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Listener Questions – Episode 47

Questions Asked

• Question 1
  Hi Pete, Roger, and Nick,

  Thank you for the podcast – I've been listening for a while but fell behind and just binged about 15 Q&A episodes over the last fortnight! There's nothing like listening to the podcast to get me fired up about my finances!

  I have a question about the upcoming change to minimum retirement age, and a question about how to use my SIPP versus S&S ISA post-55/57.

  I was born in February 1972 and so by my reckoning should be ok to access my SIPP at 55. However, I heard somewhere that access could be removed at the date the law changes, because I wouldn't be 57 by that date.

  Can you shed any light please? It doesn't make sense to me to grant access then take it away.

  The reason I'm asking is because I'm thinking that in the next year I should favour putting money into my SIPP for the tax relief instead of into my S&S ISA, since I can access it within a short time anyway if I really needed to.

  Once I'm 55, does it still make sense to put money in the ISA at all, given the SIPP will continue to have tax relief so long as I'm working?

  All the best and looking forward to the videos coming out!
  Chris

• Question 2
  Hi Pete & Rodger,

  My wife & I are both aged 55 & I plan to retire aged 60 possibly a little earlier my wife isn't sure exactly when she will stop at the moment.

  I currently have a work place Scottish Widows default pension lifestyle turned off £225,000 I pay in 31%, company pays in 4%, salary sacrifice I then occasionally move funds to my 100% equities SIPP low cost global index fund £442000.

  My wife has a small DB pension and 45,000 in a SIPP again all in equities. My plan is to retire at 60ish on the SW pension to bridge the gap to state pension age 67. Leaving the SIPPS invested in equities both in low cost global index funds. Possibly adding some bonds a few years out from state pension age. Currently 20k emergency fund cash isa and my liquid assets whisky collection.

  Do you feel I could improve my plan or is it reasonably sound?
  Kind regards, Lee.

• Question 3
  Hi Pete & Roger,

  I have a deferred DB pension which in 2018 (when it closed) I was told my annual pension at age 62 would be £18270.
  The pension is capped at CPI or 2.5% annually, whichever is lower. As such it is getting deflated by high inflation. As of today it’s £21840. (With CPI it would be £23830 or even £26050 with RPI). I have a decent DC scheme to top it up but what can I do mitigate this decline with transfer out values currently quite low?

  Thanks for your advice.
  Richard

• Question 4
  Hello Pete and Roger,

  Firstly, thank you for your brilliant podcast – it really is absolutely fantastic. Since discovering it early in 2024, I’ve listened to almost every show! I love the way you both make complicated concepts easy to understand and often have me chuckling along at the same time!

  I have a question to you both about inheritance tax and a potential way to reduce, or even eliminate, its effects. I don’t believe you have covered this particular strategy, so I’m very interested to hear your thoughts. Here’s what I am thinking.

  My wife and I are both 43 and have two lovely children aged 7 and 9. We both work full-time in well-paid jobs and save a good amount into our pensions and ISAs, whilst also ensuring we ‘live for today’ by going on regular holidays and spending as much time as possible with the children (whilst they still like spending time with us!). Our rough combined financial position is as follows:

  – £1m in company DC pensions, contributing at a rate of about £85k gross per year
  – £350k in stocks & shares ISAs, contributing at a rate of £40k per year
  – For each child – £40k in Junior SIPP contributing at a rate of £3600 gross per year, and £10k in Junior ISA with no significant annual contributions
  – A house that is worth about £700k with £400k still to pay on the mortgage (remaining term 15 years)

  I am aware that it’s very early to think about inheritance tax, and I know that rules in the future will very likely change. However, it’s very conceivable to me that our children will incur a very significant IHT bill when we both shuffle off (to use Pete’s phrase!). My “solution” to this is as follows. When our children reach the age of 18, rather than paying £40k per year in our ISAs, we will pay it directly into their ISAs. We will fund this either through earnings (I still love my job and envisage working well into my 60s), and/or from one or both of our pensions. When we are retired, we plan to take regular payments from our pensions up to point where we would start paying higher rate tax; this will hopefully allow us to live comfortably whilst also contributing to our children’s ISAs. Any shortfall will be covered by our own ISAs.

  We will give this money to our children on the basis that it is still our money if we ever need it (e.g., care homes, massive holiday, Lamborghinis, etc). In other words, we will tell them that we will continue paying them £20k a year each provided that they do not touch it and have it available for us if we ever need it. With a bit of luck, we will never need it, and both our children will ultimately receive a substantial sum of ‘inheritance’ without paying any IHT.

