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Money Box: Exotic Pension Scams

03/11/2018

Exotic Pension Scams

BBC Radio 4 - Money Box, Exotic Pension Scams

Child benefit, unfair insurance and who pays up when pensions go wrong.




Child benefit, the winners from the autumn Budget, unfair insurance and who pays up when pensions go wrong.

The High Court has ruled that SIPP providers should check whether the investments chosen by customers are high risk or scams following one man's investment in a bio fuel scam.

Insurers are taking an estimated £700 million a year off us because we do not look for the best deal every year. They even have a name for it - price walking.  It's a familar tale for regular Money Box listeners - we've exposed this practice many times. But now the regulator, the Financial Conduct Authority, has launched an enquiry into pricing practices in the £78 billion general insurance market. 

HMRC said this week that parents may get a refund if they've received a penalty for not paying back their child benefit. Since 2013 people who earnt more than £50,000 have had to pay back some or all of their child benefit. HMRC has now admitted that since the High Income Child Benefit Charge  was introduced in 2013 it has not given people enough information about the rules and and it will be refunding the penalty in some cases.

And nearly a week after the Budget, who are the definitive winners and losers?

Presenter: Paul Lewis
Producer: Alex Lewis
Reporter: Dan Whitworth
Editor: Richard Vadon

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