The Pension Confident Podcast

Come and watch us record a special episode of The Pension Confident Podcast in front of a live studio audience for the very first time!   Date: Thursday 4 May  Venue: The Studio in White City Place Time: From 6:30pm Nearest tube: White City (Central line).    Get your free ticket here   Philippa, along with special guests from the world of personal finance will be discussing whether your money’s better off in a pension or in an ISA. Our expert panel will include: Founder of Money to The Masses; Damien Fahy Financial Expert and Host of The Conversation of Money Podcast; Peter Komolafe Consumer Editor at the Financial Times and Host of the  Money Clinic Podcast; Claer Barrett  Director (VP) Public Affairs at PensionBee; Becky O’Connor.    Doors will open at 6:30pm before the podcast recording begins at 7pm. Before the main recording, we’ll also have a warm up set from the Founder of Mr MoneyJar; Timi Merriman-Johnson. Tickets are absolutely free and include complimentary food and drink from Dear Grace, London.   Get yours here   Got a burning question about where to invest your money? Send us an email: [email protected] and your question could be read out on the night! We’d love to see you there. _________________________________________________________________________ Catch up on the latest news, read our transcripts or watch on YouTube:   The Pension Confident Podcast The Pension Confident Podcast on YouTube _________________________________________________________________________ Enjoying the podcast? Then don’t forget to rate and give us a review! As always we’d love to hear your suggestions and feedback.   Send us an email: [email protected]  _________________________________________________________________________  

Enjoying the podcast? Then don’t forget to rate and give us a review! As always we’d love to hear your suggestions and feedback. Send us an email: [email protected]   _________________________________________________________________________ It’s time to sit back, listen and enjoy another episode of The Pension Confident Podcast. Whether you prefer to do that by yourself, with a partner or maybe even your children is up to you, because this month we talk all about how those relationships can affect your finances. No matter what your relationship status is, each one brings its own financial questions and challenges. Right now, you might be happy just concentrating on yourself. Perhaps you’re cohabiting, or living with a friend or a sibling. You might be married or in a civil partnership. Or maybe you’re separated, divorced, or widowed. From ‘singles tax’, to prenups and wills - taking you through what you might need to think about as you experience these different relationships are: Personal Finance Expert and Blogger at This Girl Talks Money; Ellie Austin-Williams. Barrister, Mediator and Family Arbitrator, and a Spokesperson for free legal assistance charity, Advocate; Paul Infield. PensionBee’s Director (VP) Public Affairs; Becky O’Connor.    Episode Breakdown:  03:55 Leaving home  07:02 The ‘singles tax’ 10:16 Financial tips for single people 14:15 Cohabitation and the ‘common law’ marriage 20:42 Prenuptial agreements 22:16 Keeping your financial independence 24:55 Pension Sharing Orders 27:12 What to do when a partner dies   * Just a note to correct some numbers we state on this episode. We say that there are eight million single people living in the UK, when in fact there are actually 28 million. We also say that the Marriage Act was in 1751, but we were a little early and it was actually released in 1753.  Further reading: Want to make sure you’ve got all bases covered, no matter what your relationship? Then take a look at these articles from PensionBee.  Episode 14 transcript How to tackle your personal finances when you’re single. The best gift a husband can give to his partner is pension contributions. What is the average pension income for a couple? Your guide to Lifetime ISAs and pensions. How does divorce or remarrying affect your pension? How long after divorce can you claim a pension?   Other useful resources: Milestones: journeying into adulthood (ONS) Divorces in England and Wales: 2021 (ONS) Singles Tax (This Girl Talks Money) Child Benefit (GOV.UK) Bereavement Support Payment (Age UK) Bereavement useful contacts (Mind) _________________________________________________________________________ Come and see us live! On Thursday 4th May we’ll be recording our first ever episode in front of a live studio audience and we’d love for you to join us.  Our host Philippa Lamb will be joined by special guests at White City Place in London from 6:30 pm to talk about whether your money’s better off in a pension or an ISA. You’ll also have the chance to get your questions answered by our expert panel. Tickets are absolutely FREE, so if you’d like to attend - just click here. _________________________________________________________________________ Catch up on the latest news, read our transcripts or watch on YouTube: The Pension Confident Podcast The Pension Confident Podcast on YouTube  

