Original version

BBC Radio 4 FM

BBC Radio 4 is a radio channel that started transmitting on the 30th September 1967. It replaced BBC Home Service.

BBC Radio 4

Radio 4

Radio 4 (FM)

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 LW

Money Box: Pension drawdown, New leasehold sales, Overdraft fees

Pension drawdown, New leasehold sales, Overdraft fees

15/07/2017

BBC Radio 4 - Money Box, Pension drawdown, New leasehold sales, Overdraft fees

The FCA says more people are drawing down from pensions without taking advice.

The FCA says more people are drawing down from pensions without taking advice. Plus renewed anger over leasehold sales and Lloyds Bank shakes up overdraft fees.

Many more people are drawing down from their pensions without taking advice, according to a study by the Financial Conduct Authority. The FCA has reviewed changes in how people are accessing their retirement income in the year since pension freedoms came into force. The freedoms, which were brought in by the then Chancellor George Osborne, mean that instead of being required to buy an annuity with their pension pot, people aged 55 and over have more flexibility to take their pots how they wish. The FCA says that since the change, the proportion of people drawing down from the pensions without advice has risen from 5% to 30%. We hear from Claire Trott, Head of Pensions Strategy at the consultancy Technical Connection. And Graham Vidler, Director of External Affairs at the Pensions and Lifetime Savings Association (PLSA).

The house builder Taylor Wimpey is being accused of breaking its promise to help thousands of homeowners who were sold leasehold homes with controversial clauses that see their ground rent double every ten years. The company announced in April that it was setting aside £130m to compensate those affected, but homeowners say they have so far received no help. Some even say their ground rents have already doubled for the first time. Money Box reporter Tony Bonsignore investigates. 

Lloyds Bank is to overhaul the way it charges for overdrafts. All existing overdraft charges will be scrapped and replaced with a single fee of 1p per day for every £7 of overdraft used. From November, the changes will affect twenty million accounts with Lloyds Bank, Halifax and Bank of Scotland. We hear from Steve Smith, director at Lloyds Banking Group and Gareth Shaw, editor of Which? Money.

Presenter: Paul Lewis
Producer: Paul Waters.

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 drawdown, New leasehold sales, Overdraft fees

Genres

Formats

Brand

BBC Radio 4 FM

About BBC Radio 4