhaps that aim to achieve the same investment objective).

  Anyway, I may be being overcautious here or be misunderstanding the level risk but any reassurance would be greatly appreciated.

  Thank you again Andy

• Question 3
  Hi Roger and Pete,

  I’m 32 and I've been listening the podcast for a few years and the advice (particularly about investing) has helped me immensely.

  I have a question about investment portfolios when moving abroad. I moved away from the UK 2.5 years ago, at which point I stopped investing into Vanguard and moved to Interactive Brokers. I still have a decent amount invested in Vanguard, but I’m not sure whether it makes sense to consolidate everything into one platform or keep it split over two.

  I don’t have any immediate plans to return to the UK, although I imagine I will eventually.

  Do you think it makes any difference in how the investments are split, or am I worrying about nothing?

  Thanks for sharing any of your *thoughts* and perhaps clearing this up for me.

  Keep up the amazing podcast,

  Michael (originally from Cornwall!)

• Question 4
  Hi Pete and Roger

  I recently discovered your podcast and am working my way though the back catalogue! I am finding it extremely informative and it is helping me demystify a subject I have found confusing for a long time, so thank you.

  My question is how do I calculate the amount I can contribute annually to my SIPP whilst also contributing to a DB pension and AVCs (£200/month)? My annual gross salary is £25744.

  I opened the SIPP to give me flexibility to retire earlier than 67 when I intend to access my DB pensions (as well as my current local government DB pension I have a deferred University DB pension from previous employment), ideally between 60-62, and access the SIPP along with my S&S ISA to bridge the gap.

  Thanks, Melanie

• Question 5
  Hello Pete & Roger,

  I'm a long time listener and as a result in far better financial shape than I was for many years, thank you.

  In work I am often akin to the Shawshank Redemption character Andy Dufresne as I find myself offering financial or pension scheme advice to colleagues. This advice ends with recommending your good selves and the knowledge repository that is the Meaningful Money archive and books!

  I am 56 and just over 4 years from my planned early retirement at 61,  when I will have 36 years contributing into a company DB pension.

  I plan on taking this in a stepped format (with PCLS) to offer a higher initial payment until my state pension starts 6 years later at 67.

  To maintain basic rate income tax, I am paying my maximum matched pension contributions plus AVC's through salary sacrifice (until 2029) to keep just under the 40% tax limits.

  My wife will be solely reliant on her (full) State Pension having not contributed to a personal pension, she will receive this when I am 64, meaning our combined funding danger zone will be around 3 years during which we may need funds to top up our income either from the PCLS pot or ISA savings to this final combined total, “our figure”.

  So my question:

  You repeatedly talk about retiring with options such as having pensions, ISA's and savings etc. but I am concerned my pension and AVC fund will be totally concentrated with little else.

  After maximising the pension and AVC contributions it looks likely I will not contribute enough to fund a savings pot that could comfortably cover the 3 year danger zone.

  Will this pension / AVC concentration matter?

  Should I continue paying the AVC's to avoid higher rate tax on my income and recovering tax rebate into the AVC pot?

  To me this makes sense, but would funding a savings pot give us flexibility to fund our pension gap somehow that I am missing, and do I need to target an ISA or other savings pot in my remaining working years. This prospect would feel like not living for today, but retirement is in touching distance so might it be worthwhile?

  Many thanks & best regards, Tim

• Question 6
  To the Bruce Springsteen and Little Steven of the financial world! Hi guys my name is Cam, I'd just like to say you guys are absolutely fantastic at what you do, the knowledge you provide is genuinely incredible and immensely helpful. I think I speak for all your listeners when I say without your podcast there would be a lot of people struggling with personal finance! Keep up the good work Pete and Rog!

  I am 27 years old, 17 months ago I quit my 9-5 and started my own dog walking business, I have since trained to become a dog trainer too. My business has gone from strength to strength and I'm very proud. However the change from going from a wage structure to a varied income per month has been a tough adjustment especially when saving and wanting to invest and so on.

  I contribute to my pension each month, I pay into a LISA each month (for a first time home) the only thing I don't do is pay into a stocks and shares ISA. Firstly how do I open one? I have listened to your podcast for well over 2 years now and have listened to the majority of the back catalogue, I feel like I know what to do but it's a genuine fear that's stopping me from opening one.

  I don't know how to explain it – it's almost like my head is telling me ‘don't open one you'll mess it up.' Is it literally as simple as sign up to a provider, open an account, add money in each month? I feel stupid saying I'm fearful of opening one but I genuinely am!

  The last part of my question is simply is there anything else I should be doing that I'm currently not?  Insurance wise I have income protection and the necessary insurances for my business.

