The Meaningful Money Personal Finance Podcast: Recent Episodes

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In this UK personal finance Q&A, Pete Matthew and Roger Weeks answer listener questions on offshore investment bonds, GIA tax, pensions, retirement drawdown and building financial stability in your twenties. They explain how UK tax can apply to dividends, capital gains, offshore bond withdrawals, top slicing relief and pension crystallisation, with practical context for retirement planning and long-term investing. The episode also covers the normal minimum pension age rules, phased pension access, tax-free cash and how couples often divide responsibility for managing household finances.

Shownotes: https://meaningfulmoney.tv/QA57

01:04 Question 1

Hi Pete & Roger, I'm hooked on your Podcasts; they are invaluable and strangely fun.

Though I don't recall hearing about Offshore Investments Bonds being discussed, this is a worry to me because I have one with Prudential which my financial advisor arranged for me. (My original premium invested £254,640 on 11th March 2027.)

I would appreciate to hear your general views on Offshore Investments Bonds, a general overview with positives and negatives.

Also, I'm thinking of letting my Pension Advisor go, and going alone at the beginning of April 2026, because I don't like the idea of paying for Pension Advisor costs and I don't plan to make any withdrawals until 2037 when I'm 67.

Prudential have said that it is possible to go alone if I agree to a disclaimer, because this Bond is sold as an advised only product.

Though I'm confident in my ability to manage this Bond because I'm a member of Meaningful Academy and I'm already retired at 56 and living off my Pru Drawdown Pension, therefore I have plenty of time to learn. (At 67 my Pension Pot will have virtually run dry.)

My plan at 67 at my State Pension age is to take my Bond's 5% tax deferred allowance monthly, plus make annual 'Segment Encashments' to refill my 'Cash Buffer' that covers my monthly income shortfalls, and if (& when) I need to stop taking monthly withdrawals from the Bond during smoothing shocks; suspensions or UPA's etc.

Also, when it's time to encash segments, I'd like to use 'Top Slicing Relief' to prevent being taxed as if I've earned that whole amount in a single year.

I would also appreciate your general views on this plan too, I do realise this is not advice.

I'm hoping this question is not too specific and that others may find useful.

All the best.

Jon

11:24 Question 2

Hi Pete and Roger, Thanks for everything you do, it is truly life changing.

I currently live abroad and am a few years off state pension age. When I get to state pension age I am thinking of returning to the UK. When/if I do return, I will have approximately £800k in a UK GIA. (I can't have an ISA as not currently a UK tax resident). My £800k GIA will be invested in about 10 various ETF's.

I plan to live off the proceeds of this GIA, alongside my state pension. Let's assume the state pension takes up my single person tax allowance, so that is effectively tax free. What I am not sure of is how my 'income' from the GIA is taxed.

Let's say I take 5% pa (close to the 4% rule of thumb) which is £40k pa. Although this will be my 'income' I don't believe it would be treated as income for tax purposes. It could also be subject to CGT as it's an investment, but it isn't all profit/gains, so I can't see how it would be taxed as that either.

Please can you explain to me how the GIA would be taxed so that I can plan for returning to the UK, and understand whether it is financially viable. Also am I missing anything obvious?

Hope that isn't too long a question to be answered on the podcast.

Many thanks, Neil Thompson, Long time listener

19:11 Question 3

Hello, I always love listening to the podcast while I'm working and find it a great way to pass time when I'm bored.

When I listen I never really hear many young people such as myself contact the show an ask for advice so I thought I would.

I've recently just turned 20, I live at home and don't pay any board as I work away 5 days a week. I take home around 2500-2700£ a month after taxes. At the moment I have 6000£ in a stocks and shares ISA (I put 500£ a month in) and 2000£ in LISA. My only debt is my car finance which costs me 250£.

What is the best advice you can give me to help me become more financially stable in the future?

Thanks a lot for reading and appreciate any advice you can offer. Thanks, Sam.

24:47 Question 4

Dear Pete & Rog,

Really enjoying your podcast, (and your BOD spin-off Pete). I have a question about accessing a DC pension/SIPP, specifically the age one can access benefits.

I understand this is 55, if you reach the age of 55 before Apr '28, after which the age rises to 57. I turn 55 in late January 2028, and am planning to retire then. As the rules stand I would be able to access my workplace DC pension and my own SIPP at this time, since I turn 55 prior the 6 April 2028 (before minimum age increases to 57).

I am (was) planning to gradually drawdown my DC pensions, taking small monthly amounts to bridge the gap between 55 and 65. At which point have 2 deferred, index linked, DB pensions, along with the state pension a couple of years after that.

Recently I saw a finance video on You-Tube which said that this is not correct.

https://www.youtube.com/watch?v=756h-kRxEug

The video led me to believe the following….

Having already turned 55, before April 28, I assumed I would be free to access any amount from my DC pension, at any point after Jan 28, upto and including late Jan 30 (when I turn 57).

Since I turn 55 late Jan '28 I will be able to access my DC pension from my 55th birthday, and until 6 April '28 for about 10wks! I will also be able to access my DC pension after I turn 57, late Jan '30. But in the period between April '28 and Jan '30 I would not be allowed to drawdown my DC pension nor my own SIPP, irrespective of whether I had started to access it already, or not.

This seems ridiculous, is it true? Thanks so much for your thoughts, and keep up the good work! Phil

GovUK: Pensions Newsletter 178 (February 2026)

33:40 Question 5

Dear Pete and Roger, and Nick...

As a prolific personal finance podcast listener, I was surprised to only discover your podcast in December 2025. Since then I've been binge-listening to your listener Q&A series and have just finished the very last one, so I'm now fully up to speed and I absolutely love the series — keep up the awesome work.

I do have a few questions, but as you don't like super long questions, I'll spread my three very different questions across different weeks.

My first one is this: as I listened through the episodes, I was surprised by the number of questions coming from men, because I had always assumed that women tend to manage the money in most relationships.

I know you said 85% of your YouTube audience is men. I'm wondering, just out of interest from your lived experience at Jacksons: in this self-selecting group of people who are interested in money management, what roles do men typically play in managing finances, and what roles do women tend to play?

In my own household, I manage 100% of the finances — everything from utilities, contracts and payments to the investment portfolio. Basically anything to do with money my husband hates, so I end up doing it. Fortunately I love it, so it works pretty well for us.

And just to sign off, as an indication of what a presence you've established in our household: a week ago I scratched my cornea and the doctor told me I needed to rest my eyes. My husband caught me scrolling on my phone and said, "Heather, the doctor said you need to rest your eyes. Put on your two stepdads and stop looking at your phone!"

I didn't need to ask who my two stepdads were. I duly put on an episode of Meaningful Money and rested my eyes. As an African woman, the wisdom of additional parents is always welcome.

From that moment on, you have been known as "the two stepdads" in our house. Heather KW

40:43 Question 6

Hi Pete and Roger,

Firstly, I love the show - it has been transformative for me and my family!

I'm looking ahead to retiring in a few years and have a drawdown question for you. I anticipate that I will have a £600,000 pension pot and want to check whether my understanding of the withdrawal strategy is correct.

Here's what I'm hoping to do:

Take £30,000 of taxable income in each of the first two years before the state pension kicks in. In year 1, I also want to spend £100,000 to buy a lifetime annuity. Critically, I want to preserve all of my tax free cash at this point - so the £30k income would be taxable (and I assume that the annuity purchase is not-taxable as the income from it is). Then, at the start of Year 2, I want to take the 25% tax-free cash (say £150,000) in one go and use it to move house. After that, I would draw £20,000 a year of taxable income from the remaining pot forever (not relevant to the question, but I thought it would make the question make more sense). My understanding is that this can be done by partially crystallising only the amounts needed in Year 1 and leaving the rest of the pot uncrystallised so that the full 25% tax‑free cash is available for use in year 2. I also understand that this is not UFPLS - just regular crystallisation.

A bonus question if you have time - I assume that the income drawn in year 1 will generate 25% tax free cash - can I just leave this in my drawdown account to be used in year 2 (to contribute towards the full tax free amount) or I have to take it out?

Could you confirm whether my understanding here is correct, and whether most pension providers (for example Standard Life or Vanguard) allow this kind of phased crystallisation and delayed tax‑free cash? Sorry, I find crystallisation very confusing!

Thanks very much - absolute legends the both of you (and the teams behind you)!

James (your number 1 fanboy).

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In this episode of the Meaningful Money Podcast, Pete Matthew talks to Chartered financial planner Adam Cockerham about his debut book, Your Money and Your Mind, and the powerful link between our mindset and our money. Adam explains why our financial decisions are shaped far more by how we interpret events than by the events themselves, and how a calmer, more rational mind helps you detach your well-being from your bank balance. Together they cover practical ways to master your money mindset, how to cut through the noise of the UK financial media and finfluencers, and why we so often approach risk emotionally rather than rationally. Essential listening for anyone in the UK who wants to build better money habits, invest with more confidence and plan for a financially secure future. Book: https://amzn.to/4hi5zbB *Affiliate Shownotes: https://meaningfulmoney.tv/session632

Video version of this podcast: https://youtu.be/AMuTXYtCLV0

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In this Meaningful Money Q&A episode, Pete Matthew and Roger Weeks answer real listener questions on UK retirement planning, pensions, tax and inheritance tax. They discuss tax planning after the death of a spouse, investment bonds, SIPP drawdown before State Pension age, Defined Benefit pension contributions, Fixed Protection 2016, inherited ISAs and lifetime gifting rules. If you are planning retirement, managing pensions, thinking about ISA transfers or trying to understand UK IHT, this episode offers practical guidance to help you make better financial decisions.

Shownotes: https://meaningfulmoney.tv/QA56

01:44 Question 1

Hello Pete & Rog, Your content and chemistry are a unique combo that's helped me focus and engage in my own future properly at last. Thank you!

It occurred to me being well insured isn't necessarily enough…..planning mechanics is key too.

I'm Interested in your views on planning for the tax shock if one spouse dies pre-retirement and all income is consolidated into a single taxpayer (surviving spouse).

Scenario: Couple both in 40/50s earning ~£75k each with two dependent kids (15 and 11) One spouse dies (let's assume today) Immediate loss: £75k income, one personal allowance, one BRT band, future SP Survivor receives ~£40k DB spouse/children's income initially falling to £15.5K when kids out of education Total initial income of survivor £115k

Life cover + enforced cash lump sum from DC (no survivor pension option) all in trust pays off mortgage + ~£500K capital but all now in tax land

So despite being "well insured", the survivor is pushed into a much less efficient tax position.

Beyond salary sacrifice AVC to stay

Would an investment bond look attractive in this situation? e.g. £400K of capital to buy an investment bond. Can you explain how this works and its pros/cons in this situation? I know these are tax deferral tools but seems to me deferring tax when income is £100K+ to a time when in retirement spouse will pay a lower rate of tax could be a good move.

Thanks, Duncan

08:29 Question 2

Hi Pete and Rog, Huge fan of the show — everything I'm doing is thanks to you guys (and Damien)!

I'm 35, and have managed to get myself into a decent position. I've built up a six-month emergency fund, and also have a SIPP, S&S ISA, S&S LISA, as well as my workplace pension (RAS scheme, minimum 5% / 3% as no option to salary sacrifice or increase employer match) I claim back the additional 20% tax relief, which then funds my LISA for flexibility.

In total my long terms savings sit at around £65k currently. I'm married and a home owner (25% equity), no children. I have a military DB pension worth £6,800pa at SPA (index linked and don't want to take this early), I expect to receive the full State Pension when I retire. My wife is ahead of me regarding DC pensions, though she doesn't have a DB pension.

Here's my hypothetical scenario: say I aim to retire at 60 and want to use my SIPP and ISA's to cover me until SPA at 68. Ignoring growth, inflation, any changes to SPA, and assuming current tax bands for simplicity, if I crystallise £134,080 of my DC pot:

I would get a tax-free lump sum of £33,520 £100,560 would go into a drawdown account I could then withdraw £12,570 per year tax-free using my personal allowance to run this down to zero The remainder of the SIPP would stay uncrystallised for future PCLS or UFPLS withdrawals Question: Theoretically, does it make sense to crystallise a portion of my SIPP for a small tax free lump sum and then withdraw £12,570 per year without paying tax on the crystalised taxable portion until my State Pension starts? or would UFPLS withdrawals make more sense from the start or am I overcomplicating things?

I know it's a long way off, so my main focus is building the pots and enjoying life. Thanks for all the fantastic work you do, Owen

12:57 Question 3

With Friday-night beers at stake, my insufferable know-all brother and I are looking to settle a DB pension 'argument' by seeking a definitive answer from the most trusted of sources — Pete and Rog.

He [my bro] argues that employee contributions into a DB pension scheme are entirely irrelevant.

Although I accept that those contributions aren't used for the 'AA test' — it's the PIA that matters — I believe that the value of the employee contributions are important, because they form part of the '100% of relevant U.K. earnings test'.

Therefore, if he's looking at contributing into a SIPP, in addition to his DB scheme, those employee contributions would be very relevant, would they not?

Much obliged … even if I'm wrong, James

16:41 Question 4

Hi Roger & Pete,

I have been bingeing your Q&A podcasts as well as following Pete's YouTube videos and can't thank you enough. I had IFAs up until last year and always felt that I didn't really get much from them for the fees they charged, your wealth of information has only sought to reinforce that I made the right decision to go it alone and move funds to a flat-fee platform without advisor overheads.

Some background, I am just 61, work in a job I enjoy with no plans to retire although I will reduce my hours over the coming years. Post-pandemic I have realigned my attitude to money and become more free and easy with spending having reached the point where I really don't expect to run out.

I have Fixed Protection 2016 of £1,250,000 vs the original LTA, this allows me an extra £44k tax free cash saving about £9k in tax. I believe making further contributions invalidates the protection and so I haven't paid into a pension since I left the bank in 2011, is this still correct now LTA is a defunct concept or could I resume some contributions (may allow some finesse of my Q2)? Originally I believe that any withdrawals above the FP figure would be taxed at 55% (as per former LTA rules), is this still the case or is it now just at marginal rate?

My original drawdown strategy was to exhaust my TFLS allowance and then draw within the BRT thinking this would maximise my tax efficiency. However with the advent of IHT and some of your Q&As I have started to wonder whether I should be drawing my 'available' BRT balance via UFPLS in order to build up a fund (in S&S ISAs with investment profiles mirroring the drawn SIPP) in lieu of significant future spending (& gifting) instead of withdraw at the time and partially incurring HRT (or even more punitive IHT as my daughter and partner are HRTs). I am modelling this via spreadsheet but not yet formed a firm conclusion.

My question is does incurring Basic Rate Tax early to reduce future Higher Rate Tax through gifting make sense or might I be better just taking out a Whole of Life in trust for an estimate of the possible IHT and not make my drawdown overly complex?

I've been looking a little into the life assurance angle for potential IHT and spoke to a life assurance company they're default position is that any policy should be joint life, second death, this seemed like a 'scripted' response to me. I envisage £200,000 will be ample. I feel that just insuring myself would be more cost efficient and would work perfectly well even if I pass away first, the resultant funds simply being available early and then capable of growth to cover the eventual IHT (if any). Part of this thinking is that I am 61, in excellent health with no adverse family history and longevity of my parents and grand-parents. Without going into detail my wife is 63, has had recent serious health issues and her family history does carry risk factors. Am I missing something obvious as I can't see any logic as to why delaying the payment of funds for a future IHT bill should be a bad thing.

Many thanks, Daryl

28:36 Question 5

Hi Roger and Pete,

I've recently discovered your Q&A podcasts and I'm currently enjoying going through your past episodes!

I have a question that is probably quite a simple one, but which I'm having trouble finding a straightforward answer on the usual Google route.

My wife passed away a couple of years ago, and it was only then that I discovered the APS whereby an additional ISA allowance can be passed on to the surviving spouse up to the value of any ISA held by the deceased at the time of their death.

My wife had only recently started saving into an ISA, and so the value of her holdings was only around £25000.

Just for simplicity at a very difficult time, I used the APS by staying within the same building society (Skipton) and opening what they call a Legacy ISA for that amount.

A couple of years later, and the rate on that ISA is now pretty rubbish at 2.4%.

My question is, is this account now just a 'normal' cash ISA in my name? And can I just transfer it into a more favourable account with a different provider?

Thanks both! Keep up the good work! Gary

30:12 Question 6

Hi Pete and Rodger

Just want to start by saying that you guys are great and thanks for all you do, helping us with our financial questions we bring to you. Also a separate shout out to you Pete and your daughter, for launching "the bank of dad" podcast – very timely as I want to help my 19 year old daughter understand finance more, but in a simple way, and you both deliver!

My question is regarding inheritance tax.

I understand that inheritance tax is due if the IHT threshold is exceeded. And I've learnt that roughly 4% of the UK population pays IHT. However, what I'm not clear on is, if an estate is well below the IHT threshold, eg: £1million for a couple, can unlimited gifts of any amount be given knowing that the estate will never exceed the IHT threshold, thus no IHT will need to be paid?

As an example, my parent's have started to gift generously - gradually depleting their wealth whilst still alive. They use their annual £3,000 gift allowance as well as gifting from surplus income (pensions) but their estate is nowhere near the £1million IHT threshold. Along with further gifts can be made – we are aware of the 7 year timeline rule. But again if their estate is nowhere near the IHT threshold, is this a concern? As an example, can my parents gift myself and my sister large sums, randomly over the forthcoming years, without needing to worry about the IHT 7 year timeline rule and us paying any IHT? Apologies if I've waffled on, I hope my question makes sense.

Keep up the great work! Steve

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In this Meaningful Money Q&A episode, Pete Matthew and Roger Weeks answer real listener questions on UK pensions, retirement planning, tax and ISAs. They cover pension contributions for a spouse, starting a career in financial planning, reducing workplace pension fees with a SIPP, navigating the 60% tax trap, retiring abroad with UK pensions, and upcoming ISA rule changes from April 2027. A practical episode for UK savers, investors and future retirees looking to make clearer, more confident financial decisions.

Shownotes: https://meaningfulmoney.tv/QA55

01:26 Question 1

Thanks Roger and Pete for the wealth of information you share and all the time you put in to share on finance and pensions. I have listened to a lot of your podcasts on my treks to and from work and finally took the plunge to retire early at 52 to enjoy life and get away from the desk for 8-9 hours a day.

I had a DB pension which allowed me to take early whilst my wife has various pensions from previous jobs but all have the rule to take from 57 onwards.

So my question is to help 4-5 years down the line. Could I put £300 a month (or the equivalent of 300 minus government contribution) into my wife's pension to continue to take account of government contributions and take the opportunity of her being on below the £12k tax threshold after giving up work?

Is this possible or would this be classed as pension recycling as the government would presume the cash invested is from the lump sum I got from my defined benefit pension or is there a way to prove the money is from pay before I retired?

Many thanks for your advice and support giving many people greater confidence with pensions and finances.

Wayne

04:10 Question 2

Hello Pete & Roger,

Thanks for all the great content and information - you are both much better than any AI chatbots!

Apologies for the long back story but here goes:

My name is Michael, 33 and I live in central Scotland.

I have worked in a tech startup for the last 6 years but felt like a change around 18 months ago so I began sitting my CII exams. To date I have passed RO1 - RO5 and also recently passed CF6. I am sitting RO6 in April this year - wish me luck!

I have recently secured an opportunity to work self employed for a specialist mortgage firm and start in early May as a trainee mortgage advisor. I have been offered a set monthly payment for 6 months then a 70/30 split after that. I would hope to have achieved CAS within that 6 month period.

If I pass RO6 in April, I will have my diploma. My goal is to work as a financial planner but since I've done self study, I don't have any real experience of the financial services industry. I am very ambitious but also trying to be realistic about how to sensibly map out a route to being a successful financial planner relatively quickly.

To throw a spanner in the works, a family friend who is a 62 year old IFA with £30m aum is interested in discussing me joining him and eventually taking over the business. It sounds exciting but also a little scary to me. He is only a one man band.

For now I've accepted the mortgage trainee position but not sure if I am doing the right thing. The owner of the mortgage company now lives in Dubai and is looking to also remove himself from his business - he has 8 admin staff who WFH from across Scotland and he is the main adviser, specialising in BTL, bridging and commercial finance. They are only authorised for mortgages by the FCA.

After that dissertation, my questions are:

1. From your experience and perspective, are mortgages a decent place to start or can you end up getting stuck there?

2. Since I have no real industry experience, only exams - is my head in the clouds thinking I could be a full fledged financial planner within 2 years?

3. If I started with the mortgage firm and got CAS as a self employed mortgage advisor, could I then also be an appointed representative for a different financial planning firm at the same time or is that not actually feasible in the real world?

Once again, sorry for the huge essay but I guess context is needed.

Once again thanks for all that you do, not much good content out there around these topics so keep up the good work!

Regards, Michael

12:36 Question 3

Hi Pete & Roger,

Firstly a very big thank you for all that you do for this community. I am learning lots from you guys and feel more confident with my finances. I'm 46 years old and currently have two pensions. My first pension is in a defined benefit plan from my steelwork apprenticeship days whereby I only paid into it for approx 6 years before moving jobs. I was able to track this down late last year and was pleasantly surprised to see that this had gone from an annual amount of £2650 in July 2007 to £4400 as of October 2025. I have been told to leave this as it is as it will grow over time with inflation. My other pension is a defined contribution plan with Royal London (RL). I am a higher rate tax payer and currently pay 10% of my £58,000 annual salary into this fund and my employer pays 5%.

I would like to finish at 58 given I had a serious neck injury at 41 and don't know how long my body is going to work for me)! This pot is currently worth £105,000 and I am deliberating whether to increase my contributions in order to achieve my retirement age goal. I also have a stocks and shares ISA which is currently worth £36,000. I pay £250 a month into this but don't know if it would be more tax efficient to put this £250 into my pension instead? However, I am also mindful that the pension age may increase so by having a pot of money invested in the stocks and shares ISA I can draw this down when I like and also not bear any tax implications.

Having looked into the fees which RL charge (0.71% for our employers scheme) I believe I would be able to achieve my goal quicker were I to move this into a SIPP and invest in a global ETF. I have discussed this with my employer and have asked if they would consider offering an alternative SIPP option. I feel I am meeting some resistance with this and don't believe a decision will be made anytime soon. In the interim, my compounding is being eaten away by the fees which I am currently being charged and my goal is moving further away from me. I found a pension fee calculator online and at the current rate I am investing I stand to lose approx £50,000 if I keep this with RL.

I am aware that I can partially transfer my RL pension. However, to keep the employer contribution I would need to keep the RL pension open with a minimum amount of funds and then transfer the employer contribution across to my SIPP. What is the best way to go about this to make it the most fee/tax efficient? Should I transfer the employer contribution as soon as it is paid to RL, or would it be no different to do it on an annual basis? I am assuming the longer I have money in the SIPP the more growth it will obtain therefore the former would be the sensible default. Am I approaching this correctly? Is there something else which I could consider?

Thank you kindly, Paul

20:30 Question 4

Hi Pete and Rog - great show and love the books (but not finished them yet).

Thanks for demystifying the complex world of personal finance and financial planning.

I'm in the fortunate position where my projected salary and bonus will increase again for tax year 2026/27 and will take me well over the £125k tax threshold before adjustments.

My 'problem' so to speak is that even after using my current year maximum pension allowance and previous years unused maximum pension allowance I can only get my adjusted income to be around £115k. Tough life I know!

I can either make a large Gift Aid donation to get below £100k or use less of my unused maximum pension allowance to keep above £125k.

Am I missing any other income adjustment options?

What is the actual impact of not being able to hit the £100k adjusted income, and being in the £125k additional tax bracket, from a tax payment perspective in real money terms?

I have some small cash savings and stocks outside of ISAs as we put most of these in my wife's name as she is a basic rate tax payer.

We don't need the childcare tax scheme and not aware of any other reason to keep under £100k except to save tax and avoid the 60% effective tax rate between £100k and £125k.

Don't want to let the tax tail wag the dog, and happy to give to charity, but in real terms is there actually much difference in the tax payment amount in pounds and pence (as long as I kept out of the £100k - £125k range)?

Many thanks, Simon

25:33 Question 5

Hi, Fairly new listener to the podcasts, been binge watching them recently, ended up here via the meaningful money YouTube channel.

Both are thoroughly enjoyable to watch and are teaching me a lot about the financial world - along with 2 other YouTube channels I like Damien talks money and James shack.

Anyway my question if you have time and it's selected would be about retiring abroad.

My current situation - male, 42, living north east England, working full time for NHS and will have 2 NHS db scheme pensions in retirement (1 in 2008 scheme at 65 and 1 in 2015 care scheme at state pension age). I have 2 stocks and shares ISAs, with about £95000 between them, 1 stocks and shares Lisa with about £4500 in it (for retirement not house purchase), about £21000 in premium bonds which I use as an emergency fund. Our house is paid off so no mortgage payments so at the minute can add to these savings at £500+ a month comfortable.

My wife is 34 and here on spouse visa and hopefully will be eligible for indefinite leave to remain and citizenship soon (it will save us a lot in visa fees and stuff when it happens). She currently works a part time job 16hr per week at minimum wage to fit around child care for our 2year old son.

1st question is would this part time work count as a qualifying year for the state pension as it's below the personal tax allowance?

We have a rough plan of retiring early hopefully once our son is grown up and finished with schooling and university and moving back to my wife's home country in Asia for the better weather and lower cost of living. As a rough plan we think when I'm 60 and wife 52 but could move later depending on family commitments.

Now if I stay in NHS all that time I should have 10 years in the 2008 NHS scheme and 24 years in 2015 scheme and with conservative planning on spreadsheets will get £8000 per year from 2008 scheme and £14000 from the 2015 scheme taking at the normal pension age for these schemes. My wife will benefit from a spouse's pension for length if I die 1st of roughly 1/3 of these figures. I have the option of exchanging some of this pension for tax free lump sum up to 25% and the calculation is for every £1 I reduce the pension by I get £12 lump sum.

Question 2 - everyone at work always talks about you got to take the maximum lump sum to avoid paying tax, but I'm not so sure as the pensions linked to inflation over the long run there could end up being a big gap between your pension with and without the lump sum. What's your thoughts on this, if I didn't need a large amount of cash for a specific thing surely it's better to go for the larger pension even if you end up paying for tax or am I wrong .

When we move I will have a full NI record for the state pension but my wife won't and depending on your answer to the 1st question might have 20 years contribution say.

Question 3 - if we move abroad before she has a full record can we make voluntary payments for extra year's while resident in another country? I see you can pay about £900 for a year in this country but I'm not so sure if where already living abroad.

Assuming my savings continue to grow and the stock market doesn't complete collapse, I will use these savings to bridge the gap from 60 to 65 and then the state pension age. And fund the move with the sale of our house which will also give us a cash buffer hopefully too.

Question 4 - when moving abroad can I keep my stocks and shares ISA - I know you can't contribute more to it, but keeping it open to grow, receive dividends, withdraw money, the government website says you can but a lot of the provider websites are vague and some say they don't allow it. Is it a case when the time comes I'll have to transfer my isas to 1 of the more expensive providers say who are more likely to allow this?

Now I already know that the country I'm moving to doesn't have a reciprocal agreement so our state pension will be frozen at the level that we claim it and have based all our plans and number crunching on this.

And that the country I move to may charge tax on money I draw out of my ISA when I transfer it over, and on my pension (although with the double taxation treaty hopefully not) and will seek advice of accountants over there nearer the time as currently there is some work arounds involving spouses but these may not be there in 20 years time.

My last question - would be about if I die 1st probably more likely me being older and male, is more for my wife inheriting my UK based assets - the bank accounts and isas, NHS pension. The NHS pension should be easy she's already my nominee on record and will go through with her the forms and website for claiming it. But the isas and bank accounts are the main worry - will it be easy for her to transfer them over to her (I'm assuming the joint accounts will be pretty much automatic) but will the single accounts be easy? Can she keep the money in the ISA still in an ISA but in her name? Would having her own ISA make this transfer easier? And most importantly is this something you think can be done online/over the phone from abroad or will it involve a trip back to the UK and back and forward to branches assuming they haven't all been shut. Thank you for taking the time to read this email, sorry it's so long, and no worries if it doesn't get chosen for the podcast. Keep up the good work Kind regards, Mark

38:15 Question 6

Change to ISA rules from April 2027. Audio question from Holly.

View Details

In this Meaningful Money Q&A episode, Pete Matthew and Roger Weeks answer listener questions on key UK personal finance topics, including long mortgage terms, pension contributions, ISAs, investing property sale proceeds and planning for retirement with confidence. They explore flexible ISAs, SIPPs, Junior SIPPs, Gift Aid, money market funds and the £100k tax trap, with practical guidance for UK savers and investors. The episode also looks at financial literacy, how to teach money skills, and how to balance pensions, ISAs and accessible savings when building long-term financial security.

Shownotes: https://meaningfulmoney.tv/QA54

01:23 Question 1

Hi Pete & Roger,

I'm a chartered management accountant so maybe I should know this but clearly not. I'm wondering is there a financial disadvantage of just taking the longest mortgage deal you can (i.e. 40yrs for example) & then each time it's up for renewal don't worry too much about reducing the term.

As long as the mortgage interest rate is lower than the average long term return you'd expect on the stock market (say min 6%), is it not just best to pay lower monthly mortgage payments each month and keep the spare money invested? On a pound vs pound basis aren't you better off?

I understand the stock market can go up and down but over the long term I'm struggling to see what the disadvantage is of this strategy, apart from the apparent freedom of being mortgage free.

Thanks

Jamie

06:45 Question 2

Hi, Why are these things not widely known or discussed?

Flexible ISA's.

SIPP contributions when retired. £2880+ Rebate.

Junior SIPP when worried about Junior ISA end date. I have heard that Parents/Family/Grand parents don't want to pay in to an ISA when you don't know how the child will react to suddenly having control of this ISA money at 18. A SIPP may be a better option.

Also one to watch, if you are retired and contributing to charities and tick "Gift Aid" then HMRC may back charge you if you are not paying tax.

Emergency fund in Money Market Fund.

Regards, Gary

13:00 Question 3

Dear Butch and Sundance Long time listener, first time caller. Thanks for all you do, filling in the gaps in our financial education that should (but doesn't) start in school. I'm 56 and looking at my later career options, something that contributes back and can supplement my (early) retirement income. I enjoyed the episodes you did on becoming a financial planner and if I were younger I may well have gone down that route. Instead I would like to help educate people on basic financial good practice. I'm particularly thinking about schools and young people. What options exist in this space, and if they don't exist and I want to create them, what sort of financial qualification would give me a good grounding so that I am not just an enthusiastic amateur. I'm writing this in February, so if it makes it on to the podcast Merry Christmas everyone! Keep doing what you're doing, it's working. Nick

18:40 Question 4

Hello guys

I have been an avid listener for many years, really enjoy the content.

I finally have a question of my own. I am about to sell a property which I own outright and would like some advice on where to invest the money going forward, ie bonds, etf's, pensions, ive even considered premium bonds... I would rather spread the money into different pots rather than one product. I understand a pension would be the most tax efficient and I plan to put a small portion into my sipp and max out my s&s Isa however I'd rather be invested in something more flexible I don't intend to utilise the money anytime soon so I want to maximise its potential. I already have been investing in index funds for many years and built up a nice portfolio through s&s isa's.

Any advice would be great appreciated

Thanks, Paul

22:09 Question 5

Hello Peter and Roger!

Thank you for the excellent videos. I listen to them on my daily walks and while cooking, and I always come away having learned something new—so thank you for all the insight you share! I have a question about planning my finances using the Die With Zero approach, especially as I have no children or spouse. I'm 52 this year and hope to hand in my notice in October 2026. I've always been a saver (largely out of insecurity!), so I'd really appreciate your thoughts on whether I have "enough," and—if so—how I can become a more confident spender in the next stage of my life.

Here's a brief summary of my situation: I have around £300k across my ISA, general investment account, Premium bonds and cash savings. The allocation is roughly 20% equities / 60% UK gilts / 20% cash. This pot is intended to bridge the gap until my DB pension starts at 60. My DB pension is currently valued at about £18k per year (today's terms) and is inflation‑linked. I also have a SIPP worth around £500k, invested 85% in equities and 15% in money market funds. I have no debts. A small investment property brings in about £1000 a month. My spending target in retirement is about £2,500 per month after tax. ChatGPT has told me that I likely have enough to retire, but I still worry about worst‑case scenarios—war, high inflation, very low future returns for the next 20-30 years (e.g., below 3%), or needing long‑term care since I don't have family support. I value your thoughts before I finally hand in my notice lol.

Thanks again for all the work you do. Abi

32:20 Question 6

Hi Pete and Roger,

I'm a long time and regular listener and can even remember the time BR (Before Roger) although the modern era partnership has been some of the most entertaining content on the channel.

THE CONTEXT

I'm 41, married with kids (all out of nursery so no childcare free hours), we have a house with a mortgage. I'm employed full time, putting 19% of salary into my DC pension. I maxed my employer contribution of 8% (with 6% from me) back in 2019 and have steadily increased my contribution each year up to the current 11% (19% total). Currently the pot is worth ~£140k with monthly contributions of ~ £1,550.

I'm in the very fortunate position that my salary growth has outpaced inflation and I am now teetering on the edge of the £100k mark. We also receive a variable annual bonus which is targeted at 10%.

Pre Covid, we started a stocks and shares ISA, contributing £300/mo but when my wife was furloughed and subsequently made redundant, we had to stop those contributions. Still, that ISA pot has grown to ~£17k.

I'd like to build up the ISA to give us flexibility on draw down in retirement but struggling to find the spare cash. Also mindful of creeping over the £100k threshold and reducing my tax free allowance so considering options like sacrificing part of my bonus this year into pension.

THE QUESTION

So the question, is it worth continuing to increase my pension contribution to 20% and beyond at this stage or start to focus more on building up ISA contributions.

Congrats on the success of the Meaningful Money podcast, it is always top of my weekly listening queue and continues to educate and inspire me.

Best wishes, Ben

View Details

In this episode, Pete is joined by Justin Harper from LifeSearch to explore why life insurance and financial protection still matter in your 40s and 50s. They discuss who still needs cover, when you may be able to self-insure, and the common mistakes UK families make when reviewing protection in middle age. You'll learn how mortgages, pensions, dependants, workplace benefits and changing health can all affect the right level of life insurance. This practical conversation will help you review your protection, avoid expensive blind spots and make confident decisions about safeguarding the people who depend on you.

LifeSearch - https://meaningfulmoney.tv/lifesearch *Affiliate

Shownotes: https://meaningfulmoney.tv/session628

View Details

In this Meaningful Money Q&A episode, Pete Matthew and Roger Weeks answer six listener questions on UK personal finance - from gifting money to children using the 'normal expenditure out of income' rules to whether ISA withdrawals can support one-off big spends. They also cover pension consolidation and FSCS protection, investing while living abroad, how DB pension accrual affects SIPP annual allowance, and how to bridge the gap to State Pension without over-relying on AVCs. Finally, they tackle the practical steps to opening a Stocks and Shares ISA - and how to get started with confidence. Practical, jargon-free guidance for UK savers and investors navigating pensions, ISAs, tax and retirement planning.

Shownotes: https://meaningfulmoney.tv/QA53

02:35 Question 1

Hi Pete and Roger,

I have followed meaningful money for around 6 years now and it has been an invaluable source of sensible advice which I have followed. This has left my wife and I in a very good situation for retirement as you will see below. You deserve an MBE at least!.

Love the double act with Roger as well. I am 62 and my wife is 60 years young. Our total pensions will be around 35K a year which is all we need for our basic living cost and general going out etc. We have a house worth £750K with no mortgage and no debts. I have a DC pension around £920K and my wife around £650K and our two boys have just moved out of our house and so we are now retiring and relearning life B.C. (Before Children). I have begun looking into gifting them money out of excess income. I like the idea of giving with warm hands - and strangely so do my boys!

Putting our scenario into google gemini, using UFPLS with regular drawdowns and keeping within the current 20% tax band we could each have around 50K income after tax over the next 30 years. Really cannot see us spending more than 40K/year travelling and this will certainly reduce in time as we get older and so will give the increasing excess to our kids. To keep HMRC documentation simple (hmm) we plan to use our joint account to give gifts to the boys but I am guessing that we will need to prove to HMRC that we have equal income to do this? So my wife will take 8.5K less from her DC pension than I from mine. I hope this all makes sense. I presume if our incomes were not balanced we would have to pay out from our individual accounts and document both for HMRC purposes?

In addition I have 200K and my wife around £150K in ISAs and savings . I know we can each gift 3000/year from the ISA as well as using excess income from our pension. Again, I asked google gemini about this and apparently I can use the ISA for certain capital payments. Eg a) to buy a new car b) redo bathroom/bedroom c) a large holiday

Not sure what would be the position if we said our largest holiday each year is paid from an ISA and any other holidays are from our pension income and we still gift excess to the kids? - seems a very grey area. I am sure in time HMRC will look closer into this area.

So I think it will be sensible to still use the ISA in the next few years and not take everything from the pension and possibly change to funds from accumulation to income as well?

One last thought as all this is based on the current tax rates. The IHT rate NRB has not changed since 2009 and would be worth around £530K today and I am presuming there will be increasing pressure to raise this given house price growth and especially after 2027 when pensions are included in the estate for IHT?

Best Regards, Bill

09:37 Question 2

Dear Pete and Roger,

I can't thank you enough for the excellent free content you put out into the world. I recently got diagnosed with a degenerative condition which will affect me and my family down the line. Your podcast has inspired me to take control of my finances including putting the right protections (insurances) in place and using investing to help navigate a more uncertain future - THANK YOU! The information is accessible and you guys make me chuckle as I go about my day!

My question...

I am keen to make my life easy when it comes to managing my finances but I have hit a wrinkle in my plan. My preference would be to consolidate my pension into as few pension accounts and underlying funds as possible.

To me the levels of protection available through the FSCS seem too low to be compatible with keeping a pension all with one provider. Am I missing something? How do you think about balancing this risk, without ending up with lots of pension accounts with different providers? Additionally, I have been selecting the same low cost All-World tracker ETF across my family's ISAs and SIPPs, is this inherently risky too and should I aim to use different fund providers (perhaps that aim to achieve the same investment objective).

Anyway, I may be being overcautious here or be misunderstanding the level risk but any reassurance would be greatly appreciated.

Thank you again Andy

18:24 Question 3

Hi Roger and Pete,

I'm 32 and I've been listening the podcast for a few years and the advice (particularly about investing) has helped me immensely.

I have a question about investment portfolios when moving abroad. I moved away from the UK 2.5 years ago, at which point I stopped investing into Vanguard and moved to Interactive Brokers. I still have a decent amount invested in Vanguard, but I'm not sure whether it makes sense to consolidate everything into one platform or keep it split over two.

I don't have any immediate plans to return to the UK, although I imagine I will eventually.

Do you think it makes any difference in how the investments are split, or am I worrying about nothing?

Thanks for sharing any of your thoughts and perhaps clearing this up for me.

Keep up the amazing podcast,

Michael (originally from Cornwall!)

21:23 Question 4

Hi Pete and Roger

I recently discovered your podcast and am working my way though the back catalogue! I am finding it extremely informative and it is helping me demystify a subject I have found confusing for a long time, so thank you.

My question is how do I calculate the amount I can contribute annually to my SIPP whilst also contributing to a DB pension and AVCs (£200/month)? My annual gross salary is £25744.

I opened the SIPP to give me flexibility to retire earlier than 67 when I intend to access my DB pensions (as well as my current local government DB pension I have a deferred University DB pension from previous employment), ideally between 60-62, and access the SIPP along with my S&S ISA to bridge the gap.

Thanks, Melanie

27:28 Question 5

Hello Pete & Roger,

I'm a long time listener and as a result in far better financial shape than I was for many years, thank you.

In work I am often akin to the Shawshank Redemption character Andy Dufresne as I find myself offering financial or pension scheme advice to colleagues. This advice ends with recommending your good selves and the knowledge repository that is the Meaningful Money archive and books!

I am 56 and just over 4 years from my planned early retirement at 61, when I will have 36 years contributing into a company DB pension.

I plan on taking this in a stepped format (with PCLS) to offer a higher initial payment until my state pension starts 6 years later at 67.

To maintain basic rate income tax, I am paying my maximum matched pension contributions plus AVC's through salary sacrifice (until 2029) to keep just under the 40% tax limits.

My wife will be solely reliant on her (full) State Pension having not contributed to a personal pension, she will receive this when I am 64, meaning our combined funding danger zone will be around 3 years during which we may need funds to top up our income either from the PCLS pot or ISA savings to this final combined total, "our figure".

So my question:

You repeatedly talk about retiring with options such as having pensions, ISA's and savings etc. but I am concerned my pension and AVC fund will be totally concentrated with little else.

After maximising the pension and AVC contributions it looks likely I will not contribute enough to fund a savings pot that could comfortably cover the 3 year danger zone.

Will this pension / AVC concentration matter?

Should I continue paying the AVC's to avoid higher rate tax on my income and recovering tax rebate into the AVC pot?

To me this makes sense, but would funding a savings pot give us flexibility to fund our pension gap somehow that I am missing, and do I need to target an ISA or other savings pot in my remaining working years. This prospect would feel like not living for today, but retirement is in touching distance so might it be worthwhile?

Many thanks & best regards, Tim

34:52 Question 6

To the Bruce Springsteen and Little Steven of the financial world! Hi guys my name is Cam, I'd just like to say you guys are absolutely fantastic at what you do, the knowledge you provide is genuinely incredible and immensely helpful. I think I speak for all your listeners when I say without your podcast there would be a lot of people struggling with personal finance! Keep up the good work Pete and Rog!

I am 27 years old, 17 months ago I quit my 9-5 and started my own dog walking business, I have since trained to become a dog trainer too. My business has gone from strength to strength and I'm very proud. However the change from going from a wage structure to a varied income per month has been a tough adjustment especially when saving and wanting to invest and so on.

I contribute to my pension each month, I pay into a LISA each month (for a first time home) the only thing I don't do is pay into a stocks and shares ISA. Firstly how do I open one? I have listened to your podcast for well over 2 years now and have listened to the majority of the back catalogue, I feel like I know what to do but it's a genuine fear that's stopping me from opening one.

I don't know how to explain it - it's almost like my head is telling me 'don't open one you'll mess it up.' Is it literally as simple as sign up to a provider, open an account, add money in each month? I feel stupid saying I'm fearful of opening one but I genuinely am!

The last part of my question is simply is there anything else I should be doing that I'm currently not? Insurance wise I have income protection and the necessary insurances for my business.

Thanks once again you absolute legends! Cam

Boring Money ISA Comparison: https://www.boringmoney.co.uk/compare/stocks-and-shares-isas/

View Details

In this UK personal finance Q&A, Pete and Roger tackle six listener questions covering pensions, investing, tax and money mindset. We discuss whether high earners should ever consider opting out of the NHS pension due to annual allowance tax, how to handle family gifts during divorce, and what to do about ERI on accumulating ETFs in a GIA. You'll also hear guidance on rebalancing after strong fund gains, rebuilding finances after an IVA, and investing a £350k inheritance with ISAs, SIPPs and premium bonds.

Shownotes: https://meaningfulmoney.tv/QA52

01:34 Question 1

Dear Pete and Roger,

Could you provide an opinion on if and when it would be worth at least considering leaving the NHS pension scheme due to tax reasons? I can sense immediate puckering and this is not something I ask on a whim - I am aware of the comparative value of public sector DB pensions versus other retirement savings methods and indeed encourage the staff I work with to pay in. I am a senior doctor in my 40s with high NHS earnings and rental income on top. I am one of those affected by Annual Allowance tapering and have significant AA tax bills every year with no end in sight. My projections are that I will have an annual AA tax charge of ~£30k every year going forwards as my income is pretty stable.

The annual AA tax charge is up to 40% of the annual capital benefits accrued in any year (i.e. LTA calc of 20 times pension plus 3 times lump sum). I pay this via scheme pays but the scheme pays loan docked from benefits at retirement is inflated at CPI+1.7% against pension benefits growth of CPI+1.5% from my own research.