It’s a brand new year and we’re back with a brand new series of The Pension Confident Podcast! We kick off Series Two by taking a look at the behaviours that could affect our relationship with money and how we spend it: our financial personalities. According to financial website Investopedia, the five common financial personalities are investors, savers, big spenders, debtors and shoppers. Do you identify with any of these? To discuss what this means for your finances and how you can train yourself to better to manage them are:  Personal Finance Expert and Founder of Mr MoneyJar; Timi Merriman-Johnson Certified Money Coach, Mentor and Founder of The Money Whisperer; Emma Maslin PensionBee’s Head of Content; Brooke Day   Episode Breakdown:  01:13 What are our financial personalities? 05:09 Spenders and shoppers. 08:31 Debtors. 09:30 Investors and savers. 12:15 How to figure out your financial personality. 16:31 How to improve and harness your financial personality. 27:17 Taking stock of matters outside of money.   Further reading: Want to learn more about harnessing your financial personality? Then take a look at these articles from our podcast guest; Emma Maslin and the PensionBee team on The Buzz.  Understanding your money personality How do our emotions drive our financial decisions The 50-30-20 budgeting rule of thumb Common money mistakes Top 10 money apps for your smartphone   Other useful resources: The Money Whisperer personality quiz Understand your money personality (The Money Whisperer) Myers-Briggs personality test Robert Sapolsky dopamine research video Money Habitudes    Catch up on the latest news, read our transcripts or watch on YouTube: The Pension Confident Podcast The Pension Confident Podcast on YouTube   Enjoying the podcast? Then don’t forget to give us a review! As always we’d love to hear your suggestions and feedback. Send us an email: [email protected] 

The Pension Confident Podcast’s been tackling the key questions surrounding pensions and the wider finance industry for over a year now, and we’re excited to announce that we’ll be back in 2023 with a brand new series to help you make the most of your finances. We’ll be discussing a whole new batch of personal finance topics such as: How your financial personality plays into helping you achieve your money goals and what impact your relationship status can have on your finances. Join Philippa Lamb each month where she’ll be joined by the best brains from across the financial industry, along with experts from the PensionBee team to help you get the best out of your pension. While you wait for Series Two to land, check out our dedicated podcast page on the PensionBee website for all the latest updates, watch our previous series on YouTube or have a read through the transcripts of all of our episodes so far on The Buzz!

With Christmas around the corner, our present to you is tackling an issue we all encounter in our pension policies and beyond: financial jargon. From interest rates and income tax, to dividends and bonds, sometimes it feels like the language of personal finance is specifically designed to confuse us. So this month, we try to decipher some of the trickiest terms with the help of:  Stand-Up Comedian and Host of the False Economy Podcast; Vix Leyton PensionBee’s CMO; Jasper Martens   Episode Breakdown:  01:13 Our least favourite pieces of financial jargon 03:37 Jargon from the cost of living crisis 09:49 Financial Services industry acronyms 12:37 Pension industry jargon 17:29 Pension policy jargon 20:54 How can we further tackle the jargon? *In this episode we briefly mention UK income tax bands, here are the full figures: The current basic rate of 20% applies if you earn between £12,571 and £50,270 per year, the higher rate of 40% applies to everyone who earns between £50,271 and £150,000, and the additional rate of 45% applies to all who earn £151,000 and over. However, as a result of the Autumn Statement on 17 November 2022, the higher and additional tax thresholds will change in the 2023/24 tax year. From April 2023, the higher rate of 40% will apply to those earning between £50,271 and £125,140, and the additional rate of 45% will apply to anyone earning over £125,140. You can find more information on the gov.uk website.   We also spoke about inflation in relation to the triple lock on State Pensions. We wanted to add that in the Chancellor’s Autumn Statement, it was confirmed that the State Pension will rise by 10.1% in April 2023 in line with the rate of inflation that was set in September 2022. This means that the full State Pension will increase from £185.15 per week and £9,627.80 per year to £203.85 per week and £10,600 per year.   Jargon list:  If you’re stuck on a particular term, here’s a list of some of the jargon we mentioned and a time stamp to help you find it. 03:51 Income tax 04:42 Inflation, RPI and CPI 06:28 Interest rates and the base rate 09:54 FTSE 10:30 IPO 11:43 ISA and LISA 12:53 State Pension triple lock 14:54 Risk 17:30 Annuity 18:32 Drawdown 20:19 Guaranteed Annuity Rate     Further reading: Unfortunately, there’s simply too much financial jargon to cover it all in one episode! To get to grips with even more of the baffling language and details in your pension policies, check out our Pensions Explained pages:  Pension glossary Special pension benefits glossary How to read a fund factsheet   Other useful resources: Money To The Masses Boring Money Money Helper Pension Academy Series The Buzz   Catch up on the latest news, read our episode transcripts or watch on YouTube: The Pension Confident Podcast The Pension Confident Podcast on YouTube   Enjoying the podcast? Then don’t forget to give us a review! As always, we’d love to hear your stories and feedback. Send us an email: [email protected]