  I appreciate there are some risks associated with this strategy. The two that I can think of are as follows. Firstly, there’s a risk that we fall out with our children and lose control of the money. Secondly, if one our children marries, then divorces, then half of the money we’ve given them may disappear to someone else. This is definitely a concern. However, provided we are both comfortable with these risks, do you think this is a sensible method of transferring wealth to our children, and can you think of anything other considerations we need to think about? I’m probably missing something really important so it’d be great to hear your thoughts!

  Thanks again for your amazing podcast – I really do love tuning in every week!
  Thanks, Martin

• Question 5
  Hello gents,

  My question is this : if someone is looking to retire pre-state pension, and bridging that gap, what are the primary options available?
  I’ve been looking at for example – fixed term annuity if rates are good; bond ladder (feel a bit overwhelmed on this); money market fund; bung it in a cash savings account.

  I’m assuming I want minimum volatility – is that the right approach to take?
  Richard.

• Question 6
  Hi Pete, Roger and Nick

  I have become an avid listener in the last three months, having just taken Voluntary Redundancy at age 63. I have benefitted hugely from your expertise and listenable style. Many thanks.

  I’m imagining that if you include this question in your podcast you might mention a tax tail wagging the dog. However, I don’t want my dog to miss out on performing tax tricks.

  My question concerns whether I can take taxable income from my SIPP whilst leaving my tax-free lump sum untouched. I would then like to take the tax free lump sum at a future date to fund a home relocation. Is this possible?
  The background is as follows:

  My DB (£40k) pension will kick-in at 65 (18 months to go) when I will also take a lump sum which I will place into my and my wife’s ISAs. I have to do this at 65 due to scheme rules. So in the meantime we’re living on my £100k redundancy pay which is sizeable enough to also fill our ISA allowances for 25/26 financial year. I will avoid higher rate income tax on this VR payment via a SIPP contribution. This means that our current and future 2 financial years ISA contributions will be full and I will also have a SIPP bumped up to £250k. However, it will also mean most of my VR pay will then be in SIPP and ISAs leaving us short on spendable income next year!

  But next financial year, being un-salaried, I will have the opportunity to take £50270 from my SIPP whilst limiting my income tax to 20%. This will then fill next years income gap. (Once I start receiving my DB pension I will find it harder to get the remaining SIPP funds out without paying 40% income tax as the state pension plus DB will then take me over £50270). I don’t want the tax-free lump sum next year as I don’t have a need for it until age 65 when we plan to relocate and I can’t put it in ISAs because I’ve already filled them.

  So can I start taking taxable income but leave the tax-free lump sum in the SIPP where it currently performs the function of an ISA (ie tax-free growth).

  Alternatively, am I just being a bit silly and making life overly complicated? Your wise observations will be eagerly received.

  I have done my own cash-flow modelling in detail and this is just a simplified summary of the main facts. Once I am in the new routine post-65 then it’ll become a lot easier, but these few steps in the dance over the next couple of years require a great deal of thought.

  Kind regards, Tom

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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The post Listener Questions – Episode 47 appeared first on Meaningful Money – Making sense of Money with Pete Matthew | Financial FAQ.

* This article was originally published here

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"Yes, you can make money on the aliens": Polymarket's latest viral tweet has the internet debating just how crazy 2026 can get.

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Listener Questions – Episode 46

Questions Asked

• Question 1
  Hi Pete & Roger,
  I am a long-time fan of your podcasts, and I often sneak off during the day for some peaceful R&R and listen to your latest release or even go back on old shows.
  My wife and I are in the fortunate position that we have both retired but still have a number of years before the state pension will commence (6 years / 2 years).

  Our long-term plan was to build up our private pensions so that we would have a comfortable retirement but also be able to leave our two children a reasonable inheritance which has meant we have been reluctant to dip into our DC pensions too early.

  With the proposed changes to IHT bringing in the unused pension pots on 2nd death into the estate and on current projection we have in excess of £1m in DC pensions which unfortunately are heavily weighted in my favour to 80/20 and we both have a DB scheme each (circa 5K) which have been activated.

  My questions relate to fixed term annuity.
  To bridge the gap between retirement and receiving the state pension for my wife circa 6 years, I was considering looking at one of these to cover sufficient income to take her up to the personal tax allowance limit bearing in mind the annual DB income.
  My dilemma is where or how best to fund this.
  Can we or do we use our personal savings?
  Do we use my wife’s DC pension in part?
  Can I use my own DC pension, but any withdrawal would be subject to 20% tax rate so not a preference even if allowed?

