Money Box

When someone dies and leaves a property in their own name, or has significant savings or investments, the executors must apply for probate - a legal document which gives them the right to deal with the dead person's estate and distribute their assets. The Ministry of Justice says probate should be granted within 16 weeks, but some bereaved families have been facing delays of nearly a year. Why is that?

A new report shared exclusively with Money Box suggests many of us know very little about the charges being taken out of our pensions. People's Partnership carried out a survey which found that out of a thousand people who'd transferred their pension in the past two years without getting advice beforehand - 72% didn’t know exactly what the fees for their old pensions were, or what they were being charged for their new one. What should you look out for?

And for the first time the percentage people in England who're married or in a civil partnership has fallen below 50 percent. If you live with someone and share your money - what do you need to know?

Presenter: Paul Lewis

(First broadcast 12pm Saturday 17th February 2024)

When do you think you'll be able to retire?

Perhaps you can't wait to pick up your last pay check or maybe you love your job so much you want to work for the rest of your life.

For those who do hope to retire, the latest research suggests we'll all need an an extra £8,000 a year for a so-called moderate retirement according to the Pensions and Lifetime Savings Association.

Meanwhile, the International Longevity Centre reckons we'll need to raise the state pension age to 71 by 2050.

On this Money Box Live we're getting to the bottom of how realistic that is and what it all means.

We'll hear from someone working well into their 70s as well as a super saver hoping to retire in her 40s!

Felicity Hannah is joined by Helen Morrisey, Head of Retirement at financial services company Hargreaves Lansdown and Dr Emily Andrews, Deputy Director for Work at the Centre for Ageing Better charity to answer your questions and comments.

Presenter: Felicity Hannah

(This episode was first broadcast at 3pm on Radio 4 on the 14th of February 2023).

Dozens of Citizens Advice centres are at risk of closing because local councils which support them are running out of money. That warning came this week by the senior Labour MP Clive Betts in an exclusive interview with Money Box. He is also the Chair of Parliament's select committee on Levelling Up, Housing and Communities. Dan Whitworth visits one of those citizens advice services at risk in Mansfield. The government says up to £64 billion has been made available to local authorities in England, an increase of 7.5% on the previous year which will allow local authorities to support communities and reform services to help them prepare for the future.

The cost of a comfortable retirement in Britain has jumped by nearly £6,000 to just over £43,000 a year for a single person and £59,000 for a couple. Every year the Pensions and Lifetime Savings Association publishes figures worked out by Loughborough University for the amount of money you'd need to afford certain lifestyles in retirement. How is it calculated and how can you prepare for your retirement?

And, investment platforms and providers of personal pensions, have just a few weeks left to make sure the way they treat customers' cash balances fits in with new rules called their Consumer Duty. In December the Financial Conduct Authority wrote to 42 firms after concerns that some of them were keeping some or all of the interest they earn on customers’ cash balances. And with rates of 4% or more that's meant big returns. If you invest, what might that mean for you?

Presenter: Paul Lewis

(First broadcast 12pm Saturday 10th February 2024)

Are savers getting a good return on their cash?

Although times are tight, we are actually saving slightly more according to the Bank of England. In December, we collectively saved £6bn.

But, more than a trillion pounds is sitting in accounts earning around 2% interest - even though the base rate is still at 5.25% - according to analysis by Lightyear of the Bank of England's data.

And £250bn is in accounts that are paying no interest at all.

So are banks doing enough? UK finance which speaks on their behalf, says many of its members have been contacting their customers to let them know about different savings accounts that are available.

As always we've got the experts to answer your savings questions - including where to start as well as some of the many emails you've sent us about when and how to pay tax on your money.

Joining Felicity Hannah is Anna Bowes founder of savingschampion.co.uk, banking analyst Frances Coppola and Chris Gray, independent financial advisor with Forester Boyd Wealth management.

(This episode was first broadcast on Wednesday the 7th of February 2024).

Around twelve thousand unmarried parents with dependent children whose partner has died have just a few days to claim their share of an estimated £175 million in bereavement benefits. The figures came from Freedom of Information Requests to the Department for Work and Pensions. People must claim that money before Thursday 8th February. If you think you, or someone you know, may be eligible check by searching for "bereavement support payment" on the gov.uk website.

New figures show £253 billion is sitting in bank accounts which pay no interest at all. Should banks be telling us to move it?

The government is sending out the final cost of living payment for low income households this month. It's £299 straight into bank accounts. We've got all the details.

Presenter: Paul Lewis

(First broadcast 12pm Saturday 3rd February 2024)

Are you thinking of turning your 'side hustle' into a full time job?