I don't expect much sympathy as a high earner but no-one wants to pay more tax than they have to and I never hear my situation talked about other than snippets in the depths of Reddit forums. My plan is to keep ploughing on and engage a full-scale planning review when I turn 50 leaving up to 10 years to consider aversive action once my wife and I have 'enough' pension. Many thanks for your thoughts. David.

09:23 Question 2

Dear Pete and Roger,

I want to say a big thank you for all of the guidance you provide, there really is nothing else like it and has been hugely beneficial in organising my finances.

My question for you is how to structure gifts to someone who is going through the early stages of a divorce. My sibling is sadly in this situation and our mother is looking to make a sizeable gift to us following the death of our father.

How should we be thinking about this and are there any vehicles or structures such as trusts that we could be using to avoid my siblings spouse from being entitled to half of the gift?

Grateful for any guidance you can provide in this matter.

Best regards, Alfred

13:12 Question 3

Hi, I have held several GIA accounts for many years and I hold accumulating ETFs within the GIAs.

Occasionally, I have had to pay CGT through my self assessment when I have sold these ETFs. Mostly, I have always been a basic rate tax payer.

I have recently discovered that HMRC requires Excess Reportable Income (ERI) to be declared on accumulating ETFs.

In the case of ETFs which receive company dividends, this means I need to take note of the Reporting date of each ETF and add up all notional dividends as if they were paid on the distribution date (6 months later) and if over £500, I should have paid dividend tax on the excess.

Also, in the case of some MMF ETFs I hold, these may have an ERI notional interest payment and this would count as being potentially subject to income tax.

Since I have sold many of these ETFs and I have not subtracted the ERI amounts from my total gain, I have probably overpaid tax (CGT) rather than underpaid as a basic rate tax payer.

However, if I was a higher rate tax payer, I would probably have been underpaying tax if I have not accounted for ERI. This is because the higher rate dividend tax is much higher than the CGT rate.

I now understand that to avoid having to calculate ERI on accumulating ETFs each year and keep a running total for each one, most people simply buy distributing ETFs inside a GIA rather than accumulating ETFs and I am in the process of ensuring all my ETFs are the distributing kind inside my GIAs.

Should I be concerned about ERI on my accumulating ETFs? Do accountants calculate ERI for their clients on all the accumulating ETFs they hold? If so, how do they do it as there does not seem to be any easy way? Do HMRC ever check that the ERI on accumulating ETFs has been declared (my guess is that they would only bother for high rate taxpayers with large ETF holdings)? How would HMRC even know that you hold large amounts of accumulating ETFs on which you should be declaring ERI? Why is it that hardly anyone seems to know about ERI on accumulating ETFs?

19:14 Question 4

Good morning both,

I would like to start by thanking you for all your hard work over the past decade or so. I am a mid 40's year old woman who had no financial knowledge until about 2 years ago. I had a cancer diagnosis which led me to leave a very time consuming and stressful job and take over the family finances which had been neglected for the best part of 20 years.

We are now in a much better position; we have filled our ISA's and that of our children, put more money into SIPP's (and opened one in my case) and opened junior SIPP's for the kids. Our mortgage is paid off too. I have listened to all your back catalogue and in some cases relistened to episodes which have been especially useful to our situation! Thank you.

My question relates to funds that have done particularly well and what is best to do with them. Some of my earlier fund choices are showing gains of around 50%. This seems extraordinary to me and I am very happy with the return. My Dad (much more experienced who has been doing this for 50 odd years) tells me the best thing to do with these funds is to take out 50% of the gain and reinvest in a different fund. What would your advice be? Take out the whole lot and re-invest? Take out 50% and re-invest that as recommended by my Dad or leave the whole lot in and hope it continues to grow?

For background, I am very happy with the gains but we are very much on a catchup programme as we have started so late. The sums involved are still quite small! The ultimate aim is for my husband to retire early. I hope to work again too at some point once all treatment is finished but only part time.

I am so grateful for everything you have done and always wait eagerly for the next episode to drop.

With very best wishes, Agnes

26:02 Question 5

Hi, Hope you are well and can help a Cornish lass! I am 35 and have never been able to budget or manage finances. In fact I have always buried my head in the sand.

Unfortunately, when lockdown and maternity leave hit at the same time, we could not afford our debt repayments (we had purchased a house in January of 2020 too). We had no choice but to take out an IVA. We are now in the 6th year of this as it was extended as we couldn't release equity from our home. This is due to end in November of this year and I have been doing my best to learn about budgeting and managing finances ready for when this ends.

I have started a spreadsheet to start tracking expenses and aim to start an emergency fund plus a pot for putting some money away for Christmas/birthdays. I have been discussing this with my husband and he thinks we should get an overdraft as soon as the IVA finishes to start building our credit rating, whereas I think we should get a small credit card that we pay off each time we use it. What do you think we should do as our first few steps coming out of the IVA to build more security for our future?

Thank you in advance. Kindest regards Lisa

33:12 Question 6

Salutations, Roger, Pete,

My question is on what to do with a lump sum inheritance-y thing as a younger guy.

My parents have been very financially successful in business and incredibly generous to my brother and I, and gifted us each an apartment a few years ago, to make use of the "first property" exemptions and the 7 year gift rule. Now that I'm mature enough to understand the opportunity, I've taken control of the management of mine.

While I understand it's an incredible income generating asset, I'm not a fan of real estate, and am much more comfortable selling the property and investing in index funds within the variety of wrappers available in the UK.

After fees and taxes, should I go through with the sale, I will net approx £350k. My plan is as follows:

• £47k into premium bonds (I currently have £3k) - £40k into my SIPP (limited by current salary) - £40k held in cash, to be invested into my SIPP in tax year 2, potentially up to £52k as my salary rises - Remainder into GIA - All invested in Vanguard index tracking funds

I'm 26, working as an Officer in the military, so I have an incredibly low cost of living (subsidised accommodation and no utilities), and a non contributory DB pension plan, so no need to allocate money there, and am able to max out my S&S ISA yearly just with my salary.

I know these steps are good, but having the best part of £220k in a GIA, paying CGT on the other end of that makes me a little unhappy, especially if I hold it for multiple decades. I'm aware this is a real champagne problem but do either of you have any recommendations on improvements to my plan and mindset, or are you able to poke any holes in my approach? Should I hold more in cash to later invest into my SIPP? Bed and ISA/ SIPP over time? Spend some of it, even? I know it's an aggressive approach, but I'm sort of an "all or nothing" sort of guy, even with investing as is referenced in my 70+% savings rate, but balance has always been hard for me to find.

My goal is to be Financially Independent by 36. I'll likely keep working but I like the security of that idea, and the saltily coined term "F-you money". Whatever you both think, I will deeply ponder over and analyse for many hours.

Thank you both for the many episodes of top tier information. I would apologise for the lack of brevity, but I know you love it really.

Thanks guys, you're both rockstars!

Nick

View Details

In this Meaningful Money Q&A episode, Pete and Roger answer six listener questions on pensions, retirement planning and tax for a UK audience. We cover whether to put life insurance into trust, how to reduce the 60% marginal tax trap around £100k income, and whether taking a defined benefit pension early can make sense when health is a factor. Plus, we explain the Royal Mail Collective Defined Contribution (CDC) pension, share practical guidance on dealing with overseas pensions, and discuss when to take 25% tax-free cash for the best outcome.

Shownotes: https://meaningfulmoney.tv/QA51

01:36 Question 1

Hi both,

I have a question relating to discretionary trusts for life insurance policies.

I'm from Scotland, 37, married with 2 young children and have a life assurance policy with Vitality which is currently not in trust.

I was considering putting into a trust for the benefits associated to inheritance tax but was looking to get your opinion on whether it was necessary or not, and what the pros/cons are.

Thanks, Marc

05:46 Question 2

Hi Pete and Roger

I am a relatively latecomer to the podcast - its been a year or so now but your work makes the complications of planning for retirement so much more understandable so thank you for bringing clarity to a very difficult subject.

I have two first world questions if I may. Neither are time critical.

I am in a fortunate position. DB pensions will kick in over the next 2 years (I am 63) totalling circa £75K pa and with the state pension at 67 it won't be very long - if tax thresholds and rates don't change - before I will be hitting the 60% effective rate. So to delay the inevitable, I am thinking I will need to contribute to a DC pension! As I understand it, if I have a DC scheme for three tax years and presumably contribute to such a scheme each year (say £100?) in the year I hit the £100K income, I will be able to contribute gross £3600 x 4 (so £2160 pa or £8640 in total, less any annual contributions along the way) in the first year or with care spreading that amount over 2-3 years to ease the tax burden. I realise when the money is withdrawn it will still be taxed at my marginal rate, but maybe the 60% marginal rate will have been removed by then - I can hope! Is that right? Have I missed anything or are there any other techniques generally available?

I am also in a position that when my wife and I both die, unless carehome fees have eaten into the estate, there will be inheritance tax to pay as our combined wealth is well over £1m and we have already given away what we reasonably can to our children. As I understand it, inheritance tax is payable 6 months after death but all being well probate will be granted well before that so our bank accounts can be used to pay the tax (our children have financial and health powers of attorney but they are irrelevant on death). Apart from incredibly expensive life assurance or a lifetime gift of cash for this purpose, is there anything else we can do to facilitate payment (the nature of our affairs means there's not much more we can do to mitigate the liability itself, ie the vast majority of the value is in the family home!)

Many thanks, David

11:46 Question 3

Hi Roger and Pete, First of all thank you for all the content you provide, it has been incredibly useful as I start to really take the idea of early retirement seriously. I am 49 and looking to retire as early as financially possible as I have medical issues that mean my life expectancy is somewhat curtailed - though I plan on defying the inevitable for as long as possible. I have a DC pension which I plan to access as soon as I stop working in hopefully 10 years' time. I also have an index-linked deferred DB pension which provides a 50% widows pension as one of the benefits. I am torn between accessing this 6 years early (with a 25% reduction) as I start drawing from my DC pension, or delaying so that my wife is better taken care of later in life.

Whatever I choose, all the projections seem to stack up that my DC pension should last into my 90s, but I'm acutely aware that I will probably want to go a bit overboard when I first retire and try to maximise travel and experiences. My question is, am I missing something in the DB trade off? Assuming I live a while after retiring, accessing the pension early will take a decent amount of time before we're financially worse off than we would have been if we'd waited (~13 years). However the combined loss of my state pension and the smaller DB income could leave my wife short of funds. I would really appreciate your perspective on this scenario and anything else you think I might want to consider, many thanks again for all of your words of wisdom, Dan

Meaningful Academy Retirement Planning: https://meaningfulacademy.com/retirementplanning

19:40 Question 4

Hi Pete and Roger!

My partner works for Royal Mail, she is under the new starters contract and started in 2022, at which point the pension scheme was a typical defined contribution scheme with very generous contribution levels from the employer of 10% with a 6% contribution from the employee. This was 'easy' to make assumptions on for compound calculations to plan for our very far away retirement as we are both currently 27 years of age.

Now this brings me to today's pension scheme, which is known as a Collective Defined Contribution plan. I'm struggling to find any information on this type of scheme as it seems to be the first of its kind in the UK, and seems to have been used for a while in the Netherlands. Now the wording of the scheme seems to be worded as if it's a Defined Benefit scheme with a lump sum being paid at retirement age and a 'Guaranteed income for life' amount being paid each month, however it has the caveat that the payout per month may decrease if investments do not perform as expected for better or for worse, so this is not a guaranteed amount at all in reality. The issue I have with this is that with a standard DC scheme like my own, if I was to die either before or during retirement, the remaining money in the pot would be inherited by my surviving spouse or if she was to pass away before I do, it would go to the next nominated beneficiary. With the Collective DC scheme, it's worded that if my partner was to die before she claimed it then I would receive the 'income for life' portion at a reduced rate of 50% and lose out on the lump sum entirely or if she was to pass away after claiming it then she would clearly receive the lump sum and I would remain to collect 50% income for life for as long as I remain alive. This seems to be very unfavourable for anyone receiving the benefit of this scheme on the whole.

Now with some calculations, not using exact figures but somewhere close, I've just done some comparisons as the new Collective DC plan was sold as far and away a better option than the old DC Plan, but I cannot find a way for it to make sense. It's hard to see how this new scheme is better in any way compared to the old scheme, even if the contributions from the employer look more generous on paper.

Is there something I am completely missing or misunderstanding with this new type of pension scheme? I have not seen much content online about it at all and would love for this to be featured in a podcast episode or video or even just for a chat on this matter as I feel very underwater with this. I can't seem to find a good way to factor this pension into our plan as we do plan to retire before the age of 67, this is just the age stated on the CDC scheme for payout so this is the assumption I am working with.

There is an option to opt out of the CDC plan and join a regular NEST DC plan instead but this only has 4% employer contributions on top of the 5% employee giving a yearly contribution of x per year.

I suppose my main gripe would be how much you would lose out on if the worst was to happen as traditionally this would remain as a pot for next of kin to inherit, however if my partner and I both passed away at age 70 (I certainly hope not!) and didn't have kids under the age of 18, the entire amount of money would be lost. This is the part I'm struggling to wrestle and the NEST pot even looks appealing with this in mind. I know the future is uncertain and we could live to 100, but the chances are relatively low.

Apologies this got a bit long and ranty, I would appreciate any feedback. Keep up the amazing work and I have learned loads from your content over the years. Many Thanks, Joe

29:56 Question 5

Hi Pete and Rodger,

Like many people these days, I spent part of my career working overseas. I'm now 52 and have been thinking about how best to deal with personal pensions I accrued while working abroad, in my case, in Japan and the United States (both broadly equivalent to 401(k)-type schemes).

While working overseas, I didn't accrue sufficient qualifying years to receive any state pension benefits, but I did build up some company personal pension entitlements. The amounts are relatively small (less than £100k in total), which makes me question whether it's worth the time and cost of seeking formal financial advice.

My UK-based pensions and ISAs are relatively straightforward and well organised, but these overseas pots feel more cumbersome by comparison. I imagine there must be many people in a similar position, holding small overseas pension pots and unsure what the most sensible approach is.

From an administrative perspective, it feels as though the simplest option may be to access these pensions as soon as I reach the relevant retirement ages, rather than continuing to manage them long term. That said, I'd welcome any general thoughts or guidance on typical approaches people take in this situation, and any obvious pitfalls to be aware of.

Many thanks, Lawrence

Perceptive Planning - https://www.perceptiveplanning.co.uk

34:20 Question 6

58 now and both thinking of retiring at 61 with no mortgage and kids self sufficient.

At age 61 we will have around £300k in savings (inc stocks n shares ISAs, cash ISAs, Premium Bonds and Bank Accounts) and between us will have around £450k in Pensions at age 67 and the wife will get a £7k a year NHS DB pension.

Our idea is to live off the cash first from age 61 till age 67 to let the pension pot grow to its absolute max and then draw down the 25% tax free to add to state pension at age 67 then live off the rest at about 4% per year BUT others say take the tax free 25% before 67 because if do it at 67 it will add to the state pension taking you over the personal allowance!

We want to let the pot grow more for actual retirement age of 67 onwards and leave more for the kids inheritance long term if we don't use it all so unsure what to do.

For clarity, it's our intention to lump sum some money in to our pensions and ISAs in April with some of our 'available cash' and may also lump sum in to my Stocks n Shares ISA to leave it growing for say between 8 to 15 years until we need it.

Any advice welcome, Steven.

James Shack video on Withdrawal Strategy https://www.youtube.com/watch?v=d4MDvcEcHXI

View Details

Part 2 of our UK pensions series, this episode covers everything you need to DO if you want to simplify your pensions without making expensive mistakes. You'll learn how to take stock of every pot, spot safeguarded benefits you should never move casually (like DB pensions and protected tax-free cash), and compare charges and platforms properly. We also break down transfer mechanics and the big decision: how simple you actually want your setup to be, while keeping your investment strategy and beneficiaries up to date. If you want a calmer, practical guide to pension consolidation in the UK, this is for you. Shownotes: https://meaningfulmoney.tv/session624

01:16 Summary of KNOW

06:26 DO - Take stock

08:18 DO - Identify what should NEVER be moved casually

13:21 DO - Compare charges properly

15:30 DO - Assess the quality of each existing provider or platform

18:55 DO - Decide what level of simplicity you actually want

19:44 DO - Understand transfer mechanics

24:13 DO - Be deliberate about investment strategy AFTER consolidation

25:45 DO - Update beneficiaries and records

27:20 DO - Decide YOUR threshold for "tidy enough"

29:40 Summary of DO

Pension Consolidation Checklist - https://meaningfulmoney.tv/consolidationchecklist

View Details

In this episode (Part 1 of 2), Pete and Roger unpack the big question: should you consolidate your pensions and investments, or can you oversimplify and accidentally make things worse? We break down what pension consolidation really means in the UK, the strongest arguments for and against it, and the key benefits and risks to watch for (including charges, safeguarded benefits, and 'all eggs in one basket' concerns). If you are approaching retirement planning and want more clarity, confidence, and fewer moving parts, this is a practical guide to help you think it through properly. Part 2 will focus on what to actually do next, step by step, if you decide consolidation might be right for you.

Shownotes: https://meaningfulmoney.tv/session623

02:42 KNOW - The emotional pull of consolidation

08:16 KNOW - What consolidation actually means

10:56 KNOW - The strongest arguments FOR consolidation

25:00 KNOW - The strongest arguments AGAINST consolidation

44:35 KNOW - When consolidation is usually a very good idea

47:16 KNOW - When caution is essential

48:36 KNOW - The "good enough" middle ground

50:10 Summary

View Details

In this UK personal finance Q&A episode, Pete Matthew and Roger Weeks answer six listener questions covering pensions, retirement planning, investing, and mortgages. You will hear practical guidance on topics like using UFPLS and ISAs for gifting, whether dividend income is a sensible retirement strategy, and what to consider before consolidating multiple pensions into one provider. The episode also tackles planning priorities, including how to sense-check your annual financial review, when it is worth switching to a higher-equity pension fund, and how to balance pension contributions versus ISA funding and mortgage overpayments. If you are looking for clear, jargon-free retirement and wealth-building advice in a UK context, this one is packed with real-world considerations and next-step thinking.

Shownotes: https://meaningfulmoney.tv/QA50

02:24 Question 1

Hello gents,

My wife and I are hopefully about 5 years off retirement starting at 60, and thinking about options for gifting. We are both planning to stay within the basic band, but if plans go well we hope to support our kids while we're still alive with help towards a house deposit or similar. Am wary that a large withdrawal from a DC pot would likely take us into high rate tax. This would be mainly on me as we'd plan to spend my wifes smaller DC pot down during 60-67 to max personal allowance before state pension kicks in.

Is there any downside if I immediately draw UFPLS from my DC up to the top of the basic rate threshold, and putting excess into a cash or S&S ISA? That would then build up tax free and be used to fund family gifts (or perhaps replacing a car). my thinking is - the portion we move to ISA is still effectively part of the retirement portfolio - just held in a different wrapper.

thanks for your priceless information (for education and information only not guidance!) over the years. long may it continue!

cheers, Richard

07:15 Question 2

Hello Pete and Rog,

Loving the Podcast having only found it recently. You're doing great work.

I've bought and read your retirement book, signed-up for an intro call with Pete and am thinking about doing your course.

In the meantime, and I know this is greedy, I have three questions. I think they'll be interesting to your listeners, though, so here we go...

First, what are your thoughts on funding retirement income completely or mostly from dividends / coupon payments, rather than capital withdrawal? For me it seems very attractive because I can draw-down the income on a quarterly basis while not touching the capital. That makes me feel safer from having to sell in a down-market. I can also expect the capital to grow a bit over time, at least the equity generating dividend element. That said, I've seen one of the other retirement finance podcasters say that technically it doesn't matter whether you take income or capital.

Second, if I adopt an UFPLS approach to my pension and, rather than take a large tax free sum one-off, I take the 25% of each withdrawal as tax free, how does that work in the future in two respects. First, can the government later change the rules and say that I can no longer take 25% as tax free? I assume they can, which would be worrying. Second, does the lifetime £268k limit for tax free cash still apply cumulatively over-time i.e. can I only continue to take 25% of my withdrawals as tax free up until they cumulatively sum to £268k? Or, am I allowed to take 25% of each withdrawal, even as the fund might grow in value and then the total of these 25%s over say 10-15 years eventually exceeds £268k?

Third, I'm aware the age at which you can take your pension is changing from 55 to 57. I will be 55 in March 2027, so can access my pension under current rules. But I will not be 57 when the change kicks-in in April 2028, so am I going to then lose access to my pension for a number of months until I then turn 57 in Mar 2029? I've heard someone say that there might be an exception for people who have already accessed their pension. I've also heard it depends on whether there are certain protections/terms around the individual pension fund. Any advice on whether this would be true would be very helpful.

Looking forward to hearing your thoughts on any or all of the above.

Best of luck with the pod.

cheers, Steve

14:52 Question 3

Hi Pete & Roger,

Thanks for the advice (go on, name that film) over 2025 and the podcasts.

There is a ton of material on you tube covering why pension consolidation is a good thing. How it simplifies the admin. How it makes it easier to track what you have and how it is performing etc.

Why wouldn't I want to consolidate all my pensions and what could be the disadvantages of consolidation?

Recently I've met with my IFA and for a year now I have been investing heavily into my SIPP. As the IFA he charges for the service he provides and I am happy with that (for now). The charges are low with this provider (Quilter) and it performs well as a medium risk opportunity. My IFA, rightly in my opinion, suggests avoiding keeping my Octopus (previously Virgin) pension as this doesn't offer flexi drawdown and is higher risk than my Quilter SIPP but with only slightly better performance. I have four pensions (SIPP) in total.

Now my IFA would of course benefit from me moving all funds to Quilter as he receives a percentage fee on a larger chunk of funds. So that is a warning sign for me as he cannot really be impartial.

At the moment I can track my pensions online and I do this almost daily, they all have the relatively same performance and together average about 9.6% over the past 12 months. They are all broadly within a single percentage point of each other.

I can see the following arguments to avoid consolidation altogether. 1. Tracking multiple pension funds is not actually hard to do. 2. Maybe when it comes to flexi access draw down it gets a bit more complex to get the tax free elements right to be as tax efficient over the long term but the pension companies track the percentages taken so I cannot see this as a big problem either. 3. Having multiple SIPPS allows me see how they perform against each other. Sometimes one is a little more volatile than the others but in actual fact I'd like to see more volatility on one over the other. Makes things more interesting. Of course that might change in later life so I may choose to draw more heavily on the well performing fund with more risk as I reach later life years. 4. Multiple SIPPS allow me to have funds with different levels of risk associated with the investments, so I might choose one fund to have medium risk and another quite high. 5. The big one for me though. Why, why, why would anyone trust a single SIPP provider with all their future wealth? No matter how well it is managed today and the regulations which are in place and the FSCS protection etc, I just cannot stomach the risk in a single point of failure. Why? So the IT platform could collapse making the funds inaccessible either for a short time or for months. Rogue actors inside or outside the company could arguably sabotage the platform. Yes this is highly unlikely but it can happen. Spreading the risk mitigates this. There is a very real concern. Poor management of the funds could lead to a serious downturn in the investments whether that be short term or longer term. Now the underlying funds might underperform but if that is your key worry then you'd simply change the SIPP investments.

When I research reviews on the web for anything I look for the pros and cons and decide which opinions seem most sensible to reach a balanced view. However in the case of pension consolidation everyone seems to recommending consolidation, not one article about keeping them separate.

Yippee cay aye (same film) and best regards, Andrew

25:05 Question 4

Hi Pete and Roger,

Love the podcast.

I have just completed my annual review (thanks for the checklist from earlier seasons) and was wondering if you can suggest if there is anything else I should consider or am missing to help position me better financially.

For context I am 37 and married with two children under 5.

Pension - I contribute to my workplace pension which is 4% and the company contributes 8% (their max). S&S ISA - I invest 5% of take home pay into two vanguard funds monthly. Children S&S ISA - I invest a small sum monthly into each child's S&S ISA, both vanguard target retirement funds for when they turn 21. Emergency Fund - I have 4 months expenses in a cash isa. Life cover - I have a private policy and 8x salary death in service benefit. Critical illness cover - I have both a private and work policy. Income protection cover - Again I have both a private and work policy, work policy is limited to 36months and private policy is to age 65. Mortgage over payments - I overpay the mortgage monthly with aim of reducing LTV and length of term when current fixed rate ends Debt - I have no major debt

I think I am in a good position, but wanted to sense check in case I am missing something.

Thanks and keep up the good work. Marc

Annual Review: https://meaningfulmoney.tv/2023/03/01/simplify-your-annual-review/

28:22 Question 5

Hello to you both,

I just wanted to say I really enjoy your podcast and your YouTube channel.

My question relates to my Workplace pension. I want to move from the default lifestyled fund into a 100% global equity fund. I also have a SIPP and an ISA that are fully invested in the same global equity fund and I wanted to bring them all into line. I have a salary sacrifice scheme with a 5% employer match and I wanted to take full advantage of that by paying into a better fund. I can't fully transfer without losing the match so I have left it for too long. I am debt free including the mortgage and I have redirected my mortgage payment into my SIPP. My question is, at 47 3/4, is it too late to switch from the default fund? I'd welcome your take on that.

Keep up the good work

Kind regards, Matt

31:02 Question 6

Hello Pete and Roger,

Really enjoy your podcast and find your advice really insightful, many thanks for what you do.

My question is about pension planning and specifically about getting the balance right between pension contributions, ISAs and reducing my mortgage.

I'm 46 and have saved from an early working age to build up a total pension pot amount of £510k as of today. I have prioritised my pension over other kinds of investments given the tax related attractiveness of pensions and use salary sacrifice as a way of keeping under £100k income - something important for us as a family in terms of qualifying for child nursery support, plus of course in maintaining my personal allowance.

I find my job quite stressful and would like to be able to retire in 10 years at 57, or at least take on a lower paid (maybe even minimum wage) or part time role at that time for a few years until retiring fully.

My assumption is that to be able to make this a reality it would be wise to build up my ISA, (which as of today totals only £15k), as a tax efficient bridge until nearer state pension age, and to minimise the need to drawdown excessively on my private pension in the early years.

Assuming you concur, my question is would I be best to reduce my pension contributions to enable me to put more in my ISA? Of course this would mean potentially losing/ reducing my personal allowance.

The other factor in play here is my mortgage which is higher than I'd like at £380k. Ideally I'd like to increase my level of mortgage overpayments significantly in order to try to reduce the balance as much as possible over the next decade whilst working full time but again this will see me going over the £100k income level in order to do so. I know I could probably clear whatever mortgage is remaining in 10 years from my tax-free pension amount but I'd like to minimise taking the tax free money in order to help the pot compound as much as possible to take me through to old age but also help support our two girls who are currently just 8 and 3 in their early lives.

Your thoughts and advice would be gratefully received.

Many thanks in advance and please do keep up the great work you do!

Kind regards, Lee

View Details

In this episode of the Meaningful Money Podcast Q&A, Pete Matthew and Roger Weeks answer six real listener questions on UK personal finance - from inheriting a SIPP (and the under-75 vs over-75 rules), to how inheritance tax could hit a property-heavy estate. They also discuss what to do with a large Employee Stock Purchase Plan (ESPP) holding, whether a longer 35-year mortgage can be a safer option, and the realities of financial planning for UK expats. Finally, they tackle a growing concern for many UK investors - how to protect wealth from increasingly sophisticated scams and impersonation fraud.

Shownotes: https://meaningfulmoney.tv/QA49

02:04 Question 1

Hello Pete & Rog. Thanks for the wonderful podcast

I will keep it as brief as possible as it means hopefully you can squeeze more content for your listeners.

I am a 35 yr old renting in London with a salary of approximately 35k and would consider buying my own place if I could build up enough of a deposit.

My mum died a long time ago but my dad has just been informed that he has a medical condition which will probably end his life in the next 5 years or so. He is currently 73.

I don't have any siblings and my dad has shared with me the details of his assets which primarily comprise of a SIPP of around 200k (he has taken and spent his 25% tax free amount).

My question may sound a bit morbid but it reflects the reality of life unfortunately. It's about the rules of inheriting this SIPP. I'm not sure I fully understand the 'rules' about if my dad passes away before 75 or after he is 75.

My understanding is that if less than 75 I can just 'cash in' the 200k tax-free and for example use it as a deposit for a house. That seems straightforward. But hopefully he will get well past his 75th, so if that's the case I understand the 200k would be taxed as income, so I would be crazy to take it all out in that way.

So what would be my options in that case? - Is there any way to take it out of the pension wrapper without having to pay tax to give a bit more flexibility? - could I just inherit it as a pension and if so, would I still be able to take 25% tax free? - can I draw down from before I reach pension age e.g. to pay the mortgage or rent (mindful not to go up into the next tax bracket)?

Have I got the rules right and are there any other options I could consider?

Regards, Steve

07:08 Question 2

Hi Pete & Roger

Love the content and just discovered your YouTube podcast!

I'm concerned about my wife parents (Mid 70s) inheritance tax liability and was wondering if you had any advice on how to structure the portfolio to reduce it or if it was worth considering a gifting strategy.

Primarily I'm concerned as the recent inclusion of pensions into IHT from 2027 and I'm pretty sure their estate is over 2m and therefore a reduced residence nil rate.

Rough figures are below: Current house - 1.1m (according to Rightmove - jointly owned) Own another house 800k (according to Rightmove - jointly owned) Own a holiday letting business (retirement business) which has three properties circa 1.1m (according to Rightmove - jointly owned) With this in mind I put their IHT liability at 2m+ without factoring their pensions

Questions What do you consider the ball park IHT bill to be? How do you suggest my wife (mid 30s) approach this issue? Or should she just deal with the cards as they lie in the future? Tony

14:05 Question 3

Hi Pete & Roger,

I wanted to start with a thank you for your podcast - specially for acting as the friendly, inclusive and relatable voices of finance. The podcast is a welcome change to the scarier world of finance which many of us sometimes run and hide from!

My question for you is regarding my ESPP. I was employed by a US-based company around 10 years ago. During my time there I was able to sacrifice a percentage of my salary which was put towards the purchase of company shares at a discounted rate. It's a very effective scheme, and although my salary there was modest, I've been able to leave the shares alone which are now worth around £230k.

The predicament I now have is what to do with these shares. I've been happy to let the shares sit and grow, which they have been doing extremely well, though the value of them now has me wondering what my future strategy should be. For reference, the 10 year growth on these shares is around 850%.

As far as I'm aware, I'll need to pay tax on these shares when it comes to selling them as there's no way to transfer them into my stocks & shares ISA or similar. So it's either leave them where they are, or sell some/all of them now and transfer the cash (after tax) into my stocks & shares ISA, SIPP or elsewhere.

I'm 40 and looking to purchase a house next year with my partner - though we don't need these funds for that purchase. I have a stocks & shares ISA, a cash ISA and a SIPP, as well as a modest amount in a LISA and cash savings.

Whilst I don't feel like I have all of my eggs in one basket, I do feel increasingly nervous about the value of the shares which are entirely dependant on the success of one company. That said, the returns to date have been incredible and I wouldn't want to miss out on future growth.

I'd love to know if you have any guidance on this, and if there's any factors that I haven't considered yet.

Thanks again, Ian

20:36 Question 4

Hi Guys,

Love your podcasts. You've helped me a lot with understanding my finances and I'd love to ask a question.

My wife and I are 36 and have been back in the UK for 3 years. We are hoping to buy our first property in 2026.

Due to our age, is it okay and safer to do a 35 year mortgage and pay more off monthly to pay the mortgage off quicker? We aren't high earners but hoping to put any extra onto the mortgage principle.

Hope to hear from you.

Kind Regards, Dhiren

23:49 Question 5

Dear Pete and Roger

Thanks a lot for all the education and sensible insights you are providing to all

I am an avid listener of your podcasts and watch your videos regularly. Now I can see Roger as well. Both very handsome and knowledgeable. Your discussions are lively and interesting.

I am also a member of the academy from the beginning. Also on Facebook community. Currently working my way through retirement guide.

I am working abroad for nearly 8 years. I was told by a financial planner that he can't advise non UK tax payers as per regulations. Since then you have been my main source of information and guidance.

I am an Ex NHS consultant and now receiving pension. I have a very small SIPP and substantial Investment ISA which I can not contribute to. So my main investment is through GIA. All via Vanguard. Apart from this I have stocks and shares account with a couple of providers which helps me to keep thinking about investment opportunities. I am not a big risk taker and currently doing well with my stocks. I read and listen to a variety of educational materials to help with this

I have 2 questions. Is it possible to get financial planner help for UK citizens while working abroad?

What should I do with my investments before coming back to UK to live, for tax planning and reduce risk of huge tax for selling investments after coming back?

Currently I am in Middle East with zero percent income tax. My pension is also at zero percent under DTAA arrangements.

Sorry for long question. Thanks a lot again for your suuuuuuuuuper work. Continue great job

Kind regards, Sudhakar

Link: Perceptive Planning https://www.perceptiveplanning.co.uk/world-citizens

28:37 Question 6

Hi Roger and Pete,

Love the podcast. Thank you for everything. This is about to be a long question, for which I'm not at all sorry.

I've seen articles and videos about the increased sophistication of hacks and scams. Things like stealthily getting access to accounts and for years collecting information that can then be used to impersonate you to socially engineer access to bank accounts. AI plays a part in letting people change how they sound to make impersonating on calls easier than ever.

Going forward, I'm worried that one of the biggest threats to my wealth is not a market crash, but someone getting access to my investments through fraudulently calling support lines and impersonating me, or alternatively getting access to my money through 'traditional' password leaks and viruses.

To this end, I've been overpaying my mortgage as a way of having money locked away in an asset that cannot be liquidated without a solicitor (and hopefully more stringent checks of identity), but I'm going to be mortgage-free in less than 5 years at this rate. My question is: Am I overblowing the risk here, and what are my options if I want to reduce the my risk from this perspective? I have considered:

• Having multiple S&S ISAs with different providers should mean that only a fragment of my portfolio can be lost through any one hack. - Buying 'real' estate as an investment seems appealing from a security standpoint, regardless of expected returns, and although recent changes have made BtL less attractive, the old Rothschild saying of "Buy when there's blood in the streets" could mean that now might be a good time to buy. Is there an advantage in having overseas property as a wealth storage mechanism? - Putting money in my DC pension pot will lock the money away until retirement, but suddenly becomes fair game to foul play once I do. - Buying an annuity is not as fiscally efficient as drawdown, but is an attractive way of mitigating risk of losing it all to a scam caller. Especially if I'm old and doddery and more likely to fall for a scam. - Buying physical gold (and a safe or a Swiss safety deposit box) doesn't appeal to me, but I have considered it.

Please assume that I'm being sensible with passwords and 2FA. My question isn't about basic IT security practices, but which of these decisions you think might be a good/bad decision and whether there's anything I haven't considered.

Thank you, Alex

Link: Cal Newport - https://calnewport.com/

View Details

It's another Q&A show where Roger and Pete answer YOUR questions about such mighty subjects as bridging the gap from retirement to state pension, CGT for non-taxpayers and much more besides!

Shownotes: https://meaningfulmoney.tv/QA48

02:18 Question 1

Hello Pete and Roger, wonderful podcast and I'll try and acceed to your short question desire. And I'll try not to use the word should.

I am 52 and my wife and I would like to retire at 60. I have a DB pension that should pay me £20k per year from 65. I would like to live off £50k per year and currently have £220k in a DC pension. That will hopefully get to £500k by age of 60. Equally I am hoping to have £100k in a S&S ISA and hoping to have the first year of retirement spending in cash. My question is around my bridging requirements before my DB pension and state pensions kick in (my wife is 46). Am I better off pulling 25% of DC tax free at the age of 60 and putting that into ISA's or is it better to just pull pension money per year with and ongoing 25% tax free Allowance and using the smaller ISA amount to minimise tax. Just interested in your thoughts :-) Thanks and please keep up the great work. Kind regards, Adrian

06:38 Question 2

Hi Pete & Roger

A few months ago a friend recommended your podcast and I've been devouring it ever since! Having worked in Compensation & Benefits for the past 15 years, and spending much of my time these days in the design and operation of pension plans, I thought I had a pretty good grasp on such things. But I've already learned a few tips and tricks to help as I plan my retirement, so huge thanks to you both!

My question for you is about CGT liabilities when one is a non-tax payer. My son is in the fortunate position of having a healthy savings pot in a GIA, thanks to gifts/inheritances from grandparents over the years, which each year he sweeps into his LISA and stocks and shares ISA up to the £20k limit. The return has been really good this year and he is likely to realise a gain in excess of the £3k limit next April when doing the sweep.

As he is still at university and only earning a few pounds here and there as a freelance musician, his earnings are well below the Personal Allowance. My Googling suggests that he would therefore not have to pay any CGT if the gain was above £3k next April.

Is that correct?

Many thanks in advance and keep up the good work! Kind regards, Marion

10:03 Question 3

Hi Pete and Roger,

I am 56 and have been paying closer attention to my Pensions for the last 12 months. This is with a view to making an informed decision about my retirement plans at 60.

Pete's videos and the podcast have been a great help.

I am aiming for the Retirement Living Standards 'comfortable' figure for a single person because a) why not?, b) I am pretty sure I will be able to afford it, and c) I have estimated my needs and that more than covers it.

I have a spreadsheet which models everything for me.

I have 2 questions. A quarter of my pension will come from a DB which starts at 65. A quarter from the state from 67. The rest from my DC pot which I expect to be at least £600,000 by 60. The bridge from 60-65 comes from other assets. Any thoughts on the equity/bond split for my DC pot given that 50% of my pension is secure? 60:40 feels too bond heavy to me, I was thinking 80:20.

And, following your 'not advice' I have modelled what I know now, inflation at 3.6%. I experimented by dropping inflation by 1.0%. I was amazed to see that at 3.6% my pot runs down but not out at age 100. At 2.6% it keeps accumulating and never turns down. I have used 8.25% for growth but made no allowance for tax free cash, UFPLS etc. It just shows the pernicious impact of inflation. Does that feel about right to you.

Thanks, Mike

18:31 Question 4

Hi Chaps

A thought just occurred to me and I wondered whether you've covered this already....

Will v Pension Expression of Wishes - which one wins in that battle if there's a conflict (from April 2027)? I've just noticed that my wife's EOW for her pension is different to that in her will, and would therefore be a problem from April 2027?

Cheers, John

21:34 Question 5

Hi Gentlemen (Pension Gurus)

My 18 year old children are setting out in the wonderful world of work and (with my "encouragement") are squirrelling away 10-12.5% of their salary into pensions (with their employers contributing 4 and 12.5% respectively). So one ok and one really good.

Q: Their workplace pensions are with Aviva and L&G respectively and at the moment they are in the "default" scheme. As default pensions are a "one size fits all" I don't think that it's necessarily the best for my children with at least 35 years of investing left. Plus I don't like the idea of 10% being gambled on start ups. I'd like to come out of the default scheme but am not sure what to invest in i.e. if I DIY what % global index? global bonds what %? multi asset and if so what %? Or something simple like life strategy etc? What would your guidance be to an 18 year old on what to invest in their pension?

Many thanks, London Mum

27:48 Question 6

Hi both, I am wondering how to approach retirement. I am 32 years of age and I have a DB pension with work. I am single with 18 years left on my mortgage. No kids.

I have been splitting my saving contributions between workplace pension which goes out before I get my pay, cash ISA, S&S ISA and Lifetime ISA. With the latest budget I am conscious of the constant messing of the pensions and ISA's, mainly the lifetime ISA as they are potentially getting rid of it.

Do I just carry on with the contributions as is? Will the lifetime ISA still be ok to contribute to for retirement planning? Thanks, Lisa

View Details

Time for another Q&A episode where Roger & Pete answer questions on retirement planning, passing assets to children. SIPP vs ISA and much more!

Shownotes: https://meaningfulmoney.tv/QA47

01:42 Question 1

Hi Pete, Roger, and Nick,

Thank you for the podcast - I've been listening for a while but fell behind and just binged about 15 Q&A episodes over the last fortnight! There's nothing like listening to the podcast to get me fired up about my finances!

I have a question about the upcoming change to minimum retirement age, and a question about how to use my SIPP versus S&S ISA post-55/57.

I was born in February 1972 and so by my reckoning should be ok to access my SIPP at 55. However, I heard somewhere that access could be removed at the date the law changes, because I wouldn't be 57 by that date.

Can you shed any light please? It doesn't make sense to me to grant access then take it away.

The reason I'm asking is because I'm thinking that in the next year I should favour putting money into my SIPP for the tax relief instead of into my S&S ISA, since I can access it within a short time anyway if I really needed to.

Once I'm 55, does it still make sense to put money in the ISA at all, given the SIPP will continue to have tax relief so long as I'm working?

All the best and looking forward to the videos coming out! Chris

07:04 Question 2

Hi Pete & Rodger,

My wife & I are both aged 55 & I plan to retire aged 60 possibly a little earlier my wife isn't sure exactly when she will stop at the moment.

I currently have a work place Scottish Widows default pension lifestyle turned off £225,000 I pay in 31%, company pays in 4%, salary sacrifice I then occasionally move funds to my 100% equities SIPP low cost global index fund £442000.

My wife has a small DB pension and 45,000 in a SIPP again all in equities. My plan is to retire at 60ish on the SW pension to bridge the gap to state pension age 67. Leaving the SIPPS invested in equities both in low cost global index funds. Possibly adding some bonds a few years out from state pension age. Currently 20k emergency fund cash isa and my liquid assets whisky collection.

Do you feel I could improve my plan or is it reasonably sound? Kind regards, Lee.

12:48 Question 3

Hi Pete & Roger,

I have a deferred DB pension which in 2018 (when it closed) I was told my annual pension at age 62 would be £18270. The pension is capped at CPI or 2.5% annually, whichever is lower. As such it is getting deflated by high inflation. As of today it's £21840. (With CPI it would be £23830 or even £26050 with RPI). I have a decent DC scheme to top it up but what can I do mitigate this decline with transfer out values currently quite low?

Thanks for your advice. Richard

18:08 Question 4

Hello Pete and Roger,

Firstly, thank you for your brilliant podcast - it really is absolutely fantastic. Since discovering it early in 2024, I've listened to almost every show! I love the way you both make complicated concepts easy to understand and often have me chuckling along at the same time!

I have a question to you both about inheritance tax and a potential way to reduce, or even eliminate, its effects. I don't believe you have covered this particular strategy, so I'm very interested to hear your thoughts. Here's what I am thinking.

My wife and I are both 43 and have two lovely children aged 7 and 9. We both work full-time in well-paid jobs and save a good amount into our pensions and ISAs, whilst also ensuring we 'live for today' by going on regular holidays and spending as much time as possible with the children (whilst they still like spending time with us!). Our rough combined financial position is as follows:

• £1m in company DC pensions, contributing at a rate of about £85k gross per year - £350k in stocks & shares ISAs, contributing at a rate of £40k per year - For each child – £40k in Junior SIPP contributing at a rate of £3600 gross per year, and £10k in Junior ISA with no significant annual contributions - A house that is worth about £700k with £400k still to pay on the mortgage (remaining term 15 years)

I am aware that it's very early to think about inheritance tax, and I know that rules in the future will very likely change. However, it's very conceivable to me that our children will incur a very significant IHT bill when we both shuffle off (to use Pete's phrase!). My "solution" to this is as follows. When our children reach the age of 18, rather than paying £40k per year in our ISAs, we will pay it directly into their ISAs. We will fund this either through earnings (I still love my job and envisage working well into my 60s), and/or from one or both of our pensions. When we are retired, we plan to take regular payments from our pensions up to point where we would start paying higher rate tax; this will hopefully allow us to live comfortably whilst also contributing to our children's ISAs. Any shortfall will be covered by our own ISAs.

We will give this money to our children on the basis that it is still our money if we ever need it (e.g., care homes, massive holiday, Lamborghinis, etc). In other words, we will tell them that we will continue paying them £20k a year each provided that they do not touch it and have it available for us if we ever need it. With a bit of luck, we will never need it, and both our children will ultimately receive a substantial sum of 'inheritance' without paying any IHT.