  Thanks once again you absolute legends!
  Cam

Send Us Your Listener Question

We’re going to spin out the listener questions into a separate Q&A show which we’ll drop into the feed every 2-3 weeks or so. These will be in addition to the main feed, most likely, but they’re easier for us to produce because they require less writing! Send your questions to hello@meaningfulmoney.tv Subject line: Podcast Question

---

The post Listener Questions – Episode 53 appeared first on Meaningful Money – Making sense of Money with Pete Matthew | Financial FAQ.

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Listener Questions – Episode 52

Questions Asked

• Question 1
  Dear Pete and Roger,

  Could you provide an opinion on if and when it would be worth at least considering leaving the NHS pension scheme due to tax reasons?  I can sense immediate puckering and this is not something I ask on a whim – I am aware of the comparative value of public sector DB pensions versus other retirement savings methods and indeed encourage the staff I work with to pay in.  I am a senior doctor in my 40s with high NHS earnings and rental income on top. I am one of those affected by Annual Allowance tapering and have significant AA tax bills every year with no end in sight. My projections are that I will have an annual AA tax charge of ~£30k every year going forwards as my income is pretty stable.

  The annual AA tax charge is up to 40% of the annual capital benefits accrued in any year (i.e. LTA calc of 20 times pension plus 3 times lump sum).  I pay this via scheme pays but the scheme pays loan docked from benefits at retirement is inflated at CPI+1.7% against pension benefits growth of CPI+1.5% from my own research.

  I don't expect much sympathy as a high earner but no-one wants to pay more tax than they have to and I never hear my situation talked about other than snippets in the depths of Reddit forums.  My plan is to keep ploughing on and engage a full-scale planning review when I turn 50 leaving up to 10 years to consider aversive action once my wife and I have ‘enough' pension. Many thanks for your thoughts. David.

• Question 2
  Dear Pete and Roger,

  I want to say a big thank you for all of the guidance you provide, there really is nothing else like it and has been hugely beneficial in organising my finances.

  My question for you is how to structure gifts to someone who is going through the early stages of a divorce. My sibling is sadly in this situation and our mother is looking to make a sizeable gift to us following the death of our father.

  How should we be thinking about this and are there any vehicles or structures such as trusts that we could be using to avoid my siblings spouse from being entitled to half of the gift?

  Grateful for any guidance you can provide in this matter.

  Best regards, Alfred

• Question 3
  Hi, I have held several GIA accounts for many years and I hold accumulating ETFs within the GIAs.

  Occasionally, I have had to pay CGT through my self assessment when I have sold these ETFs. Mostly, I have always been a basic rate tax payer.

  I have recently discovered that HMRC requires Excess Reportable Income (ERI) to be declared on accumulating ETFs.

  In the case of ETFs which receive company dividends, this means I need to take note of the Reporting date of each ETF and add up all notional dividends as if they were paid on the distribution date (6 months later) and if over £500, I should have paid dividend tax on the excess.

  Also, in the case of some MMF ETFs I hold, these may have an ERI notional interest payment and this would count as being potentially subject to income tax.

  Since I have sold many of these ETFs and I have not subtracted the ERI amounts from my total gain, I have probably overpaid tax (CGT) rather than underpaid as a basic rate tax payer.

  However, if I was a higher rate tax payer, I would probably have been underpaying tax if I have not accounted for ERI. This is because the higher rate dividend tax is much higher than the CGT rate.

  I now understand that to avoid having to calculate ERI on accumulating ETFs each year and keep a running total for each one, most people simply buy distributing ETFs inside a GIA rather than accumulating ETFs and I am in the process of ensuring all my ETFs are the distributing kind inside my GIAs.

  Should I be concerned about ERI on my accumulating ETFs?
  Do accountants calculate ERI for their clients on all the accumulating ETFs they hold? If so, how do they do it as there does not seem to be any easy way?
  Do HMRC ever check that the ERI on accumulating ETFs has been declared (my guess is that they would only bother for high rate taxpayers with large ETF holdings)? How would HMRC even know that you hold large amounts of accumulating ETFs on which you should be declaring ERI?
  Why is it that hardly anyone seems to know about ERI on accumulating ETFs?
  Steve

• Question 4

  Good morning both,

  I would like to start by thanking you for all your hard work over the past decade or so. I am a mid 40's year old woman who had no financial knowledge until about 2 years ago. I had a cancer diagnosis which led me to leave a very time consuming and stressful job and take over the family finances which had been neglected for the best part of 20 years.

  We are now in a much better position; we have filled our ISA's and that of our children, put more money into SIPP's (and opened one in my case) and opened junior SIPP's for the kids. Our mortgage is paid off too. I have listened to all your back catalogue and in some cases relistened to episodes which have been especially useful to our situation! Thank you.

