Listener Questions – Episode 60

Questions Asked

• Question 1
  Thank you for a great podcast. I have been listening to your podcasts diligently since 2014. Even then I made sure to catch up and since then it’s been my weekly listen wherever I am. It’s so great and I have been a great advocate. The simple rules of saving putting enough money aside thinking about your future and ensuring bad times are fundamental truths that should be taught at school. Don’t get me started on the power of compounding. Well done and keep going.

  I wanted to discuss the previous episode about what Roger said about the recent changes in pensions due soon and which Pete alluded to. This is regarding the new taxation that the government is introducing on remaining pension pot. It was argued that it is fair to tax the remaining pot as was the case before.

  Before the pension reform, pensions would be DB style pensions and either the government or the employer would pay the pension. In such a case you can argue that whatever is left should be taxed as the pot is expected to be fair across those who live longer and those who died earlier. But they were guaranteed a pension.

  However when pension freedom arrived the state washed their hands in providing a pension to people and it was up to the individual to secure its own pensions. Rightly so the state gave tax incentives to encourage people to save for their pension. As the state has outsourced the pension provision to the individual not taxing the remaining pot is fair. But now the state want to tax what remains in the pot.

  I think it’s not fair for the state not to provide a decent pension, ask individual to cater for their own and then tax what remains. Despite pension reform, studies have shown that people are under saving for their pension. We have an under saving crisis in the UK and taxing the pension pot will further aggravate that situation.  I don’t think it’s fair for government not to provide a decent pension, delegate pension savings to individuals and on top of that tax any remaining parts.

  Thank you.
  Avi

• Question 2
  Hi folks. Both Roger and Pete are doing a sterling job.

  My question/observation. Given there is a good probability of myself entering a rest/retirement/nursing home, and we know how expensive these are. Also, there is now not the carrot of passing on DC pension pots free of IHT (from April 2027). Would not be best strategy be to max out the Basic rate income from ones DC pot, moving it say into an ISA (£20k p.y. as I write). The reason being, the expense of the retirement care and accommodation may be such that any income needed at that time from the DC pot, should funds allow, may be subject to higher rate income tax, in order to meet the bills.

  I was therefore wondering if there would be any milage in deferring taking my state pension in order to maximise the amount of Basic rate pension I could remove from my DC pension pots? i.e. use this to fully fund my ISA and provide £30k income for living The object being to remove as much as possible from my SIPP so that, should I need care at the end of my life, this could be funded without maying higher rate income tax.

  Just a thought

  Best regards

  John

• Question 3
  Hi. Fantastic podcast, I've learnt so much and will continue to absorb as much information as I can.

  Apologies this is a long question.
  I worked for a company that enrolled me in a Nest pension whilst I was employed by them.

  I decided to carry on contributing when my employment ended. My logic was
  I pay in £80.    Tax relief £20.  Pot £100
  Take money out.  25% tax free =  £25
  £75 taxed at 20%  =  £60

  My £80 becomes £85 without taking into consideration of pension fund growth.

  Have I got this right?

  Then 1.8% charge on contributions if I'm right to deduct off the calculation above.

  My final question is?

  Should I stop contributing now and hypothetically the fund stays exactly the same value am I right in thinking the annual charge of 0.3% would eat into my gains?

  Overall my thoughts are that every pension podcast drills into the listener's how great pensions are and I agree if the employer is paying in also. If not,  the fund performance becomes even more critical.

  Hopefully you haven't fallen asleep yet.

  Best wishes and keep up the brilliant work.

  Kind regards
  Sean

• Question 4
  Hi Pete and Roger,

  I’m part of a Workplace Pension Scheme that my employer and I contribute towards. I’m exploring the possibility of doing a partial transfer out of my workplace pension into a SIPP. My reason for this is to have more investment options than my current scheme, whilst still receiving my employer match. Could you explain the pros and cons of this move and things I’ll need to consider?

  Thanks, and appreciate you folks.

  Tom

• Question 5
  Hi Pete and Roger,

  Very new listener to the podcast while on garden leave and think it may be a regular on the new commute to my new job in the city!

  I have a question about the tax position for said new job and how to get the most from my salary, which is on a base and commission basis.