I appreciate there are some risks associated with this strategy. The two that I can think of are as follows. Firstly, there's a risk that we fall out with our children and lose control of the money. Secondly, if one our children marries, then divorces, then half of the money we've given them may disappear to someone else. This is definitely a concern. However, provided we are both comfortable with these risks, do you think this is a sensible method of transferring wealth to our children, and can you think of anything other considerations we need to think about? I'm probably missing something really important so it'd be great to hear your thoughts!

Thanks again for your amazing podcast – I really do love tuning in every week! Thanks, Martin

28:19 Question 5

Hello gents,

My question is this : if someone is looking to retire pre-state pension, and bridging that gap, what are the primary options available? I've been looking at for example - fixed term annuity if rates are good; bond ladder (feel a bit overwhelmed on this); money market fund; bung it in a cash savings account.

I'm assuming I want minimum volatility - is that the right approach to take? Richard.

32:18 Question 6

Hi Pete, Roger and Nick

I have become an avid listener in the last three months, having just taken Voluntary Redundancy at age 63. I have benefitted hugely from your expertise and listenable style. Many thanks.

I'm imagining that if you include this question in your podcast you might mention a tax tail wagging the dog. However, I don't want my dog to miss out on performing tax tricks.

My question concerns whether I can take taxable income from my SIPP whilst leaving my tax-free lump sum untouched. I would then like to take the tax free lump sum at a future date to fund a home relocation. Is this possible? The background is as follows:

My DB (£40k) pension will kick-in at 65 (18 months to go) when I will also take a lump sum which I will place into my and my wife's ISAs. I have to do this at 65 due to scheme rules. So in the meantime we're living on my £100k redundancy pay which is sizeable enough to also fill our ISA allowances for 25/26 financial year. I will avoid higher rate income tax on this VR payment via a SIPP contribution. This means that our current and future 2 financial years ISA contributions will be full and I will also have a SIPP bumped up to £250k. However, it will also mean most of my VR pay will then be in SIPP and ISAs leaving us short on spendable income next year!

But next financial year, being un-salaried, I will have the opportunity to take £50270 from my SIPP whilst limiting my income tax to 20%. This will then fill next years income gap. (Once I start receiving my DB pension I will find it harder to get the remaining SIPP funds out without paying 40% income tax as the state pension plus DB will then take me over £50270). I don't want the tax-free lump sum next year as I don't have a need for it until age 65 when we plan to relocate and I can't put it in ISAs because I've already filled them.

So can I start taking taxable income but leave the tax-free lump sum in the SIPP where it currently performs the function of an ISA (ie tax-free growth).

Alternatively, am I just being a bit silly and making life overly complicated? Your wise observations will be eagerly received.

I have done my own cash-flow modelling in detail and this is just a simplified summary of the main facts. Once I am in the new routine post-65 then it'll become a lot easier, but these few steps in the dance over the next couple of years require a great deal of thought.

Kind regards, Tom

View Details

In this Meaningful Money Q&A episode (QA46), Pete Matthew and Roger Weeks answer six listener questions on the financial decisions many UK households are wrestling with right now. We cover bridging the gap to the State Pension with fixed-term annuities, strategies for staying under £100,000 adjusted net income (and avoiding the 60% tax trap), and how LGPS "CARE" pensions work including whether salary sacrifice can reduce student loan repayments. There's also practical guidance for self-employed listeners facing a tough year and needing to cut costs, plus how to think about funding private school fees without derailing long-term plans. Finally, we discuss how to decide whether to take the maximum tax-free lump sum from a defined benefit pension, including the trade-offs and how to model the impact.

Shownotes: https://meaningfulmoney.tv/QA46

02:18 Question 1

Hi Pete & Roger, I am a long-time fan of your podcasts, and I often sneak off during the day for some peaceful R&R and listen to your latest release or even go back on old shows. My wife and I are in the fortunate position that we have both retired but still have a number of years before the state pension will commence (6 years / 2 years).

Our long-term plan was to build up our private pensions so that we would have a comfortable retirement but also be able to leave our two children a reasonable inheritance which has meant we have been reluctant to dip into our DC pensions too early.

With the proposed changes to IHT bringing in the unused pension pots on 2nd death into the estate and on current projection we have in excess of £1m in DC pensions which unfortunately are heavily weighted in my favour to 80/20 and we both have a DB scheme each (circa 5K) which have been activated.

My questions relate to fixed term annuity. To bridge the gap between retirement and receiving the state pension for my wife circa 6 years, I was considering looking at one of these to cover sufficient income to take her up to the personal tax allowance limit bearing in mind the annual DB income. My dilemma is where or how best to fund this. Can we or do we use our personal savings? Do we use my wife's DC pension in part? Can I use my own DC pension, but any withdrawal would be subject to 20% tax rate so not a preference even if allowed?

As part of my look into these fixed term annuities, there also seems to be an option to have guaranteed cash return at the end of term. Is there any sense in considering this as it would require a bigger investment or withdrawal? Would this cash also be tax free or would it be income and added to your existing income stream?

It would seem to me that if I wanted to reduce the pension pot differential but ensuring the tax payable was only 20%, then I could either max my withdrawal requirement annually or consider the annuity route but this could be complicated with my state pension commencing 2027?

Should I be hung up on the pension pot differential values between us and does the IHT rule of the couple's tax-free limit being £650,000 nil rate ignore where the money originates. This pension pot differential must be quite common, do you have any other comment or suggestions that would be helpful.

I, like many of your listeners enjoy your banter and how you impart knowledge to the wider audience for their better good – a big thank you for this. Best Regards Brett.

Meaningful Academy Retirement Planning 11:04 Question 2

Hi Pete & Roger, I'm a big fan of the podcast — thanks for all the clear and practical advice you share each week.

My base salary is about £76k, but with shift allowance and a car allowance my total package is closer to £90k. On top of that, I can earn overtime (which is unpredictable) and I also get a discretionary bonus of up to 20% of base salary.

The challenge is that we don't find out the actual bonus figure until the end of March, but if we want to waive it into pension we have to decide in advance — so it's guesswork. Without any planning, the bonus can push my adjusted net income over £100k, which means I start to lose my personal allowance and fall into the so‑called "60% tax trap" between £100k and £125k.

At the moment, I already have several salary sacrifices in place: – Pension, Holiday purchase, Share Incentive Plan (SIP). I'm now considering adding an electric vehicle through salary sacrifice, which would reduce my taxable pay by about £10.5k a year. That would keep my adjusted net income below £100k, but it obviously reduces my monthly take‑home.

I'm 29, so I don't mind putting a bit extra into my pension for the long term, but I don't want to over‑commit too early and lose too much cash flow now. In the next year or so, my wife and I are also planning to have children — which adds another layer, because if my income goes over £100k we'd also lose access to childcare perks.

I know there are worse problems to have, but I'd really like to maximise my take‑home pay without losing benefits and while staying as tax‑efficient as possible. So my question is: how should someone in my position — with variable overtime, an uncertain bonus, existing salary sacrifices, and family planning on the horizon — think about the £100k threshold, the 60% tax trap, and the personal allowance taper? And more broadly, how should PAYE employees balance lower monthly net pay against the tax efficiency, taper protection, and childcare benefit eligibility that salary sacrifice schemes can provide?

Many thanks. Lewis.

19:48 Question 3

Hi Pete and Rog

I'm 28 and my fiancé is 26 so we're at the early stages of building our empire. The knowledge and insight I've picked up from listening to you over the past 12 months has been a massive help, so thank you!

My financial situation is fairly run of the mill: a Salary Sacrifice DB pension with a 6% employer match, early days Stocks & Shares ISA, emergency fund etc.

However my Fiancé works for our local council and has a DC pension titled "CARE". From what I can understand, this means every year she works, she builds up an amount, that yearly amount tracks inflation up to retirement, then at retirement all those revalued yearly amounts are added together to give her a guaranteed annual income for life.

To my question! Firstly, is my understanding correct, or is there anything I'm missing? And secondly, is there a way of playing with her percentage pension contribution to lower the amount of student loan she has to pay back?

Bonus question: I've just finished Q&A Ep31 and caught wind Pete had a beer - what's your tipple of choice?

Always thankful for each episode and video you provide!

Thanks, Tom

24:23 Question 4

Hi Pete and Rog

Long time Facebook group, podcast and you tube fan, asking a question that I haven't heard answered yet.

I am self employed, and have been for 12 years now. 2025 has been an unexpectedly difficult one in my industry with corporate customers cancelling projects and budget cuts, and individual clients feeling uncertainty.

How can I make hard decisions about cutting back on my business and personal expenses, whilst also staying as positive as possible about the future?

My turnover is down about 30%, with a knock on effect on my income. I've stopped investing in my pension as the business isn't making enough profit to do so, and am now looking at cutting back on business expenses like the subcontractors I book to work with me and marketing (which I've held off doing hoping income will recover).

Meanwhile I took on many personal expenses that feel very hard to cancel like private health cover for my family, income protection insurance, gym membership, kids sports clubs and their orthodontist treatments - all totalling £6-800 pounds per month. I'm not sure where to start!

Thanks for considering my question.

Best Wishes, Lara

31:40 Question 5

Dear Pete and Roger,

Loving your podcast. I can honestly say listening to it has transformed my relationship with money and investing. My husband used to do all the money management alone and seems thrilled I've finally shown an interest... Short version: - She 39, he 44 - Her - late starter due to Uni and maternity - now profits of £60pa self emp - He has £50k pa accrued in DB scheme plus AVCs - maxing contributions - He sacrifices to stay below £100k - ISAs - they don't say how much

As the children are approaching secondary age and with some SEND issues in the mix we are looking at all the options including fee-paying independent schools. Luckily with the age gaps we have we will only be paying for two kids at any one time and grandparents are stepping in for eldest. This is costly, but I think doable for us as we're quite frugal people anyway. I'm now working out how best to fund this. If we reduce our pension contributions we will lose huge amounts to tax and student loan deductions (in my case) - 62%/47% (him) and 51% (me) will be deducted and we'll lose the childcare funding for our toddler which will be a massive blow.

Would it be mad/bad to release some equity from the house, enjoy this money now and pay this off with a pension lump sum when we can access it?

I feel that it would be absolutely mad to retire with far more than we need, whilst our children missed out but also mad to miss out on the tax relief.

I'm really interested in your thoughts and if there are other ideas? We have just a few years to prepare and ideally I'd like some flex or contingency in any plan. Could an offset mortgage be useful here? I could go full time but I don't want to miss out on raising the kids so this would be the last resort. It just feels like a cash flow issue that needs some planning for. HELP!

Thank you for reading, fingers crossed I've got all the vernacular right and haven't caused any confusion.

Take care and best wishes, Annie

36:58 Question 6

Hi Nick…Roger…and the other guy! I'm an avid new listener having read and loved Pete's retirement book and binged on your podcasts. I'm loving what you do and how you do it, and have recommended you widely.

My question relates to how I judge the amount of tax free lump sum to take from a DB scheme. It feels wrong to convert inflation-protected DB pension into a lump sum, but I'm thinking of taking the maximum and wonder if I'm being foolish.

I could take my £40k DB in 18 months or could reduce this to £26k for £190k lump sum with a commutation factor of 14.

The spouses pension is maintained at 50% of the unreduced pension (ie £20k) even if I take a lump sum. Nice!

My wife will also have a £6k DB at same retirement date. We will both receive max state pensions 2 years later. We also have SIPPS and some ISAs and I am confident that these non-DB funds will see us through to state pension age with good margin.

My budget shows we will need up to £60k PA spend for very comfortable retirement. £40k PA to cover basics. If I didn't take a lump sum then we have £40k (DB) + £6k (wife DB) + £24k (SP) = £70k income. This works.

But as I say, I actually think I should take a max £190k lump sum…

This would mean £26k (DB) + £6k (wife DB) + £24k (SP) = £56k total index linked, which works out at £49k after tax. The additional £11k PA will be easy to provide from the invested lump sum.

But the real reason to take the max lump sum is to manage the risk of me being first death. If/when that happens then my wife has £20k (spouse DB)+ £6k (her DB) + £12k (SP) = £38k index-linked income, or £33k after tax. I think she'll need to find £15-£20k PA from the invested lump sum to stay comfortable. This feels more borderline, especially as she has little natural affinity for investing and may be better buying an annuity.

It seems to me that I would be wise to take the full lump sum to best provide for my wife should I die first (statistically the most likely). This matters a lot to me.

Is this reasonable thinking? Or is there a way of judging an in-between lump sum?

With kind regards, Tim

View Details

In this episode of the MeaningfulMoney Q&A, Pete and Roger answer six listener questions covering a wide range of personal finance topics. We tackle a tricky inheritance tax situation involving a property bought in children's names, look at pension and ISA options for a daughter likely to spend her career working outside the UK, and offer some perspective on balancing financial sensibility with life's genuine passions. We also cover whether a minimal LISA contribution strategy actually works, how to manage the transition from 100% equities to a retirement asset allocation in the years before you stop work, and what income protection options exist for a young professional wanting to guard against long-term illness or injury.

Shownotes: https://meaningfulmoney.tv/QA45

02:20 Question 1

Hello Peter and Roger (without a D)

I am so pleased I discovered your podcast a few months ago, since then your words of wisdom accompany me on my daily dog walks and I have become the annoying older colleague in the office telling the younger colleagues about the power of compounding and contributing to the pension scheme.

I have a rather unusual query I would really appreciate your view on and maybe the potential pitfalls we are experiencing would be of interest to other listeners as I have read lots of questions on-line about potential benefits of putting property in children's names.

My parents retired to Spain 25 years ago, they cash-purchased a UK flat for when they come back 10 years ago. In a bid to avoid inheritance tax they bought this in mine and 3 siblings names (all in our late 40/early 50s). They did not seek professional advice, just assuming it was the right thing to do, which could be the morale of the story.

Sadly my Dad recently died and as executor of his will I have been looking into the UK assets. I realise now that this cunning plan does not work, as they regularly stay in the flat without paying rent. Therefore, it is classed as gift with reserved benefits and still included in the estate. However this is not an issue as they are well below the IHT threshold.

The question I have relates to the future financial position that I think they have inadvertently created. My mum wants to sell up in Spain buy a house in the UK and then either rent the flat for some more income or potential sell it. But how does this work if the property is in our names? Can she legitimately take rent (with our permission) without it having income tax implications on us (I am higher rate so do not want this!). If she wants to sell it I assume it will be sales to us siblings so we will pay capital gains (but what rate? we are a mix of tax brackets and one of my sisters doesn't own another house.) She says she might be best just transferring into her name, but I don't think it will be that easy and we will still be liable for capital gains as it will effectively be a sale to her. Is there something we have missed here and is it something we should be concerned about? Or is it OK to leave as is and let her keep to draw down income. Could it be the right thing to do and having the property in our names be simpler to resolve when she dies?

I am hoping your soothing Yorkshire/Cornish tones can reassure me all will be OK. Vicky a faithful listener.

11:24 Question 2

Hi Pete and Rog

I only discovered the podcast fairly recently, but have been following your web-based lessons on Meaningful Money for a while (and have read the books). I am really loving the podcast - so many back episodes to listen to! Super-informative, and your dulcet tones are also very soothing!

My question is to do with advice for an adult child who is likely to spend her career working outside the UK.

My husband and I are both late 50s and technically have reached FIRE (years of finance-nerdery despite relatively low incomes) but I am still doing consultancy because I quite enjoy it.

Our older three children are all getting established in their careers, and I've brainwashed/ educated them in the ways of financial sensibleness, so they're all set up with emergency funds/S&S ISAs/employer pensions/SIPPS. Our youngest daughter is studying at university in Poland (the kids and I all have dual Polish/UK citizenship, as my mum was Polish). This means my daughter can work anywhere in the EU, and although she will always have strong ties to the UK, it's looking as if she is more likely to work outside the UK once she graduates in summer 2026.

This opens up a whole new world of options in terms of setting her on a path to financial security, and there's quite a lot of conflicting information - I would really appreciate some input on what are likely to be the best options for someone in this situation.

At the moment she's 'ordinarily resident' in the UK, on the electoral roll etc., but doesn't have any UK income. Can she make pension contributions in the UK even if she's working elsewhere? I assume she still has an ISA allowance if she's a UK citizen working abroad, but a LISA would make less sense if she's not likely to buy a UK property? I am self-employed via a limited company and she has occasionally done bits of tech support for me, so she could register as self-employed in the UK and bill me for that - would that count as UK employment? My accountant is super-scrupulous, so I'm not interested in anything that might be sailing even vaguely close to the wind in HMRC terms.

I would appreciate any thoughts on this perhaps slightly non-standard situation, although I assume there must be quite a few other people out there with dual UK/EU citizenship who might be facing similar questions?

Many thanks, Felicia

19:06 Question 3

Dear Pete and Roger.

I listen to your podcast all the time and it keeps me right. It has really helped me navigate my financial literacy or lack thereof. I am now in a situation where I have much better understanding of what I need to be doing with my money, and have made sense of all financial decisions such as paying into my workplace pension, owning my own home, and I have a recently paid job and some side projects which earn me a little.

My question is, I think, a search for a validation of my life choices! Basically, despite having a good job and owning my own home outright, I am still struggling to budget every month. This is because I have made a terrible financial decision of owning two horses. These horses are my pride and joy, but the financial strain of it does make me feel guilty in terms of the distribution of spending between me and my husband. I spent about 600 a month on the horses, give or take a bit each month.

Do you have any words of wisdom about how to balance being sensible with money Vs 'investing' in my life passions? I don't think I'll ever give up the horses, so it's more about whether I continue to stress about it or not.

Many thanks for your wisdom as always Josie

25:20 Question 4

Thank you for all the great content!

I have a LISA question for the podcast in relation to my 25 year old son? He currently lives with me in SW London and is saving to buy his own place. I love having him stay and I am in no rush for him to move out.

He/we decided not to go with a LISA because he is likely to buy a property in or around London and we are concerned about the £450K cap which I believe has remained fixed since 2017. He is very motivated, ambitious and hard working and has already had several promotions with an opportunity to work in the US next year. He has already saved £50K for a deposit and I intend helping him too. He is not in a rush to buy as it feels like the property market is no longer running away from him.

He told me he thinks it makes more sense to enter the property market on the second rung of the ladder rather than the first as it costs so much to move with stamp duty, fees etc. So perhaps a 2 bed in a nice(ish) area rather than a starter home (and renting the second bedroom to a friend). I think I agree with him, especially if he ends up working in the US for an unknown period of time. A 2 bed in a nice(ish) area where he actually wants to live would cost more than the £450K cap which is why we are reluctant to use the LISA for saving for his first home (I understand it can also be a pension investment but he is already contributing to his workplace pension).

However, I have in my head a bug that says he can put minimal contributions into a LISA each year (say £5) which he could top up retrospectively if he changes his mind and does find somewhere to buy for under £450K. Am I correct?

Your thoughts would be much appreciated. Michelle

29:04 Question 5

Hi Pete and Roger

Thanks so much for all the work you do, I've only found the podcast recently but already enjoying learning more and thinking about things differently.

My question relates to saving for retirement and specifically the period leading up to retiring. Nearly all of our (mine and my husband's) pensions are in SIPPs where we have been happy to be 100% equity, in global index funds. We are now maybe 7-10 years from the point where we could retire, and I've been able to research withdrawal strategies to the point where I'm confident managing that when we get there. We have determined our target asset allocation split between equities / bond funds / individual gilts and money market funds for the start point of retirement.

I haven't been able to find much information about the period of transition from 100% equity to the asset allocation we want in place for the start of retirement. Obviously it's a balance between reducing exposure to volatility as we approach retirement and accepting a drag on the portfolio caused by the increasing allocation to cash and bonds and my instinctive (but not evidence-based!) approach would be to gradually move from one to the other over a number of years.

So my question is this - is there a better approach than just a straightline shift from one to the other? How far out from retirement is it appropriate to start making the transition? The best advice I can find online is just to pick whatever makes you feel comfortable and do that but surely there must be some more robust guidance out there? I appreciate it might not be a one size fits all answer but would appreciate your thoughts on how to approach this.

The one piece of advice I do seem to have found is that however we decide to do it, to stick to a predetermined schedule to avoid temptation to try to time the market - does that sound sensible or have I missed the mark on that?

Thanks so much for any help you can give. Fran

35:26 Question 6

Hey Pete & Roger,

Thank you for the great podcast!

I have a question about income protection insurance. I'm quite young (25 - probably among your youngest listeners!), no dependents, renting with my partner, and am fortunate enough to have a well paid job and a promising future career.

I recognise that my biggest asset is my future earning potential and would like to protect that in case of the worst. I have a 6 month emergency fund, healthy amounts (for my age) invested across ISAs and pensions, and my work offers 50% loss of income protection for accident or illness for 3 years, which is all great.

My question is - to what extent should I think about trying to protect against the tail risk of not being able to work for >3 years, possibly till pension age? This is of course quite unlikely, but would be very detrimental if it were to occur - the exact sort of place where insurance would make sense. However I can't seem to find any insurance policies with such a long deferral period and I can't "double up" by having a shorter referral period. So, do such products exist, and if not are there any alternatives other than just accepting that risk and re-evaluating if and when my circumstances change? Is this even a reasonable risk to be thinking about, or is it overkill? Is there anything I should think about that I may be missing?

Many thanks, Sarah

*Affiliate - https://meaningfulmoney.tv/lifesearch

View Details

From April 2027, many unused pension funds are set to be brought into the IHT net, changing how pensions work for legacy planning. Pete and Roger explain what's changing, what still remains exempt, where "double tax" can arise, and the practical steps to consider now — without rushing into knee-jerk decisions.

01:55 KNOW - Pensions no longer outside of estate

09:49 KNOW - Some important exemptions still remain

10:32 KNOW - In some cases there could be TWO taxes

14:15 KNOW - The administration will also change

16:58 KNOW Summary

17:15 DO - Rethink the old "leave the pension last" strategy

22:40 DO - Review who your beneficiaries actually are

24:56 DO - Consider using surplus pension income while you're alive

26:35 DO - Don't rush into drastic decisions

30:39 Podcast Review

Shownotes: https://meaningfulmoney.tv/session616

View Details

In this Meaningful Money Q&A episode, Pete Matthew and Roger Weeks answer six listener questions on UK personal finance, pensions and investing. We cover inheritance tax (IHT) and who actually pays it, a defined benefit pension "state pension deduction" before State Pension age, and whether salary sacrifice affects higher-rate tax relief. We also discuss whether global tracker funds are too concentrated in the US, how offshore investment bonds compare to a general investment account (GIA), and how IHT taper relief works for gifts and the nil-rate band.

Shownotes: https://meaningfulmoney.tv/QA44

03:40 Question 1

Hi Pete and Roger,

I have been really enjoying your podcast and have learned so much about finance, tax and investments that I did not know before. I enjoyed your episode on inheritance tax.

I have a question regarding inheritance tax and what happens if beneficiaries are unable to afford to pay it. My parents are wealthy with three properties (mortgages all paid off) and a large private pension, my parents also had a limited company which they used to maximise their earnings by minimising tax. However, me and my brother are average in the financial sense, where we have "normal salaried jobs", as my father would say. We earn far less than him and hence have much less assets. I own a house but have most of the mortgage left to pay because I only bought it last year. I am also single and live alone on my single income. My brother rents a flat and spends most of what he earns and has no concept of saving/future plans or investments, he does not even have a pension.

I am under the assumption that the IHT has to paid first before the inherence is released, rather than IHT simply being deducted from the actual inherence itself before distribution?

When I look at the total of my parents assets, me and my brother have no where near enough money to be able to pay it, due to the large gap in wealth between us and my parents. I tried to discuss this with them a few times but was fobbed off. They don't have any plan in place, all they have is life insurance to cover each other should one party die, and a simple one page will including just each other and us, no extended family. My brother and mum have no clue about money, and my dad who is in charge of the finances has multiple health problems of late. I am anxious of the day when I will be asked to pay tons of IHT which I might not be able to able to afford, especially because I am single and have my own bills and mortgage, I can't afford another loan.

Is there a way to get around this or reduce the burden? If I cannot afford to pay the tax, can I simple "run away" from the situation and decline being a beneficiary, hence shoving the responsibility of IHT onto other family members? I don't really understand the process of probate, and whether my parents life insurance would pay it, but it seems to be that it pays out to the spouse should the other die, so I assume this would be added to the total assets and hence increase the tax burden should the other die?

My parents don't seem to be bothered and are reluctant to discuss this so I am unsure what to do. How do "average/mediocre" kids like me and my brother usually deal with the tax from being born into a wealthy family?

Sorry if this is a silly question, but I would appreciate any words of financial wisdom. Many thanks, Lava

13:08 Question 2

Hi Pete and Roger,

I hope this message finds you well. As an avid listener of your podcast for the past couple of years, I want to express my gratitude for the way you break down financial and pension topics that can often seem overwhelming. Your insights have been invaluable to me.

I wanted to share a personal experience and seek your views on it. After dedicating 42 years working at M&S, I am now approaching 60 and preparing to take my pension later this year. While I am proud of my long service, I've encountered an unexpected surprise in my pension arrangement.

I have a Defined Benefit (DB) pension valued at around £9,000. Per year. However, upon receiving my pension quotation, I discovered that the scheme is structured to pay me this amount only until I reach 65 years of age, after which it reduces by approximately £2,200, a 24% reduction. This reduction is based on the assumption that the State Pension will compensate for the difference. However, with the State Pension age being pushed back, I will experience a reduction in my income before the State Pension begins when I turn 67.

This situation feels particularly unfair, especially given that at M&S, there are a significant number of women who are lower-paid workers. The unfairness is further accentuated by the fact that the reduction is a fixed sum, irrespective of one's earnings. This fixed sum reduction impacts lower-paid and part-time workers disproportionately. I would greatly appreciate any insights or advice you might have on how to navigate this issue. Thank you once again for the fantastic work you do. Your podcast has been a tremendous help in making sense of pensions and finances.

Best regards, Joan

20:06 Question 3

Hi Pete and Roger,

Discovered the podcast and book a few months ago while trying to get more organised with life admin and planning for the future. Enjoying working through the back catalogue of the past seasons on the podcast and that's been very helpful - thank you.

I do have a question about salary sacrifice/exchange in a workplace pension around tax brackets. As I got a promotion at work a few years ago I ended up moving into the higher 40% tax bracket so I adjusted my pension contributions - my workplace offers salary exchange for pension contributions - to bring my adjusted salary to below £50k and stay within the 20% income tax bracket and also saving on National Insurance contributions and tax relief. However, last year, another promotion led to another increase in salary and several things going on such as buying a house meant that I hadn't adjusted the pension contributions enough and my adjusted salary was above £50k and a portion of that was taxed at the 40% rate.

Question I have is can I claim back the tax at the 40% rate from HMRC or does the salary exchange mean that I have already had the maximum tax relief applied?

Thanks and keep up the good work, Simon

23:42 Question 4

Hi Pete and Rog,

Only just discovered the pod and loving it!

You advocate global trackers and I can see why, as they are cheap and simple and have the appearance of diversifying risk. But do you not worry about putting 60-70% of your money in one market (the US), which is what a global tracker does? I understand that you're letting the market determine how your capital is allocated, but what is 'the market' when so many other people are also just investing in global trackers? It seems to me there is not enough price discovery and trackers may be chasing a bubble. Would love to get your views.

Cheers guys. Will

https://www.timeline.co/resources/indexing-the-paradox-of-concentration-of-return Adviser 3.0 Podcast episode on YouTube: https://www.youtube.com/watch?v=A-Y4jVxDLL4

30:09 Question 5

Dear Roger and Pete

Huge fan of the show!

I had a question about offshore investment bonds. I'm an additional rate taxpayer and after contributing to pension and ISA, am then looking at what could come next. I've seen offshore investment bonds as an option, however I'm struggling to see how they would deliver a better outcome (assuming the same underlying investments) than simply using a GIA, and selling down the investments once I stop work.

Thanks again, Matt

Investment Bonds: https://www.youtube.com/watch?v=_q5HBoXmekI

35:28 Question 6

Hi Pete, Roger and Team,

Firstly, thanks to you all for the amazing podcast, I have been listening for years and it has given me the confidence to manage my finances. I spread the word to all who will listen!

My question is regarding tapering with relation to gifts and IHT. The scenario is this, a person is gifted a fairly substantial sum (say £100k) but less than the £325k personal allowance. The person who gifted the sum then dies at 6 years post gift. The persons estate is say £750k.

In this case does tapering occur? Even though the gift is less than the £325k the whole estate is well over the personal allowance. Would IHT be paid on the sum over £325 with tapering on the gift? For example £325k IHT free due personal allowance, £100k at 6% taper relief with the remainder at normal IHT rates?

Hopefully that's a short enough question! Many thanks, Alastair

View Details

If you're a UK beginner and you're not sure where to start investing in 2026, Pete and Roger talk you through a calm, step-by-step investing order to follow. They cover when to build a buffer, tackle expensive debt and use employer pension matching, plus how to choose between a Stocks and Shares ISA and a pension. You'll also hear the key beginner mistakes to avoid so you can invest with confidence and stay the course.

Shownotes: https://meaningfulmoney.tv/QA43

02:00 Question 1

Hi Pete and Roger

I'm late to investing but thanks to your informative and entertaining podcasts and books - I feel on track to at least a decent retirement.

I'm on a £60K salary and currently manage to contribute around £25K annually via salary sacrifice - which keeps me happily and comfortably within the 20% Income Tax bracket.

However, with the Salary Sacrifice Cap coming in April 2029, I will end up in the higher-rate tax bracket.

I was thinking about using my employer's Car Benefit Salary Sacrifice Scheme to help bring down my taxable income – whilst still maintaining the maximum salary sacrifice and utilising Relief at Source my AVC.

I'm fully aware of the saying "don't let the tax tail wag the investment dog" but I was planning on getting a car in 2029 – when my mortgage is completed – so this might be a good alignment.

My question's are: Can you confirm whether the Salary Sacrifice Cap applies to pensions only — and does using the car salary sacrifice scheme seem like a sensible idea in this context?

Is there anyway that paying into my AVC via Relief at Source and claiming the higher-rate relief via Self-Assessment would result in HMRC issuing me a new tax code for the following tax year.

Keep up the good work – and all the best to you and your families for the festive season. Thanks, Cris

06:43 Question 2

Hi, I recently came across your podcast and have not stopped listening to all the older episodes, and look forward to the new ones each week. Keep up the great work!

I'm a 53 year old business owner looking to exit my business within the next 3 years via a sale and hope to receive around £1.5 - £1.8m from my share of the proceeds after tax.

My wife is 8 yrs younger than me and will probably still be working doing some consultancy work. She has her own pension and savings in ISA's (currently a combined pot of around £250k which will hopefully grow over the next 10+ years) but we wouldn't need to access that till much later as required.

My 2 questions are: 1. What would be the best way to invest the lump sum from the sale of my business to provide an income to support my retirement without having to necessarily eat into the capital or touch too much of my savings / pension early on as it will need to provide for my wife and I for quite a few years if we retire / semi retire in our mid 50's. Having looked at our living costs we would need around £60k p.a - albeit to live comfortably. Any holidays / large purchases etc could be funded through savings.

1. How would you prioritise what pot of funds you use first to make it the most tax efficient, enable growth and ensure that the pots do not run out. Given the new IHT rules on pensions is it now wise to use those first including the 25% tax free lump sum or use the ISA's / savings first leaving the pensions to continue growing in their tax wrapper.

Thanks, Jeremy

Meaningful Academy Retirement Planning: https://meaningfulacademy.com/retirementplanning

14:53 Question 3

Hello Peter and Roger You answered a previous question for me on the podcast so thank you for that, and I hope you don't mind me asking another one!

We're in the very fortunate position of being able to pay the full £60,000 annual allowance into my pension scheme this tax year and are considering making additional contributions using unused allowance from previous years. I understand that the total contribution we could make would still be limited by my annual salary this tax year - my question relates to how that is defined.

The contributions are made using a combination of salary sacrifice into my work scheme and lump sum contributions to my SIPP which is separate from the work scheme. So, would my "salary" that would be the limit for total contributions be the salary before salary sacrifice or after? And is the "salary" further reduced by the contributions to the SIPP, as I believe my adjusted net income for calculating tax bands is?

Perhaps some hypothetical numbers would help. Let's say my gross salary before salary sacrifice is £125,000 and I salary sacrifice £25,000, and my employers' contribution is £5,000. Let's say I also pay £24,000 by bank transfer into my SIPP, so I'd receive £6,000 of tax relief into the SIPP. If I've understood it correctly, my adjusted net income for tax purposes would be £70,000 (which is £100,00 salary after salary sacrifice minus £30,000 gross contribution to SIPP). In total, £60,000 has been paid into my pensions which is the full annual allowance for this year.

If I had £120,000 of unused pension allowance from the previous three tax years, what is the maximum additional amount I could pay into my SIPP this tax year? Is it £65,000 gross (so £52,000 net), to bring the total paid into my pensions up to £125,000, my pre-sacrifice salary? Or £40,000 gross (so £32,000 net), to bring the total paid into my pensions up to £100,000, my post-sacrifice salary? Or some other amount, if the salary that counts for this year is limited to the adjusted net income?

Thanks so much for your help - I know it's a bit technical but I can't seem to find the answer anywhere! All the best, Fran

19:33 Question 4

Dear Pete and Roger,

I've been listening to the podcast for years now, and it always makes my Wednesday commute more enjoyable. Every time I hear your names together, I think of The Who, so thanks for all you do, helping people of My Generation become Finance Wizards and make smarter decisions so we don't get Fooled Again.

I'm 34, and after working in the small charity sector since university, I've accepted a role in a larger organisation which comes with a significant pay increase, taking my income over the Higher Rate threshold.

As I step into this new tax band, what reliefs, allowances, or financial planning considerations should I be thinking about?

In particular, I'm aware there are some reliefs (particularly for Gift Aid donations and pension contributions) that I will be able to claim through self assessment; do they 'compete' with each other in any way, or can I claim the full relief on both?

Thanks for all you do, Tim

23:40 Question 5

Pete & Roger Great podcast - don't ever retire!

I've just started receiving my state pension (now you know how old I am) but I was wondering how I can check that the government are paying me the correct amount.

I have more than a full set of NI class 1 contributions but I've also had some years contracted out and some years working abroad in a country with a reciprocal arrangement with the UK (which I've claimed for). The government just sent me a statement telling me how much I would get paid without any detail behind it.

How can I check that they have made the correct deductions for contracting out and the correct additions for my time abroad? Call me cynical but I don't always trust the government to get these calculations right. Many thanks, Glen

26:58 Question 6

Hi, great show by the way, very informative, it has certainly helped me and I'm sure is great help to many others.

My wife Michelle is planning to retire at the end of March, age 58.5. She is self employed, a relatively low earner and finds the work tiring now. I myself am 56 soon and likely to work another 2 year (max), I am luckily enough to receive a decent salary and have above average pension provision.

Michelle has the following pension savings - £143k in bank savings (not isa), £130k S&S ISA, £118k SIPP - all combined £391k. I realise markets are high at the moment.

Plan to use 4% rule and reduce when State Pension kicks in (have full NI Contributions).

So assuming want £15k pa (and rise annually with inflation), my query (that many others may have) is it best to use the cash or the ISA or the SIPP first or mix it up? Michelle is very unlikely to have to pay income tax, until State Pension triggers at 67.

Any advice much appreciated, Jason

View Details

Pete Matthew and Roger Weeks cover self-employed saving rates, inheritance tax and estate planning, and how dividends are treated inside pension drawdown (including SIPPs). They also discuss salary sacrifice and contribution limits, the pros and cons of recycling tax-free cash, and whether to overpay your mortgage or invest via a Stocks & Shares ISA.

Shownotes: https://meaningfulmoney.tv/QA42

01:07 Question 1

Hi Pete and Roger,

Thank you for your amazing podcast! My question is about budgeting & savings percentages: Should you aim for a % of your gross pay or your net pay when it comes to aiming for a savings percentage? e.g. Invest 20% of gross or net?

I'm self employed and work contract to contract. From each contract payment I have to give 25% to agents and lawyers. Then I get paid the rest and have to put aside some of the money ready for the Tax man.

When planning for how much I should save / invest from each contract payment should I be putting aside: 20% of the original contract amount? (which would be prior to the agents taking their cut and prior to the tax man taking his cut?) 20% of the amount left after the agents but prior to the tax man? Or 20% after both the agent cut and tax man cut? Thank you! Isabel

05:50 Question 2

I am a 70 year old widow with no children. My current net worth is about £2 million. This is made of of a house (£500,000), savings and investments (£1,150,000) and a drawdown pension pot of £350,000 which I inherited from my husband. My husband died aged 68 so the pension pot is currently tax free.

I plan to leave our inheritance tax free allowances of £650,000 to family, mostly nephews and nieces and the reminder to charities. The drawdown pension will also go to named family members until the rules change in 2027 after which this will also go to charity. I understand that this would mean my estate wouldn't be subject to inheritance tax. Am I right about this? Is there anything I might not have thought about or any flaws in my thinking?

Thank you for your very informative podcast, Susan

08:24 Question 3

Hi Pete and Roger,

I'm still catching up on the back catalogue and am still loving the show, the listener questions are a great alternative, absolutely brilliant :)

My mind has been wandering as it usually does, and this time thinking about my retirement plan and what dividends will look like at retirement. I have some queries I would love you to clarify please if possible.

As it stands I have a combination of SIPP and stocks & shares ISAs all globally diversified with various stocks and ETFs etc and also a NHS DB pension. I'm about to turn 49 and planning on a retirement at around 60. I'm trying to plan in the most tax efficient way (obviously this may change with future governments). For now though I am trying to max out my ISAs regularly for the tax free benefits and in particular focussing on a goal of using global ETF high yield dividends as income annually at retirement. I have a Vanguard SIPP with 3 ETFs. I plan to take the 25% tax free amount from this when I retire. The rest (75%) I plan to leave as is, in the same ETFs and as they will hopefully still be paying dividends, I am a little confused as to how these will be regarded, such as for tax purposes? My assumption is the dividends will be added as cash to my now 75% remaining pot and then if I start to drawdown on this then I guess I will be taxed as normal depending on my tax status at the time only on what I drawdown as income. However when the dividends are added to my drawdown (75%) portfolio will this be part of my annual tax free (currently £500) dividend allowance OR will they not count as they are in my "pension pot" (and not classed as income) as is the case currently pre-retirement?

At the present should I actually be adding the dividends that I currently receive in my pension pot to my annual tax free allowance (£500 for me)? (I assumed dividends in a SIPP don't need declaring/adding up towards your annual tax free dividend allowance).

I hope that all makes sense? Thanks for all your work with the podcasts and Listener Questions too, you guys are awesome!

Cheers lads, Jon

13:22 Question 4

Dear Pete and Roger,

I've just turned off lifestyling on my pension thanks to your excellent podcast and videos. You may have saved me thousands so many thanks!

I now have a cunning plan! I work for a university and have a hybrid pension with the Universities Superannuation Scheme (USS).

Payments for my regular defined benefit (DB) pension are made via salary sacrifice. I'm also making additional voluntary contributions to the defined contribution (DC) part of USS, also by salary sacrifice. I've increased these DC payments to a level where my reduced effective pay is just above the level of the National Living Wage.

As all my USS contributions, DB and DC, are made by salary sacrifice, they count as employer contributions. As I understand it, I am also allowed to make employee pension contributions to an entirely separate SIPP up to the full level of my Relevant Earnings, which in my case is my salary alone. Is that correct? If so, am I allowed to make employee contributions up to the level of my original salary (before salary sacrifice reductions)? Or am I only allowed to make employee contributions up to the level or my reduced salary (after salary sacrifice), just above the level of the National Living Wage?

Is my plan a sound one or is it a cunning plan worthy of Baldrick? I'm 54 years old and a basic rate tax payer with a salary of about £37,000 per annum. I do not expect to be promoted.

Simon

17:56 Question 5

Hi Pete and Roger,

Long time listener and watcher on YouTube and think it is absolutely wonderful all the free good advice you put out there. I hope you give yourselves a pat on the back for helping so many people build their wealth and no doubt have a better future in their latter years than they would have had without you.

As I reach a certain age I am pondering a strategy and was wondering if you could advise if this is a flawed approach, letting the tax tail wag the dog or perfectly valid. I've never heard anyone suggest it and can't believe that I have an idea that experts haven't thought of.

It involves recycling tax free lump sums from an existing DC pension. My understanding is that you have to "break" ALL the conditions to breach the recycling rules and the one I am considering not breaking is "tax free lump sum is less than £7,500 in any 12 month period".

The idea is this: - Crystalise 30K. £22.5K into a drawdown pot and left untouched so as to not trigger the MPAA. £7.5K tax free cash withdrawn - Take the £7.5K tax free cash and recycle it into a new SIPP - Benefit from 40% tax relief to gain an additional £5K - Do the same a year later and repeat until actual retirement

If I did this for the 10 years between first accessing my DC pension and retiring from employment at state pension age that's an extra £50K "free". The only downside I can see is that by crystalising you remove a portion of your existing DC pot from being able to have a 25% tax free slice of a bigger pie in the future. However I would have thought by putting the tax relief and tax free cash into a new SIPP, plus 25% of that total being tax free second time around when withdrawn, it would outweigh the downside, particularly if you think you're going to be a lower rate tax payer in actual retirement. Any thoughts gratefully received.

Keep up the great work and fantastic content.

Kind Regards, Tom

24:40 Question 6

Hi Rodge & Pete Love the energy of the show, both educational and also very funny one of my favourite financial podcasts!

I recently purchased my first home solo at 35 on a 39 year mortgage term which takes me above the standard retirement age and I do hope I am not working full time by the age of 74. I went with the longer mortgage term to keep monthly costs down initially with the plan to possibly review this when my fixed term comes to end in 2030.

I contribute monthly to my S&S ISA currently £200 with the plan to double this in 2026 but should I be diverting some of these funds instead to overpay the mortgage? I'm conflicted about this as I believe I will get better returns on the S&S ISA over the 39 year period vs saving interest on the mortgage.

I currently contribute to my employer DC pension and also have a fully funded 3 month emergency fund so any spare cash can be put to work for my future.

Thanks, Chantelle

View Details

In this Meaningful Money Q&A, Pete Matthew and Roger Weeks answer listener questions on UK personal finance, focusing on pensions, tax, and planning ahead. Topics include SIPP vs Lifetime ISA, retirement drawdown and which accounts to spend from first, Junior SIPPs, gifting company shares (IHT and CGT), and UFPLS vs drawdown.

Shownotes: https://meaningfulmoney.tv/QA41

01:47 Question 1

Hello Pete, Roger and team.

I'd first like to say thank you for all the wonderful information you provide, it has been a great aid for increasing my financial intelligence and helping me secure my family's financial future.

My question is regarding the benefits of a SIPP vs a LISA in terms of retirement.

My understanding is they both benefit loosely from the same boost. 25% Boost for LISA and in effect 25% boost to a SIPP due to the 20% tax relief as a basic rate tax payer? They are both locked away for a long period and are both released early if I was to suffer from any serious ill health or death?

Due to this is there any benefit I am overlooking in terms of a SIPP over a LISA invested in a world wide fund? Other than age of access?

I am currently 36 and due to the increasing demands of public finances it would be logical to assume a possibility of the state pension age being raised above 70 (above 60 if taken early) or becoming restricted to who can collect (means tested) before I am to reach pension age. Whereas I would be able to claim a LISA at 60 regardless with the added benefit of it not being subject to tax?

I have a generous company pension of 6% personal and 13.7% company contributions with an additional 1% matched salary sacrifice. I also put in an additional unmatched personal 3% contribution. As well as a small military pension. so I would not be without a pension at retirement.

Due to this is it worth hedging my bets by maxing my LISA contributions rather than a SIPP to cover potential future scenarios?

Apologies for the long winded question and I hope it makes sense. Thank you, Adam

08:42 Question 2

Hello Pete and Roger!