Perhaps you want to take the plunge but don't know your sole trader from your limited company.

This Money Box Live is a toolkit for anyone planning to start a new business - or those who've started one but might need a helping hand.

And we have Dragons' Den star Deborah Meaden on the show to talk about what makes a good idea, the positives of running your own business as well as the pitfalls to look out for.

Following the pandemic there was a huge drop in the number of self-employed people but last year more than 100,000 people decided to go it alone and work for themselves compare to the year before - and it's the over 50's taking the lead according to the freelancer organisation IPSE.

It's also deadline day to fill out your self assessment tax return - so we'll be answering all your tax questions too.

Felicity Hannah is joined by Vicks Rodwell from the Association of Independent Professionals and the Self-Employed and Richard Jones from the Institute of Chartered Accountants in England and Wales.

Presenter: Felicity Hannah

(First broadcast 3pm Wednesday January 31st 2024)

Campaigners for victims of pension and investment fraud met with the Treasury this week. We'll hear from the Conservative MP who is the co-chair of the All Party Parliamentary Group on Investment Fraud, Caroline Nokes, who was at that meeting.

What's the latest for working parents of two year olds planning to take advantage of the free 15 hours of childcare in term time which begins in April?

Thieves are stealing the identities of bereaved families to try and steal money from friends and relatives of the person who has died. The National Association of Funeral Directors says it has seen a spike of such frauds in the past few weeks in Northern Ireland. What do you need to look out for?

And, some new rules started this month for platforms which allow people to sell goods online. We'll clear up some confusion after listeners contacted the programme.

Presenter: Paul Lewis

(First broadcast 12pm Saturday 27th Jan, 2024)

How are you dealing with energy costs this winter?

Money Box Live has heard some people are skipping meals whilst others in full time employment are turning to warm banks and food hubs to cut costs.

The energy price cap, which is now what most of us pay, jumped 5% at the start of the year to £1928 for typical use - but what exactly does that mean and are you a typical user?

Meanwhile, the charity Citizens Advice has estimated two million people on prepayment meters could have their gas and electricity cut off because they cannot afford to top up.

The Department for Energy Security and Net Zero says its spending an average of £3,700 per household to support families with the cost-of-living. And there is some relief on the way as prices are predicted to fall in the spring.

Answering all your questions and comments with Felicity Hannah is Peter Smith, Director of Policy at the charity National Energy Action and Deputy Policy Director Daniel Portis from Energy UK which speaks for the industry.

Presenter: Felicity Hannah

(This episode was first broadcast oat 3pm Wednesday the 24th of January 2024)

Some people who have been defrauded out of some or all of their pension fund are now being chased by HM Revenue & Customs for tax on money they no longer have. They were persuaded by advisers to cash in their pension and invest it in schemes that promised big returns. In fact they were often fake and some or all of their money disappeared. But HMRC is demanding tax on this missing money because they cashed in their pension too early. A campaign group based in Parliament is calling for a change in the law to protect them from what it calls the largest tax scandal in British history. In response, HMRC told Money Box “We do not tax pension savings lost to fraud. What we do tax are amounts that people release, or attempt to release, from their pensions where not authorised in law. It is our responsibility to collect the tax people legally owe and maintain a fair tax system for all. We sympathise with people who may have lost money by entering such arrangements and handle these situations on a case by case basis. We take the wellbeing of all taxpayers seriously and do everything we can for those who engage with us to get their tax affairs in order, including by offering affordable payment plans.”

As temperatures hit a new low this week one charity is nearly doubling the size of the vouchers it gives to those who can't keep warm. We'll speak to the Fuel Bank Foundation which helps people on prepayment meters manage their bills.

A record number of people will need to re-mortgage this year - are the choices getting any better?

And all you need to know about filing your self assessment form.

Presenter: Paul Lewis

(First broadcast 12pm Saturday 20th January 2024)

Flooding damages property, lives and can be incredibly financially damaging as well.

There was £352 million pounds in insurance claims for damaged homes following storms Babet, Ciaran and Debi at the end of last year according to the Association of British Insurers. We don't yet know the financial fall out of January's storm Henk - the eighth named storm of the season - but as the climate changes, insurers expect even more of this kind of weather.

So what is flooding costing homeowners and businesses and what is the best advice if you've been affected?

Felicity Hannah visits a flat owner in Worcestershire and we hear from the man who spent £80,000 taking matters into his own hands.

This week we're joined by Heather Shepherd from the charity the National Flood Forum as well as Laura Hughes, Manager of General Insurance at the Association of British Insurers, which represents the industry.

Presenter: Felicity Hannah

(This episode was first broadcast on Wednesday the 17th of January on Radio 4 at 3pm)