  My base salary is in the basic tax bracket, but commission will more than likely push me into the higher tax bracket but not by much.

  Given my monthly income is going to fluctuate due to the commission, how can I best mitigate the tax hit that comes with going into the higher tax bracket?

  I'm aware of the ability to salary sacrifice X percentage into pension, but given the fluctuations I'm not 100% sure how to navigate this.

  If it's not too much to ask, how best would you advise investing/saving this besides the usual ISA routes?

  All the best from a soon to be regular listener,

  Liam from Surrey

• Question 6
  Hi chaps, love the podcast, thank you for investing the time to create it and keep it running, I've recommended it to many people and its been a source of great information to me and my lovely wife; well done.

  My wife and I have been full time residents in Spain for around 20 years (pre-Brexit so I fall under the withdrawal agreement terms) and my wife is an Irish passport holder. I am 58 and my wife is 57 this year.

  We have no debt and our mortgage is paid off, I have a small DC pension, not yet crystalised (around £210,000) and my wife has a small DB pension that she will take at age 60 (around £7000 a year).

  We have £118000 invested in global tracking ETF's and we will both be entitled to full UK state pensions if and when we get to the relevant ages – fingers crossed! In addition, I will be entitled to a reduced Spanish state pension from the age of 65 which is forecast to be around the same value as my UK state pension.

  We know that we will have more than enough income when we get to state pension age, we live frugally but well, we've never wasted money and always been savers and we have a very good handle on our monthly costs (I'm addicted to Excel and have recorded our household expenditure and income for more than the past 5 years!)

  We're semi-retired now and live off of passive income built up from my career in Spain as a self-employed IT guy, we are able to live within our means, however we also plan to run the business down over the next 2-5 years and fully retire, my question is in relation to which of our savings to draw on first – I guess it's a cash flow ladder question.

  Given that I am not going to be taking the 25% tax free portion of my UK pension (as it will be taxable in Spain), are there any advantages or disadvantages to crystalising it, I will plan to draw down as and when we need the money. I believe that once I crystalise my pension I can continue to have it invested much as it is at the moment but I will be able to apply for an NT tax code to make withdrawing money easier at that point. We will certainly need around £100000 to see us from now'ish until we get to state pension age, should we take this from my pension or investments and pay the relevant Spanish tax on it or is it better for us to take it from the NS&I accounts as there will be no tax implication this way.

  Kind regards and thanks

  Richard

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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Listener Questions – Episode 59

Questions Asked

• Question 1
  Hi guys,

  Financial infrastructure and policy in the UK is built around to support (and likely encourage/enforce) the “standard” life of consistently working for 40 years and then stopping altogether. State and private pensions accessible around age 60, Lifetime ISAS, compounding growth of stocks etc.

  For various reasons, my wife and I (both 32) don’t want to do this. We are in the fortunate position where we can take months or years off at a time and plan to do this several times throughout our lives. We know this means our earning potential and growth will be lower and that we may not end up with as large a pension as we could have. But we may also end up having some sort of income until we’re much older.

  Question: what if anything can people do with today’s accounts/tax advantages/schemes to enable this type of lifestyle?

  Hypothetical question: what type of infrastructure could the government introduce to enable this? How about a “pension” you can take at any time up to some cap per year and only for X years in a row? Given fewer jobs now require physical use of our bodies (and hence 60 may no longer be a necessary stopping point), could we see more people “working” off and on until 70 or 80?

  Tom

• Question 2
  Hi Pete and Roger

  First of all, thank you for the valuable conversations you bring to listeners.

  I’m a 32-year-old with a strong interest in personal finance and investing, and I would describe myself as financially literate and proactive in managing my own money.

  I currently feel I’ve been underestimating my potential and would like to pivot into financial services. I’m considering self-funding qualifications such as the LP2 (Financial Services – General Route) as a starting point, followed by the RQF Level 4 Diploma in Financial Planning.

  Do you think starting this pathway at 32 is realistic, or have I left it too late to successfully transition into the industry?

  Thanks,

  Darren. G

• Question 3
  Hello Pete and Roger,

  Firstly, I very much enjoy listening to your podcast whilst doing my weekly walks. I currently live in Australia and will be returning to the UK in 6 months to live near my family and will be turning 55 at the same time.

