Martin Lewis to host pensions special: What you need to know about managing your retirement savings
Following recent changes to pensions, money-saving guru Martin Lewis is set to hold a TV clinic on the topic. His new programme will concentrate on private pensions, aiming to answer viewers' queries and help them maximise their investments.
The 52-year-old announced on his X account that the show would be broadcast on ITV at 8pm tonight (January 28), encouraging people to spread the word and submit their questions. His post read: "Pensions Special! How to save, boost, protect & take your pension. Tue ITV 8pm. One of the most important shows I'll do, pls watch & spread the word. How to start a pension, consolidation, how to get your money out & more."
He further invited pension-related questions by adding "Got questions, reply here". Tonight's episode aims to provide comprehensive pension knowledge, as many tend to overlook the specifics of their retirement funds.
According to Standard Life research, 75% of UK adults are unaware of their pension balance, while another study found one in six over 55s and one in three under 25s have no pension at all. Posting at 6.30pm yesterday (January 27), the post has already reached 330,000 views and received 130 comments.
READ MORE: DWP warns 'act now to secure' Universal Credit or lose support
READ MORE: HMRC to amend emergency tax loophole as millions of pensioners left out of pocket
A concerned X user, feeling the pinch of the cost of living crisis, is considering stopping pension contributions. They questioned the financial expert, asking: "What happens if you tell your employer you don't want to pay into it anymore. Given the way bills are going up several of us at our place are thinking of doing so."
Meanwhile, a self-employed individual, who has recently started a personal pension, enquired about making use of previous years' allowances by asking: "As a self-employed person, and only just started a personal pension within this tax year how do I use previous years' allowances? ".
Another common issue, faced by those constantly on the move in their careers, involves juggling multiple pensions, leading one commenter to ask for advice: "I’ve got 3 or 4 pensions with different employers over the past 15 years. Worried I’m going to lose track of them & no idea what’s in some of them. Do you think it’s a good idea to consolidate?"
READ MORE: DWP issues £4,200 alert to everyone born before certain date
READ MORE: DWP explains rules on £430 benefit as campaigners call for answers
The queries come as the show's broadcast is timed just before the Department for Work and Pensions (DWP) is set to roll out an increased state pension this April, giving pensioners an extra £470. This boost adheres to the triple lock policy, ensuring pensions rise by the greatest of three factors: average earnings, inflation or 2.5%.
Labour chancellor Rachel Reeves confirmed her party's backing for the policy, stating: "This commitment means that while working-age benefits will be uprated in line with CPI at 1.7%, the basic and new state pension will be uprated by 4.1% in 2025-26."
She added: "This means that over 12 million pensioners will gain up to £470 next year."