Thank you for your wonderful podcast, I started listening several years ago and have found your advice incredibly useful.

I am here to ask a question about planning a future for a disabled child. My husband and I are in are late 30s and we have a 5 year old daughter who is autistic and has profound learning difficulties. The challenge we have is how to plan for her future care and our future careers with so much unknown. We both work full time and are currently both basic rate taxpayers (although we are both getting close to that boundary). We receive child benefit and some DLA for our daughter. When our daughter was born we started saving small amounts regularly into a JISA for her, but as her disabilities became clear we switched and started saving money for her within our own S&S ISAs. We still put money into her JISA when she gets gifts from grandparents etc as it seems disingenuous to keep that money under our names. We have an emergency fund, workplace pensions and are saving regularly into S&S ISAs, as well as mortgage that will last until we are about 60.

Is there anything we should be thinking about or trying to plan for our daughter's future. At this stage, it is difficult to determine how much she will understand about money and investing or whether she would have the capability to work or live independently. It may be that she will be under our care for the rest of our lives. It is also possible that one of us may need to reduce working hours or stop working when she turns 18 and needs care after she leaves school. Is there anything you think we should consider or advice on how to navigate the unknown? We are in the process of putting together a will and in the event of something happening to both of us, the care of our daughter would be covered by my husband's sister, but unsure how to navigate the financials.

I appreciate that there are several questions within this question but any advice or areas that we can research on ourselves would be appreciated. Thank you so much, Laura

Centurion (specialist IFA for people with children with special needs) https://centurioncfp.co.uk/special-needs/ Scope https://www.scope.org.uk/advice-and-support

16:34 Question 3

Hello

First of all, thank you both for your wonderful podcast. I have learned so much.

I have a question about the order in which to spend in retirement and how to hold our various investments. We have worked out a cashflow ladder using cash, short-term money markets funds, a defensive mixed asset fund, a 60:40 mixed asset fund and a 100% equity fund. But we also need to think about our various wrappers- about half of our investments are in DC pensions (mine and my husband's), a quarter in ISAs and a quarter unwrapped (which we can gradually move into ISAs).

Is there a rule of thumb for how much of each investment should be in each wrapper? I'm also not sure about what we should be spending first- assuming no disasters we are hoping to give some money to our children before too long for IHT purposes. But if we take a large sum out of our pensions to do this, we'll pay 45% income tax on it which makes the IHT saving a bit pointless. So should we be making any gifts from our ISAs and using the pensions first ourselves (taking care to stay within the basic rate)? Any advice would be appreciated.

Thank you Elizabeth

Meaningful Academy Retirement Planning - https://meaningfulacademy.com/retirementplanning For a discount, use coupon code: PODCAST

24:03 Question 4

Hi Roger (and Pete!),

Firstly, thank you from the bottom of my heart for the education you provide to me and so many others. You've really helped me sharpen my financial tools. After spending the last 12 years self-employed, I didn't take my personal finances too seriously. Now that I have a steady, "grown-up" job, I've been able to get organised. I have a workplace pension, a private pension, a Stocks & Shares ISA, and a Lifetime ISA, all thanks to what I've learned from you both.

My question is about Junior SIPPs. I often come across opinions suggesting that these should be the last thing you do, only after every other financial base is covered.

I didn't receive a financial education growing up, and there's no pot of gold or property waiting for me down the inheritance road. That's why I'm motivated to change the course of my children's future — even if the benefit is far down the line. For a relatively modest target amount £15,000 each at age 18 (they are currently 1 and 4), I believe my children could have a very strong footing in later life due to the extensive length of compounding available, even without continuing contributions beyond that point, or perhaps with me matching their own contributions as an incentive in adulthood.

I believe this will take some of the pressure off them which I currently find myself in having to aggressively play catch up on my retirement plan. They also have Junior ISAs, which I contribute to each month, to give them more flexible money when they turn 18.

Their future stability would mean the world to me, even if I won't be here at that point to see them enjoy it!

I'd love to hear your opinion on Junior SIPPs, as I don't think this topic is discussed enough — and it sometimes feels dismissed altogether.

Thank you, Steven

29:15 Question 5

Dear Pete and Roger,

You do marvellous work in educating us all. Thank you.

I am a company director with 9 alphabet shares. 5 for me, 2 for my wife and one each for my adult independent children.

I have substantial IHT liability so want to gift my shares to my children. The company has seven figures invested in the stock market.

Can I gift the shares? How do I go about?

Will that help reduce my IHT liability if I survive 7 years after gifting? Will there be a CGT liability on the gift?

The company still trades but is unlikely to qualify for BADR (Business Asset Disposal Relief) as majority of assets are in investments. Thanking you, Narendra

36:35 Question 6

Hi Pete and Rog,

Firstly, thanks for all that you do, your podcasts, videos and the Academy have really changed mine and my family's life for the better.

A pensions drawdown question: If you plan to use all of your tax free allowance on retirement. Am I right that there are no benefits to using UFPLS over drawdown?

I think there used to be a benefit with the lifetime allowance but I can't see any other benefits now.

Thanks for all that you do, James

View Details

Pete is joined by Andy Hart to cut through the noise and talk about Andy's new book No Bullsh*t Money Advice, sharing straight-talking, practical personal finance insights for UK savers and investors.

Shownotes: https://meaningfulmoney.tv/session611

Book: No Bullsh*t Money Advice

Ebook: No Bullsh*t Money Advice - Kindle

Podcast: The Ten Financial Commandments

Website: TRAP - The Real Adviser Podcast

View Details

In this episode we answer listener questions covering emergency funds for higher and additional rate taxpayers, and inheritance tax considerations around beneficiary SIPPs. We also discuss whether couples should rebalance pension contributions, the key steps to take before retiring abroad, and what to know about DB pension transfers. Finally, we look at cross-border pension taxation using the UK–Denmark double taxation treaty as an example.

Shownotes: https://meaningfulmoney.tv/QA40

01:20 Question 1

Hi Pete & Roger,

Thanks for all your helpful and easy to understand information. I have only been on my financial wellbeing journey for a year. I work in the NHS and am in a higher tax bracket. I am fully enrolled in the NHS pension, more out of previous disinterest than any actual action on my part. I am single and currently saving up for a down payment on a house in about 4/5yrs. I maxed out my ISA last year and expect to do the same this year; this includes money for the down payment. I also took out a SIPP which I only recalled last year; I took it out 20+ years ago. However I am still waiting for a statement from the pension office before my accountant can work out how much more I can add to the SIPP. In the interim I have my emergency fund in a premium bond (20k) but am worried it's being eroded by inflation. I expect to be an additional tax payer in the next few years. Where should I keep my excess cash? More in premium bonds with no tax but erosion by inflation; or open GIA or more in high interest savings account and pay the tax? Or is there another option you would recommend?

Btw I have £600 in crypto (Coinbase and Etherium) but don't plan to put more than £400 more in then plan to forget about it. It's a tiny fraction of what I put in my ISA.

Thanks, Joy

04:46 Question 2

Dear Pete and Roger. Love the podcast. I think it is essential listening for those wanting to elevate their knowledge of the incredibly important subject of financial planning and it also highlights the value add that financial professionals can provide.

My mother is 79 and has a comfortable guaranteed inflation linked income via state and civil service pension, which is supplemented by savings (maxed premium bonds & healthy cash savings) and investments held in ISAs and a beneficiary SIPP from my late father who passed before 75yrs old (therefore the assets are income and CGT free).

My mother is keen to minimise the IHT on the estate both her and my father worked so hard to create. Despite her comfortable situation, I still have to encourage her to spend and use your very helpful '40% off sticker' analogy on a regular basis.

It is my understanding that SIPPs will be subject to IHT and income tax from 2027. As my sister and I are both additional rate taxpayers, we will potentially be subject to 67% tax on any assets remaining in the SIPP if the estate is above £1m IHT threshold. While the '67% off sticker' analogy is even more helpful to encourage her spending, it has triggered some planning. We are drawing down the beneficiary SIPP to fund ISA each year for my mum – keeping the income and CGT tax benefits for my mum while removing it from the double income and IHT tax on death.

As part of the IHT planning we are now considering regular gifts from surplus income. When combined with her guaranteed income, the assets in the beneficiary SIPP are more than sufficient so sustain her lifestyle until her age would be well into three figures. Based on my reading, it appears any drawdown from SIPPs are considered 'income' for gifting purposes, regardless of if they come from capital or income. Therefore she could start to draw more 'income' from the SIPP and gift this surplus which could be considered IHT free. Are there any limits to how much or how quickly she could reasonably drawdown from a SIPP so that it would no longer be considered 'income' by HMRC for IHT purposes? i.e could she empty the SIPP over a 5 yr period, gift that as excess income, then reduce the gifts to reflect a different income and or expenditure?

While all the drawdown from SIPPs is considered 'income' for IHT purposes, the treatment of withdrawals from ISAs or other investments are distinguished between whether they are actually capital or income. Therefore, we have the added complication of needing to balance the 'income' drawdown from the beneficiary SIPP to make sure she doesn't eat into 'capital' of the ISAs and savings which would then mean the gifts from regular surplus income would then be considered part of the estate again.

Our circumstances mean my mum feels slightly trapped between keeping the SIPP (so it is considered income for gifts from regular income but gets IHT taxed at 67%), continuing to use the beneficiary SIPP to fund ISAs (reduce IHT liability but lose flexibility to gift it as income), maybe change the investment engine of the ISAs from a lower yielding balanced solution to something with a higher natural yield, or do something else altogether (lump sum gifts and hope to survive 3yrs for taper or 7yrs). Any thoughts or suggestion would be appreciated.

While there are some relatively niche circumstances, I think it covers two more broadly applicable IHT planning considerations SIPPs v ISAs under the new rules and regular gifts from surplus income. Thanks in advance

Stephen

17:06 Question 3

Hi Pete and Roger

Thank you both for your continued help in navigating the financial maze and I am enjoying the listener questions.

My wife works part time and is a basic rate tax payer. She pays into her workplace pension and contributes an additional 15%. Her pension provider receives 20% tax relief on these contributions.

I am a higher rate tax payer and I make contributions to a SIPP. My pension provider receives 20% tax relief and I claim an additional 20% directly from HMRC.

As a couple, we could stop making the additional contributions to my wife's pension and instead make them into my SIPP. This would give us an additional 40%, rather than 20%.

Mathematically this makes sense.

We haven't done this so far, as I like the idea that we are equally contributing to both of our pensions, for the future. It also helps keep things simple.

I am mindful that one day, we may kick ourselves for not making this simple switch which may leave us with a significantly bigger pot, when we need it.

What options would you consider in this decision of splitting pension contributions.

Many thanks, Rob

20:17 Question 4

Dear Pete & Rog,

I just wanted to say a heartfelt thank you for your podcast and the incredibly valuable information you share. Your conversations are not only insightful but also reassuring as I start to think more seriously about my own retirement planning!

One of the things I'm considering is retiring abroad (somewhere sunny!) Spain most likely, and I wondered if you might explain the process you go through with such clients. Specifically, do you have a checklist, or a list of key questions, that you typically ask clients to work through before moving overseas?

For example, I've learned that ISAs are not recognised in many EU countries (so it may be better to sell before leaving), and I imagine there are similar considerations around SIPPs/UK DC pensions and other investments.

Do you also tend to liaise with financial planners or accountants based in the EU when helping clients prepare for such a move?

I would be very grateful for any wisdom you could share. Thanks again for all the work you put into the podcast, it really does make a difference.

Warm regards, Chloe

24:55 Question 5

Hi Pete,

Love the podcast. Very informative and user friendly.

I have a question, once popular but maybe not so much now and one that will make advisers sweat again!

I'm a sophisticated investor (so to speak!), I manage my own SIPP etc and I'm an accountant so I guess I have a head start over most people. I have a net worth excluding my house of circa £2.5m spread across a SIPP, ISA, FIC and GIA.

I also have an old DB pension. I'm 59. It pays out circa £6,500 from the age of 65. My dad died aged 63. Given my circumstances I want to transfer the DB scheme into my SIPP. I have two children so would like them to get it rather than die with me so to speak. The last transfer value I got was pre covid at circa £100k which I know isn't a brilliant multiple but I'm happy with that. I'm fit and healthy but I'm not relying on the guaranteed pension given my other pension provisions.

So, firstly is it likely the transfer value would have gone up or down given the increase in interest rates and secondly do you think I could get a positive recommendation from an adviser?

Thanks, Oscar

31:35 Question 6

Dear Pete and Roger,

Love the podcast. I'm a bit more of an adventurous investor than you usually caution, but you provide a certain "passive-tracker-Yin" to my "property-investment-Yang".

Given your backlog I'm going to ask you a pension question that I probably don't have to think about for 20 years, so you have time to get to it.

I worked in Denmark for several years and paid into a pension scheme while I was there. I believe it is structured similarly to a UK DB pension scheme. There is an initial lump sum plus an income for life. This pension fund is not covered by QROPS, so there is no transferring my way out of this complexity.

The Danish pension fund thinks I'll be paying Danish income tax (presently 37-38%), Chat GPT is adamant that I'll be paying UK Tax. Who's right? If taxed in the UK I can imagine getting the tax free cash allowance right might be complicated. Is there anything else I should be considering?

Best Wishes, James

View Details

Pete and Roger reveal how to spot a good financial adviser from a bad one. Learn the red and green flags—from transparent fees to pressure tactics—and the key questions to ask before committing. Essential listening for anyone considering financial advice.

Shownotes: https://meaningfulmoney.tv/session609

Everything You Need To Know 04:00 - life vs product 05:18 - listens vs talks 06:40 - behaviour vs numbers 08:25 - clear vs vague 09:38 - plain English vs jargon 11:21 - transparent fees vs evasive costs 13:12 - probabilities vs certainties 14:48 - evidence based vs secret 'sauce' 16:15 - calm vs urgent 17:46 - facts first vs opinions first 19:50 - "I don't know" vs blagging 20:44 - written rationale vs 'trust me' 21:41 - respects advisers vs criticises advisers 23:40 - growth & protections vs chasing returns 25:31 - professional vs sloppy

Cheatsheet: https://meaningfulmoney.tv/adviser-checklist

Everything You Need To Do 29:18 - ignore unsolicited approaches 31:58 - verify they're legit 33:48 - get fees and scope in writing before committing 36:36 - first meeting questions 43:40 - pressure test

View Details

Pete and Roger answer six listener questions covering Coast FIRE strategies with GIAs, US 401(k) tax implications in the UK, record keeping for IHT-exempt gifts, Australian pension taxation for UK residents, pension contributions to avoid the £100k tax trap, and managing a £2M portfolio as Power of Attorney.

Shownotes: https://meaningfulmoney.tv/QA39

01:17 Question 1

Hi Pete and Roger, I'm 29 and working towards Coast FIRE within the next 2–3 years so I can begin a digital nomad lifestyle — working remotely while knowing my long-term retirement is taken care of.

Right now, I've got: - £45k in a Stocks & Shares ISA - £25k in a workplace pension (via salary sacrifice) - A Lifetime ISA for a future house deposit (or later retirement) - A fully funded emergency fund

I've already maxed out my ISA for this tax year and plan to continue doing that every year. But I have more money to invest now, and I know that to reach Coast FIRE on my timeline, I need to start using a General Investment Account (GIA).

Here's where I'm stuck: I want to keep things simple and tax-efficient, but I feel a bit nervous about GIAs. I keep hearing about the "bed and ISA" strategy but don't really understand how it works in practice or how to implement it over time.

Could you explain: - How best to use a GIA alongside an ISA when working towards FIRE? - How to manage capital gains and dividend tax efficiently? - And how the bed and ISA approach actually works — especially for someone trying to keep things simple?

Thank you both so much — your podcast has been an incredible resource and a big part of why I've been able to take control of my finances. Warmly, Pauline

12:22 Question 2

Hello Pete & Roger I am very late convert to the podcast but have been ploughing through the Q&A for a few days now. I think I only have another 592 episodes to get through so should be up to date by the end of the week !!

I am not sure whether this has been covered or not. I have a 401K plan that has been hibernating in the USA for 20 years. I have only recently started looking at it and now need to understand the tax implications. I have tried to read HMRC guidelines on tax treaties etc but get even more confused than before.

My current belief is that the provider will pay this money out by means of US issued cheque (not a problem) but withhold 30% tax (a problem).

How will HMRC treat this? The usual sources http://unbiased.co.uk for one run for the hills on finding information about this, is this an area you can provide guidance, but obviously not advice as I know you cannot through the podcast. Regards, Stephen

16:10 Question 3

Hi Pete & Roger,

Like so many people I am really impressed, not just with your knowledge and great communication skills, but that you put out such life changing content. You're providing us with the means to help ourselves in this financial world as well as letting us know when to seek professional help.

On to my question: we're (wife and I) retired (late-60s) and are lucky enough to have more than enough to comfortably live on, thanks to DB & state pensions, house price inflation etc. Not really through any financial planning but just having been born at the right time! So we do now have an IHT liability. We have a joint second death Whole Of Life policy (in trust) in place for potential IHT and have given help with house deposits for our children.

We also are gifting to the kids out of our excess income and would like your thoughts on the type of record keeping needed for this. We have letters stating the intention to give the gifts, recording who to etc. We keep completed IHT403 forms which we update annually. We also have a monthly/annual spreadsheet of income/expenses which demonstrates our surplus and keep track of expenses with the MeMo transaction tracker (thanks for that). These are all in our 'WID' file (again thanks to you for that). What we're not sure about is any documentation that might be needed to evidence the figures. Income is straightforward with P60s, statements of interest/dividends. However, what is required for expenses? Can't really keep all supermarket receipts etc and even bank/credit card statements would be quite bulky over several years. Not sure if we're overthinking but don't want to leave a difficult task for our kids when we're gone.

Thank you both again for all the good you are doing Simon

20:33 Question 4

Brian (in Australia) Thank you for all your podcasts and videos but I think I may have to sign up to the academy to fully get my head around all the UK rules.

We are looking to move to the UK from Australia - we have no UK govt pension entitlements but are retired with personal Australian private superannuation account pensions. The pension income payments and withdrawals are all tax free in Australia but will the UK government apply a tax on these pension payments once we are UK residents? Thanks again for all your useful information. Regards, Brian

22:55 Question 5

Hi Roger (and Pete),

I had a question which is boiling my brain far more than it should and I was hoping you could include it in one of your Q&A episodes.

I'm in the fortunate position of being caught by the £100k 'tax trap' due to being paid a bonus for the first time in a number of years. This particular first-world problem is being made all the worse because my daughter will start nursery next year so in addition to the 60% tax charge on my bonus, we would also lose the 30 free hours of childcare we currently have access to.

I currently salary sacrifice roughly £5,000 of salary into my pension (which my employer matches) and this holds my income at £99,000. However there is no option for me to do any kind of 'bonus sacrifice'. My only choice is to receive the bonus payment net of tax & NI through PAYE and then make a payment into my personal pension (a Vanguard, low cost multi-asset fund, just like you taught us!). I think I'm right in saying my pension provider will claim back the basic rate tax automatically for me, and I can then claim back the other 20% via my tax return with HMRC paying this extra 20% back to me directly.

So far so easy, but what I can't work out is just how much I have to pay in to my pension in order to take all of the bonus payment out of my taxable income. Presumably its not the net amount extra that gets paid into my bank account on the month my bonus is paid because this will also be net of NI, meaning I wouldn't have paid enough in to avoid the £100k trap. Assuming my bonus payment was £10,000 (I don't know the exact figure yet but its likely to be around this amount), could you talk through how to calculate the net payment I need to make into a personal pension to achieve the desired result? As a follow up to this, if HMRC send me a cheque (very 1990's) for say £2000 of refunded higher rate tax, do I need to pay this into my pension in the next tax year to avoid having it counted towards my taxable income in that financial year?

Please keep up the great work that you both do, you've really helped me get my financial life in order after an extremely difficult period in my life. Thank you both! Jimmy

27:29 Question 6

Hi Pete and Rog,

Firstly, a huge thank you for all the insight and support you continue to offer. The impact of the Meaningful Money Podcast is immense—I've personally benefited so much from your free content over the years.

I'll keep this as brief as I can:

My great aunt (now 84) has built a substantial portfolio over decades—about £2 million across ~60 individual company shares, with approx. £1.3 million in a GIA and the rest in S&S ISAs. She also holds £400k in fixed-term bonds, savings accounts, and premium bonds. Sadly, she was diagnosed last year with dementia and Alzheimer's and now resides in a care home.

I am her Power of Attorney and want to act in her best interests—simplifying her affairs and ensuring tax efficiency, especially regarding her legacy. She has no spouse or children but wishes to leave money to nieces, nephews, and charities.

Here's my working plan: - Offset gains in the GIA by selling loss-making investments (totalling £30k–£40k) alongside some of the profit making investments to reduce market exposure without incurring CGT costs. - Liquidate all shares in her S&S ISAs and transfer funds into cash ISAs with decent interest rates - Leave most of the GIA portfolio untouched to benefit from the CGT uplift on death

Am I broadly on the right track for tax efficiency and sensible financial planning? Should I seek formal advice to ensure I'm doing the best by her?

Thanks again for all you do—it really matters. Best regards, Josh

View Details

This week we finish off our two-parter on how to become a financial adviser. In this session, we cover the 'softer' part of the job, the human side which is arguably MUCH more important than the hard numbers…

Shownotes: https://meaningfulmoney.tv/session607

02:18 - Why Financial Planning Is Not About Money

05:30 - Planning vs Product

14:38 - The Core Human Skills of Great Advisers

25:50 - Behavioural Coaching (The Real Job)

33:15 - Judgement, Responsibility, and Pressure

38:31 - Ethics and Integrity in the Real World

47:57 - Who Thrives on the SOFT Side

50:05 - Bringing the Hard and Soft Together

View Details

This week, Roger and I discuss the answer to a frequently-asked question - how does one become a financial adviser? Clearly Roger and I make it look like a sexy profession, but as you can imagine, we have lots to say on the subject…

Shownotes: https://meaningfulmoney.tv/session606

01:47 - What People Think Financial Advisers Do (and Why That's Incomplete)

07:25 - The Structure of a Modern Advice Firm

17:29 - Career Progression

22:31 - Qualifications and Regulation (The Reality, Not the Myth)

29:14 - Routes Into the Profession

37:20 - The Economics of Advice (High-Level)

46:39 - Who the HARD Side Will Appeal To

View Details

It's another Meaningful Money Q&A, taking in the £100k tax trap, splitting pensions on divorce, safely switching investment platforms and much more!

Shownotes: https://meaningfulmoney.tv/QA38

01:59 Question 1

Hi Roger and Pete,

Long time listener, first time questioner. My wife and I have both earned in excess of £100k for a few years now, meaning I am acquiring a peculiar set of skills on the various ways to use pension contributions, rollover allowances, gift aids, etc to keep us both below the (entirely bananas) £100k cliff-edge each year.

My question is on the £60k pension annual allowance. Does it only apply to the amount of pension savings in a given year which can be made without paying a tax charge, or does it also count as the maximum amount of pension deduction which can be taken to calculate net adjusted income as part of completing our tax returns? The (slightly over-simplified) situation in my mind is that if I earned £160,500 in a given year, I would prefer to pay £61k into a pension, thereby reducing my net adjusted income to £99,500 to stay below the cliff-edge, even if I had to pay 40% tax on the extra £1000 above the pension annual allowance.

As a fun aside, I asked this to my preferred AI - and I leave a link to see if you agree with it's answer or not - https://g.co/gemini/share/8c23e91cb658 Stephen

07:58 Question 2

Hello Pete & Roger

Listen and enjoy all your podcasts regularly but every now and again you get one that addresses specific points to the individual listener. For me it was Podcast QA18. A really great podcast.

1. The 2015 changes to pensions made significant differences to pensions and most financial experts have rightly advised using your pension as one of the best places to put savings. It does seem unfair that you plan your savings and pensions well in advance for retirement based on government rules. and then you you find you are likely to have a sizeable IHT bill. At 78 it is difficult to turn the ship around quickly. Many more people will be affected by this over the next decade.

The main reason however for my question relates to ways to reducing the effects of this IHT change. The general allowances and the 7 year rule are all clear. However the main exemption that could help is the little used Gifts form Excess Income. I have read up as much as I can and the whole system seems rather vague and many things open to interpretation, even by financial experts. There is no clear and precise set of rules whereby you can be certain something is capital or income. Your executor will have to understand all this and have all the back up documentation to convince HMRC that the gifts are justified.

I do have excess income and spent significant time over the past weeks analysing all our expenditure and income sources ending up totally confused and with a severe migraine. Any advice on how best to handle this can of worms would be appreciated.

2) So many of us these days have children living in different countries with their families. All with different citizenship and residency situations in different countries. There seems to be very little information about IHT and general tax issues in relation to gifts and inheritance of money and pensions for children and grandchildren in this situation.

Best regards, Peter

16:52 Question 3

Hello Roger and Pete,

Thanks for a great series of podcasts. Some of them confirm what I already know and some give me insights, ideas and an understanding I didn't have. You provide a great service.

My wife and I are 54 and 55. We are getting divorced. The divorce is amicable and we want to share everything evenly. I take home £5k/month and she takes home £2.3k. We will split this evenly as long as we both work. Our pension funds are not of equal value.

I have DCs and SIPPs worth £800k and ISAs worth £100k. I also have a small DB pension that will pay out about £3k/year in today's money at age 67. My wife has a DC pension worth £210k and ISAs worth £220k. She has a DC pension that will pay about £2.5k/year in today's money at age 67. As you can see, the majority is in my name. This makes sense as I have worked whereas she has taken time off to raise our children. We have equal claim to the money in my mind.

I think the ISAs are straight forward. We can balance the value by selling some of hers and investing more in my name. The DC pensions are more difficult. By right I should give her £295k to make them of equal value but how do we do this?

We want to avoid expensive solicitors and accountants but are not sure if we can DIY this. Please share any advice you can give. Regards, Jay

25:43 Question 4

Hi Pete and Roger,

Thanks so much for what you do with the podcast. It's completely changed my approach to my finances, especially over the last year which has felt even more important after the birth of my son.

I have a question about investment platforms. I currently have about £70,000 invested in passive world index trackers via a platform. I estimate my total annual fees including fund and platform fees to be about 0.66% pa. I don't think this is terrible but I think it could be less. I'm considering transferring my investments (which is a mixture of stocks and shares ISA, LISA and (very small) SIPP) to a cheaper platform. Do you have an advice on the transfer process, especially in whether to transfer all the funds in one go or is there a strategy you'd recommend to avoid falling foul of market fluctuations?

Thanks, Jack

30:47 Question 5

Hi Pete and Roger,

You guys are the best. You've given me my only financial education. Never underestimate what a difference you are making to ordinary people's lives. THANK YOU.

I am 42 years old saving into my workplace DC pension. I have a bit of a gap because I started late and then freelanced for a few years, so playing catch up, but thanks to you both, seeing the positives in this, rather than beating myself up.

I am basing the 'gap' on not quite having 3x salary saved by age 42 - is that a decent rule of thumb?

As you both say, arming people with knowledge can be a good thing and a bad thing, because armed with this new knowledge we can go off and overcomplicate things.

I decided to pull my pension from the default fund and pick 6 funds. What's the best route for working out if I am paying too much in fees, if I have got too much crossover across funds, and if the more pricey ones are worth it?

Do I need to get financial advice or could I do this myself (being a complete layman obvs)? Do you have any tips on the process of comparing, finding inefficiencies and consolidating?

What's a reasonable number of funds would you say? 3? 1?

BTW I've done the same thing with my ISAs since they let us have more than one. How do you just pick one and stick with it, and not get distracted by the new shiny providers? It seems like newer, better products and platforms come out all the time. Or am I worrying unnecessarily and might it be ok to have fingers in many pies?

Thanks again for all you do. Hayley

37:47 Question 6

Thanks for all the content, I listen to every episode and often share the pod with others to share the good word!

My partner will soon be able to get her NHS pension. While we were looking at the numbers, I began to wonder whether there is any benefit in taking the maximum lump sum and investing it outside of the pension. My thinking was that she would probably be able to generate the same amount of income from investing it in the stock market, but that when she dies she will be able to pass the capital on, whereas her pension will just stop paying out.

I think the maximum she can take is about £70k. Presumably she could put this in a GIA and feed it into an ISA over a few years, accepting that any gains in the GIA would be subject to tax. I just wondered if there were any other tax implications that I hadn't considered?

If not, then presumably it's just a case of comparing the drop in the annual pension payment against the expected returns (after tax) from investing outside the pension?

Would love to know your thoughts on this. Thanks again, and keep up the good work. Tim

View Details

This is an important episode. Here, Roger and Pete dive deep into one of the most important subjects for anyone looking to improve their finances to understand - RISK. It's misunderstood and it's misrepresented, but risk can be your friend if you treat it right.

Shownotes: https://meaningfulmoney.tv/session604

Get the PDF emailed to you - Risk Lens Guide: https://meaningfulmoney.tv/risklens

02:18 Everything you need to KNOW 04:17 - Market & investment risks (the ones everyone worries about) 08:37 - Inflation & purchasing power risk (the silent wealth killer) 13:35 - Behavioural risk (where most damage is actually done) 18:31 - Planning risks – when the structure is wrong 23:31 - Life risks that derail even the best plans 26:06 - The risk nobody talks about: building the wrong life 29:35 Everything you need to DO

29:42 - Get clear what the money is for

32:28 - Match risk to time, not emotion

33:43 - Build shock absorbers before chasing returns 35:56 - Diversify like you mean it 38:03 - Design for behaviour, not brilliance 40:27 - Protect the foundations 42:32 - Review — don't react 44:49 - Spend intentionally — now and later 47:25 The Meaningful Money Risk Lens 51:15 Summary 52:42 This week's reviews

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Welcome to the first podcast of 2026 where Roger and Pete answer more of your varied and interesting questions, covering everything from what to do when you've maxed out your pension and ISA, to whether you should borrow on your mortgage to invest!

Shownotes: https://meaningfulmoney.tv/QA37

01:30 Question 1

Hello to Roger and his trusty sidekick Pete,

Only kidding Pete, but it will make Roger feel good briefly.

I must credit the pair of you for your continued dedication and commitment to educating the wider population on all things financial. I have gone from strength to strength in planning my retirement with the guidance and abundance of free information you have provided, the books you have written Pete, as well as signing up to the Meaningful Academy Retirement Planning and now planning to retire several years earlier than originally intended.

Using the information provided and learnt, I have got my finances in order but more importantly, that decision is to align my future life (and that of my wife) to the finances we need and when our needs are likely to be met, hence the realisation retirement is not as far away as we had originally perceived, so I really appreciate what you have done for me and my family.

My question maybe very simple, but it was sparked during a previous Q&A session Listener Question – episode 20 - 30th July – Question 2 – The question surrounded company Shares.

I am employed by BAE and I purchase company shares each month, partially as a sensible Tax saving being a higher rate tax payer (purchase them pre Tax) but also for the first £75 worth each month I buy each month, the company will match, so effectively £150 worth of shares which technically costs less than £50 in real money each month. Now whilst I do sell some shares along the way (after the 5-year maturity to avoid tax payment), I continue to have a reasonable amount invested (£35k subject to tax relief period on some).

A statement you made during the above session was "as a sideline issue we tend to say to people that investing in shares for the company you work for is a bad idea at any scale, thus to avoid backing one horse and it's not a good idea to hold onto shares for a company you work for."

Now I thought I was onto a winner and being tax efficient and building an amount of money which I tap into on an occasional basis as well as additional source of income once retired, but are you implying, as you did to that listener, I might consider cashing some in and transferring the money else where?

Perhaps in this instance it is suffice leaving it there, as the examples you gave were for smaller companies (in comparison) that folded, whereas BAE one of the larger Defence industry companies, doesn't appear to be going anywhere soon? I do have a Royal Naval DB pension already paying out, as well as a part DB and part DC pension with BAE (continuing to build), so I'm not reliant upon the money, which is another factor why I've not considered moving them away or am I doing myself a bad deal, id value your opinions (not advice ha ha)?

Thank you for your time Regards, John

08:02 Question 2

I'm 39, a basic rate taxpayer and I have a Lifetime ISA and a SIPP with HL. Can I save for retirement in my Lifetime ISA and invest in the same funds as my Pension after receiving the 25% bonus to achieve similar growth. Then at age 60, withdraw all that money tax free and pay it into my pension (up to my allowances and possibly using previous years) to gain the 20% tax relief just before I draw the pension? I would also save some money on platform fees as the LISA is 0.25% vs the SIPP at 0.45%.

I know I can get cheaper platforms elsewhere but I find HL easy, intuitive, and feel like I can trust them with my money, which really encourages me to save in the first place.

Thanks, Robert

13:40 Question 3

Hi Pete and Roger,

Longtime fan and listener, thanks for all the great work you do!

I'm 40 years old and a member of the LGPS DB pension scheme, which I've been paying into since my early 20s. My partner is also in a DB scheme (Central Government). We have no debt other than our mortgage.

We currently live in a modest home we bought for £89k, but are thinking about upgrading to a bigger property for more space and comfort (no plans to have children). That said, we've enjoyed the low cost of living here.

We've built up around £160k in savings, split roughly 40% in a Stocks & Shares ISA and 60% in Premium Bonds and cash. I've tried to keep the ISA intact as a form of flexibility/security around retirement, potentially to retire early or reduce hours in the future.

The dilemma is:

1. Do we spend most of the savings on a better house and accept working longer? 2. Or do we stay where we are, keep our financial flexibility, and potentially one of us works less or retires earlier? 3. Or is there a sensible middle ground, spending some of the cash to improve our living situation while still preserving part of our financial cushion for future flexibility?

We're just trying to balance quality of life now with freedom and options later, and would love to hear your take on it. Is there anything else we haven't thought about?

Thanks so much for your thoughts! Gez

19:25 Question 4

Hi Pete and Rog, big fan of the show and I appreciate the helpful topics you cover.

I am currently going through a remortgage and am extracting equity from our house to invest. The new mortgage rate is around 4% and our LTV will be around 80%. The additional monthly costs are within our budget too.

My strategy is to invest the extracted amount in a stocks and shares ISA with my wife, utilising the £20k allowance each per tax year. This will be invested into globally diversified index funds.

I have ran calculations on how much I will be paying in additional interest vs how much is probable from stock market returns. Over 25 years, the additional interest paid on £50k extracted at 4% is £29k Over 25 years, having invested £50k, I would need to return 1.84% to break even from this deal. This is due to the way mortgages are amortised via repayment vs the investments compounding positively.

With conservative returns of 7% used, this will net £236k of interest. Am I missing anything here? Keep up the great work and I'm very interested to hear whether you have done this in the past. Stephen

26:40 Question 5

Hi Pete and Roger,

Recent discoverer and now big fan of the show here - I have now caught up on all the Q&A episodes and am continuing to work my way through the back catalogue: a lot of material!

My questions centre on tax-efficient options once ISAs and pensions are maxed out, and how to "bridge" savings if retiring before pension-age.

I am 36, married and have 2 young daughters who are the apple of my eye. We have a very manageable mortgage and I benefit from a very well paid job. However, an extremely stressful period last year sent me on the track of better understanding personal finance (and ultimately finding you) in order to achieve financial independence and not need to tolerate that kind of situation ever again, as well as be free to dedicate my time and energy to things without worrying about how much money they pay.

1) I am trying to get to functional financial independence (i.e. paid work is entirely optional) as soon as possible - I now max out my annual pension and ISA allowance each year and am likely to continue to in the future. Are there any other normal vehicles I can use for additional saving and investing? Giving money to my wife to use her ISA allowance? Anything else? I don't want to overpay the mortgage for the next several years as we managed to get a fixed rate that is below the current rate of inflation.

2) I have a good understanding of our essential and discretionary spending, and with a conservative annualised rate of return I could theoretically stop contributing to my pension pot in the next 7ish years and compounding would mean it would be big enough to fully support us once we can access it. My question is - is there a good rule of thumb or approach for working out how much I need to save outside the pension if I wanted to stop working for money before 57? Is it just a case of working out # years x expenses or is there anything more sophisticated to it?

3) bonus question - feel free to cut if it doesn't fit: I'm familiar with the idea of asset allocation and rebalancing to "smooth the ride" for my portfolio. Most things I've read or listened to have focused on equities vs. bonds. When I was looking at a number of bond indexes recently the returns have been pretty flat, often 4% from a cash ISA, what's the point of the bonds? Am I missing something?

Thanks so much for all the knowledge you put into the world, giving people the tools to look after themselves. The chat is pretty great too! Kind regards, Martin

37:18 Question 6

Hello Pete & Roger

Thank you for your fantastic materials, so well explained. We're 62. We already have a standard pension pot Annuity and we have around £300,000 in savings in building society accounts. (We value peace of mind over the potential for big gains, so we're not really considering stocks and shares). We're wondering whether, rather than rely entirely on savings accounts, it would make sense to use a Purchase Life Annuity. With current annuity rates, it looks like that's a Yes, so we're curious what your expert view is on this.

We're aware of the downside: that it leaves us without much of a savings pot for any unexpected very large need. Have watched the Annuities: Back from the dead? video - https://www.youtube.com/watch?v=alTTzrd2NbY - which talked about buying an annuity with pension, but in our case it would be Purchase Life Annuity, so does that make a difference when purchasing an annuity?

Thank you again! Moira

View Details

Join Roger and Pete for a 2025 retrospective where we look into the kind of year it's been and a little bit ahead to 2026. MERRY CHRISTMAS!

Shownotes: https://meaningfulmoney.tv/session602

02:04 Meaningful Money - Podcast, YouTube, Academy 12:05 Antidote to the noise. 16:40 Bank of Dad 22:39 Jacksons 31:18 Personal Reflection 45:18 Thanks To... Meaningful Money Podcast on YouTube: https://www.youtube.com/@MeaningfulMoneyPodcast Meaningful Money Youtube Channel: https://www.youtube.com/@meaningfulmoney

Meaningful Academy: https://meaningfulacademy.com

Jacksons: https://jacksons.life

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Welcome to the last Q&A session of 2025. In this show we cover selling properties to invest in pensions instead, starting to invest for the first time, UFPLS vs FAD and SO MUCH MORE!

Shownotes: https://meaningfulmoney.tv/QA36

02:05 Question 1

Big thanks to Pete and Roger for all the excellent advice. This question is for some of the 2.8 million UK landlords. Even those with just one property in their own name—not through a limited company—are increasingly affected by fiscal drag.

Looking ahead, I plan to sell down much of my property portfolio in later life (because who wants to be a landlord at 70?). Plus, mortgage finance becomes trickier in your 70s. That said, even if I retain one or two of the best properties, the rental income alone may push me into the higher-rate tax bracket.

I'm 49 and don't currently have a SIPP, but I can invest up to the £60k annual allowance via my limited company. Would it make sense to start building a modest pension over the next 10 years as a risk mitigation strategy?

If so, how should I think about the opportunity cost? I'd save 25% corporation tax going in, but pay higher-rate income tax on the way out (less the 25% tax-free lump sum)—so is the net tax cost around 5%? Or am I overlooking other factors, like the benefit of CGT and income tax exemptions on growth within the pension?

Appreciate your thoughts—and keep up the great work.

Regards, Cameron.

07:29 Question 2

Hi Pete, Roger and Nick,

I've recently discovered your YouTube channel and podcast, and it's been a real eye-opener - thanks so much for all the great content!

I'm 45 and currently have £74,000 in a Fidelity SIPP, but it's all sitting in cash. I know that's far from ideal, especially with 15–20 years until I plan to retire. I also realise it's a relatively modest pot for my age, and it's not earning anything while it just sits there.

How would you typically advise someone in my situation to begin investing some or all of that cash? I'm keen to make up for lost time but want to do so wisely.

Thanks again, and keep up the brilliant work! Joanne

15:15 Question 3

Hi Pete & Roger,

Firstly thanks so much for all your hard work - I devour your podcasts, videos & books - so much hard work on your behalf & I hope you realise how appreciated they are.

I am just at the stage of life where in the next few years I need to start thinking about drawing money out of mine & my husband's pensions and I am considering the most tax efficient way of doing this. I have been reading all about UFPLS and FAD. As background, it is unlikely that either my husband or I will ever have much Personal Allowance unused in the years up to receiving our State Pensions due to rental income we receive; it is also unlikely that either of us will ever become higher rate taxpayers. I also understand that to get the most out of ones PCLS it is best to only crystallise the funds actually needed from an uncrystallised pension so the rest of the pot can hopefully grow and therefore the 25% tax free sum also grows. So, my question is, what am I missing, in what situations would it be more beneficial to take an UFPLS payment v making a partial crystallisation into a FAD pot (I am with ii who offer this).

I feel like an UFPLS payment would give me 25% tax free and 75% taxed right away, whilst a FAD would give me the same 25% tax free and 75% could be taken straight away or drawn down over time as desired and could also be left invested to hopefully grow?

Thanks so much, Tracy

21:12 Question 4

Hi Pete and Roger, thanks for hosting such a great podcast!

I've recently been searching for a new job and was lucky enough to receive an offer with some interesting compensation features that I thought I would ask your opinions on. I actually turned down this role in favour of something else, but wanted to ask nonetheless as the offer came with an interesting feature that I have not come across before.

Firstly, and probably most straightforward to answer – The salary on offer was £50,500 per year, which seems a weird figure – suspiciously only slightly above the threshold to tip me into the higher tax bracket, which got me thinking – are there any benefits (to the employer or employee) of being only just into the next tax bracket up? Why not £50k, or £51k?

Secondly, in addition to a very generous DC pension scheme (they would pay in 12% if I pay in 5%) they offer a "Savings Scheme" whereby 5% of my salary would be deducted (and paid into this scheme) each month and at the end of 12 months the company would then top up these savings with another 5% of my annual salary – (actually 6% to "account for the extra tax"). My real question is this – what are these "savings schemes" in a nutshell, and are there any benefits of them over trying to negotiate for increased employer pension contributions instead?

Interested to hear your thoughts on these.

Thanks so much! Jamie

29:09 Question 5

Hello Pete and Roger

I've recently found your podcast and wanted to say thanks for all the insight you are providing. Not only do you make a fairly dull subject tolerable, you even manage to make it reasonably enjoyable 😉

My wife and I have a couple of rental properties which should be paid off along with the house in a year or so.

I'm 47 and on an average salary. I have a medical condition which means I'll probably be unable to carry on working till 67 (but life expectancy unaffected). The problem I have is I don't know when I'll need to access my personal pension so planning is a bit tricky.

My DC pension pot is just over £200k which ordinarily would be quite healthy but if I have to access it at 57 suddenly it isn't so great.

I'm currently invested 100% in shares and have been a bit braver than I'd normally be inclined, as I feel I need to make hay while the sun shines, but now getting to the stage where I might want to reduce the risk on the money I've worked hard to save.

The problem I have is knowing how to go about planning for an uncertain future.

I'm also aware I have a blind spot when it comes to bonds. I know they are meant to fare better than shares in falling markets but not sure if the reality matches the reputation. Fundamentally I just don't understand the mechanics of how they work and what factors affect how they move.

Would be very grateful to hear your thoughts!

Thank You and keep up the good work. Danny

37:08 Question 6

Hi Pete and Roger,

I'm 31 and have been listening to this podcast for at least 10 years so have been very lucky to have baked all of your wisdom and advice into my own financial habits over the formative years of attending university and entering the world of work, which has undoubtedly set me on the right path for the rest of my life - I hope! I can't thank you enough for your generosity and dedication to this mission.

My question is maybe an unusual one...

I am fortunate to be in a well-paid job in what I think is a relatively secure career and have all of the basics covered - from a good EM fund, no debt and money put into wealth-building mechanisms (pension and Stocks and Shares ISA). I have more than enough to be comfortable.

Unfortunately, a couple of years ago my brother got diagnosed with a rare cancer at the age of 26 and has been battling the condition ever since. He's spent a lot of time in the care of the national treasure that is The Christie in Manchester, and I'm so grateful for the work they have done to support him and would like to financially donate to them so that I can do what I can to help them and others in return.