  My question is:

  I have a Defined Contribution pension, valued at 70K with a GAR. I am legally required to get IFA before I can drawdown, UFPLS, lump sum etc. There appears to be an exception to this mandatory requirement if I take an annuity. Is this correct? If it is, would this also apply to a fixed term annuity?

  Secondly, what options do I have to access my pension if no financial advisor is keen to take me on as a client and sign the ‘advice taken' form that is required by my pension provider. My provider (Royal London) has said that the advice doesn't have to be positive or negative to what I want to do, I just have to show that I at least went through the procedure.

  Thanks for your help.

  Regards

  Brett

• Question 4
  Dear Pete and Rog,

  Thank you so much for the wealth of wisdom you share with us all – it has helped my family towards a more secure and planned future.  I'm not an expert but as the future recipient of a few small DB pensions I have a question.

  You often infer Defined Benefit pensions are “solid gold”, implying they should be preserved at all costs. I want to challenge your strong preference to avoid taking the 25% tax free cash (Pension Commencement Lump Sum (PCLS)).

  Isn't it “dangerous” to not clarify the commutation rate more explicitly?  On one hand, with a poor commutation rate isn't the member effectively “selling” inflation-linked, guaranteed income far too cheaply?

  On the other, with an attractive commutation, by taking the 25% tax-free cash “off the table,” a member can:

  1. Eliminate mortality risk: If they die early, that cash stays with the family; the DB income disappears.
  2. Manage Tax Drag: Using the PCLS to bridge to state pension age can keep a retiree in the basic rate band rather than being pushed into higher rates by a full DB payout.
  3. Seek Outperformance: While DB is index-linked, a well-allocated ISA can historically outperform inflation over the long term.

  Why do you treat the PCLS as a “loss” of income rather than a strategic “de-risking” of the pension asset?

  Thanks for clarifying – because I think I must be missing something.

  Gareth

• Question 5

  Hi Pete and Roger,

  I started listening to the podcast when I began Couch to 5K, and it’s been really helpful. It also makes me feel quite virtuous, like I’m improving both my health and finances at the same time!

  I’d value your thoughts on managing money for a child who is approaching financial independence.

  I’m the trustee for my 16-year-old daughter, who inherited directly from a relative. She has £140k in total, with 42% in cash savings, 46% in investments (mainly low cost global tracker) and 12% in a junior SIPP (also in global trackers). I'm moving as much as possible into ISA wrappers annually. I don’t currently plan to add further to the SIPP.

  She is aware that there is a “good amount” of money saved for her but not actual figures yet and it is referred to as money for a house deposit. I plan to start involving her more directly in managing it from age 17, although we already talk regularly about money and financial habits.

  She's academic and likely to go to university although also considering degree apprenticeships. She wants a high paying career but has no idea what career yet!

  A few things I’d really value your perspective on:

  How should I think about asset allocation? I'm not risk averse and feel like there's too much in cash but mindful that she will be in control in 2 years and may want to use some of the money in the short term, e.g. for university, car, travelling etc.

  Would you lean towards encouraging her to fund university costs rather than taking out a student loan if she goes, given that under the new plan around 80% are expected to repay their loans in full? At least there would be less available to fritter away or spend on a red Lamborghini!

  Or keep it invested and position it more clearly as a future house deposit?

  And finally I have an 11-year-old in the same position. Given the longer time horizon, would you do anything different now in terms of structure, investment approach, or how and when to involve them?

  Thanks so much — I’d really appreciate your thoughts.

  Beth

• Question 6

  Hi both, hope you're well. I am 28 , working full time in the NHS. My partner and I bought our first home just before Christmas.

  I have an emergency fund in an easy access account as well as putting 10% of my salary into a S&S ISA each month which I plan to use to bridge the gap between retirement and access to my NHS Pension. I also recently moved into the 40% tax bracket and so opened a SIPP which I put another 5% of my salary into each month. Any other savings go into high yield interest accounts/ISAs.
  I just wanted to ask, is there anything else I should be doing with my money or is it simply a case of keep at it now?

  Thanks a lot, Joe

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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Listener Questions – Episode 58

Questions Asked

• Question 1
  Hi team

  Been listening for ages and having a psychological meltdown over this.

