Original version

BBC Radio 4 LW

Money Box

Discussion & Talk

Podcasts

Factual: Money

The latest news from the world of personal finance

The latest news from the world of personal finance plus advice for those trying to make the most of their money.

BBC Radio 4 FM

Money Box: Pension grab from people made bankrupt

money-box_200914_e_get.jpg

20/09/2014

Pension grab from people made bankrupt

BBC Radio 4 - Money Box, Pension grab from people made bankrupt

Pension grab from people made bankrupt, Scotland decided and code of practice not perfect.

Bankrupts in their mid 50s face a pension snatch, and Scotland has decided, but tax changes are on the way anyway. Plus online banking mistakes and instant penalty accounts.

On Money Box with Paul Lewis:

Pension grab from people made bankrupt

Money Box has been told that as the law stands the freedom to take our pensions out from age 55 will be extended to trustees in bankruptcy who will be able to snaffle the lot to pay our creditors should we become insolvent after the age of 52. It will be subject to a few conditions such as making sure we can provide for our family. But whereas the present rules only put a quarter of the fund at risk, from April it could all be. And the Treasury says it will not change the law. Two experts debate the issue.

Scotland decided

In the end the Scottish people voted against independence in the referendum. But even this No vote will now lead to more power for the Scottish parliament, not least in taxation. New powers could extend that to corporation tax, inheritance tax or even VAT. Money Box looks at the likely tax changes for the people of Scotland.

Code of Practice not perfect

Money Box reported in May on a new Code of Practice which was supposed to help people who have made an online payment and the money ends up in someone else's account because they entered they wrong number. But as one listener found to his heavy cost, it does not stop those occasions from happening. Why didn't the bank's software trap his too long account number?

Instant penalty accounts

Four out of ten 'instant access' savings accounts come with rules or restrictions that mean it is hard to open them or expensive to take money out of them. Instead of being simple the banks seem determined to make them complex. That is the conclusion of a report by consumer group Which? in an investigation into 285 accounts. Money Box examines the detail.

BBC Radio 4

Intelligent speech, the most insightful journalism, the wittiest comedy, the most fascinating features and the most compelling drama and readings anywhere in UK radio.

Accessibility links

Programme Index

Money Box

Pension grab from people made bankrupt

Genres

Formats

Brand

BBC Radio 4 LW

About BBC Radio 4