I get (what I consider to be) a significant pre-tax annual bonus to the tune of £10-15k and am considering donating this in one-off charity contributions through my employer's benefit scheme each year when I receive it. Alternatively, I could pension-dump these bonuses and build a strong compounding engine for retirement one day and at that point could then donate a substantially higher figure (potentially even just from interest on the core portfolio alone..?).

Whilst I won't ask you to answer what is probably an impossible question on behalf of The Christie in terms of which is more important - money now or money later - do you have any thoughts on the pros and cons of either approach? Is there a right answer here in your opinion?

Thanks again for all you do Tom

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It's episode 600 of the podcast, not that we're doing much to mark that milestone! We have some excellent questions today, taking in retirement planning, getting a mortgage if you have a new business and how flexible ISAs work!

Shownotes: https://meaningfulmoney.tv/QA35

02:43 Question 1

Hi Pete,

I'm a single household, due to pay my mortgage off in my early 50's….I have very little savings and pensions are everywhere and been 'balanced fund choices' as I either do self employed work or fixed term contracts. I'm really concerned I won't have 'enough' to retire. Where do I start to know how much I need? I don't have an extreme fancy lifestyle but want to live comfortably with running a car, having a nice home and having a holiday every few years. I would also like to help my siblings out if possible when they need it.

Also for your business…..have you thought of making it an 'employee owned trust' in the future? This could be a good option if you don't want it swallowed up by larger organisations and want to keep a people focussed culture.

Thanks, Anna

12:57 Question 2

Hi Pete and Roger Recently discovered the podcast and it's been really helpful in getting my thoughts straight about future planning - thank you! My job gives me a DB pension that as it stands will give me £4617 per year at 67 - for every year I work that will go up by one 54th of my salary, (£57k) so £1055 annually if I stay at the same grade. Increased by cpi plus 1.5% annually at the moment; and by CPI only once in payment. I can exchange part of this for a lump sum when I take it but that's a decision for another day! I'm projected for full SP at 67 after another 2 years contributing. I have £30k in a pensionbee that I'm adding to £100 a month, and after listening to the podcast I have started an AJ Bell SIPP (vanguard lifestrategy 60% equity) which I'm adding £200 a month to. Also working on the cash ladder/emergency fund - currently just £5k in a cash ISA I am hoping to get this up as much as possible. After overpaying mortgage and contributing to PensionBee/SIPP I can save £200 in a good month. I am aiming to retire as soon as I possibly can after 60, when the kids will all be in their 20s. I am sure this seems impossible but might as well aim high!!! So my priority is to build for the years between 60 and 67. And leave something for the kids, eventually! So…my question!! I have an old tiny deferred DB pension that I can take at 60, £3461 lump plus £1153 per annum (no option to take either a smaller or larger lump sum). I can't trivially commute this due to the rules of the scheme. As it's deferred there are no other benefits eg death in service. Or, I can take this now (age 53) with a reduction for early payment so it would be worth £3076 lump and £869 per annum. The pension increases each year by CPI while deferred and also when it's in payment. Does it make sense to take now, and put lump and monthly payment into either mortgage, or SIPP, or cash ISA? And if so which - SIPP gets me extra 25% from the gov as it's under pension recycling amount? But £3k off my mortgage now might be better. Cant get my head around the maths of this...but my gut feel is it would be working harder for me in my hand despite the fact I'd be taxed on the annual amount? I'd make sure that with my work and personal contributions I stay in 20% tax band and reclaim from HMRC when I do my tax return. Sarah

19:39 Question 3

Hi Pete and Roger, great show and love the new format to allow listeners to ask lots of questions.

My question is around pension inheritance. When a person dies and passes a DC pension to a spouse or child, does the inheritance remain in the pension wrapper when it passes on or does it lose its pension wrapper status which allows the person inheriting to use the cash as they want without the pension restrictions?

Many thanks, Kavi

26:04 Question 4

Hi Pete

I've been watching your videos and listening to your podcasts for about two years now and I'll start by thanking you (and the youthful Mr Weeks) for the public service you provide outside your paying work. I have what I think is a simple question, but I don't seem to be able to find a definitive answer on-line.

I retired about this time two years ago at the age of 62 so I'm 64 now. I have a DC pension in the form of a SIPP which is currently worth a little more than £600k. I also have a similar amount in savings (some in cash, some in an S&S ISA). I live on a combination of the income provided by the cash and the S&S ISA, plus a series of small UFPLSs taken roughly quarterly from my SIPP throughout the tax year. At this stage the SIPP withdrawals are relatively modest (totalling maybe 12k a year, of which of course 3k is tax free). My intention is to continue doing the UFPLSs at roughly the same rate, possibly increasing a little as a result of inflation. State pension will add another 12k or so to my annual income in 3 years so that will likely reduce the need to increase my SIPP withdrawals for a while. My SIPP is currently growing faster than my rate of withdrawal.

I understand that the maximum tax free cash I can have out of my pension in my lifetime (under current legislation) is £268,275 and obviously at my current withdrawal rate, I'm not getting to that total anytime soon. However if I've understood the rules correctly (and I may not have), I think my ability to have tax free cash once I reach the age of 75 goes away. If that's true, presumably I need to crystallise my SIPP pot just before I reach age 75, taking a quarter of it or my remaining LSA (whichever is smaller) as a tax free lump sum, at which point the remainder turns into an entirely taxable (crystallised) draw down pot? Alternatively, have I completely misunderstood what happens at age 75 and I can continue to do UFPLSs (with 25% tax free) until the cows come home, or I reach the LSA, whichever is sooner?

I don't think it's relevant to my question above but just for background, I have a wife who inherits everything if she survives me, or a few nieces and nephews and charities that benefit if she doesn't. We have no children of our own.

Keep up the good work gentlemen.

Regards, Robert

31:05 Question 5

Hi Pete

My son, who has never been a saver (apart from workplace pension) and never seems to have any spare money (single dad, renter) is in the process of going self employed with a colleague. If all goes well, he has a chance to make a reasonable income, not be hand to mouth and periodically take lump sums as a company director. E. G £5k to £10k starting in a couple of years.

My question is not about the viability of the business but this business will open up the prospect of my mid 30's son, David, owning a house while I am alive. As in, building up a deposit as dividends are paid. It may take several years and then, I assume, he would have to go through the pain of a self employed mortgage. An area that I know nothing about.

In effect, he is just starting out, but we would be really interested in your thoughts about the longer term aim of buying a house.

Many thanks again for your wonderful books and podcasts Helen

37:55 Question 6

Hi Pete & Roger, I continue to recommend your podcast to others. Please keep up the excellent work. My question is on the process of using flexible Cash ISAs. I cannot find any worked examples online and a few IFAs I have approached suggested kicking back the question to the ISA provider but I would appreciate your thoughts.

My wife and I have £200k in flexible cash isas. We plan on using these funds for a house purchase. Should I reduce the balance to zero, can I top the ISA back up to the full £200k provided the money goes in and out of a 'flexible' cash isa (and is within the same tax year)? I would be in a position to do this following the sale of some investment property..

And the second part of the question would be can the money move freely between a stocks and shares isa and a flexible cash isa eg £200k in a flexible cash isa moved into a stocks and shares isa > then back to the flexible cash isa.

We are both higher-rate tax payers and I won't drop a tax bracket in retirement so I feel the ISAs are the most useful savings bucket we hold.

Take care and all the best. Stuart

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We're getting into the groove of doing video podcasts now, and today we have another mixed bag of questions. They include the tax implications of moving abroad, whether to start a pension in your 60's, whether it's possible for a pension fund to be too big and lots more besides!

Shownotes: https://meaningfulmoney.tv/QA34

01:24 Question 1

Hi Pete and Roger Thanks for the fantastic podcast, YouTube videos (and book) I have learnt so much.

My question is essentially about whether to overpay my mortgage or invest. I have watched Pete's videos on this subject but just wanted to check if my situation changes anything.

I'm a 41 year old Firefighter and I am in the Firefighters Pension Scheme. I am recently divorced and as such have had to start again with a 25 year mortgage currently fixed for 5 years at 4.1%.

Essentially should I focus on overpaying this mortgage so that it is definitely paid off by the time I am 60 (When I can retire from the Fire service) as I already have the DB Firefighters Pension.

Or would I still be better to invest this money in a stocks and shares ISA and use it to pay off the mortgage at a later date? My disposable income for whichever option would be around £200 a month.

Lastly I will probably continue working past 60 yrs old but it may be in a different profession as by that age I may not feel like dragging hose and climbing ladders anymore!

Thanks again, James

05:33 Question 2

Hi Pete and Roger,

I've been listening to your brilliant podcast since COVID, so around 5 years now and always look forward to the new episode coming out.

I don't really have a financial related question for you, more some advice...

I've tried to educate my daughter on personal finance and I think she now has a good grasp and is interested in becoming a financial advisor. She is now 19, has decent A levels and has just completed an Art foundation course. She has University offers for September which she has deferred as she really doesn't want to go! We live in West Kent (nr Tunbridge Wells) and I've been looking for trainee, bottom of the rung, Financial advisor jobs for her but I can't seem to find anything. She could commute to London, if required but would rather stay local if possible. Do either of you have any suggestions about how she might be able to get into the industry? We're happy to pay for courses of that helps her but not sure what would be best.

Sorry for the long email, any advice would be very gratefully received.

All the best and keep up the great work Matt and Belle Hart

13:23 Question 3

Hello to Pete and Rog,

Thanks for the podcast so far, my family is in a much sounder financial footing since I've started putting into action some of the basics you've spoken about previously. ISAs, pensions and insurance all ticking along nicely now - thanks to you!

I have a question about my pension, is it possible to add too much?

My thoughts are, if my pension pot in today's money is worth £1.25m when I retire, I can take the 250k tax free and £40k a year thereafter, anymore than this and I would be paying 40% tax on my drawings. Are there benefits I'm missing of having a larger pot (say £2m)? Not one I need to worry about yet, if at all, but it's always puzzled me!

Many thanks for the content, keep up the good work and enjoy the sunshine this weekend! Adam

18:30 Question 4

Hi Pete & Rog,

Have been a long time listener and have loved your double act with the self effacing banter alongside sound, sensible guidance on the minefield that personal finance can often seem to be. Listening whilst walking the dog is like chewing the fat down the pub with a couple of great friends,

So my situation is this... 47 years old, married with two kids (11/14).

Myself and my wife both have good jobs, own jointly (own names) 8 x BTL properties generating a profit. Equity in Portfolio is about £400k Portfolio was built to provide additional income and to support us in retirement (either the income or by selling)

We have our own home (mortgaged) and are in the process of moving to a bigger place as we're growing out of where we are. This will come with a bigger mortgage as we're scaling up so to minimise the increase in monthly payments we're increasing the term back to our state retirement ages (which is a bit depressing!).

So our ideal plan is to have the "choice" to semi retire / work as much or little as we want by age 57 - so around 10 years from now but we are not sure whether this is realistic and the best way to set things up to achieve it if it is. We would probably still work part-time beyond 57 but would want to have other sources of income that could support a comfortable lifestyle.

To add to the complexity, but in a good way, I'm also in the process of changing jobs and the new job comes with a £20k pa pay rise and a matched pension at 6%. This is obviously lower than my current employers scheme but I plan to at least match what currently goes into my current employer pension one way or the other.

So after what must be one of the longest pre-ambles you've ever read here are my question(s):

In terms of where we are now do you think getting to a position where we have a choice to retire/semi retire in 10 years is realistic and what are the key things we should be doing now ten years out taking into account our circumstances?

How would you approach the pension situation with my change of employer, my thought was to make contributions to my private pension to cover the overall reduction (9% matched to 6% matched) between employers so that I'm still putting in 18% overall. I think I may be able to put as much as I like into my new employers scheme though (but they'll only match 6%) so would this be a better option?

In terms of our mortgage in 10 years it will still be around £350k so we would want to reduce this significantly or even pay off in full at that point. My thought was to sell 5-6 of the BTL's over 5 years leading up to age 57 to pay it down however this obviously reduces our passive income from the portfolio and we'd pay a chunk of CGT along the way. Are there any better ways of achieving the same result?

I hope I haven't broken any rules around length of email and number of questions, I can only hope you'll treat this with your customary humour and patience!

Keep up the great work guys. Best Regards, Nick

25:15 Question 5

Hello Pete and Roger -I'd like to say how your podcast has really helped me to focus on preparing for retirement ,so thank you .

My question is I'm in my early 60,s I have 2 x Db pensions which will pay about £22000 Pa immediately if I choose , a full state pension at 67 and I have no mortgage and cash savings of £235000 half of which is in cash ISAs. My DB Pensions and state pension will be enough for my life style .

I may move home next year hence the large cash savings and also because I recently divorced and that's how the settlement added to that figure. It was a coercive relationship and I'm so worried now I hold too much cash as I never had my own money to invest in a pension. Prior to the marriage and children I did work and pay into a pension which will provide half of the DB pension as stated earlier but that all stopped when I married.

Should I start a personal pension now so close to retirement if I know I'll have spare cash to pay the max £3600 inc tax relief to take advantage of the tax relief and build up a pot not for income necessarily but for care home fees /inheritance tax costs for my two young adult children? Or shouldn't I worry?

Many thanks for your help. Charlotte.

30:13 Question 6

Dear Pete and Rog,

Thank you so much for your incredibly valuable podcast. I've learned a great deal from it and really appreciate the clarity and insight you bring to complex financial topics. Can't wait for the Youtube version to finally see what Rog looks like!

I had a question that I hope you might be able to shed some light on. My wife is from Slovakia, and we're likely to retire there in the future with our two children. I understand that capital gains tax and inheritance tax are both zero in Slovakia. However, I've read that UK-situs assets remain within the scope of UK inheritance tax even after leaving the UK, and that these would seem to include UK-domiciled OEICs such as the Vanguard LifeStrategy 100% fund, which I currently hold in a general investment account.

Would it therefore make sense to consider switching from the LifeStrategy 100% UK domiciled fund to an Ireland-domiciled ETF such as the Vanguard FTSE All-World UCITS ETF (VWRP)?

Would doing so resolve the issue of UK IHT exposure on those Situs assets?

Or transferring the UK OEICs to a global investment platform, would that work (seems too easy to be true)?

Any other tips to look into before making the big move abroad?

Thank you very much again for your time, and for all the invaluable information you share! Please keep it going ! Best regards, John

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Roger and Pete discuss the November 2025 Budget, 24 hours after it was announced by Chancellor Rachel Reeves. We cover the salient points from a financial planning standpoint and try to avoid politics if we can!

Shownotes: https://meaningfulmoney.tv/session598b

02:37 Income Tax 09:27 Capital Gains Tax 12:35 IHT 17:32 State Pension 19:48 Salary Sacrifice 25:32 What was NOT announced 30:02 VCTs 30:53 High-Value Council Tax Surcharge 34:00 EV and Plug-in Hybrid mileage scheme - eVED 37:55 Student Loans 38:44 Opinions 41:37 A Podcast Review

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Welcome to another show full of questions form you, the audience and hopefully some meaningful questions from Pete & Roger. This week we have questions about paying school fees, becoming a financial adviser, how to invest an inheritance and lots more!

Shownotes: https://meaningfulmoney.tv/QA33

01:15 Question 1

Good morning Pete & Roger, Thank you for a great podcast, been really enjoying it over the years and it's been no end of help for me. My question concerns my grandchild. She was born in America but now lives in the UK, is duel nationality. As grandparents we were hoping to put money aside into a savings account for her. Now obviously we thought the JISA but as she is born in America we can't do that. Is there any advice for how we can save for her in the most tax efficient way for her, conscious that she is quite young. If we can put some money away now regularly, it could build up into a nice little nest egg for her. Also hoping to do this for other grandchildren, not necessarily born in America. Any advice gratefully received. Mike.

05:48 Question 2

Hello Pete & Rog Wow these Q&As just keep delivering incredible value -keep up the great work! I'm 52 and my wife is 43. We're both higher-rate taxpayers contributing to a DB-DC hybrid via salary sacrifice. We'd like to retire together in 12 years (me at 64, my wife at 55—she has a protected pension age). We both have a DB pension and a DC pension. Combined we have emergency fund of £30k in Cash ISA, no S&S ISA.

Observations: - Once both DB & State Pension are in payment pay, planned spending of £60k p.a. is fully covered. - My ability to draw DC within the basic-rate band post-State Pension is limited, as DB 33k p.a. - My wife has much more scope to use her DC tax-efficiently before her DB/State Pension start. - Likely outcome: large residual DC balances if we only withdraw what's needed to spend.

Question: Would it be sensible to draw more from DCs early (using UFPLS at ~15% effective tax) and reinvest the surplus in S&S ISAs? This could: - Lock in withdrawals at basic-rate tax before DB/State Pension restrict allowances - Reduce the chance of paying higher-rate tax later - Diversify across ISAs (which we intentionally lack currently)

Am I letting the "tax tail wag the investment dog," or is this just pragmatic tax-efficient planning?

Cheers, Dunc

09:05 Question 3

Hi, Thank you both for your financial wisdom! It has definitely lit a fire under me!

My husband and I (41) would like financial independence at 50. We have received £120k early inheritance gift and also plan to sell 2 rental properties over the next 5 years to reduce commitments (a further approximate £250k post CGT)

We are mortgage free and I have since filled our stocks and shares LISA and ISA, investing in 100% equity low cost global trackers.

Other than investing the remaining in a GIA and transferring to ISAs each year are there any other options to help money grow over the next 9 years.

We may continue to work at 50 but under our terms. We need sufficient to tide us over from 50-57 when we can consider access to Pensions and the LISA at 60. Thanks Amy

12:18 Question 4

Dear Pete & Roger,

Thank you so much for all the work you do on YouTube, on the Website and on the Podcast, it really does make a difference to people's lives and long may it continue!

I'm 36 years of age, and I currently work as an Aircraft Technician, which I somewhat enjoy. However I find the older I get, the harder it is to keep up with the physically demanding nature of the job, and fear this may become more of an issue further down the line. This has prompted me to think about my future employment. Engineering has been my whole life, and my curiosity for learning and my persistent quest for personal development has resulted in me becoming a fully qualified Car Mechanic and Aircraft Technician. I have also achieved a BSc (Hons) in Motorsport Engineering & Design! However, my race car days are over, and in a way I feel like I have "completed engineering" to the best of my ability, and I am eager to take on a new challenge!

I have always been interested in finance (some would say I talk about nothing else!). I've always kept on top of my own personal finance (thanks to yourselves), and try to encourage/empower others to take control of theirs. The past few months I have been thinking of self-studying (whilst remaining in my current employment) for the AAT Level 2+3 in Accountancy, however the more I think about it perhaps Financial Planning is more my cup of tea? I love working with numbers, working with and helping people, planning for the future etc, however I worry I lack the necessary confidence and people skills to become a successful advisor.

So I guess my questions are:

1. How do you become a Regulated Financial Planner? 2. Is it possible to self-study for the CII Level 4 in Regulated Financial Planning whilst remaining in employment? Or would you advise against this? 3. Are there any pre-requisites to studying for the CII L4 in RFP? 4. Would an Accountancy role be more suited to someone who does not possess great people/communication skills? 5. Could a RFP qualification open doors to work in industry as a FP&A as oppose to personal finance? 6. Anything else you wish to add for clarity? Both your opinions are highly regarded. Keep up the great work!

Kind Regards, Tom

23:55 Question 5

To the wonderful Pete and Rog

I am a long time listener with my husband . the podcast and videos have been invaluable in developing our understanding of personal finance - translating complex issues into an accessible format so that people like me can get to grips is a real skill and thank you sincerely!

My husband and I are 53 and have quite late become parents to beautiful twin daughters who just started secondary school (and are learning how to slam doors and stamp feet... you know that age...) anyway back to us, we are both employed, my husband is a higher rate tax payer and I am on the lower rate band.

Because of some specific issues with the kids development needs we have decided to prioritise their education and to put them in our local small independent school where there is excellent specific support for them. They started in September and were paying £45k per annum. just typing that number scares me!

To support the fees we moved house and extended our mortgage. This given us c100k for fees and alongside significant monthly savings out of our income (1.5k) has given us capacity to support the fees for the next three years, however it won't be enough to take them through to GCSEs.

We're feeling weighed down by our mortgage which is now significant although supportable because of our salaries. It leaves us very little capacity for savings or luxuries like holidays. We realise this is our choice!

Up until this point we have been relatively disciplined paying into pensions. My husband has DB pension scheme which will pay circa 50k a year from the age of 61 (he has been paying in since 21) and one of those good, connected DC pots which should have circa £350,000 in by 61. the 350k can be used to provide the TFLS as it is connected to the DB scheme. So, we know when my husband retires, we will have capacity to clear the current mortgage. But this can only be accessed at 60+. I have a smaller pot which is £180k currently. I'm paying in £150 month which is as much as I can afford.

We need to make a planning decision about how do we afford the 5 years of fees not just the next 3? the decision is imminent as we have to renew our mortgage in the coming months. We have we think two options (excluding selling a kidney or two).

1. To further extend the mortgage. This will mean we push back possibility of retirement even further and will certainly use up all £265k of TFLS from husbands pension.... and gives us a problem of repayments - further squeeze. or 2. we wondered whether we could use my pension fund? The idea we had was to use tax-free cash from my pension to support the fees. I will be 55 in November 2027 and we think we might be able to get c £50,000 to use as a TFLS. - Is the drawing my tax-free lump sum a real option? It feels like the only way we might access funds other than the mortgage. - what impact would that have on my pension does it mean I can't continue to contribute to the pot? - Finally, how might we evaluate the pros and cons of the two options?

we suspect there is no right or wrong answer but if anyone can offer a few wise words it would be the dynamic duo - thank you're the best. Katherine

31:50 Question 6

Hi Pete and Roger

I love this show. There's so much great information and it brings me comfort to know so many people are making similar decisions to me and I seem to be on the right path!

My question is about property vs index funds. I am about to inherit about £100k and am wondering what to do with it. I invest in global index funds every month so would be comfortable DCA-ing (pound cost averaging) it in over a few months.

But, I do not own a property. So, I could buy a 2-3 bed property in Kent with approx. £150k mortgage and rent out a room to take advantage of the rent-a-room scheme. I am fortunate that my job provides my accommodation so I do not pay ridiculous rent and so do not need a property.

Would you choose index funds or property for growth over the next 10-15 years? I'm located in Kent.

Thanks for sharing your thoughts. Ceara

View Details

This week I enjoy a brilliant conversation with Dan Haylett, a fellow financial planner and podcaster, and author of The Retirement You Didn't See Coming, a book I highly recommend.

Dan Haylett on LinkedIn https://www.linkedin.com/in/dan-haylett-retirement-coach/

Humans vs Retirement Podcast https://www.humansvsretirement.com/

The Retirement You Didn't See Coming - Book on Amazon https://amzn.to/4o0UhYB

The Retirement You Didn't See Coming - Book on TGBB https://www.thegreatbritishbookshop.co.uk/products/the-retirement-you-didn-t-see-coming

The above links can also be found on the Meaningful Money website, at https://meaningfulmoney.tv/session597

View Details

Some excellent questions this week, as always, and with the added bonus of moving the podcast onto YouTube! Join Pete and Rog as they answer questions about finance management apps, investment platform selection and transitional tax-free allowance certificates!

Shownotes: https://meaningfulmoney.tv/QA32

01:39 Question 1

Hi Pete and Roger Thanks so much for all the work you do, I've only found the podcast recently but already enjoying learning more and thinking about things differently. My question relates to saving for retirement and specifically the period leading up to retiring. Nearly all of our (mine and my husband's) pensions are in SIPPs where we have been happy to be 100% equity, in global index funds. We are now maybe 7-10 years from the point where we could retire, and I've been able to research withdrawal strategies to the point where I'm confident managing that when we get there. We have determined our target asset allocation split between equities / bond funds / individual gilts and money market funds for the start point of retirement.

I haven't been able to find much information about the period of transition from 100% equity to the asset allocation we want in place for the start of retirement. Obviously it's a balance between reducing exposure to volatility as we approach retirement and accepting a drag on the portfolio caused by the increasing allocation to cash and bonds and my instinctive (but not evidence-based!) approach would be to gradually move from one to the other over a number of years.

So my question is this - is there a better approach than just a straightline shift from one to the other? How far out from retirement is it appropriate to start making the transition? The best advice I can find online is just to pick whatever makes you feel comfortable and do that but surely there must be some more robust guidance out there? I appreciate it might not be a one size fits all answer but would appreciate your thoughts on how to approach this.

The one piece of advice I do seem to have found is that however we decide to do it, to stick to a predetermined schedule to avoid temptation to try to time the market - does that sound sensible or have I missed the mark on that? Thanks so much for any help you can give. Fran

08:28 Question 2

Hello

I listen to your show when out on walks and find it helpful for somebody who struggles at times with pension planning

I am 55 and myself and colleagues were told we had to leave the Final Salary pension scheme in 2019, the flipside being we would still have employment and our final salary pension would be triggered at reduced age of 50, although we would only get the years paid into rather than the magic 40 years which would give 40/80ths of your final salary.

So, for me , mine was triggered in 2020 and it was around 32/80ths (paid in since age 17), and I still remain in employment.

At this time I received a statement saying my pension had triggered, I had opted for the smaller lump sum (we had two options and some took the larger sum). There was no option to not take a tax free lump sum. I received a statement from the pension provider and it stated I was using 57% of the LTA

Now, since 2024 the P60 I receive from the pension provider annually now shows how much of the LSA I have used, this shows an amount of £153k , which equates to the same 57% , this time of the tax free lump sum allowance of £268k (I have rounded the figures).

However, the actual lump sum I received was £80k - so should I not have £199k left to use up ?

As I got my lump sum prior to 2024 and it is far lower than the standard calculation used to generate £153k used figure , do I not have any protected rights and able to dispute this ? It seems unfair that others who opted for double the tax free lump sum I received will be treat the same as myself regarding what tax free lump sum they can get in future (We all pay into a company DC scheme these past 6 year, with a different provider).

I have read about Transitional Tax Certificates but unsure if they are relevant to my scenario. I was unsure if the onus is on myself to take some action, or if the above is correct and that is how it works.

Any advice would be appreciated and may help others in a similar scenario also.

Many thanks, Jason

13:15 Question 3

Hi both,

Thank you for all the great content, my question relates to financial planning as a couple.

My partner and I are getting married next year and plan to combine finances at that time. We will also be looking to buy our first home in the next few years.

Aside from some lifestyle creep, we are both 'good' with money and have worked with monthly budget systems before. We are looking for a system to help us manage our total wealth/finances on a larger scale as opposed to the majority of online finance spreadsheets which focus more on monthly budgeting. Do you have any recommendations for spreadsheets or software to help us keep track of the 'big picture' i.e. emergency fund, pensions, ISAs, investments. We WILL be seeking financial planning but are keen to keep track of this stuff ourselves. We would be happy to update spreadsheets quarterly, but not get bogged down in tracking specifics of bills etc!

Best, Maddie

18:44 Question 4

Hello Pete and Roger,

The older of my 2 sisters has been diagnosed with a terminal illness at the early age of 46 and because of the late stage diagnosis the timescales could be as short as 3-6 months without treatment. Myself and my other sister have been looking through her work pension/ finances to sort out her estate to get everything looked after for her only daughter, who is under the age of 18.

She works for a government department and after reading the small print with her pension/ employment contract her estate would be about £130k worse off if she continued to be on sick leave but employed compared to taking medical early retirement. We have advised and started the process to get the lump sum and early retirement pension for my sister, as she is unlikely to benefit from the higher yearly pension payouts of around 23k vs 15k with £100k lump sum.

My younger sister is applying for power of attorney as my older sister is too unwell to deal with all the admin and is becoming very forgetful with her condition and medication. My sister's entire estate will be around £300k, we are concerned about my niece inheriting such a large lump sum at the age of 18. We are considering setting up a trust so that the money can be fully invested and paid out in smaller staggered lump sums to her on a 6 month or 12 month basis, just to get her used to dealing with larger sums of money and when she needs a Deposit for a house etc this will be available. Are there any reasons not to go down the Trust route and would this even be practical? Are there other options? We have been thrown into the deep end trying to make the best decision and could use your advice.

I'm 38 and if I'd have inherited such a large lump sum at the age of 18, I probably would have blown it on expensive cars and motorcycles and have had some great fun in my 20's, but probably would have little left to show. Regards Mark

24:03 Question 5

Hi Pete and Rog

Long time fan here! Love the accessibility of your information in the pod and the books! I've learnt a huge amount. But....

I still have a probably rather stupid question... I have a SIPP with funds in a Vanguard Global Index fund with Interactive Investor. It's taken a bit of a battering, but I'm hopeful it will grow in the next 10 years!

My question is, how does it grow? I keep reading about interest and the magic of compounding, but it seems to me that there is no interest in an index fund? I dabble for a while with a dividend specific pie on Trading 212 and clearly saw dividends being paid to me on a regular basis, but this doesn't seem to happen with the Vanguard fund. What is it that's compounding?

Please can you explain (as if I was a child!) how and why the fund grows and (hopefully) keeps gaining value over the long term?

Many thanks!

Alex

29:34 Question 6

Hello Pete and Roger,

Great podcast!

We are all very aware of costs eroding returns over time. On reading the Sunday Times review of investing platforms (8th June 2025 entitled, 'Switch investing platform and save £30k'), this would seem to advocate changing platforms as funds increase to minimise costs. However, what this article doesn't go into is the flexibility on each platform to invest in individual shares / ETFs etc. Please could you and Roger give your insightful views about investment platform selection and particularly keeping with the most cost effective platforms as invested funds grow in value.

Thank you for helping so many of us!

Ivana

View Details

A couple of questions this week about having too big a pension fund, plus a great question on platform choice where Rog and Pete discuss their own experiences.

Shownotes: https://meaningfulmoney.tv/QA31

01:58 Question 1

Hi, really enjoying the podcast. Started by watching your YouTube videos and still like getting the notifications of your new content.

I have a question regarding early retirement, before pensions are available.

I'm 50 and my wife is 52 and we would like to retire now. We have a mix of DB and DC pensions that will be sufficient for our retirement. She can start taking her pensions at 55 and I'll start at 57.

We have a savings pot outside of pensions of £700k in a mixture of investment funds (ISA being maxed yearly) that we would like to live on between now and our pensions becoming available.

Based on £5000 per month to live on, we would need to withdraw £60000 in year 1, year 2 and year 3. After that, we would need to withdraw £32500 in year 4, year 5, year 6 and year 7.

Based on these figures and your experience of the expected interest we should gain over the period if our pot is sensibly invested, what are your thoughts on how low the pot will drop to over the first 7 years and how long would the amount we spent take to recover to the original value of the pot?

Many thanks, Adam

10:39 Question 2

Hi Pete and Roger,

Thank you both for all of the content and guidance – it has really helped me build my confidence in planning my finances.

How much is too much in a pension? I'm 42 years old and have always prioritised pensions as a relatively high earner. I'm now in a position where I have a fairly healthy £530k in my pension, and wondering if I need to throttle back the contributions soon? If I take an assumed 5% growth rate, I'm on target for a £1m pot by age 55 without any more contributions (my access age is protected at 55). Should I just pay in enough to get employer match - I get 7% employer contributions for my 5%? My employer offers salary sacrifice, so as an additional rate taxpayer, I benefit from 47% relief (the employer savings are not shared unfortunately). I do already manage to fill my S&S ISA every year and have an adequate emergency fund, so really it's a question of pension vs GIA at this point. My concern is that I may have to pay 40% tax on withdrawals on the way out, so I might be better to keep the money accessible and support an early retirement before pension access age. What is the maximum pension pot size to target at age 55? – what do you think?

Many thanks and keep up the good work, Steve

15:55 Question 3

Hi Pete and Roger,

Thank you for all you do!

My mum is 63 and retired a few years ago. She has a DC pension, which she won't need to take until she's around 68 as they currently live off my dad's income.

Her pension has been in the default fund, which automatically de-risks as she approaches retirement age. We only recently learned that this default fund probably isn't ideal for her circumstances, when I discovered your podcast and forwarded some episodes to her!

She doesn't intend to buy an annuity, so what can she do with her pension pot at this late stage to stop it being entirely de-risked and losing value as she gets older? She plans to start taking an income from it in around 5 years time.

Many thanks in advance! Kathryn

22:23 Question 4

Hi Roger and Pete,

Listening to your podcast has me feeling like a money ninja - ready to conquer my finances one episode at a time!

Here`s my question:

My workplace pension match is 3% and I also I contribute 3% - it`s auto enrolment and a DC pension.

I would like to put 15% in my retirement, but cant find any advice on how to best do that – do I just up my contribution into my workplace pension to 15% and thats that, or do I also open a SIPP and GIA and split between all three?

What do people usually do? :D

Thanks so much – Leah

27:22 Question 5

Hi Pete and Roger

Been a fan of your podcast for a long time and have put some of the lessons from yourself and others into practice since I was 19, now 46 . Regularly saving and investing as much as possible by way of ISA , high interest accounts etc

I have been able to build a decent portfolio over the years

My question is regarding the most efficient platform for Stock and Shares ISA regarding fees. In the past I had an FA and the ongoing fees I always felt eroded investment gains and switched to Hargreaves Lansdown.

I have a mix between individual shares/funds and trackers totalling £210k with Hargreaves Lansdown.

I have heard about other cheaper platforms such as AJ Bell Trading 212 and wondered if your opinion would be to move over to something cheaper with an in specie transfer.

I remember well the financial crisis and Lost money with the bank ICESAVE, only saved by the then PM Gordon browns decision to reimburse. So although I am attracted , once bitten twice shy for lesser know companies.

My end goal is to scale back or stop work mid 50's

For fullness of info , Pension DC £240k , Cash Isa £30k, House Paid off in Full £550k, Trust £50k No debt , No loans, 2 kids well looked after.

Keep up the good work , that regular saving and diligent invest has worked really well over the long term .. thanks in advance and keep up the great work.

regards Blair

36:11 Question 6

Hi Pete, Roger and Nick!

My question is: when should you stop making additional pension contributions over and above those matching contributions from your employer?

I am 43 and have amassed £450k in defined contribution pensions. For the past few years I have been topping up my contributions to the maximum £60k. But given that I still have 15 years until I will be able to access my pension, I assume with standard growth rates I will have amassed a significant sum even without the extra contributions (the extra is about £33k).

I plan to withdraw approx £50k per year (up to the high rate income tax band) so assuming a 4% withdrawal rate I would need £1.25m at age 58.

Should I just stop contributing the extra now and instead make contributions to my wife's SIPP instead? She has a salary sacrifice pension via work and has headroom to pay more into that pension or a SIPP.

I am at the 62% marginal income tax/NI rate but my wife is a basic rate tax payer. I don't love the idea of paying 62% tax but only getting 28% tax relief (via salary sacrifice) if I do this!

Many thanks, John

View Details

It's another varied mix of questions, with a couple on catching up after a late start, avoiding the 60% tax trap and lots more.

Shownotes: https://meaningfulmoney.tv/QA30

01:03 Question 1

Hi,

I'm curious if you have advice, best practice or tools to advise people who have a reasonable rental property portfolio on how to plan for retirement?

I am 55, have taken 50k tax free cash, and 13k a year drawdown, approx 40k left. I have 11 rental properties, but I am still remortgaging and buying more properties. Currently have about 450k available to reinvest into a few more properties, and then probably stop buying.

I'm really struggling to understand how much I can/should have available to spend each month, especially as I'm still reinvesting into properties. I'm sure I should be spending way more than I am, but can't work out how best to put a retirement plan together to show how much I truly afford to spend each month.

Love your content, and thanks for any advice you may be able to give.

Thanks, Paul

09:49 Question 2

Hi Pete and Rog.

Big fan of the podcast, keep up the good work. I am looking at ways to stay under 100k income each year to remain eligible for childcare benefits. I know if I were to make AVC into my work pension this would help to remain below that figure. I would prefer to put this money into a SIPP. My question is if I got paid the money and deposited it into a SIPP instead of my work pension will this reduce my income tax and prevent me from going over 100k and losing childcare benefits.

Kind regards, Joshua

12:33 Question 3

Hello Pete and Roger,

Firstly, thank you so much for such an informative podcast. I don't think I listen to a single episode without taking away something valuable!

My question relates to what I should do to with money as I accumulate it for the next financial year's ISA and SIPP allowance.

For context- I am 39, an NHS doctor with an NHS pension, have a paid off mortgage and have started making SIPP contributions to bring my adjusted net income below the 60% tax threshold. I am in the privileged position to be able to contribute maximum S&S ISA contributions at the beginning of each tax year and already have filled premium bonds allowance as my emergency fund.

Should I put my accumulating savings in a high interest savings account until April, or am I missing out on growth each year and should I be using a GIA with a bed and ISA approach? I appreciate there may be tax on savings interest above £500 or CGT on anything over £3k gains.

I just don't want to be missing out on the best approach for the next 20+ years as I hopefully continue to max out ISA and pension contributions.

Thank you so much in advance and keep up the fantastic work!

Paddy

16:36 Question 4

Dear Pete and Rodge,

I am relatively young (36) and have started listening to your podcast relatively recently (in the last year). What I like about it best is the calming relaxed attitude that money matters are discussed in and the comforting belief that life is more important than money I think shines through.

Comparison is the thief of joy I know but I find it hard to situate myself in relation to where I 'should' be financially. I stayed at university a long time (10years) and so always perceived of myself as 'in debt' and living to the brink of my means, I didn't have a credit card but I would spent all my money and save nothing. When I did eventually get a job it didn't pay much and again it was paycheck to paycheck for many years.

Then came three big changes almost at once. First me and my wife had a baby daughter come along, next the company I worked for went bust and third I found your podcast!

Something about the mix of these three made me sit up, take notice and want to engage with my finances where previously my head had been in the sand. I did very much feel like I was way behind the running. I managed to find a job which paid almost a third as much take home pay again and decided to set up savings for my daughter, set up an emergency fund, increase pensions contributions, open a stocks and shares ISA, all of the good stuff that you guys continually discuss.

However, I still am very much of the opinion that I am way behind the game and starting late which is a shame seeing as time is such a valuable component in investing. My question to you guys is, were you in my position, where would be the first places you would look to educate yourselves on the right things to do next? I feel like I don't know what I don't know and things continually surprise me (for instance I didn't realise that having a car on finance was considered bad debt until the other day). I have this constant nagging doubt that I will be missing something because I haven't started from the beginning. I did consider going back to the start of the podcast when I found it, but Rodge wasn't even around in the first few so I didn't enjoy it as much and also felt like maybe some advice would have gone out of date? Is there a key place for me to start, non-negotiable sources I have to get to grips with in the first place that you can direct me to? What would you do?

Very keen to learn your thoughts and hugely appreciative of all your efforts!

Kind regards, Dan

24:16 Question 5

Hello Pete & Roger

I've gained Incalculable value from listening to you so keep up the amazing work!

I have a DB-DC hybrid scheme and at my target retirement age (64) my projections say I'll have £33K p.a DB income + £345K DC pot. This would give me ~ £86K TFC allowance at the pot.

My plan has been not to take any TFC on the DC pot upfront and to use regular UFPLS withdrawals to reduce income tax over the long term.

However, as this is a hybrid scheme, if I take both DB and DC components at the same time I can keep the DB at £33K p.a. and take £220K TFC upfront.

This has made me question my slow TFC strategy as I can realise far more taking it upfront by leveraging the DB 'value' but only at that point in time.

My thoughts are to then find a way to get this £220K TFC into S&S ISAs where they would be invested in the same way as in my DC pension.

This would allow me to reduce income tax massively over my lifetime. This seems too good to be true! Is it?

Problem will be finding a home for such large amounts of cash

Options

Max mine and wifes ISA allowances (£40K p.a)

£10K p.a. contribution to mine and wifes DC pots (MPAA limited) (£20K p.a.)

Any other options?

Thanks, Duncan

28:46 Question 6

Greetings Pete and Roger,

Speaking as a fellow Gen X gruff Northerner (…Pete!), I'd just like to express my huge gratitude to you both for rescuing me from years of financial ineptitude, misdirection and investing ignorance.

I can only blame myself, but losing a parent in my late teens, then late 20s, and subsequently finding myself on the non-receiving end of 'Sideways disinheritance' (Dad remarried / mirrored will / sold our family home to pay second wife's debts….) didn't help with establishing good long-term financial habits.

Thankfully, the financial clouds parted 21(ish) months ago when I discovered your excellent Youtube videos, first book, and podcast back catalogue, including a tour de force in 'tough love' re: DC pension catch up. Since then, I've been desperately trying to catch up, with a rough target of getting a DC pot to support an UFPLS annual 3.5 - 4% withdrawal of, the magic, £16,760.

Starting from a very low base, I've been using direct payments from my own Limited Company into a Vanguard SIPP, approximately £3k+ per month (yes, I'm living on lentils..) combined with transferring personal contributions of £10k from money sat in a S&S ISA, thereby getting tax relief up to my small wage of £12.5k. Using this mechanism, I've placed £48k into the pension (mindful of the £60k limit – tax relief is added on the 10k personal, but 19% corp. tax is saved on the employer contributions) in the last financial year, but won't be able to sustain this forever.

My question is as follows – provided I still make a net profit after the Employer pension contributions, am I correct in assuming I'm ok re: the 'Wholly and exclusively' HMRC test? The employer pension payments dwarf the remaining net profit, from which I then take a small amount of dividends, and a smaller corporation tax payment is made at 19%.

Also, provided I don't transgress the personal earnings limit (£12,570 for me), is that ok also re: also putting in from the employee side?

Am I missing anything at all? E.g. could you use the 'carry-forward rule' to top up previous years with employer contributions from the Limited company? I'm assuming the answer is 'no', as dividends don't count as earnings / they don't exceed £60k, but thought I'd ask anyway!

Apologies for the 'War and Peace' length question, and thanks again.

Stay intentional, Bill PS: Really like the 'Catching up' section of your, also excellent, second book Pete.

View Details

In today's Q&A episode, we're answering a bunch of questions from those on the threshold of retirement, getting into the nitty-gritty of age-difference planning, DB scheme reductions and all sorts!

Shownotes: https://meaningfulmoney.tv/QA29

01:04 Question 1

Hi Pete

I am really enjoying listening to the podcast, thank you. They make what can sometimes be a complicated subject much easier to understand.

I have a question which I have asked my SIPP provider but even they don't appear to know the answer so here goes:

If someone has a SIPP valued at say £1.2m and a DB pension valued at say £300k, in order to maximise the favourable annuity provided by the DB pension, is it possible to draw the full LSA (25% tax free cash) from the SIPP? Or is there a requirement to draw the LSA on a pro rata basis from both the SIPP and the DB pension?

Thank you, AJ

07:07 Question 2

Hi Pete and Roger,

Thanks to The Meaningful Money Handbook, The Meaningful Money Retirement Guide and listening to all of your podcasts, I'm now in the fortunate position to retire in three years at the age of 55.

However, I have a couple of questions about building a Cash Flow Ladder:

Q1 - Should I be moving my investments into the various rungs of the ladder now, or just wait until I retire?

Q2 - Most of my investments are in a pension, but I also have an ISA for a bit of flexibility. Would it make sense to use the same ladder structure in both the pension and the ISA?

Thanks for all your good work. Tim

11:17 Question 3

Hi guys

Loving the podcast - helped me through the COVID years and it's been a staple ever since so thank you for that.

My question is around investing in older age.

At what point, if any, is it worth cashing out GIA investments if other sources of income such as state pension and DB pensions are more than enough to live off and I have sufficient other capital (cash isas) for those big things still ahead?

I'm not planning to leave any sort of inheritance (unless I pop my clogs early !) so is there some rule of (age) thumb of when to cash out and spend investments?

I sort of don't see the point of continuing to invest after a certain age and to spend the money. But I guess it's not easy switching from investing to spending.