  I have approx £20k in my S&S ISA and £20k left on my mortgage.  How can I justify the decision to pull the trigger and pay it off?  Note that I also have £30k approx in a cash ISA and £5k float easy access.  I also overpay the mortgage about £800-£1k per month but that's eased off the last few months, with the money diverted to an early year getaway.

  I'm aware there isn't a perfect result or conclusion but I'm struggling to get past how to make the decision.

  In context, I do have a big holiday coming up later in the year (£5k-9k expected spend), but I'm itching to pay this off and get regular investing.

  It might be that writing this email I'm working it out for myself but I'd be keen to hear your thoughts (not advice!) on how I can think about the situation or other angles maybe I'm not thinking about.

  Michael

• Question 2
  Hi Pete, Roger & Nick,

  Many thanks for your podcasts. Listening to you has been a part of my weekly habits for several years and I feel that you have been a “gateway” which has helped me to get a better grip on my future. Thanks a lot!

  My question is how much to put aside for care fees when compared with potential IHT liability. Specifically whether to advise my mum to gift her future surplus income instead of investing in her ISA?

  Mum is 88, and in reasonably good health. She has £330k in a S&S ISA, £50k premium bonds and owns her property worth £600k.

  Mum’s monthly spending is £500, her monthly income (from pensions) is £2k. Leaving mum with surplus income of £1.5k per month. Mum already makes gifts of £100 per month to her two grandchildren from her surplus income and uses her annual gift exemption of £3k per annum.

  I have LPA (F&A & H&W) for mum. It is important to me that I treat mum and her finances with respect and stay focussed on mums needs (rather than that of me and my immediate family). As such I have been transferring mums surplus income into her S&S ISA each quarter, so that Mum has enough money to do whatever she wants to do.

  I am wondering what is the point in continuing to put more money into mums ISA when she has more money than she needs already.

  Mum is widowed; has no desire to travel abroad; make any changes to the house; buy a new car or similar. Mums immediate financial needs are met via her pension income. Therefore aside from potential care home fees I wonder what is the point in continuing to boost Mums investments via the ISA.

  Assuming care home (nursing home) fees of £2k per week equates to £104k per annum. It seems to me that Mum has over 3 years of fees covered before she would need to sell her house.

  I am an only child and executor for mums will. Currently mum has left her estate to me in her will. Mum says she “doesn’t want her hard earned money going to the tax man”. My concern is that if Mum’s S&S ISA continues to grow then her estate will be subject to IHT when she dies, unless of course the money is eaten up with care fees. With this in mind I wonder whether to advise mum that her future surplus income should be gifted rather than invested.

  What are your thoughts?

  Many thanks for your excellent work!
  Kind regards, The Rusholme Ruffian

• Question 3
  Hello Pete and Roger (no d!)
  Great podcast! I hope all the good karma you give out comes back to you!
  Quick and short question: I am aware some physical gold holdings are subject to CGT but some, such as gold sovereigns and Royal mint bullion are exempt. So are there CGT exempt gold holdings that one can buy and keep in a GIA to sell later CGT free?
  Many thanks and keep going!
  Adam

• Question 4
  Hi Pete, Hi Rog

  My son put me onto your podcast some time ago and I've been working through the back catalogue from 2019 and am currently up to 2023. I have also bought the Retirement Guide book and plan to join the Academy later this year.  Like everyone else, I wish I'd found this years ago!  But hey ho, we are where we are.

  I'm 57 and plan to retire next year.  My wife gave up work to look after our children and so apart from state pension all our pension funds are those I've been able to accumulate through my various jobs.  I have 4 pensions – 1 DB and 3 DC.  One of the DCs is in drawdown as I had to withdraw the tax free element a couple of years ago for reasons I won't go into (but I was careful not to trigger the MPAA). 

  I now work in Financial Services and you won't believe the Compliance hoops I would have to get through to change out of the default pension funds and likewise consolidation of the DC pensions – that will have to wait until I actually retire.

  Having listened to so many episodes, I have loads of questions but the ones spinning through my head the most are:-

  1. Can I consolidate a DC in drawdown with my virgin, untouched DCs and does it matter if I wait until I retire to do so? If yes, how would that be presented to me by the provider.

