Pension

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the Africa Pensions, they, they, uh, the, the, the group pensions manager, uh, calls me, uh, calls the bank and the bank calls me and tells me, "John wants to speak to you." So I go to the bank to receive a call.

I go to the bank and he calls and he tells me, "Fred, what is this I'm hearing that you left?" I said, "So Roger, J- Roger, I mean, uh, uh, John, I re- I left, I left three months ago." He tells me, "No way.

You're not gonna leave."

So partial disclosure and divorce is honest and open disclosure of all your financial assets.

Pensions come under that as well.

Pensions, as you said earlier, quite often some of the biggest assets someone's got worth often more than the house or their share of the house, certainly.

So no, it always comes into divorce and cannot be ignored.

welcome to the divorce podcast where we explore relationships divorce separation and parenting apart this episode is part of our mini series where we answer your questions discuss current news and events and share practical bite-sized tips i'm your host kate daly a relationship counselor divorce specialist and co-founder of amicable the online legal service for separating couples This week, I'm delighted to be joined by Josh Gordon, Head of Digital Retirement at Octopus Money.

No, it's part of the assets.

So partial disclosure and divorce is honest and open disclosure of all your financial assets.

Pensions come under that as well.

Trust-based schemes, including master trusts, cannot access this support.

People's Pensions warned that this could lead to savers facing different levels of assistance when making very similar retirement decisions.

People's Pensions warned that this could lead to savers facing different levels of assistance when making similar retirement decisions.

They're calling for the pensions regulator to provide a supervised targeted support framework designed to give trust-based savers access to equivalent support.

Next up, PASA publishes its Guided Retirement Guidance.

The Pensions Administration Standards Association DC Working Group has published new guidance on operational readiness for guided retirement, focusing on the practical questions trustees, administrators and providers should be asking.

Guided retirement is the new requirement on DC providers to have a default solution for people taking their benefits.

So rather than relying on individuals to make their own choices, schemes are expected to have a default retirement solution in place.

Those campaigning to raise state old aid pensions to 5,000 round a month plan to protest outside SASA offices on the 2nd of November.

That's of course just two days before the local government elections on the 4th of November.

The founder of the organisation Plight of South Africa's Pensions, or POSA, JC Alex, and one of their attorneys, who is a pensioner, Brian Alcock joined me on the line this morning.

It's good to have you both with us.

Appreciate your time.

So that is still applying.

Pensions are still wonderful for that perspective.

Where they potentially may change now is there's no longer the inheritance tax privileges.

So many people who used pensions historically as a inheritance tax planning vehicle, you know, I had a number of clients, they had the pension there and the pension was very much never envisaged to be used in their lifetime.

So it's yes it's significant tax liabilities and this is the horror stories you're reading at the moment upward tax rates of 90% in cases where your pension pushes your estate into an area where you actually lose your residence nil rate band again that's out with the scope of this episode but The bottom line is the inclusion of the pension in your estate now may mean, as a result, you're paying significantly more tax liabilities, not only from an inheritance tax angle, but also from an income tax angle, depending upon when you die, pre or post 75.

So the point I was making a few minutes ago before I started on this ramble is if you have evidence that your pension is no longer or never going to be needed in your lifetime, and if it's sitting there beyond 75, it's a ticking time bomb for a very inefficient tax position.

Pensions are still efficient.

I'm still a major fan of pensions.

I wish when I had arrived in this country, there was a little booklet that says, "Here is how things work fini- financially here," and then I would have, you know, looked into it.

But I j- I didn't even know it was a possibility to open a, um, a personal pension.

This series is about listeners like you telling us all about their pension stories.

Joumana is a freelance artist.

She's based in Oxford, and she explains how confusing she found the British pension system when she migrated here from Lebanon 13 years ago.

She tells us what it took to make her start saving, why she thinks the self-employed pension gap is so important, and what she wants her retirement to look like.

I'm Philippa Lamb, and if you haven't subscribed to the Pension Confident podcast yet, click that button right now so you never miss an episode.

Pensions expert Dani Skerrett from PensionBee is here with me.

Nearly half of people paying into a workplace pension cannot tell you how much their employer puts in, and nearly one in five don't know whether their employer would pay more if they did.

These are the findings from a new piece of research from consumer group Which?, and it means that some people could be leaving employer money unclaimed.

So we're joined today by Paul Davies, who's a pension expert from the consumer group Which?, who've conducted the research.

Paul, welcome to the show.

Hello there.

Yes, good, thank you.

So this is Mouthy Money.

Today we are looking at workplace pension contributions and why you need to pay attention to them.