Thanks, Chris

16:33 Question 4

Hi Pete & Roger,

Great show gents, always interesting and informative. I've been an avid listener for a couple of years now and have been encouraged to write in on the off-chance that my question may have relevance to others with a similar dilemma. I fear you may feel it's too niche but here goes:

I'm 59yrs old and for all intents and purposes retired, in as much as I quit my career in business 18months ago to take on the full-time parental care role of my 6yr old twins which enables my wife (15yrs my junior) to continue in the career she loves. We are fortunate that my wife is an additional higher rate tax payer (as was I before I quit), we live mortgage free in a ~£1.5m family house - all of which means I have no plans to draw a pension until my wife is also ready to retire, which despite her occasional gripe, is not likely to be until our children leave school (by which time we will be ~ 72 and 57 respectively).

I have a small index-linked Public Sector DB pension that kicks in in a few months time when I hit 60 (£7k per year) and expect to get a full State Pension which should provide me with around £20k p.a. at todays values as a base income when I reach state pension age in 7 years time.

I also have a Pension pot currently valued at around £1.2m, made up from £1m SIPP and £200k S&S ISA) and my wife's Pension pot is currently valued at around £520k (£400k SIPP & £120K S&S ISA). I no longer contribute to my SIPP but my wife invests around £30k Gross in to her SIPP annually and we plan on continuing to fill both ISA allowances each year until she retires. We are both 100% invested in equities using low-cost Global trackers to maximise their growth potential.

Here's my question, I was burnt a few years back (before I started listening to podcast like yours to educate myself on how to manage my finances) when I was persuaded to join SJP and combine all my old workplace pensions into a single pot managed with them. I even persuaded my wife to join and I opened Junior SIPPs for my twins when they were born (not their advice, my own) which we continue to pay the full amount into monthly to hopefully secure their future retirement. Long and the short of it, the more I learned about investing, the more I regretted my decision to tie myself into SJP and the more I begrudged paying their relatively high fees (for what turned out to be a lower return than much lower cost tracker options could / would have produced over that same time period).

I eventually sucked up the exit fees and bailed out a few years back, taking my wife and children's accounts with me and whilst I haven't looked back, it has made me reluctant to spend money on financial advisors, given the perceived poor advice I felt I received last time. To that end, I'm currently planning on managing mine and my wife's finances through retirement without recourse to an advisor but have started to have niggling doubts as to the whether I'm being too arrogant in my own abilities.

In simple terms, our aim to build a combined Pension Pot (incorporating a healthy ISA element to aid in tax-efficient drawdown, allow my wife to retire early(er) if she so desires and to cover one-off expenses that may from time to time will come up) that's large enough for us to live off comfortably based on a flexible 3-3.5% drawdown rate annually (index-linked). The plan is also to remain 100% invested in equity throughout retirement with the exception of and maintaining, a 3-5yr cash-like buffer (invested in MM Funds / short term government bonds) from which to take our living expenses.

My wife and I are not extravagant spenders and can easily cut our cloth according to circumstances, so my feeling is, with a small but decent guaranteed income that we will have as a foundation, when combined with what I hope/expect to be a sizeable joint Pension Pot and a relatively low and sustainable withdrawal rate that should see us right even through the harshest of winters (metaphorically speaking) this should provide all the income we'll need for a comfortable retirement with a good chance of leaving a fair amount left in the pot for our children at the end, without over complicating our portfolio or expensive management costs.

The obvious concern I have is around IHT but even there, I feel like that's a concern to address further down the road once we know we are financially secure and when we know more about the needs of our children as they grow-up and can plan what to do with any excess cash we might have using the rules in place at that time.

Sounds simple, but is it too simple? Can you spot any obvious flaws in this plan or reasons why you think seeking professional advice would make sense that may not have considered?

Thank you and keep up the good work!

Regards, Aaron

27:42 Question 5

Hi both

Love the podcast. I listen regularly and enjoy hearing the banter between the two of you, as well as providing answers to thought provoking questions.

As an additional rate taxpayer in Scotland, my marginal income tax rate is an eye watering 48%. So I get significant benefit from tax relief when topping up my pension. It can cost as little as £33,000 to enjoy a full input of £60,000 once I get money back on my tax return.

I have been diligently stuffing my pension as much as I could afford for years now as it was always the prevailing financial advice. I'm now only a couple of years away from retiring at age 55. I am fortunate enough to be now over the old LTA (which is now of no consequence). However the tax free limit is still set at 25% of that old allowance (£268,273?). Given I am now NOT going to benefit from any further tax free money on the way out, I wonder whether continuing to contribute to my pension is a good idea anymore.

My choices are either :

1) Pay into the pension and enjoy tax relief of 48% now, allow the fund to accumulate tax free over the coming years, then pay income tax on the way out at 40%. (I expect to be high rate , not additional or basic rate tax payer in retirement)

2) Take the tax hit now on income, don't contribute to pension, put the nett amount into a GIA, and pay 24% CGT on the gain on the way out.

I did some numbers and while the pension wins out, it's not by much over a 10 year term assuming 5% growth. But tax rates could change, pension rules could change, and inheritance tax changes are pending.

Can you compare the pros and cons of each approach to help me make a decision, or is there a third option to consider?

(I hear Roger sometimes suggest a strategy of taking the tax hit now rather than later e.g better the devil you know)

I hope this makes sense.

Thanks, Martin

33:47 Question 6

I became an avid listener of the podcast during the first lockdown and have learned so much in the past 5 years. I really enjoy it and appreciate all the effort you put into it.

My question is with regard to age gap relationships and planning for retirement. I'm 59 and am currently contributing to the NHS Pension Scheme. Part of my pension can be taken at age 60, without deduction, and I hope to have an income of £16,000 plus a £50,000 lump sum. The rest of my pension I'll be able to take at age 67 and by the age of 63 I hope to have a further pension of £18,000 without a lump sum. In addition to this, from my career before the NHS, I have a SIPP and the current value is £400,000. 63 is the age by which I hope to have stopped working at my current level but it might be sooner.

My wife is ten years younger than me and has not been working for most of her adult life. Currently she is paying into a local authority DB scheme but by the time she is 58 her pension entitlement might only be £5,000 per year, but this would need to be discounted by 40%-50% in order to take that income.

By the time we are eligible I expect both of us to qualify for the full state pension. We have no other cash savings to speak of and our mortgage is due to be paid off next year, when I will be 60.

My question is what advice do you have for couples who face this age gap issue. The plan is that we want to spend our retirement together while I am fit and active (well fit-ish). Once we both have the state pension, with my NHS Pension, we should have an income of £58,000 at todays values, which will be enough for our needs when I am in my late seventies, but might make me a higher rate taxpayer in requirement. Before then, we'd like to spend a bit more and we are planning to use my SIPP and my wife's DB scheme (when she is 58) to fund our pension, until it is replaced by the second NHS Pension and the state pensions.

I never realised this would be so complicated to get my head around.

When the mortgage is paid off, we'll have some money and should we concentrate in paying it into an ISA so that we can get an additional income without me having to pay higher rate tax, or should we set up a SIPP for my wife so that she can build up a pot of money that she can drawdown on from when she is 58. This would be with the aim of her utilising as much of her annual tax free allowance as possible.

I've assumed there is no way that I can transfer part of my SIPP to her before I die.

I very much hope that you can help.

Best wishes, Steve

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It’s another mixed-bag of questions this week, covering income protection, the local government pension scheme, avoiding the 60% tax trap and much more besides!

Shownotes: https://meaningfulmoney.tv/2025/10/08/listener-questions-episode-28/

01:33 Question 1

Hello Pete & Rog

I like to think of you as a couple of great mates offering me life changing information in a relaxed & entertaining fashion. When putting income protection in place, how do people/planners typically frame a target?

Just replacing essential income? Or also replacing large contribution to pensions (including lost employer contributions) and S&S ISAs for long term wealth building?

Thoughts on how I should frame these questions are very welcome! Many thanks, Duncan

11:27 Question 2

Dear Pete and Roger,

Firstly thank you so much for all the free resources you put out there to try and help make the world more financially literate and astute. I myself started a journey of self awareness a few years ago thanks in no small part to your content.

I have a question about pension recycling and what is allowable. I've read the rules on the criteria, all of which I think have to be met in order to fall foul of the rules, but am not clear on my wife and my specific situation.

My wife and I met later in life and have been married for 13 years in a happy and stable relationship. I've just turned 50 but my wife is eight years older. In summary when we came together I brought earning potential but no assets (previous divorce wiped me out!) and she brought assets (house, SIPP pension built up, inheritance) but, through mutual agreement, no earning potential. Fortunately we have a healthy open discussion about money.

I am an additional rate tax payer and use my £60,000 limit of pension contributions every year. We have paid off our mortgage and we have always lived using my salary for all our outgoings and live within our means with little consumer debt. I max out my ISA allowance too. Essentially I have no more tax breaks we could take advantage of by her giving me money, save for CGT or dividend allowances.

After thinking about her tax implications I have encouraged my wife in the last couple of years to start to withdraw from her DC pension the maximum amount that would result in no income tax being paid (currently £16,760 of which 25% is tax free). Since we don't need the money for living expenses she tops it up with her savings to £20K and puts it in a S&S ISA so really is just moving investments from a less flexible tax free wrapper to a more flexible one while she pays no income tax. We will do this for the next ten years until she reaches state pension age and I retire myself. She'll still have a sizeable SIPP at this point as this strategy won't deplete all her pension.

She still has significant other assets that attract tax as she earns more interest than the starter rate for savings allows tax free. She's fully paid up all her NI through additional contributions, has the maximum in premium bonds and I also have started to get her to put £2,880 into a new SIPP in her name every year to get 20% tax relief.

My question (sorry it took so long to get here) is that now she is drawing an income of sorts from her DC pension could she recycle more than £2,880 into a SIPP? Clearly it fails on the intention front, on the >30% of the tax free cash and the fact she has actually taken tax free cash. But she's not taking in excess of £7,500 of tax free cash in a 12 month period (another one of the criteria) and I'm also not sure if her taxable DC withdrawals (on which she pays no income tax as

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This week, we have questions about planning property purchases together as a soon-to-be-married couple, investing an inheritance, balancing an age gap between spouses and much more besides!

Shownotes: https://meaningfulmoney.tv/QA27

00:52 Question 1

Hi Pete and Rog,

I’ve been listening to the show since 2020, and I absolutely love it. It keeps me grounded in a generation that frivolously spends for the sake of Instagram. Thank you for offering such helpful advice for free.

I’m in my early 30s, I have no bad debt, regularly contribute to my workplace pension, and have been saving for a 2–3 bedroom house over the past three years. In 2 months I’ll have the 10% deposit (the minimum I want to put down) saved in my LISA. I'm currently renting a really affordable flat with a great landlord.

I started saving when I was single, but I met my lovely boyfriend almost two years ago. We’re serious and are planning to get married and move in together in the next 12 to 18 months.

Here’s my question: Should I delay buying a house for a year or so until I'm married, or should I buy now and plan to keep it for at least five years—even if, during that time, my boyfriend and I buy a different house and I end up renting this one out?

Many thanks, Leah

07:50 Question 2

Love the Podcast guys

My Question is about what to do with an unexpected inheritance (likely to be around £150,000 from the sale of my late parents' house) a year before remortgaging. For context; both my Wife and I have recently become Additional Rate tax payers with a defined benefit NHS pension. We can max out ISA contributions for a few years (including LISA for the next 6yrs) but with no personal saving allowance and only being able to effectively get savings rates of <3% in GIAs we are drawn to an Offset mortgage (current mortgage 21yrs to run ~£330k remaining LTV 40%) but these don't seem to be popular and don't get mentioned much. I estimate within 5yrs we'd be paying 0% interest and could start drawing down from the offset savings pot. This seems like a hedge against uncertainty (and allows us access to the funds cf to paying off the mortgage) and would be effectively paying us whatever the mortgage rate would be (>4%). Would welcome your thoughts on this

Gareth + Helen

12:27 Question 3

Hi Pete and Roger,

I've been following your channel for over a year now, and I’m really grateful for the practical insights—wish I’d discovered you years ago! Your guidance has helped me make some much-needed improvements to my financial planning.

My question is: Could you provide any guidance for couples with an age gap on balancing pension contributions and withdrawals, as well as utilising ISAs, to effectively phase-in their retirements together? My Civil Partner and I have an 8-year age gap, which didn’t matter in our 20s and 30s, but 20 years later, with some middle-aged aches and pains! We want to align our plans better to enjoy more time together, rather than one of us retiring much later or sooner than the other.

We underutilised pensions, unfortunately, but hold equity in two properties and decent cash savings. We are now mortgage free and plan to boost our pensions. Within 10 years, we might buy a small flat in Malaysia (his home country) and downsize our UK home from Manchester to Scotland (my 'home country'!). We hope to split time between the UK and Malaysia or possibly settle over there, drawn by the affordable living and our fondness for the country.

Best wishes, James

18:53 Question 4

Love the show, you guys accompany me on walks when I have a break from work. I have two questions but this may be a bit much so I have broken them down

I have possibly an easy question for you but one that I can’t find the answer to online. My wife is a teacher with a final salary pension estimate of £23.5k p/a. We’re unsure whether or not this will provide for a comfortable retirement, so we are considering making additional savings for retirement.

My wife is a basic rate taxpayer and currently 39 so my question is whether it is better to invest the money in a lifetime ISA and effectively get the tax relief through government top up, as when she comes to retirement the additional income that would come from the LISA would be tax-free and not subject to income tax, or invest in a SIPP but this would incur income tax when accessed?

To me it seems a no brainer as the tax benefit on the way in is effectively the same but there is no tax burden on the way out of LISA versus a pension am I being dim or is this the right way to go?

I am a higher rate taxpayer so I know that to get the most tax efficiency it should go in my pension but there’s a possibility I would be a higher rate taxpayer in retirement too so not sure it’s sensible to have it all in my name (also mindful of lifetime allowance being reinstated)

Other question is more complicated and around planning for me. I’m 38, a higher rate TP recently earning £90k p/a, I currently have c.£215k in a few employer pensions. My current employer pension scheme is based on qualifying earnings only. My employer pays 3% (so

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Some great questions this week about planning for the loss of the personal allowance, investing in GIAs, persuading an aunt to write a will, and much more besides!

Shownotes: https://meaningfulmoney.tv/QA26

01:11 Question 1

Dear Roger and Pete, I enjoy listening to your show driving to work. You are both down to earth and humble with your opinions. I read a lot on finance and have been investing in stocks and share ISA since 2004 and VCTs since 2017. I have built a healthy portfolio of nearly 300k in VCT, 400k in Stocks and share ISA. I also have a healthy DC pension of roughly 700k and DB pension worth around 10k per year from age 60.

I am approaching 50th birthday this year and so decided to use up some of my cash savings which is in excess of my target investment of 20k in ISA and 50 k in VCT(as unable to go over 10k in pension (due to annual allowance threshold). I know I am fortunate and I also live frugally as that's my nature and don't have too many wants.

The question is if I have roughly 80k in mortgage and I have the ability to clear it, should I invest that 80k in VCT on top of my regular VCT allocation of 50k and get the 30% tax benefit(as I am unable to get much tax benefit from my pension) or clear my mortgage as the mortgage is coming up for renewal and likely interest rate will be 4-4.5%. I am torn as I understand in my head that 80 k invested is better than clearing the mortgage over a 20-30 year time frame, but as I am going to be 50 and would like to clear the mortgage and have freedom to decide if I want to enter a life of FIRE or have the ability to FIRE if I get bored. However, I have kids in school and so unlikely I will FIRE until they go to university. Sorry about the long question. Thank you, Fred.

06:25 Question 2

Hello Pete / Roger, Great podcast! I hope karma holds true and all the good you give out back comes back to you both! Question: I am a higher rate taxpayer who maximises their pension, stocks & shares ISA and other best tax sheltered places so need to also build wealth in a taxable GIA. What is best strategy for a higher rate tax payer to do this... dividend / income generating stocks or accumulating (non dividend paying) investments and pay CGT at some stage (regularly)? Thanks, appreciated as ever and hope may help others Ivana

10:43 Question 3

Hi, Nick (who I assume will read this first), Pete and Roger,

I'm not sure if this is a suitable question for the podcast but here goes.

How can we persuade an aged aunt that she needs to write a will, as us knowing what her wishes are is not sufficient.

I have an aunt who has no children but she has said she wants her estate split equally between her 8 nieces and nephews but she refuses to make a will. The problem is that if she dies intestate there is an estranged brother who would be a beneficiary as far as we understand and so what she wants to happen won't happen.

Richard J

15:50 Question 4

Hi Pete and Rog

My husband and I have been MM diehards for many years. We think It’s a sad reflection of the state of nation when David Beckham gets considered for a gong before Pete does!

I wanted to ask you about UK T-Bills because they are rarely (if ever) mentioned in your discussion of financial instruments.

We are at retirement age I have a few DB pensions and a SIPP with Interactive Investor of approx. £300k. About ½ is sitting in Cash (including short term money market funds) because we want to draw out our 25% tax free allowance within the next 2 years and we want to minimise risk until that time arrives. I still want to diversify my low risk investments as much as possible into bonds but my experience of bond funds is that they can also drop significantly with economic conditions whereas we want something to deliver us a (near as possible) guaranteed return.

Our platform (ii) allows us to purchase bonds on the primary market however they are too long-term for us to see them through to maturity given our timescales.

The platform has started to release UK T-Bills which seem typically much shorter term (3 or 6 months) and therefore appear to give us what we are looking for (guaranteed rate at a decent %) and very low risk. I know the % return is determined by the ‘auction’ but it currently looks to be around 4.5% on average (especially the 3-month ones).

We plan to apply the bond ladder concept and buy these T-bills over the next few years on a rolling basis. As they are very short term, if rates drop we can change our strategy mid-plan so I think it also gives us a degree of flexibility too.

Have we overlooked something obvious as it seems to fit our needs perfectly for the next couple of years? We are very hands-on on the platform so we don’t mind getting stuck into the action process (which looks straightforward).

I’d be interested if you had any additional insight / comment on T-Bills being used for this or other strategies.

Regards, Gilly

22:55 Question 5

Hi Pete, Roger,

Thank you for the podcast, I always look fw to listening to it on my Wednesday commute.

I'm trying to figure out when it makes sense to accept paying more income tax versus increasing my pension contributions? My total compensation this tax year is estimated to be £125k meaning I will lose all of my personal allowance with an effective 60% marginal tax rate on the last £25k of my earnings. Part of my compensation is made up of RSUs and very predictable quarterly bonuses. My base salary is approx £85,000.Last year, my total compensation was £105k, with a smaller base salary. My pension contributions kept my taxable income below £100k.

I do not have any children, so the loss of funded childcare is not a concern. I've been contributing 15% for the last 5 or 6 years, starting when I was earning about half what I earn now. I chose that percentage to bring earnings under the 40% threshold at one point. At the start of this tax year, I increased my pension contributions to 20% because my income increased and I had no immediate need for the extra money. My employer only matches up to 5%.

I am in my mid 30s and have roughly £140,000 split between my SIPP and my current workplace pension. Both invested in 100% equities in a global fund.

I am considering increasing my salary sacrifice from 20% to around 30%, to keep my taxable income below 100k to avoid the loss of personal allowance. I'm hesitant because, playing around with the compound interest calculator, starting with a £140,000 balance, contributing £1,700 per month (20% salary sacrifice), and assuming a 7.5% return (which may be slightly optimistic), I would end up with a pension pot of about £1.5 million at age 55. Which might be too much.

I have £80k in my stocks and shares isa, also in global equities and I'm on track contribute 20k this tax year. I own a flat with a mortgage, fixed at less than 2% for a couple more years with no interest in over paying.

I'm worried I might end up with too much money left when I (eventually!) die, I have no kids and I am not interested in leaving a legacy.

Shall I just accept the tax bill and increase my lifestyle today given I'm already saving enough that I know I will be comfortable later in life.

I read die with zero a year or so ago, and it resonated with me a lot. What else is there to consider?

Thank you, Mark.

29:15 Question 6

Dear Pete & Roger,

I have one question on my financial planning.

This year I had received extra bonus which lead to my salary at the end of tax year of £123k.

I have contributed £17k to my pension using employer contributions but remaining £6k is through my company stock which was vested and I got £3.1k income after paying 47% tax.

My question is as my salary threshold for this tax year crossed £100k, for this additional £6k do I need to submit self assessment and if yes, do I need to declare this £6k full stock amount completely as a separate income even though I already paid tax on it, does this mean I am also liable to pay capital gains tax on this £3.1k?

I look forward to hearing from you what are my options to submit to HMRC through my self assessment so I can calculate if I owe any additional tax or HMRC will refund me some money due to £17k pension contributions?

Many thanks, Vai

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It’s another packed and mixed bag of questions here on Meaningful Money. Today we deal with Seafarer’s pension contributions, tax-free cash on DB pension schemes and annual allowance calculations. Plus we give some thought to the evolution of the show…

Shownotes: https://meaningfulmoney.tv/QA25

01:10 Question 1

Hi Pete and Roger

Many thanks for all that you do. I am a long time podcast listener and happy client of Jacksons.

I am currently playing catch up on the current series and have a couple of thoughts on points raised in two episodes.

In episode 3 - there was a question on pensions and the answer included the point that when making contributions to a scheme they are generally paid net and the scheme reclaims basic rate tax from HMRC. Just to say that this is not always the case. My employer recently moved its scheme to an Aviva master trust. I wanted to make a lump sum co tribute. Ahead of the tax year end. However I found that the scheme could only accept gross contributions and I would have to reclaim the tax myself. As it was quite a decent sum and I preferred not to wait for the tax I made the contribution into a different scheme.

In episode 7 you had a question about moving abroad. The point we made that you can’t continue to contribute to UK tax favoured schemes when abroad which is correct. However there is another watch out in that ISAs in particular may be subject to income tax in the new country of residence - as they were when j lived in the US. It is therefore critical to get advice so you can make the right choices when moving abroad

All the best, Richard

05:06 Question 2

I have been listening to your podcast for the last 5 or 6 months. Like so many of your listeners, I have spent many hours catching up on your early episodes, no longer do I watch movies or drama series or wildlife programmes. I listen to Pete. Your advice has been priceless. However, I do have a question that I seemingly cannot find the answer to. Perhaps, I already know the answer, but am putting my head in the sand because I do not like it.

I know that the pension tax free lump sum is limited to £268,275 and I believe that this applies to the total taken from multiple pensions. I retired from the police in 2013 as a chief inspector. I took the maximum lump sum available at the time which was £206,000. I started a new job with the NHS and am paying into the NHS 2015 scheme. My projection on retirement from the NHS at age 67 suggests that I can expect a lump sum that combined with my police pension lump sum will take me well beyond £268,275.

I have seen some articles on line about lump sum protected allowances, but do not know if this is something I can access. Clearly, if all I can take from my NHS pension is £62,275 I will be paying 40% on a greater proportion of my pension in payment.

I suspect there may be others like me that maxed our their lump sum when first retiring and have gone on to further employment and have built up a tidy pension that has the potential to pay out another handsome lump sum.

Your advice is gratefully appreciated. Kind regards, John

11:25 Question 3

Hi Pete and Rog

Always a delight when a new episode comes out – I hope Rog is getting fairly compensated for his efforts!

I have been a keen listener for a number of years though until recently had lived outside of the UK, so while not everything was applicable (ISAs or pension contribution limits etc), the podcast has always been a valuable tool as I improve my personal finances

I have a question I was hoping you could clarify for me which relates to questions you answered on previous podcast Q&A.

Trying to keep it short but failing:

On a couple of occasions when talking about pensions there seems to be an assumption that your income will fall in retirement and so income tax on the way out of the pension is less relevant.

You recently had a question around moving money from a Lifetime ISA to a SIPP for a higher rate tax payer who was moving abroad and the calculation / discussion went something like:

Invested 4k, got the extra 1k but have to take a 25% penalty when taking the money out so down to 3.75k. Then when investing that back into a SIPP you get tax relief so back up to 4.7k or even 6.25 with higher rate relief.

Then the discussion seemed to suggest in such a case you might even be better off than if you had left it in the LISA. However, doesn’t this depend on what your tax rate is on retirement / withdrawal?

Now on to my question:

Similarly, you had someone who had maxed out their annual pension contribution limit and they were trying to decide whether to pay more in to their pension (foregoing the tax relief) or to put it in to a GIA. This is a situation I find myself in and the Q&A discussion seemed to suggest it doesn’t make much difference. There were comments that an ISA would be better than a GIA but assuming the ISA allowance was already fully used then there was little difference.

This confused me and brings me to my question. If I overpay into a pension and so get no tax relief, don’t I still pay income tax when I withdraw the money from the pension? So for any contribution above the annual limit I receive no tax relief initially (ie I have effectively paid tax) but then future withdraws from a pension are taxable so I pay tax again when I retire. Is this the case or is there some way the pension knows what proportion of the pot received tax relief and what proportion didn’t? If no such split exists then surely a GIA is a far better option where I will only pay CGT on any growth in the investment (or income tax on dividends). Imagine a situation where there is no growth or dividends then in a GIA I take the initial money back out with no tax to pay, in the pension I still pay income tax on the withdrawal.

What am I missing here?

Kind regards, Matt

17:02 Question 4

Hi - love the podcast and really enjoying the Q&A series! Keep up the great work!

I was hoping you can assist me. I have a pretty simple salary structure and lucky to earn annually (salary and bonus) around 190k.

I’m looking at what I can add to my pension and very aware of the 60k limit and also the 200k income threshold. Is it as a simple as if my only income stream is from employment, that by definition in the above scenario I’m below the £200k. Or am I missing anything else that feeds into this as a consideration?

Thanks, Steve

20:20 Question 5

Thank you Pete & Roger for an amazingly insightful informative podcast. This has given me a giant springboard to the next level of financial literacy.

My question is:

I am a seafarer and all of my income from it is subject to seafarers earnings deductions (SED). My annual salary is £79,000. How much can I pay into a SIPP claiming the full amount of tax relief given that all of my income is subjected to SED?

Thanks very much for everything you do.

Kind regards, Benjamin

24:00 Question 6

Absolutely love the podcast - always look forward to driving home on a Wednesday so I can listen to it.

I'm 47 and my husband is 55 and we have 2 fabulous children aged 13 & 11. I am an additional rate taxpayer and have a good DB pension for the future (NHS consultant). My husband did the tougher job of being a full time Dad so only has a small SIPP at present worth about £50,000 which we add £2880 to each year. I am hoping to retire early so we are building our Stocks & Shares ISAs each year to bridge the gaps between my retirement and state pension etc although we don't use the full allowance at present although may do in the future as my pay increases.

We just wanted advice about the best way to extract the money from my husbands SIPP. He works a few hours now making approximately £5000 per year so is a non-taxpayer (and all our emergency cash is in his name!). We had planned to start drawing down his pension in a few years once fully retired to try to get it all tax free before his state pension kicks in but we don't actually need the cash and thus it would be reinvested into his ISA.

Is there any reason not just to start that process now so we put the money in the ISA gradually over the next few years (bearing in mind that we may be able to fill our ISAs in the future)? Can we still top up with £2880 each year one this process has started?

Maybe this sounds like an obvious thing to do but just can't work out if its the correct path?

Thanks so much, Ciara Mulligan

30:10 Podcast and Video plans.

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This week, Pete is rested after his holiday and may even be more tanned than Roger, for once! We answer a mixed bag of questions ranging from financial planning if you’re on benefits to tax-free cash recycling and lots besides!

Shownotes: https://meaningfulmoney.tv/QA24

01:38 Question 1

Hi there! I'm one of the very many people who look set to lose disability benefits (PIP and ESA) at the end of next year. I was disabled following an industrial injury 15 years ago and have a lifetime award of Industrial Injuries Disablement Benefit assessed as 70% disabled which currently brings £155/week. It's definitely not enough to live on let alone pay the additional costs of being disabled. (there's no chance of recovery enough to work as I can't access healthcare but that's a long story) I am 50 and conventional life plans involve maintaining saving/investing through midlife on the expectation of reduced income on retirement. But I'm now facing acute poverty for 15 years until I hit the relative luxury of state pension. (Assuming I can find the cash to buy the missing NI years!) I have some assets that are pretty badly managed on account of my being unwell, and in particular a second flat which has £7000pa post-grenfell service charges and so can neither be mortgaged, sold nor rented out until those repairs finally complete-if they ever do! I think I can afford to cover costs from cash savings/investments for maybe 5 years. But after that... Can you speak to the general point of financial planning for people with unconventional life trajectories, particularly disability, and especially what sort of financial information/support resources are available? I'm unsure if you've any specific suggestions for my situation to get me through a decade of sub-living income/cashable assets against potentially sustained high costs? Obvs I love what I can manage to get from the pod and was particularly interested when you've spoken of financial coaching. Cheers! Sam

10:06 Question 2

Hi Pete & Roger

Loving the Q&A sessions. Even when topics aren’t relevant to me it’s still insightful to hear from other people and always educational to listen to your response.

I suspect the answer to my question is simple but have yet to see an answer to it anywhere online!

I have a cash ISA with T212 from 24/25 tax year and will have a new £20,000 to invest come April (cash ISA’s are my preferred vehicle - long story!). Can I just add the new 20 to the existing ISA or do I need to take out a new one? And also, do I benefit from compound interest if I leave it all alone?

Regards Maxi

13:06 Question 3

Hello

I am loving the podcast and finding out about situations I would not have considered before listening. I don’t know if you can help on this one, it’s a bit of a tax question on CGT.

We are a couple both with dual citizenship (Aus/British) and are planning a sabbatical break from working in 2026 for a minimum of 3 months, but this may turn into years.

We have a house purchased in 2003 with no mortgage and want to know our CGT obligations if we were to be non residents when we sell our house? Also is this CGT obligation a tapering obligation like IHT when moving abroad?

Kind regards, Sam

19:42 Question 4

Hello gents,

Enjoying the podcast as always. Especially the Q&E episodes as I like to test myself to see if I would answer the questions the same as yourselves!

My question, I am 20 years old and have recently got my Level 4 diploma with the CISI, and now looking to take the next steps in becoming a planner myself. The obvious route is to stick with the CISI, competing their Level 6 Advanced Financial Planning then the Level 7 Case Study to become CFP. However, just because it’s obvious doesn’t mean it’s right! I seen that the CII’s set up is completely different, lots a smaller exams, with the outcome being Chartered (not CFP). Am I overthinking this or are there pros and cons for each exam board. Also what is the different between CFP and Chartered?

Many thanks, Lewis

27:28 Question 5

Hi Pete and Roger, Firstly, thanks for a great podcast - I’ve been listening for many years and often catch up with the latest episode whilst on the rowing machine at my local gym! I have a question regarding the pension recycling rules.

In Feb 2024, I initiated a DB pension, taking £108,000 lump sum and a yearly amount of £15800. This was to pay off my partners property that we are both about to move into mortgage free. My total contribution was £200k and the remainder of the balance was from my savings. I currently earn £80k salary and have additional rental income from two properties I own of approx 10k net per annum.

I am in the process of selling one of my properties and want to use the proceeds (after CG) to maximise my pension contributions in tax year 25/26. So in total it would be about £66K contributions (as I have carry over allowance from the past three years). Over the past 3 years my pension contributions on average have been approx. 35k per year. I’m likely to retire within the next 18 months hence wanting to maximise my contributions during this time.

However, my question is, would this higher pension contribution likely trigger the pension recycling rules because of the pension lump sum I took in 2024, even though that amount was used solely to pay off a property at the time? Many thanks and keep up the great work. Phil

37:05 Question 6

Hi Pete and Roger

Thank you both for all you do. What do you think about keeping an emergency fund in a money market fund, rather than cash?

Many thanks, Rob

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This week we have a bunch of questions on the subject of inheritance tax, trusts and estate planning. Fair to say, these stretched us quite a bit and we had some surprises as we researched the answers!

Shownotes: https://meaningfulmoney.tv/QA23

01:45 Question 1

Hi Pete & Rodger

Love the podcast as it has loads of useful information and you make it very simple (as it can be) and clear. Love how you bounce off each other and make it easy to listen to. My question is - I have a reasonably large SIPP that will if added to my house value push me well over the 1 million level. I see a lot of press articles about how it would be good to start reducing estates that are in this position to mitigate possible IHT.

My stance is that I am only 60 married and feel that - 1. It’s too early to know what the new rules will look like 2. If I die before 75 and my SIPP goes to my wife she can pull whatever out tax free (currently) and gift some IHT free, as long as she lasts 7 years. 3. If my wife dies first I can do some gifting at that stage to reduce estate / possible house downsize to give large gift again with the 7 year IHT rule.

Why do anything at this stage that would incur a tax charge? Your thoughts on this approach would be very much appreciated.

Kind regards, Jules

07:08 Question 2

Gents,

Outstanding podcast which I have listened to for years from overseas in the Middle East. The thing I like most is your consistent message about simplicity, being intentional and using low cost funds. Every season reinforces financial education and I never tire of listening to you. Thank you.

I have a general question that I thought might possibly apply to other listeners regarding income drawdown ie should I use my pension pot or ISA money first?

My situation is slightly complicated as my personal allowance will be used up by a DB pension.

I will have a DB pension at age 55 (approx £30k) plus I have a DC pension pot plus an ISA. If I would like a retirement income (pre-tax) of say £60K (ie over the current 40% tax rate threshold), what is the most tax efficient way of drawing the income?

I'm aware that in future my pension will be liable to IHT so in essence could take a 40% hit on death.

Should I take all additional income from my ISA until that runs out or take money from the pension pot up to the 40% tax rate band (approx £50k) and use the ISA thereafter to save me paying 40% tax on any pension pot money?

Are there any online calculators that can help as I guess it's partly just maths?

Many thanks, Ian

13:48 Question 3

Dear Pete and Roger,

My mum passed away over a decade ago and since then my dad has met a new partner. They live together and own their own home, split 60% (my dad), 40% (his partner).

He has said a “trust” has been set up so that should one of them die, the other can live it for as long as they want before it is sold and the money passed to their children.

With some research, I think he might just mean a “declaration of trust” but I am unsure.

I just want to know if there is anything I should be aware in terms of inheritance tax to make sure his (and my mum’s) residence nil rate bands are still in place, as I remember you saying on a previous episode of the podcast that if a house is left “in trust”, it would wipe out the residents nil rate bands.

The house is valued at approximately £725k and my dad’s assets (including his share of the house) would be about £850k.

Thanks for sharing all your knowledge, really enjoy the podcast. Steven

21:40 Question 4

Hello Pete & Roger

Listening to you both has completely turned my future retirement around! My trajectory is now very positive as I’m building a decent DC pot to supplement my DB pension several years before I qualify for state pension. That’s not just great financial progress, it’s the life enhancement of 4 additional years of retirement at a time when im most likely able to make the most of it! Complete game changer with some knowledge and commitment to build a better future.

Now, a query on the definition of income from the perspective of the gifts from surplus income exemption from IHT……..

Does regular (quarterly) UFPLS withdrawals count as income for these purposes? I know these gifts need to be from income-they can’t be from capital withdrawals. However, when I take regular UFPLS withdrawals, am I taking capital withdrawals? I’m effectively selling down assets to get the UFPLS payments so really don’t know if this is income or capital withdrawal for gifting purposes.

Keep up the fabulous work.

Thanks, Duncan

24:20 Question 5

Hi There Pete and Rodger,

Long time listener, first time caller - been listening to and recommending your podcast to friends, family and colleagues for some time now! Keep up the great work!

My question relates to Inheritance tax and is a question my mother has been wrestling with for some time.

Long story short, my parents emigrated to south Africa from Scotland in the 80’s where I was born - sadly my father past away when I was an infant. My mother remarried a South African gent and we all then came back to the England on a business secondment that never ended. My mother and adoptive father then divorced - over 20 years ago now! (Maybe not so short!)

My mother has been getting her affairs in order (not due ill health - more my nagging after your fine education via the podcast). She discovered that due to the value of her house and savvy savings she may have an IHT issue. (I’ve told her to spend the lot!)

The question she has been trying to get a straight answer about is whether she would be eligible to transfer the unused portion of my late father’s basic threshold to limit her IHT exposure.

Not sure this is in your wheelhouse given the complexities of foreign countries, remarriage etc. but hoped you might be able to point us in the right direction. She is hoping to get something in writing which solicitors seem to be reticent to do.

Thanks again for the sterling work and look forward to many more episodes in the future!

Kind regards, Craig Bell

31:18 Question 6

Hi there, thanks for a great podcast.

I am a 67 yr old single woman with no children. I have 2 DB pensions + state pension, on which I live comfortably and can afford holidays etc.

I have always been an investor and have £270k in stocks & shares ISAs. My house is worth £250k. As there are no direct descendants my estate will be liable for IHT under the new rules. Obviously I'd like to avoid that or reduce the amount payable, if possible.

I have nieces and nephews who are at that stage of life at which a financial helping hand would be a great benefit, so can I do that without falling foul of the taxman?

I do use the £3k gift tax allowance, but (ideally would like to give away £100 k). Is there a tax efficient way of doing that?

Thanks for your help. J Harvey

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This week, Pete and Roger answer your questions about investing and planning for children, including trusts, life insurance and how to keep tax low.

Shownotes: https://meaningfulmoney.tv/QA22

01:35 Question 1

Hi,

A friend recommended your podcast in mid-Dec and have already listened to the Financial Advice Process and Combining Pensions episodes (which were both 100% relevant) and working my way through the Q&A episodes.

I have a question about share trading accounts for my children (14, 13 and 11). They are in a fortunate position where they all have JISA's (held at Hargreaves Lansdown) which I contribute to (max amount) and manage, without their knowledge. My wife and I also hold ISA's at HL as well, which we max out.

I was taught to be a saver as a child, not an investor, and this is something I have learnt more about as I get older. Your recent Q&A podcasts mentioned a couple of times about looking forward and not back - there is nothing I can do about my historic saving, and wish this was invested rather than saved!! However, my children are a lot more savvy about investing, than I ever was at their age. The two oldest children play a game called Business Empire and are multi trillionaires, I'd like to teach them the benefits of investing in the real world, but that it might not be quite as easy as Business Empire!

We have discussed setting up a separate trading accounts for the children, putting some money in (poss £3k / £5k) and the children then managing the investment decisions. I want to keep the accounts separate from their JISA, so they don't get visibility of their JISA. Preferably I own the account and login, and the children can then ask me the value or ask me to execute trades on their behalf, which they request. They will make all the investment decisions. I recognise that they could turn £3k / £5k into zero quite quickly! Let's hope that Business Empire teaches them something.

The only way I have found to be able to set up trading accounts for the children is that I set up a Bear Trust for the children, which seems overly complicated for what I'm trying to achieve. Or I create an account at AJ Bell for one of the children in my name and find 2 other companies to set up trading accounts for the other children in my name. Or I create a SIPP for the children.

So the question is, where / how can I set up a trading account for children, so they can get experience of investing and making their own investment decisions.

Love the podcast, keep up the good work

Thanks, Stuart

10:00 Question 2

Hello Pete and Roger,

Really enjoying the podcast. The Q&A shows have been fantastic for hearing about other people’s financial conundrums and thinking about how to apply those lessons in my own situation. I have some questions about children’s savings that I hope will help others too.

For context, my wife and I have a 12 year old daughter and 8 year old son. My son has a severe learning disability meaning he is unlikely to ever be able to manage his finances independently. I get a good salary from full time employment and pay additional rate tax, while my wife stopped working several years ago to care full time for our son.

Question 1: Can you please interpret the rule: "if, in the tax year, the child gets more than £100 in interest from money given by a parent. The parent will have to pay tax on all the interest if it’s above their own Personal Savings Allowance?

Both children get £60 a month paid into children’s cash savings accounts since they were babies - half from us and half from grandparents. Last year, my daughter got £300 of interest. My hope/assumption is that the rule applies per parent. Otherwise, given my personal savings allowance is £0 I would potentially owe £135 of tax on my daughter’s earnings having only contributed a quarter of the funds over 12 years.

We’ve now moved the bulk of her savings into a stocks and shares JISA to avoid any tax hassle, but this wouldn’t be suitable for my son who will be unable to manage the account when he turns 18. Does it make a difference if the payments come from my wife’s solo bank account vs our joint account?

Question 2: Related to the above, where do you start with financial planning for a child with learning disabilities? What are the big things we should consider? Will savings in my son’s name affect his entitlement to the benefits and care he will need as an adult? Any advice on finding and vetting a good financial advisor with expertise in this area, as I appreciate specific personal circumstances will have a big effect here?

Thanks,

David, in Leeds

19:52 Question 3

Hi Pete and Roger

Thanks for all the content over the years, so glad I found your podcast in my late twenties so hopefully I can look back in years to come and thank you for helping set me on the right track financially.

My question is a little general in the sense that I don’t know what I don’t know, but I’m wondering what things I may need to do differently now that my wife and I have our first child on the way (we’re both 30 y/o).

We currently save/invest each month in a mix of cash savings and a stocks and shares ISA, have a mortgage of which the payment is about to increase now our 5 year fix from 2020 is ending, and have decreasing life insurance (with critical illness cover). I mention these things specifically because they’re the things I’m aware of that we may need to tweak when the baby arrives.

We’d like to start putting money aside for them to use when they’re 18 for travelling or a house or whatever they want really, I’ve heard of junior ISA’s, is there an advantage to using these over just keeping a separate pot in our own names? Are there any other child specific options for this purpose?

Do we also need to re-assess the life insurance when we have a child. It’s currently set up to cover the mortgage should something happen to one of us, but with a child to think about I’d feel more comfortable knowing my wife wouldn’t have the pressure of needing to work in the short-term alongside bringing up a child alone should anything happen to me (and vice-versa).

Are there any other child related things we ought to be thinking about financially speaking? Looking forward to hearing your thoughts and perhaps changes you made when you had children!

Liam

27:15 Question 4

Hi both, thanks for the great content and your dulcet tones.

Please can I ask two quick question?

Q1: I’ve paid £2880 into my child’s (2y.o) Junior SIPP, grossed up to £3600 through tax relief. I am a higher rate tax payer, can I claim the extra 20% tax relief, even though it’s not my private pension? If yes, is this just via my self assessment?

Q2: if this £2880 was transferred, via bank transfer, from my parent (I.e. grandparent of my child) to me, then to my child, can it count as gift from the grandparent straight to my child? Or does it count as 2 gifts, a gift from my parent to me, then another gift from me to my child, for IHT purposes.

Loving your work,

Best wishes, Phil

30:10 Question 5

Hello gents.

Firstly, a huge thank you for everything you (all!) do there at Meaningful Money. I’m a LONG time listener, and the help and support I’ve gleaned from this excellent podcast over the years has been invaluable! Keep up the great work!

My question:

As the parent of a disabled adult (18 years old), do you have any suggestions/recommendations for the things that we should be thinking about and putting in to place when legacy planning. My better half and I are married, with mirror Wills in place to leave to each other, or to both children equally in the event we both die (2nd child is currently 16). However, we are aware that should our disabled 18 year old inherit a pretty reasonable sized share of our estate, this would impact on the support and benefits that they have recently been awarded. This must be a fairly common situation, but we haven’t been able to find much clear guidance, so we’re hoping you can suggest what the best way(s) to deal with this situation might be so that we know where to look?

We did have a brief look in to trusts, but they seem a bit of a minefield, and we don’t want to burden anyone else with what appears can become a sizable task to administer.

Just to also mention, we are hoping that we will be able to get LPA’s in place for our disabled child (otherwise apply for deputyship, however LPA is the preference if possible as seems the much easier option…), however we’re hoping to be able to manage until our youngest reaches 18, so that they can also be added as an Attorney(/Deputy), for longevity and diversification, rather than having to do it all again in a couple of years. Not sure how relevant that is, but added just in case…

Many thanks again.

Peter.

36:16 Question 6

Hello Pete and Roger,

My question for you is how best to invest a lump sum that you intend to drawn down over a period of time?

I will soon be in the fortunate position to be gifted a significant lump sum which I intend to use to pay school and university fees for the next 15 years that my children will be in full time education.

I could just keep it in cash and a draw it down over time but I would like to invest it to generate a higher return and hopefully still have some left over at the end.

How should I go about investing this money? I have a high risk tolerance but 100% equity doesn’t seem sensible if I am drawing down regular amounts.