  As part of my look into these fixed term annuities, there also seems to be an option to have guaranteed cash return at the end of term.
  Is there any sense in considering this as it would require a bigger investment or withdrawal?
  Would this cash also be tax free or would it be income and added to your existing income stream?

  It would seem to me that if I wanted to reduce the pension pot differential but ensuring the tax payable was only 20%, then I could either max my withdrawal requirement annually or consider the annuity route but this could be complicated with my state pension commencing 2027?

  Should I be hung up on the pension pot differential values between us and does the IHT rule of the couple’s tax-free limit being £650,000 nil rate ignore where the money originates.
  This pension pot differential must be quite common, do you have any other comment or suggestions that would be helpful.

  I, like many of your listeners enjoy your banter and how you impart knowledge to the wider audience for their better good – a big thank you for this.
  Best Regards
  Brett.

• Question 2
  Hi Pete & Roger, I’m a big fan of the podcast — thanks for all the clear and practical advice you share each week.

  My base salary is about £76k, but with shift allowance and a car allowance my total package is closer to £90k. On top of that, I can earn overtime (which is unpredictable) and I also get a discretionary bonus of up to 20% of base salary.

  The challenge is that we don’t find out the actual bonus figure until the end of March, but if we want to waive it into pension we have to decide in advance — so it’s guesswork. Without any planning, the bonus can push my adjusted net income over £100k, which means I start to lose my personal allowance and fall into the so‑called “60% tax trap” between £100k and £125k.

  At the moment, I already have several salary sacrifices in place: – Pension, Holiday purchase, Share Incentive Plan (SIP).
  I’m now considering adding an electric vehicle through salary sacrifice, which would reduce my taxable pay by about £10.5k a year. That would keep my adjusted net income below £100k, but it obviously reduces my monthly take‑home.

  I’m 29, so I don’t mind putting a bit extra into my pension for the long term, but I don’t want to over‑commit too early and lose too much cash flow now. In the next year or so, my wife and I are also planning to have children — which adds another layer, because if my income goes over £100k we’d also lose access to childcare perks.

  I know there are worse problems to have, but I’d really like to maximise my take‑home pay without losing benefits and while staying as tax‑efficient as possible. So my question is: how should someone in my position — with variable overtime, an uncertain bonus, existing salary sacrifices, and family planning on the horizon — think about the £100k threshold, the 60% tax trap, and the personal allowance taper? And more broadly, how should PAYE employees balance lower monthly net pay against the tax efficiency, taper protection, and childcare benefit eligibility that salary sacrifice schemes can provide?

  Many thanks. Lewis.

• Question 3
  Hi Pete and Rog

  I’m 28 and my fiancé is 26 so we’re at the early stages of building our empire. The knowledge and insight I’ve picked up from listening to you over the past 12 months has been a massive help, so thank you!

  My financial situation is fairly run of the mill: a  Salary Sacrifice DB pension with a 6% employer match, early days Stocks & Shares ISA, emergency fund etc.

  However my Fiancé works for our local council and has a DC pension titled “CARE”. From what I can understand, this means every year she works, she builds up an amount, that yearly amount tracks inflation up to retirement, then at retirement all those revalued yearly amounts are added together to give her a guaranteed annual income for life.

  To my question! Firstly, is my understanding correct, or is there anything I’m missing? And secondly, is there a way of playing with her percentage pension contribution to lower the amount of student loan she has to pay back?

  Bonus question: I’ve just finished Q&A Ep31 and caught wind Pete had a beer – what’s your tipple of choice?

  Always thankful for each episode and video you provide!

  Thanks, Tom

• Question 4
  Hi Pete and Rog

  Long time Facebook group, podcast and you tube fan, asking a question that I haven’t heard answered yet.

  I am self employed, and have been for 12 years now. 2025 has been an unexpectedly difficult one in my industry with corporate customers cancelling projects and budget cuts, and individual clients feeling uncertainty.

  How can I make hard decisions about cutting back on my business and personal expenses, whilst also staying as positive as possible about the future?

  My turnover is down about 30%, with a knock on effect on my income. I’ve stopped investing in my pension as the business isn’t making enough profit to do so, and am now looking at cutting back on business expenses like the subcontractors I book to work with me and marketing (which I’ve held off doing hoping income will recover).

  Meanwhile I took on many personal expenses that feel very hard to cancel like private health cover for my family, income protection insurance, gym membership, kids sports clubs and their  orthodontist treatments – all totalling £6-800 pounds per month. I’m not sure where to start!

