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Money Box: Zombie pensions, PayM, State pension top-up, Investment ISAs

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05/04/2014

Zombie pensions, PayM, State pension top-up, Investment ISAs

BBC Radio 4 - Money Box, Zombie pensions, PayM, State pension top-up, Investment ISAs

Paul Lewis asks what can be done about zombie pensions.

The latest news from the world of personal finance. Paul Lewis asks what can be done about zombie pensions, and tries out the new mobile payments system PayM.

BRING OUT YOUR DEAD
Millions of people are locked into poor value pensions and investments sold in the 1970s to 1990s. The Financial Conduct Authority said it was going to look into these. Then said that wasn't quite what it meant. And then it said wait and see what we meant when publish our enquiry. Do you have a zombie pension? And what can you do about it?

PAY ME, PAY MY PHONE
The Payments Council - which polices the plumbing through which money passes between us, banks, and businesses - says it has solved the puzzle of mobile payments. Splitting the bill for a meal will never by the same again thanks to PayM - a way of sending precise small sums to your friends knowing no more than their mobile phone number. And you can even use the phone to work out your share.

TAX FREE SAVINGS IN 2014
The new tax year begins on Sunday (and now you know why!) so you can start your new investment ISA that day. If you want to take advantage of the new higher investment limit - £11,880 on Sunday and then another £3220 on 1 July - what factors should you consider before investing? And should you put it all in at once or a bit at a time?

BUY MORE STATE PENSION
From October 2015 men born before 6 April 1951 and women born before 6 April 1953 will be able to boost their state pension by up to £25 a week. And this week the Government announced the price they will have to pay. They can buy extra pension in units of £1 - a person of 65 will pay £890 for each £1 a week unit. It will cost older people rather less. It sounds expensive - £22,250 for the maximum £25 a week. But it is considerably less than buying an annuity for the same amount. The window opens 12 October 2015 and closes eighteen months later on 5 April 2017. Is it a good idea?

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