ICR232: So you’re thinking about transferring your pension
Today on the podcast, I’m tackling the thorny and topical issue of defined benefit pension transfers.
Some big cash sums are on offer to members of final salary pension schemes and now the regulator is taking an interest. I talk about the pros and cons of giving up guarantees in return for cash.
Also on the show today, we’ve got a roundup of the latest personal finance news, my favourite money article this week, a random fact and an inspirational quote, as well as the aftershow segment, where I share some of the things happening at Informed Choice this week.
Personal finance news
-The government has unveiled its plans to ban fees paid to lettings agents in England. The Tenant’s Fees Bill was announced in the Queen’s Speech this week and could prevent the practice of tenants paying fees to lettings agents.
-A leading member of the Bank of England has indicated he will vote for an interest rate rise later this year. Bank of England chief economist Andy Haldane has said he might vote for a rate hike in the second half of 2017.
-The Financial Conduct Authority has told insurers it should do more to help customers who have cancer. The comments follow a case in which a nurse with terminal breast cancer was quoted a premium of £2,800 for travel insurance when taking a holiday in Dubai.
-The British wealth gap has widened during the past decade. The Resolution Foundation, a think tank, has estimated at 1% of adults own 14% of assets in Britain.
-Gross mortgage lending rose by an estimated 12% in May. The latest figures from the Council of Mortgage Lenders estimates that gross mortgage lending reached £20.1 billion in May.
Money article of the week
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