  2. With investments all in one person’s name, is there anyway that imbalance can be addressed? For example, what options are there to make use of tax allowances which my wife may have to minimise tax. Is it possible to transfer some of my pension to my wife? – I suspect not. Do we need separate cash pots (in case of death of one of us)?

  3. In the Home Straight season and in the book you list a number of questions to ask DC providers. Are there any questions I should be asking my DB provider? even if they are just the practicalities.

  Thanks again for the podcasts and guidance.  Say Hello to Cornwall for me – I'm sure we'll be visiting Fowey more often when do retire.  (Don't suppose you or Roger can recommend a book on the history of Cornwall?)

  Mark

• Question 5

  Hi Pete and Roger,

  I’m in my early 50s and only now feel like I’m reaching a stage where I have some financial breathing space, but it has also triggered panic that I may be behind and need to make the most of the next 8–10 years.

  For context, I was a single mother for 24 years. During much of that time I worked part-time on a relatively low salary while contributing to the LGPS. My children have now left home and over the last eight years I returned to full-time work and progressed professionally. I’m now earning just above the higher-rate tax threshold at £62,000.

  Over the last eight years I have aggressively focused on becoming debt free and paid my mortgage off last year. I currently:

  – contribute 8.5% into LGPS (part final salary part CARE)
  – Just opened an AVC £550 per month cost to me
  – Just opened a stocks and shares investment platform where I can comfortably afford upto £250 per month
  – save £600 per month into a cash ISA for flexibility/emergency funds
  – currently hold around £20k in cash isa savings

  I would ideally like the option to retire around 60, perhaps gradually rather than stopping work completely overnight.

  My question is:

  Given my relatively late start to focused financial planning (and lack of understanding) am I broadly approaching this in the right way, and what else should someone in my position be considering over the next decade to build a secure but flexible retirement?

  I’d also be interested in your thoughts on balancing AVCs versus ISAs at this stage of life, and whether people like me should focus more on flexibility or maximum pension accumulation.

  Thank you, Ive just found your podcast and will be listening help reduce some of the fear around pensions and investments I have.

  Regards, Lotty

• Question 6

  Hi Pete and Roger

  I’m loving the podcast and it has really helped focus my mind and be more intentional about my finances, having not really saved or invested for the first 40 years of my life.

  I am a relatively low earner with a salary of £30,000, which means I can only afford to conmit around £200 a month for savings and investments, but I do save anything left over at the end of the month too. I could look for a higher paid role, but my current job gives me a lot of flexibility including mostly home working and because I have worked in local government for 20 years I get very good sickness and redundancy benefits, as well as a defined benefit pension which I have been paying into from the start of my employment. This will guarantee me my final salary on retirement, although that assumes I work until 68, which is longer than I want to ideally. [ALARM!}

  I have built up an emergency fund of 1 month salary and will try and get that to 2 months, but with my sickness and redundancy benefits I don’t feel I necessarily need the 3-6 months which is recommended by many. I also have a stocks and shares ISA which I am hoping to build up and not spend until retirement, with the plan of using it to bridge the gap before I draw on my pension.

  I am now considering making additional contributions to my pension and have two options available to me. One is to make Additional Voluntary Contributions (AVCs) via the Prudential and the other is Additional Pension Contributions (APCs) through the scheme itself. With AVCs my employer will pay in with me, but they don’t with APCs.

  With my employer paying in with me that makes me wonder if AVCs may be a better option. Alternatively, as I don’t have much money to put in I may keep my pension contributions as they are and focus on my stocks and shares ISA.

  I know you can’t tell me which route to take, but I am interested in your thoughts and perhaps there are some questions I should be putting to my pension provider to give me more clarity.

  Apologies for the length of the question.
  Many thanks, Andrew

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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Commas is building the operating system for making money online - Refresh Miami

When someone gets replaced by AI, they're going to need to turn to the internet to make money.” That vision represents a major expansion from ...

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China's cheap AI is shifting investors' focus to internet stocks - Moneyweb

How to Make Money · Mandates & Megaphones · Moneyweb@Midday · MoneywebNOW · Money Rules · Mzansi Business · The Property Pod · Supernatural Stocks ...

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