Also I am an additional rate taxpayer so should I be considering asking for the money to be gifted directly to my children in a bare trust rather than to me?

Keep up the fantastic work.

Best regards, George

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This week, we’re covering redundancy sacrifice into a pension, cash ISA allowance reductions, evening up finances between spouses and much more - it’s another MM Q&A!

Shownotes: https://meaningfulmoney.tv/QA21

00:55 Question 1

Dear Pete & Roger,

My question regards Redundancy Sacrifice into a personal pension (SIPP).

In tax year 2024/25, I had "relevant UK earnings" of £44,000.

I contributed the full amount (inclusive of tax relief) to my SIPP; as a Personal Contribution this used up 100% of my Annual Allowance.

In addition, I received a £20,000 tax-free lump sum Redundancy Payment.

Because it was below £30,000, it did not constitute "relevant UK earnings", as such, I requested it be paid directly into my SIPP via "Redundancy Sacrifice".

(My understanding is that it would be treated as an Employer Contribution, not benefit from tax relief and, therefore, not limited by my Annual Allowance - please correct me if wrong).

However, due to an administrative error, it was paid to me.

Subsequently, I transferred it to my pension provider, together with the necessary paperwork (completed Employer Contribution form and Settlement Agreement detailing the source of funds).

My pension provider has rejected the transfer designating it as a Personal Contribution because it was made from my personal bank account.

Q. Does HMRC require Redundancy Payments be paid from business bank accounts? My understanding is that the rules are different from normal Salary / Bonus Sacrifice.

(Disclaimer: I understand that in answering my question you are not providing financial advice).

Kind regards,

Ross

07:00 Question 2

Hi,

There’s increasing headlines that Rachel Reeves might be planning reforms to reduce cash ISA allowances from 20k to 4k.

My understanding is that this will only affect new ISA’s so for me and my wife we can continue to invest 20k per year maximum.

Is this assumption correct?

My main question though is planning for my kids.

If they don’t yet have any ISA open - what is the best way to start them off to hold onto the 20k annual allowance for potentially accessing cash

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It’s another full show of questions, ranging from assumed growth rates for investments, to Save As You Earn schemes to retirement cash buffers, and much more besides!

Shownotes: https://meaningfulmoney.tv/QA20

01:21 Question 1

Hi to you both.

Absolutely love the podcast and Pete's book. The information in both has made a huge difference to my understanding of what to do with my finances.

My question is about expected returns when investing in equities. If often hear people use 5% growth as a estimate to use when predicting possible future values of an investment.

But from what I can see (and I could be wrong!) The global stock market has averaged around 8-9% over the last 20 years. This obviously makes a huge difference to the total expected value when compared to 5%.

I currently have a DB scheme pension through the fire service, so I do my 'extra' investing through a S+S ISA global index fund with 100% equities which has averaged 8.5% over the last 8 years.

I am happy with a higher risk level as I have the DB pension from the Fire Service.

Am I missing something with my numbers?

Thanks again for all the great information. I have recommended you to many of my friends.

Kind Regards

James W

08:22 Question 2

Hi Pete and Roger,

Thank you so much for your contribution to making the world a better place. Your passion for sharing and educating everyone is inspiring.

I have a question about our Save As You Earn Scheme maturing this year. I'm lucky enough that (at the current price) I'll get a total return of > £20k at maturity in November. Not counting my chickens, but I'd like to plan the most tax efficient way of receiving these funds.

The SAYE provider offers a flexible ISA to receive the shares. Could I transfer enough shares for £20k into the ISA, sell and withdraw enough cash to make space to then transfer the rest of the shares to avoid any CGT?

Alternatively, could I exercise the option in March and partially transfer into an ISA across the tax year end?

Are there any other mechanisms I could use to minimise tax?

Thank you again for all of your hard work.

Priten

15:01 Question 3

Hi Team

Long time listener and YouTube viewer, heck I even watched a video when Pete wore a tie!

Your podcasts have made me change my pension default funds, increase my salary sacrifice (really affects take home pay a lot less than people think!) and generally have confidence in my future. Thank you!

Question: When I do finally decide to retire I'm planning a 1-2 year cash buffer for any market disasters that may happen. But when would you say to use this? The markets always move up and down a bit but should I use the cash buffer if they drop 3%, 5%, 10%? And then if I've taken 1 years worth of income from the buffer how do I rebuild the buffer? For example I'm targeting a pension drawdown of around £45K per year to keep below 40% tax. But if I've just used up the buffer then I'll be taxed 40% on taking out extra to rebuild it, so why bother as any downturn is very likely to be smaller than 40%! Wouldn't it just make sense to take out less in a downturn than get taxed 40% to rebuild a buffer?

Thanks for all the podcasts!

Simon Doig Halifax (but was in Cornwall!)

213:33 Question 4

Hi guys

Podcast question for you please:

"I've been a listener for ages, and so I have started to do the good things you suggest. I had a workplace pension (local gov DB) but now I have AVC's, a SIPP, and an S&S ISA, as well as a savings account and life insurance/ critical illness cover. Thank you.

I am making contributions monthly to my pension and ISA but the gist of my question is, is it worth it if I'm only saving small amounts?

This is the most I feel I can save without compromising my lifestyle, but it feels small. I'm 31 and so I'm prioritizing available cash in savings accounts for things like, new cars, boiler breakdowns and hopefully having a baby.

I'm saving £80 a month into my ISA & £60 a month into my pension. Occasionally I did in extra bits when I feel I can afford it. Is this worth it, is it enough? Is it not worth bothering if I'm not saving in bigger chunks?

Thanks so much - from Bianca

25:33 Question 5

Hi Pete & Roger, I have been listening to your podcast for some time and love your chat and sensible and pragmatic “advice” especially when walking my dog. I feel I’m quite knowledgeable but always pick up pearls of wisdom from you both. My wife and I have over £300k in GIAs having maximised our ISAs since around 2009. This is all in Scottish Mortgage (I’m sure you appreciate any withdrawals are 80% gains as we bought around £2). We sold all our Scottish Mortgage in ISAs near the £15 peak which was lucky and allows us to sleep at night as we are more diversified- mainly vanguard index funds.

You have mentioned taking the CGT hit each year and moving money to ISAs however I’m not convinced that would make sense for us. Assuming we sold around £24k each of our Scottish Mortgage GIA each year that would give us around £20k each to move into our ISAs however we would pay around £4k each in tax (24% CGT rate). My thinking is that it will take a long time to make that up via better tax treatment in an ISA. So far my plan is to hang on until we are retired and can pay a lower rate of CGT on any gains plus there is a chance a future Government (not one I would vote for myself) may increase the £3k tax free allowance. Also if we left it all in the GIA as inheritance to our daughter (as we may not need it ourselves) would she potentially pay IHT on it and no CGT would ever be paid? We are 54 and hope to retire by 56.

Many thanks. Paul

32:05 Question 6

Hello Pete & Roger

Fabulous podcast and I binged Pete’s new book in one sitting-the best investment I'm ever going to make!

I love the concept of the cashflow ladder.

I’m in my early 50’s and in the University hybrid pension scheme with a great DB component and a decent projected DC pot.

I can select appropriate funds for each timeline tranche within my providers system.

When I come to access the DC component (limited to up to 4x UFPLS per year only-no FAD), the provider doesn’t allow the draw from each pot independently so it’s impossible take money only from the fund I’m targeting at that point.

The fees in the current scheme are subsidised to 0% by the scheme.

What kind of broad principles should someone weigh up when thinking about the flexibility advantage vs the cost of transfer to get that flexibility?

Thanks, Duncan

View Details

Today I’m joined by my friend Lee Jackson who came to me with a thorny financial/legal problem a few months ago pertaining to Family Protection Trusts. I was able to help him answer one specific question, but the issue he faced is shared by tens of thousands of other people up and down the UK. So, I asked him to come on to the show to discuss it, just in case it would help other in a similar situation. Shownotes: https://meaningfulmoney.tv/session583

View Details

I’m delighted to welcome back repeat guest, and one of the worlds leading lights in the field of behavioural finance - Dr Daniel Crosby. Daniel has a new book out, which I highly recommend, called The Soul of Wealth, and having read and enjoyed it, I asked Daniel to come and talk about it. It’s a deeply practical book - not just theory or stats - and today I’m going to chat to Daniel to walk us through just a few of the concepts he covers.

Shownotes: https://meaningfulmoney.tv/session582

Book: The Soul Of Wealth - Amazon *Affiliate Formats: Paperback, Kindle, Audiobook

View Details

It’s another mixed bag of your questions, taking everything from investing in offshore funds to evening up pension funds between spouses and lots more besides!

Shownotes: https://meaningfulmoney.tv/QA19

00:57 Question 1

Hello Pete & Roger I am a regular listener to you show, love it and keep up the good work.

My question is…

I have a full 6 months emergency fund, I have no credit card debt or personal loans, I have a mortgage and I have just started investing 5% of my wages every time I get paid into the Vanguard all world tracker fund (keeping it simple)

I have a new car every 4 years on PCP (so I basically lease it) as I always chop in for a new car and never pay the balloon payment at the end, this PCP is at 8%. I would like to hear your thoughts on weather investing is still okay to do along side this, the reason for having a new car is that I use it until the warranty expires and then change due to rising repair costs and hassle free motoring. I have brought older cars outright in the past and always ended up costing me more in repairs over the years. I am planning on leasing my cars for the permanent future so if I do not start investing now I will never have a chance to invest, and I do not see leasing at car as a loan as such, more of a permanent lease. Feel free to shorten my message to suit and excited to hear your thoughts, all the best.

Adam

10:10 Question 2

Hello Pete and Rog!

First of all, a huge thank you for all the valuable content you share – I really appreciate it! Keep up the fantastic work!

I had a quick question that’s a bit technical (apologies in advance!), but I was wondering if you might be able to cover the topic of UK-registered funds when investing in a GIA on the podcast?

I’ve heard that non-UK registered funds are taxed at the income tax rate rather than the capital gains tax rate. Is the best approach to check the ISIN against the list of UK-registered funds, even if the investment is made through a non-UK exchange (e.g., Amsterdam or Ireland)?

Also, when a new client comes to you with non-UK registered funds, how do you typically address this issue?

Thanks again for all that you do – really appreciate it!

Best, your #1 Fan!

14:00 Question 3

Hi Pete / Roger Thank you for your great work with your Q&As. Your cashflow ladder idea is great advice but when I look at graphs of cautious, balanced, growth funds they all go up and down at the same time. Over the last 10 yrs every time there has been a big market fall all the funds I looked at (at all risk levels) recovered with 32 months max. If 2-3 years cash is held on the 1st rung of the ladder why shouldn’t I hold the rest in growth/agg funds? The cash rung will ride out the fall / recovery so I may as well put my money in a fund with the most growth potential? What am I missing? Stephen

19:57 Question 4

Hi Pete and Roger,

Thanks for all you do. Your Podcasts and YouTube content has helped me get to retirement early.

I have a number of investments in my Pension which are there to continue to grow hopefully over time. I have a well diversified portfolio mainly using trackers.

I want to try to drop a particular individual investment from my portfolio that forms part of the Magnificent Seven, and is therefore part of a lot of the trackers I have. Unless I buy the FTSE Global index as individual shares can you see a way I cannot be in this one companies shares? Not sure there is an answer.

Much appreciated, Chris

24:11 Question 5

Hello

Love your podcast, I thought I was fairly clued up on pensions/finances but I have learnt so much more from your podcast. I recommend it to everyone! Especially my husband, who has so far failed to do so, he leaves the finances to me (which is probably why we are in this position as he has not addressed his pension). My question is:

Our pension pots are very unequal, we're both 47. I have 2 DB pots (combined are due to pay out circa 14k from age 65). I am also on track to have around 750k in a private pension by the time I am 57, and am planning to retire at this point. My husband currently only has around 18k in a private pension, and is retraining as a teacher so he will only have a small DB pension not accessible until 68. He will therefore need to continue working for a few years after I retire. I will need around a 2k a month in retirement, but I am thinking I can take up to £67k per year from my pension (so to remain in the 20% tax band). Use 24k for myself, and then we pay the remaining 43k into husbands private pension (or however much his earnings allow). If he is a higher rate tax payer by then, he would gain a 40% uplift on this or if not he will still get the 20% uplift back so we aren't losing out. One of the main reasons for doing it would be to even the pensions out so that we can both withdraw tax efficiently in future, rather than me having to withdraw from my pension for both of us and so paying more tax.

It seems like a no brainer but please let me know if I have missed something really obvious.

Thanks in advance! Sarah

29:02 Question 6

Hello gents,

If you pay a charity and claim gift aid within a given tax year, does that take your income down when calculating benefit calculations?

E.g. if I earn £101k p/a and I give £2k to charity and (gift aid it), does that effectively bring my income below the £100k threshold for child government support like free childcare hours?

Thanks, David

View Details

We’ve managed to cobble together another themed Q&A episode, this week dealing with questions around Inheritance Tax, Trusts and Care planning. Lots for Roger and Pete to get stuck into!

Shownotes: https://meaningfulmoney.tv/QA18

00:48 Question 1

Hi Pete, Hi Rog, Thanks for your ongoing work on the Podcast, I’ve been listening for many years and have learned a great deal from you both. Keep up the good work!

My question is in relation to trusts. My parents, both aged 70, have recently got round to updating their wills, putting POA in place for finance and health and have been in discussion with a solicitor about putting a trust in place, primarily to safeguard their assets from being used up in the event of them having to go into care in later life.

At present I believe their estate to be approximately £600,000 including their house which I would imagine is worth approximately £250,000. The rest is made up of savings. I don’t believe their estate would be subject to inheritance tax so I don’t believe this is the reason for setting up a trust.

I have listened back to your previous episodes on trusts but I was wondering, firstly whether much has changed since these podcasts in relation to the general setting up and management of a trust?

Secondly I wondered if you could explain the negatives to my parents putting the majority of their assets into trust, namely are there any ongoing fees, can my parents take assets out of the trust should they need to and what are the tax implications for the beneficiaries when my parents pass away? Would any of these things change in the period where only one of them has passed away?

I appreciate this is a huge topic and you may not be able to address all of these queries but it appears they have been advised of the positive parts of this process but I would like to ensure we are aware of the potential pitfalls. Thanks once again! Jon

11:10 Question 2

Hi Pete and Roger,

Still loving the show and I'm enjoying the current variation in format - keep up the fantastic work! My question relates to estate planning:

My wife and I own our home (mortgage free) 50/50 as tenants in common. We have up-to-date wills, LPAs, expressions of wishes and "Dead Files" set up. Each half of the house will be left to our daughter as and when, with the appropriate "right to reside" wording in place for the remaining partner. We are both in our late fifties, so hopefully not needed for many years yet.

The IHT side is fine as it's just numbers - allowances and values etc. What I can't quite get my head around is any potential CGT liability for our daughter following the second death. Not so much for the financial impact, as she is already comfortable in her own right (with my and - via the podcast - your encouragement over the years) and will inherit further monies when we pass, but more from a planning perspective.

I have looked online and disappeared down several rabbit holes, but from what I can gather although she inherits half the house on the first death, essentially because the surviving partner continues to live in it and therefore any actual money can't be realised, CGT is only calculated from the date of the second death (assuming she sells the house at that point).

Is this correct, or will her CGT liability on half of the value start on the first death and be based on (half of) the house valuation at that time, as obtained for that probate? Maybe I'm taking the planning a little too far, but I like to be prepared. These circumstances will be more and more relevant to families over time, I'm sure.

Your usual wisdom and common-sense views would be very much appreciated (even if the answer is "...it depends!"). Thank you again for the information and humour the two of you provide each week - long may you continue!

Best wishes, Glen

16:11 Question 3

Hi guys

Thank you both for a great podcast, big shout-out to Rog because he gets missed off sometimes in these testimonials – genuinely wish I had found this podcast years ago. Have made so many past mistakes but now correcting them one by one!

I have a question about care costs which I hope you could answer.

My mum is suffering from late stage dementia and my dad who is her 24/7 carer is struggling to cope (they are both 80yo). I have PoA for my mum and am trying to involve myself more in her care plan going forwards.

Care (in the home initially) is going to be required and I was wondering how this is paid for. My parents worked hard and have reasonably large savings and investments in both their individual names and in joint names and the extent of these means they would have to pay for care.

What we are not clear on is whether money or investments in my mum’s name would ONLY be used to pay for her care or whether jointly held money or investments would be used or whether anything in my father’s name would also be used to pay for care?

I’ve tried to find the answer to this online but cannot find a clear answer so remain confused! Also are there things that we should be doing to manage this better – end of life planning, trusts etc etc?

My dad worked incredibly hard to provide something to his grandchildren and he is actively putting off getting help and harming himself for fear that he won’t be able to pass something down to his grandchildren – this is incredibly sad and feels cruel.

Any advice that you could give would be much appreciated.

Keep up the great work David R

23:30 Question 4

Hello Pete & Roger,

Firstly I want to say thank you so much for all the work you do to teach all us mere mortals how to navigate the world of personal finance.

I have a question: Everyone talks about merging finances with a partner and then having children.

I am in my mid 40s and my children are early 20s. I have a partner and I hope to move in with him one day (he has no children) I might move in with one of mine.

How do I protect what I currently have and ensure that goes to my boys? He has considerably more than I do and I don’t expect him to support or pass anything on to my boys.

I understand I don’t want to do a mirror will but would I do a “prenup”? We aren’t getting married. Is there a cut off point “moving in day” where everything after that is split 50/50 with the new partners? Or am I over thinking this? I have been through one divorce and don’t want to again but I do want to protect what is mine for the sake of my boys.

Any advice would be very welcome.

Thank you and keep up the AMAZING work.

Kind regards, Carla.

28:56 Question 5

Hi Pete, Roger, Nick, Ruth and everyone else in your fantastic team.

I have a few questions around a niche scenario that I can't find answers to online. I'm hoping you can point me in the right direction.

My parents-in-law were convinced to transfer their home into an asset protection trust in the past before I met them (more than 10 years ago, as I think that's relevant). They were told it would help avoid having to pay care costs. They now know this was never going to be suitable for them, and are looking to mitigate the damage. I suspect the names McLures Solicitors, Jones Whyte, Andrey Robertson and Cynthia Duff might be depressingly familiar to you.

The ownership of the house was changed to tenants in common, and each of them transferred their half of the house to a separate trust. So there was the Mr M trust and the Mrs M trust.

The trusts were set up such that Mr M and 2 financial advisers were the trustees of the Mr M trust; Mrs M and the 2 financial advisers were the trustees of the Mrs M trust. The trust deed gave the settlors the right to add or remove trustees during their lives.

When I started to look at this, I felt there were 3 stages to resolve this:

1. Change the trustees to a more sensible arrangement. 2. Update the land registry with the correct trustees. 3. Decide whether to end the trusts.

I knew the first 2 steps were going to need a solicitor, who my parents-in-law found. However, the first 2 stages have now been resolved.

So, they're now looking at the final stage - deciding whether to end the trusts. It's clear their current solicitor isn't going to be right for them for this part.

I think the disadvantages to leaving the trusts in place are:

• If either of them need care in the future, I don't think the trusts will make any difference in the local authority's means assessment. - The property is likely unmortgageable if they should need any kind of equity release in the future, for example to pay for care. - Neither trust has been registered with HMRC due to the original solicitors ceasing trading. There might therefore be a tax charge/penalty charge, and an obligation to file periodic tax returns for the trusts.

Their preference is to wind up the trusts, but are there any pros to leaving them in place? And are there any cons I haven't thought of already?

Knowing that "should" is a dirty word in financial advice, I'm trying to find out whether ending the trusts might have any drawbacks or tax liability.

My understanding is that they each transferred their share of the property to the trust when the house was valued at £X. If the trusts are ended, they'll receive the property back at a value of £Y.

My questions are:

• Is there any tax liability, based on the difference in property value between £X and £Y? - Could they be entitled to any tax reliefs based on their circumstances? - Are there any other drawbacks you can think of that we might not have considered?

I know you can only give general information and guidance, but I couldn't work out an answer to this myself. I couldn't even work out which type of professional they should speak to - a solicitor, accountant or financial adviser. I'd be really grateful if you could point us in the direction to get some personalised help.

Many thanks, Mathew

33:55 Question 6

Hi Pete, Roger,

As a long-time listener and viewer of your channel, I appreciate your insights on keeping costs low, investing in global funds, ensuring tax efficiency, and the benefits of long-term investing.

My wife and I have recently become a grand-aunt and grand-uncle. Rather than giving the usual presents, we’d like to do something more practical by investing regularly (£100/month) for our grandniece—after all, there’s no better time to start long-term investing than from birth. Likewise, we’re comfortable investing 100% in equities, given the long time horizon.

On the surface, I suspect you’d recommend a Junior SIPP or a Junior ISA. However, the challenge is that she (and her parents) are French citizens, living in France and paying taxes there. While I appreciate that you focus on UK matters, are you able to provide any pointers on how we could invest in a low-cost global fund for her under these circumstances?

Many thanks for your time and any guidance you can offer. John

View Details

A bit of a themed Q&A this week, with some great questions from folks in their 30’s. We cover share save schemes at work, large inheritances and retirement planning - yes, even in your 30’s!

Shownotes: https://meaningfulmoney.tv/QA17

01:29 Question 1

Hi Pete and Roger,

First of all I wanted to say I'm a new but avid listener to the MM Podcast, I'm so glad I found it while I'm still (relatively) young, I'm 39 and after years of making bad financial decisions the MM podcast has turned my attitude to money/investing and pensions on its head.

I now relish the challenge of taking care of my finances rather than what felt like years of fighting against it. I wanted to ask a question regarding selling Investments vs taking a short term loan. I work for a large pharmaceutical company and as a perk of being an employee I pay into 2 share schemes through work.

The one I'm thinking of selling is a plan whereby I'm limited to a certain amount a month I can pay in and whatever I pay in is matched by my employer, so half the shares in this scheme are free. Needles to say I pay the maximum into this to benefit from the BOGOF offer.

I've recently had a large unexpected bill that even my emergency fund can't cover! And I wanted to know if selling the shares would be advisable over getting a 12 month loan?

If I sell the shares the money will be paid to me through my next pay so it will be subject to tax and NI contributions, after a bit of number crunching I've worked out that what I'll pay back on the loan is a lot less than the tax and NI I'll pay on the shares, however it does mean being in debt for 12 months, but I'm reluctant to sell the shares as I'd earmarked it as a supplement to my pension.

If this was cash sitting in an account then it'd be a no brainer but I'm sure that I've heard people advise against selling investments.

Please could you help and offer some advice as I'm really not sure what's best as I do what to avoid debt too. Thanks in advance, Anthony

05:30 Question 2

Hi Pete and Roger

Thank you so much for the podcast and content you put out - for free! - it's incredibly generous and has helped thousands of people including myself.

I appreciate this is not a typical situation, but I am 30 years old and am due to inherit £500,000 (yes, really, though due to unhappy circumstances).

Up until now (in no small part due to your content!) I've been confident managing my finances. I am single, and am just approaching becoming a higher-rate tax-payer as an NHS doctor. It is a stable job with a great pension and guaranteed pay progression. I have a £200,000 mortgage on my house which I am comfortably paying out of my salary. I also have a £10,000 cash emergency fund in place, and no other debt apart from my student loan.

Due to the NHS pension (and the complexity of avoiding annual allowance breaches with a SIPP alongside a DB pension), I have favoured directing all my personal savings into my stocks and shares ISA rather than a SIPP, all in a 100% equities passive global tracker (currently about £60,000).

I don't know what to do with this inheritance.

I will put the first £50,000 in Premium Bonds. After that, I like the simplicity of £20,000 per year into the stocks and shares ISA in a passive global tracker. But in the short-term this still leaves a vast sum in cash. Even if I paid off the mortgage (which I'm unsure about, as I've had plans to spend on house renovations fairly soon), there is still a vast amount of cash left unsheltered. (First-world problems, granted.)

I could pay for advice, but I would rather self-manage as I feel I don't want to do anything too complicated if someone could explain a simple strategy using a GIA.

Option 1: GIA Is it easy to calculate the dividends on an accumulation global tracker fund? Should I ditch the simplicity of global trackers to find dividend-paying funds/investment trusts to try and pay less tax? Option 2: Cash Option 3: Holding gilts to maturity

Have I missed anything? Does it really matter whether I do Option 1 or 2 in the grand scheme of things? Any thoughts would be much appreciated!

Kind regards, James

14:30 Question 3

Hi Pete (and Roge)

Thanks for all you have done and continue to do on the podcast. I've now read both your books which I would warmly recommend to anyone. I've tried to keep this brief but tricky not missing out key details!

My wife and I are in our mid 30s and have SIPPs invested in passive, 100% global equity, accumulation funds. With a reasonable time horizon, and stomach for volatility, we're very happy with this approach. We would like the option to retire as soon as we reach the Normal Pension Age minus 10years which we assume will be 60 by then if we assume the state pension age will rise to 70.

Given this background, how do I pivot away from 100% equities to a cash flow ladder? My current thinking is to do the following:

• 10 year prior to retirement buy a Gilt with a 10 year maturity - do this for following years working my way up the cashflow ladder - I would need to plan for what I would do if the market was down at any point during this period - perhaps something like - if down by >10% in a given year only sell enough equities to cover minimum expenses for the applicable year and hope for a recovery. This would seem like a reasonable hedge between being prepared and missing out on a recovery.

Does this sound like a reasonable approach? What other approaches could I consider?

I appreciate I wouldn't be acting upon this question til about 2039, ahead of retiring in 2049, but I guess that is a testament to how you have helped me with my financial planning. If you think this is too far out for planning when do you think I should revisit it? Thanks, Dave

21:02 Question 4

Dear Pete and Roger,

I've been a faithful listener for some time and yours is one of the best financial podcasts in the UK. Thank you for all your hard work.

I've recently read Pete's new book. Gosh, it was not a light read but it was extremely valuable to me.

My question is whether it is worth stopping contributions to the NHS pension if the money is needed more now rather than in retirement.

Me (34yo) and my husband (43yo) are in an incredibly privileged position where we have 800k pounds in our ISAs (majority) and SIPPs and no debt. I love my NHS job and have no plans to leave it any time soon. My husband couldn't care less for his work. We figured we would like him to retire soon so we can enjoy benefits of having a stay at home dad at home for our child.

The problem is, we cannot live off my salary alone and will have to supplement it. I calculated that if he retired in 3 years we would have 3 years worth of cash to cover the shortfall, 5-6 if I have more take home pay due to not contributing to pension. Basically leaving the NHS pension would give us 2 extra years of not having to draw from our investments but would cost circa 1k of guaranteed annual income in retirement for every year of missed contributions, plus benefits - death in service etc. I just wonder if it is worth it for potential returns which are obviously not guaranteed.

Based on historical returns, allowing our investments to grow for 8 years will bring us to our FI number (25x annual expense). I feel this would be more valuable then having guaranteed income later in life. To me, being able to take out NHS pension in 34 years is completely abstract.

I know you cannot give specific financial advise but I would love to hear your thoughts. Thank you in advance, Jane.

29:04 Question 5

Hi Roger and Pete,

Love the podcast and have learnt so much! Thank you!

I am 34 and have paid into the teacher's pension (TPS) for the last 8 years. For 5 years, I worked abroad and did not contribute to it. Living back in the UK, I am not sure how much longer I will be a teacher or eventually my school might even withdraw from it and offer a private pension instead. Missing 5 years of my pension whilst away, I did a few years whereby I increased my contributions using faster accrual from 1/57th to 1/45th of my salary, however I wasn't convinced this was actually going to make up for my lost contributions. This tax year, I decided to stop this and have now got back £300 a month into my salary. My question is whether I would be best to pay this £300 into a LISA (already have £1500 in there for my pension) or ditch this and pay it into a SIPP. I want to have access to some money if I retire early before I can access my TPS which I can imagine will be 70 by the time I am older.

Thanks in advance. Rachel

32:07 Question 6

Hi Pete (and the fabulous Rodge)

Me and my husband both listen to your podcast and absolutely love your content. We've gone from not really having a clue to having more than £50k between investments and savings for the first time this month, and we put it all down to you and your excellent advice.

The question I have is about raising our children with good money attitudes. You like to say "your attitudes towards money are set by the time you're 7", and that makes me think about my kids, who are currently 1 and 3. Me and my husband are both second children, and couldn't be more different from our older siblings in terms of money attitudes. Both our older siblings are spenders, and both in significant amounts of bad debt, making what we would consider poor financial choices. On the flip side, we are both savers, sometimes to the point of unhelpfulness, and we've had to do a lot of learning about spending money to enjoy ourselves more in the here and now.

Obviously, we've had functionally identical upbringings to our siblings, so I'm not sure what's made us so different, but certainly I never remember having any direct advice from my parents of money management, investing, budgeting ETC.

What is your advice on imparting finical wisdom to our offspring? How is it different at 3 to aged 7, for example? What about their early/late teenage years and young adulthood?

I haven't told my husband I'm submitting a question, but if he hears this he'll definitely know it was from me so I'll look forward to our conversation later based on your answers!

All our best Hannah

View Details

It’s time for another Listener Questions session! This week we cover commercial property in pensions, ethical investing, inherited pensions and so much more.

Shownotes: https://meaningfulmoney.tv/QA16

01:02 Question 1

Hi Peter / Roger,

Many thanks for all the wisdom plus superb book, you two really make my week with the banter.

I always hear about DB and DC pensions but wondered if you’d ever cover the following:

Many business owners like myself own buildings outright (as a pension) within a Commercial Sipp and then loop back into this rental payments. Also, within this using a GIA for diversified investments including cash lump sums for tax relief when possible.

I’m heading North of sixty soon and feel its time to start thinking of the exit plus implications.

It would be fantastic to hear your advice on these in the future.

Best Regards, Steve

05:47 Question 2

Hello Pete

Can ethical investing beat inflation?

Myself and my husband are both 63. We retired at the end of last year, having sold the business we have run for the majority of our working lives. We have some small DC pensions and a SSAS which includes a commercial property. We both have cash ISAs.

I've done some research, helped massively by your podcasts and YouTube videos, so thank you so much for these. From what I have learned I understand that we need to invest the cash from the business sale in Global Equities. We also need to look at the investments within the SSAS which, up to now, the SSAS provider has managed. Cash in the SSAS also needs to be invested.

Is there a way of picking a Global Index Tracker which is ethical and will beat inflation and that requires minimal management to keep fees low? I realise that we need to look at our cash accounts too with this in mind.

Many thanks for all your excellent resources and advice, the fog of financial planning is starting to clear and I'm feeling less panicked about being able to manage the money for our future.

Kind regards, Rachel

12:52 Question 3

Dear Pete and Rog,

Your podcasts have been a real source of steadiness for me over the past few years - a pair of reliable voices amidst the wider financial chaos.

I’m writing with a question about nominee (beneficiary) pensions.

Sadly, my father passed away recently, and I’ve inherited half of his private pension pot - around £70k from a total of £140k. It’s been set up as a nominee pension, which I understand allows the money to remain invested and grow tax-free, with flexible access at any age. This has been a significant and unexpected legacy, and it’s opened up the possibility of scaling back to part-time work well before the official retirement age. (I’m in my late 30s, so there’s still a way to go, but it’s a big deal for me and brings more options for me)

I don’t plan to draw from the pot for many years. My intention is to let it grow. The catch, however, is that the provider, without naming names, (let’s just say three letters, last one P), is expensive compared to what I’m used to (I invest monthly in a Vanguard LifeStrategy ISA). When I’ve done some projections I can see that if leave the money where it is indefinitely, the fees will quietly erode a decent chunk of the long-term gains.

There’s a 6-year early exit charge, so for now I’m content to leave it be. I’m still dealing with bereavement and all the admin of being an executor, so pressing pause on any big financial decisions feels like the right call at this early stage. But when that 6-year period ends, I’ll be weighing up whether to stick or twist.

My question is: can nominee pensions be transferred to another provider without losing the key benefits, like the tax-free growth and the ability to access the funds flexibly before retirement age?

I’ve looked into alternatives- transferring into my ISA would take years due to the annual limit; a general investment account loses the tax perks; and a conventional pension would lock the funds away until age 55+, which undermines the very flexibility that makes this pot so helpful for future semi-retirement plans.

I’d be really grateful for any ideas or thoughts you might have on this.

All the best, Alan

19:29 Question 4

Hi guys,

I am 31 years old and currently investing 15% of my gross income into my retirement.

6.8% via my employer's DB CARE scheme, and the other 8.2% into my SIPP. My wife and I also contribute £200pm into a S&S ISA for our son. We hope by the time he is 18 (3 months old now) this fund could pay for university, travel, driving - whatever he wants to do (within reason!).

By age 60, I would like to be in a position to retire, whether I do that or not is another question, but I would at least like the option to.

I often see YouTube videos titled "SIPP vs ISA which is better?" but I don't see much about how to use them in tandem.

Do you have any advice on the optimal weighting between an ISA and SIPP given I'd like to retire before State/DB pension age and therefore, should I be splitting the 8.2% with a S&S ISA too?

Thank you! John

24:08 Question 5

Hi Pete & Roger, I’m a big fan of the podcast, it’s been a great source of advice for me - thanks for that.

I’m currently 55 and probably not looking to draw down anything from my pension until I’m 60 at the earliest. I hadn’t paid into my pension for a number of years and now trying to contribute as much as I can to catch up a bit.

My main SIPP is £130,000 with Vanguard in a FTSE Global All Cap Index Accumulation Fund and is 100% equity as I’m looking for as much growth as possible over the next 5-10 years and beyond. I also have £25k in another SIPP, a small NEST workplace pension and approximately £60k in a Stocks & Shares ISA, all of which are in various global tracker funds.

My main question is, is it a good idea to have everything in global index funds because of the heavy weighting to the USA, especially in tech stocks? I had considered changing my Vanguard fund to their LifeStrategy 100 fund which has a bit more of a UK weighting. I know you probably can’t suggest specific products, but I wondered what your general advice would be on this, especially with all the uncertainty in the USA under the Trump administration? Thanks in advance, Alex Wilson

30:29 Question 6

Hi Pete and Rog,

Love the podcast and I've been listening for a good few years now, so I thought I'd throw my hat into the ring with a question.

I was hoping you could give a quick overview of Qualifying Corporate Bonds, what characteristics the bonds need to have to qualify, what the tax treatment is and where to invest etc.

I'm in the fortunate position of having made my contributions in full to my ISAs and Pensions and I'm looking for a tax efficient way to invest an extra few £s.

I've heard that they are effectively treated like Gilts but was hoping you could illuminate.

Thanka, Adam from Skipton, North Yorkshire

View Details

Another mixed bag of questions this week, including pension tax free cash, salary sacrifice for electric cars, de-risking a pension and buying gilts! Join us as we answer your most pressing questions!

Shownotes: https://meaningfulmoney.tv/QA15

01:05 Question 1

Love the show, and whilst not all relevant to my own circumstances, find it all very interesting and enjoyable. Question :-You regularly discuss taking the 25% tax free and what to do with the rest (annuity or drawdown) but need advice as I have 4 different pension pots, 3 frozen and 1 existing employer. I am looking to take the 25% from one of the frozen ones to pay off mortgage but not clear on the below: - Can I keep the remaining 75% in the pension scheme and not take either drawdown or annuity until a later date (when I take early retirement)? - More importantly, I am sure I have read that once you start to take your pension, the amount you can contribute is capped. How does this work if it is a frozen pension I am taking the 25% out of and would this impact on my current employer pension contributions? Thanks as always Paul

05:19 Question 2

Hi Pete and Roger, Absolutely love the show, after listening to yourself for a number of years, I'm 30 and would even go to say I'm financially savvy as a result of everything I've learned over the years

I'm wondering if you could help me with a question? My retired dad was looking for an electric car and as I've got a salary sacrifice scheme with work it seemed the best way to get an electric car for him.

My father said that he would give me the equivalent of the total rental amount in cash as I pay for the car via Salary sacrifice on a monthly basis. I'm obviously the policy holder, with the responsibility for it but my father would be named as a driver (unsure if this is relevant). This amount is around £35k, and I'm wondering if the worst was to happen (father kicking the bucket under 7 years) how would this be treated for tax purposes?

As the money is in effect to pay for a good or service, would drawing up a contract or something of the like allow it to not be treated as a gift and exempt from the estate upon death, the same as if you send a family member money for a holiday or other purchases?

Thanks so much for your help! Ruben

10:37 Question 3

Hi guys, love the podcast!

I have a workplace pension that’s currently invested in a fairly basic fund, and I’m looking to take more control over it by choosing my own investments. I’m 38, so I still have time before I need to think about de-risking. My plan is to allocate 80% to a global equity fund, 10% to the S&P 500, and 10% to global bonds.

I don’t have a huge amount invested, but it’s enough to make me consider whether I should be a bit tactical with my approach. With global index funds near all-time highs, should I wait for a slight market dip before making these changes, or just go ahead and make the move now? Steve.

13:59 Question 4

Hi Pete,

Great idea to pause the “new material” and focus on questions. I was thinking that there are only so many ways to skin a cat/re-frame a concept!

I would very much like to hear a little more around the concept of a bond or gilt ladders as one approaches/reaches retirement. Despite being a Chartered Accountant and working in financial services, I’m embarrassed to admit that I become flummoxed when thinking about how to set such up. I understand gilts can be purchased individually and held to maturity (as opposed to gilt or bond funds), but where and how do we buy them if our retirement savings are tied up in our employer’s pension scheme - and they certainly don’t offer such!

I dare say that the demographic of your listeners/viewers are “of a certain age” where this sort of subject would be of interest.

Thanks and all the best

Avid listener

Peter Coleman

22:22 Question 5

Love your podcast, it's been really helpful since setting up our business. Got a question for you, my wife and I set up the business 3 years ago and it's gone incredibly well so far. After pension contributions at £60k each and paying ourselves a salary/dividend equal to £100k each per year, the business continues to accumulate money. We currently have £750k spread across multiple business savings accounts. However, is there a better way to manage this money? We have considered setting up a housing rental company but we have not looked into this in detail. We have a financial advisor who seems to focus heavily on pensions rather than what we can do with the surplus money.

Thanks, Mark C

28:25 Question 6

Hi there,

I’ve invested in vanguard index funds for over a decade and have recently begun to actually think what goes on behind the scenes? When we invest in passive funds, like S&P 500, does that money blindly go into the businesses that make up that fund - ie just giving money to them, not knowing how good they are as companies, just because they happen to be part of an index, they get the investor's cash? I read somewhere, for example, there’s billions of dollars invested in Amazon from index funds yet all that money was given by people like me who have no idea about these businesses? I feel like I’ve totally misunderstood how it works so interested to hear.

Thanks, Marc

View Details

Welcome to another MM Q&A, taking in budgeting rules of thumb, pension tax relief and offshore worker pension contributions, and lots more besides!

Shownotes: https://meaningfulmoney.tv/QA14

01:57 Question 1

Hi Pete,

I’ve been a long-time follower of your podcast and hope to be retiring or entering my ‘renaissance’ in the next five years or so.

I’d like to know if you think the 50, 30, 20 rule is still a good rule of thumb, or is there a better one?

About a year ago, I decided to give a presentation on pensions to the new starters at my workplace. As I prepared, I realised that while I could explain the mechanics and importance of pensions, the bigger challenge would be addressing the feeling many have that they "can’t afford" to contribute due to financial pressures—especially for younger people.

Reflecting on my own experiences during university and early work life, I noticed a pattern: no matter how much I earned, I always seemed to end up with zero by the end of the term or month. Earning more didn’t make me happier, and I was going out less compared to when I had very little. A detailed review of my spending revealed I was wasting money on unnecessary things—like buying three CDs instead of two, upgrading to a large coffee when a medium would do, or adding extras to my car that weren’t needed. It was only when I learnt to pay myself first that everything changed overnight.

Recently, I’ve been listening to podcasts about retirement that emphasise health, purpose, and happiness. One by Dr. Chatterjee introduced the concept of core happiness versus junk happiness. Core happiness comes from meaningful, lasting fulfilment, while junk happiness provides short-term pleasure through things like sugar, smoking, alcohol, social media, or shopping. Looking back, much of my unnecessary spending was driven by junk happiness. While paying myself first helped control this, understanding the why behind it made a big difference.

This led me to realise that my presentation shouldn’t just focus on the mechanics of finance—it also needed to explore the psychology behind spending. Understanding why we buy the things we do is important to becoming more financially secure while staying happy.

It was something in one of Nischa’s videos that seemed to tie everything together at a high level: the 50-30-20 rule —50% for fundamentals, 30% for fun, and 20% for the future. So my question is ( I know I’ve gone around the houses so sorry about that) given today’s financial turbulence, do you think this is still a good rule to follow?

Kind regards,

Steve

09:16 Question 2

Hi Pete and Roger,

Thanks for all the content you've put our over years, it really has been so helpful.

I am 54 and have a work place pension with Fidelity where my employer matches my contributions to a certain level and I make additional through my monthly pay to the tune of £2.400 p.m.

This summer I am due to inherit around £130,000 and will look to add around 20k of it into my pension fund. My question relates specifically to tax relief.

I understand that when I make the contribution in the summer I will get 20pc tax relief automatically, but how will this show itself, will my contribution of 20k actually show on my pension balance a 24k? Also as a 40pc high rate tax payer I understand I will need to to complete a tax return to claim the additional 20%. This being the case, would I still be able to do this if I had left my employment later in the same tax year as I may be looking to retire in Autumn 2025. Would it be the case that as I was no longer a higher rate tax payer as at 4 April 2026 I would not be able to claim the extra 20pc on the 20k contribution the previous summer

kind regards

Gary

16:09 Question 3

Hi Pete & Roger,

Firstly, I am absolutely addicted to your podcast. What you’re doing is nothing short of heroic and am waiting to see your names on the New Year Honours List. Sir Pete and Sir Roger has a nice ring to it, don’t you think?

I am 34 and work in a career that gives me the opportunity to go on expat assignments (typically 3-year stints). This results in me becoming a non-tax resident in the UK meaning I can no longer contribute to the UK DC workplace pension and no longer able to contribute to my S&S ISA. My company do have an Offshore version of the DC pension but contributions to this are made after hypothetical tax so effectively there is no tax relief and to be honest I have really struggled to understand how I would access this pension come retirement and the UK tax implications so will likely avoid contributing to it this time around.

When I go on an expat assignment, although I do get significant uplifts to my income, it interrupts my flow of regular pension and ISA contributions. The income I earn on assignment just mounts up and gets eaten up by inflation until I return to the UK and continue investing again. My question is what advice would you give to people like me? Should I speak to a financial planner before I go on assignment, or can I DIY this? Should I try to max out pension contribution limits before I go on assignment and max them out on return or should I be investing in GIAs while I am on assignment? What other considerations would you recommend?

Thanks, Ryan

23:23 Question 4

Dear Pete and Rog,

Thanks so much for your podcast - not just for the technical tips and tricks but for educating us towards and encouraging healthy relationships with finances.

Q1 can I buy you a drink when I'm next in Cornwall?

Q2 I don't know if this will resonate with other listeners, but here goes....

Pete, you have sometimes made reference to your upbringing in a Christian home, particularly in relation to talking (or not!) about money. I appreciate that it may not be something you have chosen to follow in later life, but I guess if anyone understood the moral, ethical and belief issues surrounding money and Christianity, you might.

As a Christian who tries to follow Biblical principles & the teachings of Christ, on one hand I strongly believe that what ever we have, be that time, skills, talents or money, they are a gift from God and we should use them or "steward them" well. I am an NHS consultant so am fortunate to be in both 1995 and 2015 DB NHS pension schemes, expect to get a full state pension, am building an emergency fund, don't have bad debts, have adequate insurance / income protection and am seeking to invest a little of my spare money via an ISA into a low cost, passive, globally diversified index tracker (not financial advice!) This seems wise to me. I would encourage my fairly grown up children in this way too.

On the other hand, there is much Biblical teaching along the lines of - "don't worry about tomorrow, what you will wear etc", "build up treasures in heaven rather than on earth" and "seek first the Kingdom of God"....