We’re living longer than we used to, meaning that most of us can look forward to around at least 20 years of retirement. But what does retirement look like to you? Rather than stopping work completely, it might mean working part-time, volunteering, or even starting up your own business!    In this month’s Pension Confident Podcast, we look at visualising your ideal retirement with the financial and lifestyle steps you can take to make it a reality. Philippa Lamb takes the helm as usual and is joined by:  Financial Journalist and Founder of Much More With Less; Faith Archer Head of Media Relations at the Pensions and Lifetime Savings Association (PLSA); Mark Smith PensionBee’s Senior Engagement Manager; Priyal Kanabar   Episode breakdown:  01:23 Guests’ retirement ambitions 03:10 Customer retirement ambitions 05:20 Factors to consider when deciding on retirement  09:38 The Retirement Living Standards 14:39 The different types of pensions 17:49 What happens in a Pension Wise appointment? 19:54 How can you take your pension?  25:20 What can be improved in the UK pension system? *Just a note to say that in this episode we mention the State Pension, but don’t clarify how much that is. The current full State Pension is £185.15 per week or £9,627.80 per year. This will rise to £203.85 per week or £10,600 per year in April 2023 as confirmed by the Chancellor’s Autumn Statement. The State Pension age is currently 66, but will rise to 67 by 2028. We also mention that the earliest you can take money out of most private and workplace pensions is currently from age 55, but this will rise to 57 by 2028. For more information, please visit Pensions Explained on our website.    Further reading: For more tips on achieving your dream retirement, check out our latest articles on The Buzz.  What makes a happy retirement? Are you ready for the 100 year life? How much income do you need in retirement? What to do in retirement Does the State Pension rise with inflation? Can you live off the State Pension?   Other useful resources: Pension calculator Drawdown explained What are the pros and cons of drawdown? Pension Academy video series PLSA’s Retirement Living Standards PLSA’s ‘Five steps to better pensions’ Government’s State Pension page Book a Pension Wise appointment   Catch up on the latest news, read our episode transcripts or watch on YouTube: The Pension Confident Podcast The Pension Confident Podcast on YouTube   Enjoying the podcast? Then don’t forget to give us a review! As always, we’d love to hear your stories and feedback. Send us an email: [email protected]

In 2022, we saw four different Chancellors, a ‘Mini-Budget’ and a major U-turn on some of those measures. All the while, cost of living increases from food shops to forecourts are still impacting us all. On top of this, everyday life events can impact our finances. So, what effect does this have on us, and what can we do if we find ourselves in debt? On this month’s episode, we hear listeners’ stories about their own debt struggles and discussion from: Research Officer at the Money and Mental Health Policy Institute; Chris Lees Personal Finance Expert, Founder of Mrs Mummypenny, Author of 'The Money Guide to Transform Your Life and PensionBee customer; Lynn Beattie    PensionBee's COO and Mental Health First Aider; Tess Nicholson   Episode Breakdown:  The causes of debt The effects of debt on your mental health  The help available if you’re struggling financially Listeners’ debt stories Lynn Beattie’s personal debt recovery story *If you’re struggling with your mental health because of concerns about debt or anything else and need to talk to someone, call SAMARITANS on 116 123 - they are open 24 hours a day, 365 days a year. You can also text the word ‘SHOUT’ to 85258 and speak to a volunteer, anonymously.  If you’re concerned for the immediate safety of yourself or someone else, then always call 999. For non-emergencies, call 111, or speak to your GP who can refer you to your local NHS Mental Health Trust.    Further reading: For more information on the issues raised in this episode, follow these useful links from the PensionBee website:  Six ways to manage your money and your mental health What is the impact of debt on mental health? How to talk about money Pensions Academy: What happens to pensions in special circumstances? The effects of debt and how we can break the cycle  How do you pay off a credit card? Introducing our Mental Health First Aiders Recovering mental health and recovering finances 4 reasons why sorting your pension is important for your health   Other useful resources: National Debtline  Step Change debt charity  Christians Against Poverty charity  Citizens Advice Service Turn2Us charity Mrs Mummypenny Talks podcast  Money and Mental Health Policy institute Dealing with the financial impact of rising costs of living (FCA) Your credit score and debt help (Money Saving Expert)    Catch up on the latest news, read our episode transcripts or watch on YouTube: The Pension Confident Podcast The Pension Confident Podcast on YouTube   Enjoying the podcast? Then don’t forget to give us a review! As always, we’d love to hear your stories and feedback. Send us an email: [email protected] 