  My question relates to funds that have done particularly well and what is best to do with them. Some of my earlier fund choices are showing gains of around 50%. This seems extraordinary to me and I am very happy with the return. My Dad (much more experienced who has been doing this for 50 odd years) tells me the best thing to do with these funds is to take out 50% of the gain and reinvest in a different fund. What would your advice be? Take out the whole lot and re-invest? Take out 50% and re-invest that as recommended by my Dad or leave the whole lot in and hope it continues to grow?

  For background, I am very happy with the gains but we are very much on a catchup programme as we have started so late. The sums involved are still quite small! The ultimate aim is for my husband to retire early. I hope to work again too at some point once all treatment is finished but only part time.

  I am so grateful for everything you have done and always wait eagerly for the next episode to drop.

  With very best wishes, Agnes

• Question 5
  Hi,
  Hope you are well and can help a Cornish lass!
  I am 35 and have never been able to budget or manage finances. In fact I have always buried my head in the sand. 

  Unfortunately, when lockdown and maternity leave hit at the same time, we could not afford our debt repayments (we had purchased a house in January of 2020 too). We had no choice but to take out an IVA. We are now in the 6th year of this as it was extended as we couldn't release equity from our home. This is due to end in November of this year and I have been doing my best to learn about budgeting and managing finances ready for when this ends. 

  I have started a spreadsheet to start tracking expenses and aim to start an emergency fund plus a pot for putting some money away for Christmas/birthdays. I have been discussing this with my husband and he thinks we should get an overdraft as soon as the IVA finishes to start building our credit rating, whereas I think we should get a small credit card that we pay off each time we use it. What do you think we should do as our first few steps coming out of the IVA to build more security for our future? 

  Thank you in advance. Kindest regards
  Lisa

• Question 6
  Salutations, Roger, Pete,

  My question is on what to do with a lump sum inheritance-y thing as a younger guy.

  My parents have been very financially successful in business and incredibly generous to my brother and I, and gifted us each an apartment a few years ago, to make use of the “first property” exemptions and the 7 year gift rule. Now that I’m mature enough to understand the opportunity, I’ve taken control of the management of mine.

  While I understand it’s an incredible income generating asset, I’m not a fan of real estate, and am much more comfortable selling the property and investing in index funds within the variety of wrappers available in the UK.

  After fees and taxes, should I go through with the sale, I will net approx. £350k. My plan is as follows:

  – £47k into premium bonds (I currently have £3k)
  – £40k into my SIPP (limited by current salary)
  – £40k held in cash, to be invested into my SIPP in tax year 2, potentially up to £52k as my salary rises
  – Remainder into GIA
  – All invested in Vanguard index tracking funds

  I’m 26, working as an Officer in the military, so I have an incredibly low cost of living (subsidised accommodation and no utilities), and a non contributory DB pension plan, so no need to allocate money there, and am able to max out my S&S ISA yearly just with my salary.

  I know these steps are good, but having the best part of £220k in a GIA, paying CGT on the other end of that makes me a little unhappy, especially if I hold it for multiple decades. I’m aware this is a real champagne problem but do either of you have any recommendations on improvements to my plan and mindset, or are you able to poke any holes in my approach? Should I hold more in cash to later invest into my SIPP? Bed and ISA/ SIPP over time? Spend some of it, even? I know it’s an aggressive approach, but I’m sort of an “all or nothing” sort of guy, even with investing as is referenced in my 70+% savings rate, but balance has always been hard for me to find.

  My goal is to be Financially Independent by 36. I’ll likely keep working but I like the security of that idea, and the saltily coined term “F-you money”. Whatever you both think, I will deeply ponder over and analyse for many hours.

  Thank you both for the many episodes of top tier information. I would apologise for the lack of brevity, but I know you love it really.

  Thanks guys, you’re both rockstars!
  Nick

Send Us Your Listener Question

We’re going to spin out the listener questions into a separate Q&A show which we’ll drop into the feed every 2-3 weeks or so. These will be in addition to the main feed, most likely, but they’re easier for us to produce because they require less writing! Send your questions to hello@meaningfulmoney.tv Subject line: Podcast Question

---

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Will You Still Get Your Pension at 55? HMRC Has Finally Answered

HMRC has finally published provisional guidance on what happens when the Normal Minimum Pension Age (NMPA) rises from 55 to 57 on 6 April 2028, and whether people can still access their pension at 55 in the UK. In this video, Pete Matthew explains who the transitional rules protect, including those already in drawdown, receiving a scheme pension, or entitled to an annuity before April 2028.

You will also learn how the rules differ for tax-free lump sums and UFPLS payments, and why timing matters if you will be 55 or 56 when the change comes in. If you are approaching retirement and want clear, British guidance on pension access and planning, this episode breaks it down in plain English.

Meaningful Academy Retirement Planning

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500 Blog Posts To Learn About Social Media | HackerNoon

Everyday, there are hundreds of new potential ways to make money on the internet. Among the barrage of extremely obvious see-through shills, snake ...

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