157- Pension Misconceptions

Hello money nerds and welcome to Heads Up On Money.

It is I, Benjamin Mitchell.

Thank you as always for joining me on Personal Finance Friday or whenever you are listening to this.

This is episode 157 of Heads Up On Money.

Can't believe it, we are racing towards the 200th episode.

Will we get there? It's been an exciting time at the moment in my world.

Busy, busy time with business.

I don't know why at the moment there seems to be lots of Lots of action amongst people, amongst their personal finances.

A lot of new clients I'm speaking with at the moment seem to be coming to seek advice on back of the changes that are likely to come into effect next April regarding their pensions and inheritance tax.

So if you haven't already, money nerds, I would encourage you to listen back today.

to that episode around how your inheritance tax position may be changing in April 2027 when your pension is included.

Again, there's a full episode I've covered on that one.

If you do want a deeper dive, check back previous episodes of the podcast.

So getting into today's episode, what I'm going to do for today and... potentially two or three more episodes thereafter, depending on what I want to talk about, is addressing misconceptions when it comes to your wealth and your money.

Because a lot of the time we have these misconceptions and I speak to new clients and existing clients and I tell them something and they think, oh, I didn't actually know that or that's not how I thought that worked in practice.

And it's often because of something we've heard down the pub or Chinese whispers and the knowledge we have is confusing and perhaps damaging, most importantly, to your financial plan because it may be preventing you from taking action on the back of it because of false knowledge.

So today, I'm going to start off the mini-series on misconceptions, and today we're talking about, obviously, my favourite subject, pensions.

So today, episode one of this mini-series, I'm going to cover pension misconceptions that could potentially be costing you, money nerds, thousands of pounds.

And I'm hoping, by the end of the episode, it will hopefully have...

I'll aid some of your concerns regarding pensions or some of the preconceptions you have around pensions, and it'll give you some education and hopefully encourage you to take action where you may have not been doing so previously.

So before I get into it, as always, it's a very quick call out just to say if you are enjoying Heads Up on Money Live, Whether you've been with me for the last three years or if you're just tuning in to today's episode and are getting any kind of value from my dulcet tones, please do like and subscribe.

Leave me a comment if you're listening on Apple Music because it really does improve the podcast rating and it gives me a nice shot in the arm confidence boost to know that these topics are actually landing well with you money nerds.

So let's get into this without further ado.

Misconceptions when it comes to your money.

Today, I'm starting with pensions.