Mid-life MOTs and pension tax relief speculation
In this episode, it’s a double-header!
I chat with Alistair McQueen, Head of Savings & Investments at Aviva, about how they are checking up on the work, wealth and wellbeing of their older employees with mid-life MOTs.
I also talk about growing speculation the Chancellor could have something up his sleeve for pensions tax relief in the Budget this autumn.
There’s also a roundup of the latest personal finance news and, of course, the aftershow, where I talk about what’s been happening at Informed Choice this week.
Personal finance news
-The latest Nationwide Spending Report suggests that nearly a quarter of Brits admit to regularly spending more than they earn. Rising living costs are causing people up and down the UK to tighten their purse strings, even if they are being selective with what they’re cutting back on.
-The US economy grew faster in the second quarter than originally forecast. Revised economic growth figures show the world’s largest economy growing by 4.2% on an annnualised basis betwen April and June.
-A letter being sent to leading Defined Benefit pension schemes encourages trustees to consider cutting the transfer values on offer when workers transfer out of the pension scheme. The letter, obtained in response to a Freedom of Information request by insurer Royal London, has been sent to several large pension schemes who have been experiencing a large volume of transfers.
-Bank of England governor Mark Carney has been asked to extend his tenure to help calm City nerves around Brexit. According to a report, Carney has been asked to continue in the role past his current departure date of June 2019, just months after the UK is set to leave the European Union.
-Food prices are set to rise by at least 5% following periods of extreme weather this year. According to consultancy firm CEBR, a combination of extreme cold weather and then recent heatwave is likely to cost consumers an extra £7 a month on their grocery bills.