View more on these topics

Three-week warning for pensions

Six months before retirement age, I received a comprehensive circular in FSA format from several insurance companies.

These listed the options, gave no figures but told me how to obtain them.

Four months before retirement age, I received a letter from the DWP Pension Service giving figures for my state pension. These bore no relationship to earlier forecasts.

I therefore telephoned Newcastle and explained that I feared their figures were not correct. “They won’t be,” said Ann, “we don’t gather the necessary data together until you make a claim for your pension to commence.”

I explained that I might want to defer commencement to gain increments. She explained that if I make that decision there will be no way of knowing how much I am deferring.

I said I wanted to know the amount in order to plan my finances and make a decision as to deferment.

The only way to achieve that, she explained, is to apply for my pension to commence and when I obtain a figure I can say I have changed my mind and want to defer it.

She took down details to enter in a claim form which she will send to me to sign and send to Cardiff. I asked what would happen after that.

If I phone Cardiff three weeks before state retirement date, they should be able to tell me the amount and I can then tell them if I have changed my mind if I do want it to start.

During those three weeks, my wife will have to discover whether deferment of her pension on my contributions has to follow my decision. Also, if I understand correctly, although Ann did not mention it, during those three weeks she will have to arrange to discontinue the 18p per week graduated pension which she is already receiving, since this seems to be a condition for earning increments on deferment of the wife’s pension now due to commence. Whether this is possible in the time remains to be seen and what hope would there be that a layman or woman would discover the requirement?

The Government is constantly urging individuals to make financial plans for their retirement. It seems that three weeks in advance is regarded as the appropriate period.

CB Russell
Russell Harman & Co
Chalfont St Giles,Buckinghamshire


Independent view

I cannot deny it, I am a worried man. I hear from numerous quarters that the precipice bond misselling scandal (if indeed they were missold) will be bigger than anything we have seen before.

LIA’s Ellis to head CII public affairs

LIA public affairs director John Ellis is to become the first public affairs director for the Chartered Insurance Institute in the new year as well as filling that role for the Personal Finance Society.

Setting sale

James Brown has run his limited company for five years and now wants to sell it and enjoy retirement.

Poll Position

The closeness of the US presidential election race ensured there was little short-term impact on equity markets.

Can you put a hat on?

By Sarah Scott, marketing consultant You might think the question in the title is a strange one. Perhaps even more so when you learn that it’s one of several asked as part of an assessment for Employment Support Allowance eligibility in the opening scenes of the 2016 film, ‘I, Daniel Blake’. Daniel is a carpenter […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm