Martin Lewis issues 'two week' pension warning and says 'I should say'
Martin Lewis has issued a two-week warning as he begs fans for questions on pensions ahead of a new podcast episode. The BBC Sounds and ITV star issued the rallying cry to his Twitter/X followers on Thursday April 18 (today).
Martin asked: "Got questions on pensions - how to start, taking money out, annuities etc? We're going to put together a lovechild of my podcast called "Not the Martin Lewis podcast" (on topics I dont normally answer Qs on) with the help of specialists.
"If you have a pensions Q to suggest pls ask it below." He then added: "PS I should say we wont be recording for a couple of weeks but are just preparing now so questions earlier are helpful." A fan replied: "Would you say its more beneficial to keep all of my different work pensions separate or collate then into one pension pot to be managed together?"
READ MORE UK to roast in 'glorious' Saharan scorcher with three parts of England hottest
Another said: "Please can you give us the figure someone age 65 with spousal transfer we should expect from an annuity to the investment value of £30, 000 or £50,000 in 2024 please. None smoker and smoker. Then the figure without transfer."
"If I have multiple work place pensions how will they come together, how will I know if they have correct payment details? Do we have to use a paid service like Pension Bee to consolidate or will the government take some responsibility for making sure they are paid?" asked another.
"Index-linked annuities are really really expensive. Should people with decent-level annuities not be included within “the rich” since that annuity is a very valuable asset?" another asked. Laura said: "Company pension with transfer value just over £30k, company rules advise need advice before transfer, is this correct and why when such a low amount in terms of pension, is it to do with costs of transfer ?"
Another said: "Once a SIPP reaches a certain value, it is good practice to split the funds across more than one SIPP Provider to avoid getting funds "stuck" in the event the provider goes bust. Seems inequitable that you can part transfer uncrystallied funds but not crystallised funds Why ?"
Another asked: "Why can't I cash in my private pension now, at an age where I can enjoy & use the money to pay off mortgage & still have plenty to take early retirement? Why wait until I'm much older w/ potential to drop in value. Should've paid into high interest savings account instead I feel."