According to research from the Money and Mental Health Policy Institute, 46% of people who’re struggling with household debts also suffer from a mental health problem. So, how can we reduce the risk of money worries impacting our mental health? Philippa Lamb is joined by: CCO of the Financial Services Compensation Scheme (FSCS); Lila Pleban Founder and Managing Director of Psychreg; Dennis Relojo-Howell PensionBee’s COO and Mental Health First Aider; Tess Nicholson   Episode breakdown: Personal experiences from Dennis, Lila and Tess Who might be most affected by money worries What you can do to protect yourself What the government should do to alleviate the problem *If you’re struggling right now and need to talk to someone, call SAMARITANS on 116 123 - they are open 24 hours a day, 365 days a year. You can also text the word ‘SHOUT’ to 85258 and speak to a volunteer, anonymously.  If you’re concerned for the immediate safety of yourself or someone else, then always call 999. For non-emergencies, call 111, or speak to your GP who can refer you to your local NHS Mental Health Trust.    Further reading: Read more about the relationship between your finances and mental health on our website: Six ways to manage your money and your mental health What is the impact of debt on mental health? Introducing our Mental Health First Aiders Recovering mental health and recovering finances   Other useful resources:  The Money and Pensions Service (MAPS) Money Saving Expert Citizens Advice Service Money and Mental Health Policy Institute National Debtline 'Breathing Space' Budget planner (Money Helper) Turn2us charity Mental health articles (Royal College of Psychiatrists) Mind Shelter   Catch up on the latest news, read our episode transcripts or watch on YouTube: The Pension Confident Podcast The Pension Confident Podcast on YouTube   Enjoying the podcast? Then don’t forget to give us a review! We’re keen to hear your feedback. Contact us on: [email protected]

According to the Money & Pensions Service, almost 40% of adults in the UK don’t feel confident managing their money, yet we’re expected to be financially literate and confident enough to educate our children. From picking a suitable savings account, to choosing when you can afford to retire, there’s a lot to learn when it comes to making the ‘right’ decisions with our money. So, when and how should we learn about money? Business and Finance journalist Laura Miller steps in for Philippa Lamb this month, and is joined by: Co-Founder and CEO of NatWest Rooster Money; Will Carmichael Certified Money Coach and Mentor, Founder of The Money Whisperer and  PensionBee customer; Emma Maslin *In this episode we mention that financial education isn’t taught until secondary school. We’d like to clarify that this is only the case in England, and that in Scotland, Wales, and Northern Ireland, children do receive financial education as part of the primary school curriculum.    Further reading: Read more on teaching kids about finance on our website:  How can we improve financial literacy among children? How to teach kids about money Starting early to bridge the gender pension gap   Other useful resources: The Money and Pensions Service Natwest Rooster Money The Money Whisperer family activities Family Money Twist (MyBNK) Financial education for young people report Key statistics on UK financial capability (MAPS) What would women’s pensions look like if there wasn’t a gender pay gap?    Catch up on the latest news, read our episode transcripts or watch on YouTube: The Pension Confident Podcast The Pension Confident Podcast on YouTube   Enjoying the podcast? Then don’t forget to give us a review! Send your thoughts and ideas to: [email protected]

According to the Office for National Statistics; in the year to March 2021, there were more than four million offences recorded for fraud alone! Action Fraud says that criminals walked off with more than £2.3 billion. Now you might think you're too savvy to be caught out. But are you confident you know how to spot a scam? Giving their tips on the signs to look out for and how you can stop yourself from getting scammed are: Former Chief Executive of The Pensions Advisory Service, and an Independent Non-Executive Director at PensionBee; Michelle Cracknell CBE Head of Security and Counter Fraud at the OBIE; Lisa Markey PensionBee’s CTO; Jonathan Lister Parsons   Further reading: Read more on what you can do to avoid being scammed on our website. How to spot a pension scam 4 pension scams to watch out for What is pension liberation?   Other useful resources: 'Scam Man and Robbin' game The Money and Pensions Service Financial Conduct Authority (FCA) Types of pension scams (FCA) Protect yourself from scams (FCA) Reporting fraud and cyber crime (Action Fraud)   Catch up on the latest news, read our episode transcripts or watch on YouTube: The Pension Confident Podcast The Pension Confident Podcast on YouTube   Enjoying the podcast? Then don’t forget to give us a review! Send your thoughts and ideas to: [email protected].