  Thanks for considering my question.

  Best Wishes, Lara

• Question 5
  Dear Pete and Roger,

  Loving your podcast. I can honestly say listening to it has transformed my relationship with money and investing. My husband used to do all the money management alone and seems thrilled I've finally shown an interest…
  Short version:
  – She 39, he 44
  – Her – late starter due to Uni and maternity – now profits of £60pa self emp
  – He has £50k pa accrued in DB scheme plus AVCs – maxing contributions
  – He sacrifices to stay below £100k
  – ISAs – they don’t say how much

  As the children are approaching secondary age and with some SEND issues in the mix we are looking at all the options including fee-paying independent schools. Luckily with the age gaps we have we will only be paying for two kids at any one time and grandparents are stepping in for eldest. This is costly, but I think doable for us as we're quite frugal people anyway. I'm now working out how best to fund this. If we reduce our pension contributions we will lose huge amounts to tax and student loan deductions (in my case) – 62%/47% (him) and 51% (me) will be deducted and we'll lose the childcare funding for our toddler which will be a massive blow.

  Would it be mad/bad to release some equity from the house, enjoy this money now and pay this off with a pension lump sum when we can access it?

  I feel that it would be absolutely mad to retire with far more than we need, whilst our children missed out but also mad to miss out on the tax relief.

  I'm really interested in your thoughts and if there are other ideas? We have just a few years to prepare and ideally I'd like some flex or contingency in any plan. Could an offset mortgage be useful here? I could go full time but I don't want to miss out on raising the kids so this would be the last resort. It just feels like a cash flow issue that needs some planning for. HELP!

  Thank you for reading, fingers crossed I've got all the vernacular right and haven't caused any confusion.

  Take care and best wishes, Annie

• Question 6
  Hi Nick…Roger…and the other guy!
  I’m an avid new listener having read and loved Pete’s retirement book and binged on your podcasts. I’m loving what you do and how you do it, and have recommended you widely. 

  My question relates to how I judge the amount of tax free lump sum to take from a DB scheme. It feels wrong to convert inflation-protected DB pension into a lump sum, but I’m thinking of taking the maximum and wonder if I’m being foolish.

  I could take my £40k DB in 18 months or could reduce this to £26k for £190k lump sum with a commutation factor of 14.

  The spouses pension is maintained at 50% of the unreduced pension (ie £20k) even if I take a lump sum. Nice!

  My wife will also have a £6k DB at same retirement date. We will both receive max state pensions 2 years later. We also have SIPPS and some ISAs and I am confident that these non-DB funds will see us through to state pension age with good margin.

  My budget shows we will need up to £60k PA spend for very comfortable retirement. £40k PA to cover basics. If I didn’t take a lump sum then we have £40k (DB) + £6k (wife DB) + £24k (SP) = £70k income. This works.

  But as I say, I actually think I should take a max £190k lump sum…

  This would mean £26k (DB) + £6k (wife DB) + £24k (SP) = £56k total index linked, which works out at £49k after tax.  The additional £11k PA will be easy to provide from the  invested lump sum.

  But the real reason to take the max lump sum is to manage the risk of me being first death. If/when that happens then my wife has £20k (spouse DB)+ £6k (her DB) + £12k (SP) = £38k index-linked income, or £33k after tax. I think she’ll need to find £15-£20k PA from the invested lump sum to stay comfortable. This feels more borderline, especially as she has little natural affinity for investing and may be better buying an annuity.

  It seems to me that I would be wise to take the full lump sum to best provide for my wife should I die first (statistically the most likely). This matters a lot to me.

  Is this reasonable thinking? Or is there a way of judging an in-between lump sum?

  With kind regards Tim

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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The post Listener Questions – Episode 46 appeared first on Meaningful Money – Making sense of Money with Pete Matthew | Financial FAQ.

* This article was originally published here

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Fiscal Drag

If your salary has gone up in the last few years but your life doesn't feel any richer – you're not imagining it. There's a tax that's been quietly applied to millions of UK workers since 2021, and by the time most people notice it, they've already handed over thousands of pounds they didn't have to. It's called fiscal drag – and in this video I want to show you exactly how it works, who it's hitting hardest, and the three practical things you can do right now to claw back as much of that money as possible.

OBR on extra tax gained by freezing thresholds

Meaningful Academy

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The MySpace era was peak internet. #nostalgia #00s #myspace ... Boil CD and make money! Billions of people don't know this secret ...

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