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Money Box: Pension Freedoms and Flee Funds

23/03/2024

Pension Freedoms and Flee Funds

BBC Radio 4 - Money Box, Pension Freedoms and Flee Funds

The bank offering a 'flee fund' to help customers escape abusive relationships.

Ten years since landmark pension freedoms were announced what impact have they had?

This week marks 10 years since a landmark shift in the way we could all use our pensions.  Back in the Spring of 2014 the then Chancellor George Osborne announced plans for new freedoms, allowing people over the age of 55 to take 25 per cent of their pension tax-free and use the rest as they wished.  What impact did that have?  

Hundreds of survivors of economic and physical domestic abuse have been helped by a new scheme set up by one of the UK's biggest banks. TSB's "Flee Fund" was launched just over a year ago to offer financial help to people trying to escape abusive partners.  Dan Whitworth reports from Preston.

There was a rare U-turn from HMRC this week.  On Tuesday it announced it was planning to close its self-assessment phone helpline for six months of every year.  The tax authority said it wanted people to use a chatbot and access its online services instead. Then, just over 24 hours later, HMRC changed its mind and halted those plans.  It says its "listened to the feedback and is halting the helpline changes as it recognises more needs to be done to ensure all taxpayers’ needs are met, whilst also encouraging them to transition to online services.” What does that mean?

Presenter: Felicity Hannah
Reporters: Dan Whitworth and Jo Krasner
Researchers: Luke Smithurst, Eimear Devlin and Sandra Hardial.

(First broadcast 12pm Saturday 23rd March 2024)

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