Have you any thoughts or insights on how I might square some of this. Or can you point me in the direction of planners / advisors who can?

Many thanks once again.

Robbie

31:14 Question 5

Hi Roger and Pete

Love the show, which I have recommended to so many people. I consider myself a more mature investor with long-term savings, ISA's and Pensions who has also completed the build wealth course on Meaningful Academy and coaching with Alistair.

I was listening to the Making Money podcast with Damien, and he was interviewing the COO of Nest who talked about how they are offering access to Private Equity investment via Schroders Capital. So my question is, what do you think of this as an option for further diversification, and are there any good options/ funds for private investors like me to access?

Thanks in advance

Jamie

35:23 Question 6

Hi guys,

Been listening for a couple years now. Really enjoy the show and the rapport you both have. You’ve made me passionate about saving regularly into my stocks and shares ISA, maximising pension contributions and building up an emergency fund.

My dad is 71 and has recently been diagnosed with Alzheimer’s. He is still in good shape, but we are starting to think and plan more for the future. My sister and I have recently been set up to have power of attorney so we can help with various health and financial things when the time comes.

My dad is selling a property (not his main residence) and once completed will have about £250,000 in cash sitting in his bank. He receives a DB pension of just under £60k a year which he can comfortably live on.

£60k of the £250k is currently in a cash ISA with a decent enough rate. Although I think this may be best sat within a stocks and shares ISA tracking a global equity index fund, as he will almost certainly not need this money any time soon. Could he transfer the £60k cash ISA to a stocks and shares one?

I have suggested for him to put £50k into premium bonds and I think he would like £50k readily available in an instant access account should it ever be needed. This would leave him with about £90k that we’re not sure what to do with.

Do you have any tips for the remaining cash whether that be with a short term, or medium to long term view? (GIA? Fixed term income account? Gift the money? Anything else we’re missing?)

His pension makes him a higher rate tax payer but his estate would fall under the inheritance tax threshold.

(If my question is already too long, please don’t feel obliged to read this last part out!)

Finally my sister and I are also concerned about potential fraud or him doing something daft. Not only because he has Alzheimer’s, but it seems anyone can so easily be caught out these days. Do you have any tips for us to help combat this or what his bank might suggest. We haven’t currently told his bank about his condition or that my sister and I have power of attorney.

Thanks for all your great work,

Steven

View Details

This week's MMQ&A covered questions on whether you need an emergency fund in retirement, starting late and the mechanics of the residence nil rate band, among other things!

Shownotes: https://meaningfulmoney.tv/QA13

Questions Asked

• 01:03 Question 1 Hello Pete n Rog Thank you for the brilliant podcast which has turned my money management around in four months. I love your banter as much as your expertise. My question is: Do people need an emergency fund in retirement, and if so how big should it be? With DB pensions coming my way I’ll have a guaranteed income so how important is it?

Many thanks and keep up the great work

Caroline * 04:21 Question 2 Hi guys, I’m probably not your usual demographic so I’m not sure if this will be of enough use to your listeners but… Having grown up in what may be classed as modern day poverty (raised on state benefits, single parent family) I had zero financial literacy. This meant that when I started my career as a teacher I opted out of the pension because I “couldn’t afford” to pay into it… yes I know now that was a bad move! I eventually opted back in, but then took big chunks [of time?] out to travel and have children. I divorced and had to leave my career to raise my own children. I’m now 47 and staring into a huge financial hole (as I suspect are many mothers/divorcees). Now it’s not all doom and gloom as I have made a few intuitive moves. I own a large family home and a second property (these are mortgaged), but my worry is actual cash. State pension won’t touch the sides of what I’ll need. What would be your suggestion on how to start accumulating at this late stage? I’ve opened a vanguard pension and make personal and company contributions (I have a tuition business now) but it feels like too little too late as I’ve missed the opportunity for exponential compounding. I can’t work out how to figure out what I’ll need and then reverse engineer the numbers to see if I’ll make it! I have a high tolerance to risk, but Is it just pour as much as possible into the pension and pray? Keep doing this amazing podcast please as you have no idea who you are reaching and helping each week. Jenny * 11:51 Question 3 Hi Pete & Roger, Love the pod, keep up the good work! My mum is in her eighties and has been asking me about inheritance tax and in-particular “passing on her home”. We both take an interest in finance, so I said I’d read up on it online.

I understand you can inherit up to £325,000 tax free. My Dad passed away 9 years ago and I believe that his threshold would be taken into account as well, to make the total tax free amount £650,000. I then read that If you give away your home to your children or grandchildren, your threshold can increase to £500,000. I believe this would mean that the total threshold (with my late Dad in mind) would be £1,000,000? Her house is worth just under a million and she has approximately £100k in a Vanguard stocks and shares ISA.

My main question is, if she were to make a change in her will to “pass on her home”, would this be an inheritance tax saving to her children in the future, as there would be less of a total amount to pay tax on? I’m, also unsure if the home has to be passed on to an individual, or if stating “her children in equal splits” would suffice. In reality, we would probably sell her home when the time comes, so I don’t know if there are additional rules around how long you would have to keep it for etc.

Any clarity on this subject would be much appreciated. PS: There’s nothing dodgy going on here and we’re not wishing her away! Many thanks! John * 17:19 Question 4 Dear Pete and Roger, Thank you for an excellent podcast and your contribution to allowing people to self improve their finances.

I am 33 and think I was already on the more competent end of the financial spectrum before I found your podcast. I.e. I had no ‘bad debt’, had an emergency fund, had cleared my full student loan and overpayed our mortgage to clear 60% in 6 years (just in time for the rate rise!).

That said, I now definitely have a better understanding of the fundamentals of financial stability and have started to invest in the last year since listening to you. I listen to a few other podcasts more directly targeting doctors to see if anything specific applies to me / the NHS pension, but still enjoy yours the most.

Anyway, my question (regardless of whether you want to include the above compliment or not) is … why is more weight not given to S&S LISA’s for later life (alongside a normal S&S ISA)?

My understanding is the ‘negatives’ would be … (1) loss of invested money if withdrawn early by way of the reverse 25% deduction (2) fees being slightly higher

That said, if not withdrawn early, when comparing £4000 / year in a normal S&S ISA, the 25% bonus is surely a significant bonus even with slightly higher fees? What am I missing?

Best wishes, Ben * 21:23 Question 5 Great podcast My wife and I are both additional rate tax payers and hence our ability to put money into our pensions is limited. We have a field behind our house that we have thought about buying for a while and I was wondering whether the below was legal/valid.

The govt introduced the concept of biodiversity net gain (BNG) around property development. There is a market in BNG units where you are paid (I believe) an upfront cost and you need to preserve the habitat for 30Y+. Receiving all the money upfront isn’t that tax efficient so executing in a pension would make sense.

Can I 1. Buy the land behind us in my pension (believe I can get 2x leverage but not that important) 2. Sell the BNG units – bringing cash into the pension 3. Sell the field back to myself out of the pension for the amount I sold it to the pension for (clearly it’s worth less since it is now encumbered with the 30Y liability but ultimately if I want to pay full whack for it then can I?). I am happy to pay for the maintenance of the land inline with the BNG requirements

I am now net flat (ish) on the land deal inside my pension but I’ve managed to get the upfront payment for the BNG in a tax free wrapper.

If all that makes it too complicated I think I’m essentially asking if I can sell my pension an asset, realise a gain inside the pension and then buy it back (potentially at an off market price)?

Hopefully makes sense, Best John * 26:47 Question 6 Hello Pete & Rog, Long time listener and meaningful money fan... No worries if you don't get to answer this, just grateful for all of the amazing content you give away for free. Thanks to you both!

In response to another question on a prior podcast Pete mentioned that he wasn't super keen on investment properties due to the fact that it's not very tax efficient and increasing regulations. I have a buy to let with no mortgage so I'm not leveraged like many landlords which has led to me questioning it as an investment.

I don't especially enjoy being a landlord and I realise that quite often my SIPP returns are more than my rental income and the property increase in value over the year (I do charge quite low rent because I have a lovely tenant who has been there for 14 years).

At 47 I'm thinking when the tenant finally does move on, rather than renting it out again, instead selling the property and paying the money into my SIPP and S&S ISA.

It's worth ~£270k after £35k CGT and estate agent costs. I earn approx £50k and can back date my SIPP allowance from the last 3 years. I have a good emergency fund and my SIPP is currently £205k, LISA £45k, ISA £50k (and no mortgage on my own home, living with my partner with no kids, no debt). My plan to live on a fairly modest retirement of around £25,000 a year from my early to mid 60s depending on how my Investments do.

Love the podcast and the clear way you explain things in a way even I can understand ;) Best wishes, Russell

Send Us Your Listener Question

We’re going to spin out the listener questions into a separate Q&A show which we’ll drop into the feed every 2-3 weeks or so. These will be in addition to the main feed, most likely, but they’re easier for us to produce because they require less writing! Send your questions to hello@meaningfulmoney.tv Subject line: Podcast Question

View Details

Join Roger as he interviews Pete to celebrate the launch of The Meaningful Money Retirement Guide, asking the questions you want answered! Order The Meaningful Money Retirement Guide: https://meaningfulmoney.tv/meaningful-money-retirement-guide/

Shownotes: https://meaningfulmoney.tv/session574

02:10 Congrats on the new book, Pete - how was it writing this one, compared with the first?

05:39 Why write this book NOW?

07:10 What isn’t in the book that you wish you’d included? Or probably more difficult to answer, is there something that (having completed the audiobook after writing) that you felt it didn’t need?

10:00 How difficult did you find setting out concepts without going too in depth to potentially “lose people” or too simple to make the book not interesting enough?

13:07 How different do you find it writing "evergreen" content in your books vs more topical content for YouTube, and to a lesser degree for the podcast?

16:20 After reading the New retirement book, will it provide knowledge to go alone in retirement without seeking expensive financial advice?

20:05 Does the book help with a ‘soft’ retirement or is it just for those that want to completely stop work on a particular date?

25:00 What will the book offer the reader that I can’t get elsewhere? Is it worth paying for the Academy if I read the book?

28:38 What’s the best thing you would tell your 20yo self?

31:03 Would you lobby government to have PROPER financial teaching delivered to kids in school? How would you package your knowledge for teenagers?

33:22 Pete talks about a new podcast - Bank of Dad - which daughter Kate will host.

35:25 A few people asked: What are Pete’s plans for retirement? Did ‘die with zero’ change them?

38:00 Pete talks about Dave Ramsey and how he brought in different personalities.

41:35 Pete talks about practicing what he preaches.

View Details

This week we devote an episode of the MMQ&A to pensions of all flavours, answering questions on public sector schemes, partial transfers, fund choices and much more!

Shownotes: https://meaningfulmoney.tv/QA12

00:52 Question 1 Hi Chaps! I only recently got into podcasts and am frantically trying to listen to as many pension ones as I can. Yours are the most useful I’ve come across and now I can’t stop listening to them all!

A small question I hope you can clarify for me please: I am 48 and a few years away from possibly an early retirement (hopefully 58) but trying to plan ahead. I have both a DB pension through work (NHS) and a personal Vanguard SIPP pension I also add to monthly and am of the understanding that you can take 25% tax free (up to the set limit) from your pensions overall and therefore my question is- could I take all the 25% tax free amount from my SIPP and leave the rest of my SIPP and all my DB pension pot to pay me a pension from.

In example (arbitrary figures): my DB and SIPP are each worth £100000, totalling £200000. Therefore, under current rules, could I take £50000 tax free from the SIPP (the overall 25%) and the other £100000 in DB and £50000 left in my SIPP to pay me a pension monthly. Or is this not possible at all as they are different schemes, ie DB and DC?

Many thanks Jon, from Norfolk

05:30 Question 2 Hi Guys, Firstly, a massive thank you for all the information you provide, it really has completely transformed my personal finances. I still have a long way to go until retirement (I've just turned 30) but thanks to you, I'm confident it won't have to be the state pension age!

My question is – I work in Local Government and, whilst the salary is distinctly average (37k) it does come with the benefit of a DB pension scheme. I'm now considering making some additional contributions but there are two options available and I'm struggling to find any useful information online…

– Make AVCs into what I understand to be a separate pension scheme more akin to a DC pension – Make APCs whereby I effectively buy more DB pension. It works out at approx an additional £10 guaranteed yearly income for every £80 (£100 if including tax relief) I contribute. In my head, this sounds good as long as I make it 10 years into retirement!

Is there an obvious answer to this question? Only obvious downside to the DB option is, if I were to pass away before retirement, the additional pension is effectively lost and not paid to my next of kin! But then again, I don't intend to go anywhere anytime soon!

Any thoughts appreciated and thanks again! Jack

12:03 Question 3 I have a question relating to the upcoming change in minimum pension age and how it affects those of us in the 55 bracket before the 6 April 2028 change. I don’t know if there is any clarity from government yet but if I am 55 in September 2027 and take a PCLS 25% tax free from an AVC DC running alongside my DB pension scheme, then want to retire fully and start taking the DB in September 2028 when I am 56 is that possible? There seems to be a grey area about what happens after the April 2028 cut off to those of us in this age range. It doesn’t even appear clear if someone taking early retirement at 55 would then stop being eligible for monthly payments after April 2028 until they were 57. So they think they have retired fully, then when April comes around their payments stop! Appreciate that sounds a dramatic scenario but I haven’t been able to find anything comprehensive on it so hope you can help.

I also have a question on DBs with AVCs which might be useful for others. If I have a DB pension valued at £300k and saved £75k in AVCs over the years, can I take the full £75k at 55/57 without it a) affecting the DB monthly amount which can be taken from age 60 in my case, and b) without it being classed as a pension event, so I can continue to contribute over £10k a year into a DC scheme as I plan to continue working until 60.

Appreciate they are specific to me but thought there must be others in a similar position.

Sorry for more long questions.

Thanks for all the great podcasts, look forward to the next. Thanks, Don

19:34 Question 4 Hi Pete! Hi Rog! I've been a long time listener to your dulcet tones and concise advise for a long time and love what you guys do, so please keep doing it!

Another pension Question I'm afraid!

A while ago I consolidated a few old workplace pensions in to a SIPP, but I still have my current workplace DC pension ticking away. Its not great, being the bare legal minimum (2.5% contribution from my employer) and the fees seem higher than they should be.

If I close that pension and transfer to my better performing and cheaper SIPP, I effectively opt-out of the employer contributions scheme.

My question is what should I do to be most efficient with my pensions to ensure I am getting the benefit of employer contributions without paying over the odds for an underperforming scheme?

I'm 34, and (thanks in no small part to you) feel somewhat on top of my finances. We have an almost balanced budget, regular savings (both short and longer term) in tax efficient wrappers and only a smidge of interest free debt all under control. My SIPP is knocking on for £50k, my DC around £18k.

Thanks again Tom

26:49 Question 5 Hi guys Thank you for the advice from your book, podcasts and videos. They encouraged me be brave enough to open a Stocks and Shares ISA, to begin my investing journey. They also encouraged me consider income protection, which I now have.

My question is about Additional Voluntary Contributions, compared with a SIPP. I am fortunate to be part a Local Government, Defined Benefit Scheme. I would like to contribute more to my retirement savings, each month a third into a pension and two thirds into a S&S ISA. My pension gives me the option of buying additional pension, however the rates are not very competitive.

I make AVC to a third party provider. I have also started a SIPP. This has lower fees and better customer service, then the AVC provider. Something I can't quite understand.

What are the benefits of making a AVC, which deducts my contribution pre-tax compared with making a contribution to a SIPP and claiming the tax back? I am a higher rate tax payer. My employer does not offer employer match or salary sacrifice.

Thanks for all the help. Rob

29:45 Question 6 Hi question for your podcast if you’d be so kind. My question is about salary sacrifice and its effect on relevant earnings for the annual allowance. I’ll use some figures to illustrate and for simplicity assume tax relief and employer’s contributions are included in the amounts going into the scheme. I have my employers scheme and a separate SIPP. My income comes from employment and rents from property. I generally put anything I can from the property into the SIPP and sacrifice as much as I can into AVCs in my company pension to benefit from Sal sac. Scenario; my salary before tax is £60000. If I where to sacrifice £500 per month under and electric car scheme and £1500 per month into my pension (combination of pension contributions and AVCs) that would be a total of 24000 sacrificed from 60000 leaving me with a pre tax wage of £36000 and £18000 in my pension pot for the year. My question is what is now left of my annual allowance. Are my relevant earnings now only £36000 and therefore the £18000 already sacrificed come off the £36000 or do I have the £36000 left? Or something else? What would be the amount of money that I could put into my SIPP from my income from property and not break the annual allowance. I hope this makes sense. For ease assume previous years are full in respect to carry forward. Thank you both! Love the podcast! John.

32:30 Question 7 Love the show. Listen whenever I get a chance. I know you’ve covered investments, savings, pensions etc, but I’m after some advice. To keep it short as requested last week, I’ve been a public sector worker for 10 years now and have not paid into a pension scheme due to personal financial issues. I got promoted 3 years ago and am now in a much better financial position. I have still got 25 years service until I can retire, but am concerned I’ve missed out on a a large contribution for the pension scheme. Would I be better opting into the pension or looking at other alternative such as S&S index, ISA, etc?

I do intend to promote a few more times before retirement so pension contributions/investments will increase with income.

Looking forward to your advice.

Regards, Raph

View Details

This week we answer questions on the loose theme of capital gains tax and investing via General Investment Accounts (GIAs). Spoiler alert - nothing’s as simple as it might seem!

Shownotes: https://meaningfulmoney.tv/QA11

01:06 Question 1

Whenever a question comes up in our Facebook group about Capital Gains and GIAs (General Investment Accounts) I get a sinking feeling as I do not know much about that type of account, and I don’t have one myself. I am not alone. I have gathered questions from our listeners about capital gains, so in this episode Pete & Roger can tell us all about Capital Gains, Dividends, and anything else we need to know about using a GIA, and other situations which involve capital gains tax.

19:03 Question 2

Hi both, I've recently discovered your podcast and have thoroughly enjoyed my commutes listening to you. Personable and informative.

I have a question about selling my buy-to-let property that is in my personal name. My mortgage term is ending in June 2026 and I'd like to sell it for one of better quality that has less issues. I'm currently a higher-rate taxpayer but we're planning to start a family in the next year, meaning I'll be on maternity leave for 12 months which will push my salary down to basic-rate. Impossible to plan when I'll get pregnant but it would be useful to know how HMRC calculates my salary (and over what time period) so that I pay basic-rate CGT when selling my buy-to-let?

Apologies for a very wordy question! Thanks a lot and best wishes, Winnie

22:17 Question 3

Hi Pete,

I hope you're doing well! I’ve been really enjoying the Meaningful Money podcast and had a question I’d love to hear your thoughts on the show:

In a general investment account (GIA), is it's better to use an income fund to avoid triggering CGT if income is needed (assuming the dividends covers the needs in the short term)?

Thanks so much for your wisdom! And keep up the great work on the podcast! :) Best regards, Chloe

26:53 Question 4

Hi Pete, Roger (and Nick who I assume is reading this :-))

I have a question I'd be grateful if you could answer which is around capital gains tax on any shares or funds held outside an ISA/pension.

To use an example with higher numbers so that the allowance is used for simplicity:

• You have £100k in a GIA - it increases by £10k a year for the first two years; - it's then down £2k in the third - the total value is now £118k - You then want to draw out £10k - How do you work out what capital gains the tax is to be paid on i.e. is the full £10k considered a gain? - Is the withdrawal from the original £100k or from the increase in value i.e. gain? - Would you be better to withdraw up the annual allowance every year and then put it back in to reduce the gain, considering there's no allowance for the impact of inflation?

Love the show, keep up the good work in whatever format you decide going forwards - you've made real differences to the way I've managed my investments over the years, especially at scary times like Covid and your book and courses have given my kids the education they need for their long investing lives.

Thanks, Dino

36:39 Question 5

Hi Pete & Rodger,

I started a deep dive into our overall finances over the Christmas period, to set the picture I am 47, my wife’s 42 and we have two children a boy 5 & a girl 3.

I received a diagnosis last year which will have a long term impact on my ability to sustain my current level of income & type of work I do. We have a 154k mortgage with 19 years left on the term, with the uncertainty around my health I have decided to target maximum overpayments on the mortgage, this year we can pay 18k extra.

My questions are: 1. I plan to save circa 1k per month salary to put into the overpayment pot, I am hopeful that the HL shares will meet past highs and I can use some of that money to top up the salary savings and hit our target. Do I pay tax on the profit I make from selling shares? If it’s no more than 3k? I was hopeful I could sell shares annually and withdraw the gains annually, then reinvest in same stock when they dip. I realise that past performance isn’t always guaranteed but monitoring since covid the stocks I am invested in are fluctuating from a £15 low to £20 high annually. So looking to sell at £19.5. Is this the best way to use the extra cash at present given the plan to access quickly at times. I have maxed out isa allowance for current FY (2024/25) but will probably pay the 1k per month into an isa in new FY.

1. I am planning to do lump sum overpayment rather than setup monthly, just to give easy access to funds should they be required. I plan to cash in some company SIPPS annually when they aren’t taxable (after 5 years) that sum will be on average 1k per year. Will the SIPPS cashed in and gains from HL sales leave me vulnerable to paying capital gains tax?

If all goes to plan we could be mortgage free by 2033 approximately and there would be less of a dependency on my salary. Deep down I just want us to be setup financially as best we can with the uncertainty around my health. I would really appreciate your views, love the podcast and it’s been a real source of knowledge to me. Best Regards Lee

43:52 Question 6

Hi Pete & Roger,

I found your YouTube channel last year and through that the Podcast – both are absolutely fantastic and have helped me and my family so much with many aspects of managing our money and planning our finances.

My question relates to if and to what extent capital gains tax can be offset by making SIPP contributions.

My wife and I jointly own a buy to let property that we are selling in the new financial year (25/26). When the sale completes, we expect to each have a taxable capital gain of around £30,000. My wife earns around £10k a year from a part time job, therefore most of her gain will be taxable at the lower rate of 18%. For the last couple of years, she has made annual gross SIPP contributions 100% of her earnings (£10,000) which is the maximum gross contribution she can receive basic rate tax relief on.

This year, as well as contributing the usual £10,000 gross, (100% of earned income), can she also contribute up to a further £30,000 gross and receive basic rate tax relief on this additional contribution, thus offsetting the CGT paid on the gain from the property sale? If so, with CGT payable at 18% and basic rate tax relief of 20%, contributing the full £30,000 would actually more than offset the CGT (which I fear is too good to be true).

If this is the case, is there any other strategy we should be considering to achieve the same or similar outcome? I have really struggled to find definitive guidance around this, so any clarity you can provide will be much appreciated.

Many thanks and keep up the great work. Steve

View Details

We really hesitated to put anything out regarding the current market volatility as we didn’t want to add to the noise. But now that we’re a couple of weeks in, hopefully the hysteria is starting to abate, and we can take something of a measured of things. We want to reassure you that discomfort is normal, but also provide some context that things are not as unprecedented as they might seem…

Shownotes: https://meaningfulmoney.tv/session571

02:20 This time it’s different.

11:30 The US market is too concentrated.

15:26 I don’t have time to make it back.

20:50 Time IN the markets beats timING the markets.

25:48 Action (or inaction!) – What you need NOT to do?

View Details

As usual, we cover lots of ground in this week’s Q&A, including tax-free cash recycling, private medical insurance and Lifetime ISAs.

Shownotes: https://meaningfulmoney.tv/QA10

00:57 Question 1

Dear Pete & Roger. I'm a long-time listener and love the podcast, especially more so since Roger joined back in season 21. I'm an additional rate taxpayer with income below the threshold for the tapered annual allowance. I have been contributing £45k to my workplace defined contribution pension via salary sacrifice for the last couple of years, and my effective tax relief rate on contributions is 47%.

This coming April (2025) I will turn 55 and will be able to access my pension. I am considering increasing my salary sacrifice contributions by £14,000 per year and funding this by taking just under £7,500 PCLS (i.e. tax-free cash) from my pension. Having watched the MeaningfulMoney video on Tax-Free Cash Recycling and checked the HMRC web site, I know this is not considered tax-free cash recycling because the PCLS withdrawals will be below £7,500 per year. However, I don't know if sacrificing £7,500 of tax-free cash in return for £14,000 of new contributions will have any unintended consequences. In retirement I plan to withdraw money via UFPLS and use tax-free cash to minimise my effective tax rate and have no plans to use it to fund large purchases.

Have I missed anything? Simon.

04:01 Question 2

Hi Pete, I hope you're doing well! I’ve been really enjoying the Meaningful Money podcast and had a question I’d love to hear your thoughts on the show: With the long waiting times on the NHS, is having private health insurance a new 'must have' protection or still a 'nice to have'?

Thanks so much for your wisdom! And keep up the great work on the podcast! :) Best regards, Chloe

07:05 Question 3

Hi guys - thanks for all you do with this podcast. I've been incredibly fortunate to find you in my 20's and absorb so much useful knowledge. My question is surrounding LISA's.

My fiancé and I currently live separately but we're looking to move in together ahead of our wedding this summer. She owns her own home and I currently rent so we'll be moving into her house. Our plan is to live for a couple of years in her (or soon to be our) house as she managed to secure a favourable rate that will help us to save together for our next home. The majority of my current house deposit (around £35k) is in a LISA, however in the last year or so I've quickly realised that our next home together will probably sit above the £450k limit that LISA's allow. Given that we live in a pretty expensive area and want to stay here, is there anything you would suggest?

We've thought about me 'buying in' to her current house but we don't want to remortgage and lose the favourable fixed term.

Any ideas? Cheers, Joe

11:38 Question 4

Hi Butch & Sundance, my question is about SIPPs & ISAs and tax implications when used with State Pension and a Defined Benefit Pension. I’m planning to retire 7 years before state retirement age (67) and plan to use a DB pension and SIPP in those 7 years.

The annual income from the DB pension will exceed the current basic rate income tax annual allowance (£12,570) and withdrawals from the SIPP outside of the tax-free lump-sum, would all incur basic rate income tax. I would like to keep investments that continue to grow, but with the removal of some IHT benefits within a SIPP, is it now worth withdrawing more than I need each year and moving the SIPP investments to a Stocks & Shares ISA over the next 7 years and therefore reduce tax paid over the following 20-30 years from the age of 67? Or am I making more of minor issue than is needed?

Keep up the excellent work, Jack

16:36 Question 5

Hi both, Love the podcast! I have a question regarding pensions. I have an employer (defined contribution) pension that had been with one provider (chosen by my employer) for the last 11 years.

My Company has recently terminated the agreement and mine and my employers contributions are now all going to the new provider and fund. I chose not to transfer my original pension from the original provider to the new provider, as the existing fund had been performing so well. Following a review of both pensions over the last 6 months, I discovered that my existing pension had continued to be perform very well - over double the return compared to the new pension provider and fund).

Whilst I understand I could switch funds with the new provider, my preference would be to do an annual transfer from my new pension fund & provider to the original provider and fund. I cannot seem to find any information on how to do this (all the information online is focused around transferring and shutting the new account - I don't want to do as my employer and personal contributions will continue to be directed to the new provider and fund.

Thanks for your help, Matt

21:25 Question 6

Hi Pete and Roger I have a question about pensions for low earners. I have been listening to your show for the past year and loved the simplify and OS series, with your helpful explanations I have managed to get my self employed husband to increase his pension contributions, built up 6 months of emergency funds and have opened our first stocks and shares isa for long term savings.

My question is about my pension contributions. I have about 13 years in an NHS pension from before I had children. For the past 8 years ( since the children were born) I have worked very part time or not at all so have not really made much in the way of pension contributions. I am currently 45 and I work seasonally for 4 months of the year. We live comfortably on my husband’s income and as mine is irregular income it is not allocated to specific spending. My plan this year was to try and save all my income (about £7000) and contribute to a personal pension (a SIPP?) to catch up on my own pension contributions (I do have an employer one but it’s very basic).

My question is: if I pay into a personal pension will I still get tax relief added? As my earnings are below the personal allowance I don’t pay income tax. I can only find information on the £2880 for none earners or employee pensions. Also how much of my income can I put in a pension? I.e. if I do get tax relief can I only put in 80% of my earnings? Do I also need to subtract my work pension contributions?

Thank you for all your amazing work. Best wishes, Lindsey

View Details

Welcome to another Q&A show - this week we cover tax free cash from DB pensions, annuities vs drawdown and whether you should pay down a buy to let mortgage or invest. Plus quite a bit more!

Shownotes: https://meaningfulmoney.tv/QA9

Questions

00:41 Question 1 Hi Pete and Roger. Thanks for your wisdom over the years. My question came about from an answer you gave on a previous Q&A about AVCs and tax free cash. You mentioned it was possible (sometimes) to use AVCs as tax free cash to preserve the maximum DB benefit. I have some follow up questions that relate to - A small DB pension that doesn’t appear to offer tax free cash. - A small DB pension that does offer tax free cash, but I have left that job so can no longer contribute to that pension (AVCs or otherwise) I don’t have AVCs in these pensions, but I do have a DC pot separately. Would I be able to use take tax free money from my DC pension if I took it at the same time I took the DB pension sort of in lieu of the tax free component of my overall pension?

I suspect this is clutching at straws, but thought it worth checking. Many thanks. Loyal listener, Mark

03:11 Question 2

Hi Pete & Roger! I hail from Northern Ireland and enjoy your Podcast to keep my mind active and up to date in all things financial - Top job. I have been looking at having a go at Voyant after various spreadsheets of my own as a way to play with the numbers so was considering a meaningful academy course - question is which course is right for me? I am in mid 40's and financially secure so in theory wealth all ready built? Mortgage paid, multiple residential and commercial properties owned debt free and an sizeable equity portfolio and so should I be looking at the retirement or wealth course? John

05:30 Question 3 Great podcast and been an avid listener for the last year. I have a question which, I think I know the answer but I'd be curious on your perspective.

Background: - I divorced in 2021 and as part of that agreed to transfer the house over to my ex-wife and a charge put on the deeds so that when it's sold I'm owed a percentage of the sale. - The house going on the market will be (or should be) triggered when my youngest son reaches 18 or leaves full-time education. This will be either 2028 or 2031. - Since the divorce I've been able to purchase another house and this is my permanent residence.

I'm a higher rate tax payer, and when that ex-marital home is sold I'd expect to get somewhere around £200k. However I won't actually need that to hit my retirement goals and would prefer to pass that onto my 3 kids.

Could you please discuss options on how I might do that in the most tax efficient way. Best Regards, Dave

10:38 Question 4 Hello Pete & Rog,

I stumbled across the show a month ago and have been "binge listening" since then, its amazing, where have you been all my life, keep it up guys. I am actively preaching the Gospel according to Pete to all and sundry.

I am a 61 years old Veteran in receipt of a Military (DB) pension to the amount of £18k per annum, which is index linked to CPI. Additional to this, I have a moderate private pension to the amount of £150k which I contribute £500 per month, it has an approx growth of circa 15%

I also have a small Stocks and Shares ISA, valued at £15k which I contribute a minimum of £250 per month, this is also growing at approx 14% pa. I am currently working and contributing the minimum amount into a work placed pension with NEST.

I am planning to look at retirement at either my next birthday in October 25 (62yrs old) or continue until 65 as I am enjoying work. I have deliberately avoiding factoring in my wife as she is a senior manager within the public sector and has a good DB scheme Final/Average earnings Pension.

My question is pension related and I have a dilemma as to decide between either an Annuity to boost my Mil Pension or veer towards a form of drawdown option at a higher rate until SPA and then look to reduce down withdrawals in order to be tax efficient and make it last longer?

I am debt free with mortgage paid off and only real major expense is a holiday account which we both contribute to as we like luxury holidays, I hear Rog saying "spend it now". No plans to put anything towards estate planning as both sons are very successful and they will probably inherit our home in time.

Just looking for some guidance on what feels may be the right decision under the circumstances, keep up the great work guys, love the show. Michael

16:34 Question 5 Dear Pete & Rog,

I have a pensions Annual Allowance query, the answer to which might be of interest to the MeMo community.

A relative uses salary sacrifice for her occupational DC pension scheme, and the employer contributes £40k, annually, into her plan.

Normally, she doesn’t make any personal contributions into any pension schemes, but after receiving a windfall, she is minded to do so via a newly opened SIPP — she has rejected the option of increasing her salary sacrifice amount, and wishes to contribute part of her windfall separately from her occupational DC scheme.

Her (post-sacrifice) relevant UK earnings are £35k, so she is planning to contribute £20k gross into the SIPP (£16k net); in order to consume the full Annual Allowance limit of £60k [£40k (employer) + £20k (personal)].

The SIPP provider has advised her that she can actually contribute the whole £35k (gross) by using ‘carry forward’; as she hasn’t made any personal contributions in previous years [she’s only ever used salary sacrifice].

Is the SIPP provider correct?

Kind Regards,

James

18:15 Question 6 Husband and I are in our late 50's. We have a £30k interest only mortgage on our home, with £350k of interest only mortgages on 3 buy to let's.

Husband has £350k in personal pension and I have a civil service pension (I have taken my final salary element of civil service pension).

My B2L' s give £2300 income per month against associated costs of £1100 per month.

My question is around reducing our borrowing versus investing in stocks and shares ISA. I have been comfortable in having my buy to let's on interest only mortgages but I am now questioning my approach. We are intending holding at least 2 of the 3 properties throughout our retirement. I am thinking of using the next 5 years to position ourselves for our retirement. I could start to invest £500 into a stocks and shares ISA or I could pay down the mortgages. I am torn between approaches and would value your input on this.

I have only just discovered your podcast and it is now a weekly listen for me.

I hope I have explained this fully and look forward to hearing your views. Helen.

View Details

It’s another Q&A, and this week’ we’re talking Lifetime ISA withdrawals, whether you need life insurance and the NHS pensions scheme, among other things!

Shownotes: https://meaningfulmoney.tv/QA8

01:08 Question 1

I just wanted to start by thanking you so much for your podcast. I'm probably one of your younger listeners, having started listening to you when I was 26. I feel very fortunate to have discovered your podcast at such a young age, as it means I will hopefully have years, if not decades, to put your excellent advice into practice.

I have a quick question that I was hoping you could help me with. I currently have a LISA that I was planning to use as a deposit for a house. However, I am now planning to move to Australia permanently with my Aussie fiancée. I have separate savings that I can use for a deposit now, but since ISAs are not recognised in Australia while UK SIPPs are, would it be wise to take the 25% hit by withdrawing the money from my LISA and transferring it into a SIPP to benefit from higher rate tax relief and continued tax advantages?

I understand you cannot offer specific advice, but I would be interested to hear if there are any general pitfalls or advantages in this plan that I should be aware of.

Many thanks! Simon

04:40 Question 2

Will try to keep this brief but is challenging.

Do we need life insurance?

If I die whilst employed my wife gets a lump sum which will cover our only debt the mortgage through my DB pension scheme.

If I retire aged 60-65 my lump sum will cover any mortgage remaining if still have one.

My wife has no such pension / cover if she were to die (currently between jobs).

I have emergency fund / Overpay into pension for tax relief & child benefit purposes / and recently opened stocks and shares ISA for myself and 2 children. Age 39 trying to build for future but started late :)

Many thanks Lee

09:55 Question 3

Many thanks for all the ongoing information and discussion, I’ve been listening for years, but still learning and trying to put into practice all positive behaviours (just like with diet and exercise, knowing and doing are rather different!).

A question and a thought.

Question; (apologies, after I typed it, it turned out to be very long and NHS specific so feel free to ignore, but I think the point about revising tax returns after submission when new info comes is more generally applicable).

I’m in the NHS pension scheme and am awaiting my RPSS after McCloud judgement. They were due by October. It’s November and I haven’t had mine (many others say the same). I believe they are prioritising those with who have definite AA charges and I doubt my NHS figures trigger that as I was part time for much of the relevant period.

However, I also contributed to a private pension every year, the amounts varied, but were usually calculated quite closely using the AAPSS that I had at the time to maximise residual allowances - so basically I think I may now have Annual Allowance issues that I didn’t at the time, but am not being prioritised by the NHS pension scheme for a new statement because they don’t know about my extra contributions.

Added to this I have already submitted my 23-24 tax return before I realised there might be a problem. Others have added a comment to theirs essentially saying ‘watch this space for more information’ and apparently have 12 months to amend them once their RPSS arrives.

So, the question is, can I still change my tax return (submitted on behalf by my accountant if that’s relevant) if new information becomes available after Jan 31st (or even in the new tax year)?

Do you have any advice for those waiting documents from the NHS pension scheme or insider knowledge re. Timescales for remaining documents? Anja

13:28 Question 4

Thank you so much for an amazing podcast!

My question…

After 7 years of a long distance relationship, I’m talking to my partner about moving in together.

Apart from checking your significant other listens to the podcast (mine does - phew) what are the most important areas to cover when thinking about joint finances, particularly if you haven’t talked much about money before?

Thank you!

Elizabeth

19:07 Question 5

Hi Pete and Roger!

Thank you so much for the show. I’ve been listening for the past 6 years and have gone from saving for a house to learning about pensions and now actively pursuing building my pension and ISA pots so that I can be ‘work optional’ as soon as possible (hoping to be there in 5 years and would not have known where to even start if it wasn’t for your podcast).

My question is how does the actual mechanics of drawing down from a pension work? Is there an equivalent of PAYE for pension draw downs? How is income tax calculated and collected? Would a tax return need to be done?

Thanks so much!!

Gavin

24:07 Question 6

I am approaching the Lifetime Allowance (used 91.43%) but my Armed Forces Pension tax-free amount I received was less than the 25% for the amount of LTA used ( 58.96%). I have a Transitional Tax Free Allowance Certificate to ensure I am still able to receive the maximum tax-free amount (£268,275). I have currently received £168,932.69 as a tax-free amount. In order to realise the maximum tax-free amount I will need to exceed the LTA by £259,143.76. Finally, I am still able to max out my contributions each year at £60,000 to help reduce my tax bill.

If I continue to max out my contributions each year and exceed the LTA to realise the tax-free amount, what are the implications of this or should I consider paying the money into other investment accounts?

Regards, Martin

View Details

Welcome to another Q&A show. This week we cover moving abroad, inheritance tax and paying into a pension while drawing from another, and lots more besides!

Shownotes: https://meaningfulmoney.tv/QA7

01:16 Question 1

I’ve been a long time listener for my entire working career and your podcast has been invaluable to getting me to the great position I’m in now.

I have recently been offered a very exciting job opportunity abroad (specifically Luxembourg) and I’m thinking about financial issues I might want to cover. I am 29 and have a mid-five figure sum in each of my ISA, LISA, and DC pension in the UK. I hope to save and invest heavily abroad with a FIRE sort of philosophy. I wonder if there are any big things to think about in preparation for a move, or things to do while in the EU that will make a move back easier.

I realise this is probably a complex question, and maybe too niche for a podcast episode. I’ve considered getting a one-off consultation with a financial advisor before my move, do you think this would be worthwhile, and if so what sort of service or green flags should I be looking for? (Assuming Jackson’s is not a specialist in this area!)

Thank you again! Stuart

06:24 Question 2

Hi Pete, Hi Roger,

May I ask a question about pensions now being subject to IHT. My father in law’s strategy for passing on his wealth was to pass on an unused pension, previously protected from IHT, and he had also invested in AIM shares, again also previously exempt from IHT but now subject to 20% tax.

He is nearly 82. What options might you suggest for him to consider on either of those points, but in particular the pension point. Draw the pension and gift it?

Thank you very much. Love the pod and religious listener! Jo

13:00 Question 3

Hi Pete and Roger,

A great many thanks for all that you do towards simplifying personal finance principles. It is with thanks to your guidance that I am living within my means and on a budget with clear financial objectives.

My question today is on behalf of a family member, let’s call her Glynda.

Glynda is 58 years old and intends to continue working until she can claim her full state pension. She currently has two private pension pots, one is a SIPP on the Vanguard platform and one is her workplace scheme with a smaller provider I’ve never heard of called Creative Trust.

A few years ago, she chose to withdraw her 25% tax free cash allowance from her SIPP with a view to investing this in rental property. For one reason or another this didn’t actually happen so she is now saving this aside as her 18 month cash buffer. To withdraw the 25% tax free cash, she had to “crystallise” the entire SIPP pot.

The remainder is still invested in 100% equities - the growth engine as you say, but it is now in a flexi access drawdown account, not a pre-retirement pot.

Meanwhile, the workplace scheme is growing nicely with contributions of around £3500/yr, which is not insignificant on her modest salary. This pension is not yet “crystallised” and is also aggressively invested through the limited fund selection on that platform.

You have spoken at length about pensions but my question has not yet come up, though I appreciate it may be niche.

If the SIPP has been crystallised and the Workplace scheme has not, can they still be combined?

Does Glynda need to take her tax free cash from her workplace scheme BEFORE transferring/combining this scheme into her SIPP for ease of management?

If she opts NOT to take the tax free cash before transferring, does she lose that option?

What is the point of “crystallisation”? Why is it even a thing in a world of flexi access drawdown, it seems irrelevant to me.

Do platforms charge different levels of fees post-crystallisation? If so, can Glynda transfer her crystallised SIPP to a new provider if savings can be made on fees.

Many Thanks, Sam

19:48 Question 4

Hi Pete and Roger,

I have been an avid listener to the podcast for a long time now, probably 5 years, what a journey! Thank you for all the content you put out.

Pete; I think I read your book first which put me on to the podcast, or perhaps it was the other way around, I can’t remember. I’m pleased to say that when I read your book, I then went through it with a fine toothcomb and ticked off everything I needed to do! Needless to say I’ve been in a good situation for a while now, thanks to you, your book and this podcast. I still use a Meaningful Money Budget Spreadsheet to plan my monthly finances! I did leave a review a good while ago on the app store letting you know how Meaningful Money has helped me! I have attached a picture of my copy of your book, hope you don’t mind all the post it notes!

My question is surrounding Emergency Funds and what criteria we should apply as to whether something is an “emergency?” Classic things such as a broken down car, a leak in the house or the boiler breaking down are all perfect scenarios for an emergency fund. But what about other more vague scenarios?

This question has come about because of my current situation. I unfortunately have a toxic boss and work environment which is affecting my mental health. It’s clear I need to leave the job, as my continued attempts to change the environment and my mindset have been unsuccessful. So, I am about to hand in my resignation, in the next few weeks and just go ahead and use my emergency fund, as this detriment to my mental health cannot continue. However, there’s a strong feeling inside that this isn’t really what an emergency fund is for. Particularly too, as I don’t have a strong exit plan. I have no other job lined up, I just need to get out of there.

So what do you think? Should the fund have strict rules as to what is, and is not an emergency? I suspect your answer will be that the holder of the emergency fund decides what is and is not an emergency. That being said if there isn’t strict rules surrounding it, then it would be quite easy for someone to decide a night out on the ale is an emergency due to a stressful week! Or can the rules be more “fluid” and a night down the pub is acceptable? Sorry about the pun! I’d be interested to know your thoughts.

Thanks again and I look forward to hearing your response!

Many Thanks, Phil

24:36 Question 5

Hi Pete & Roger

Thanks for all your podcast episodes - I've been listening for years and you've saved me a lot of money through not needing to pay an advisor (thanks to your free info) and not making expensive mistakes. I'm not sure if I'm your core demographic (33yo woman in London) but find all your content useful for me, my friends, brother and parents.

My question: I co-own a flat and live in it. My friend owns the other half but doesn't live with me. We have a joint residential mortgage and also have to pay a £250pm service charge and ground rent as it's a leasehold with right to manage. It's a 35yr mortgage so we get about £200pm equity and pay around £800pm interest. It's a great flat but I want to move to a larger property in a different area, initially renting as it'll take quite a long time to sell the flat (for various reasons I won't go into!). If we rent the flat out and I go and rent elsewhere, I'll be making a loss on the flat (I'm a 40% taxpayer and the rental income would cover the mortgage + service charge + agency fees but I believe I'd have to pay tax on income not profit hence the loss). There's also insurance, council registration fee, maintenance etc. Obviously I'd then pay rental money to a landlord too for the house I move to.

I know property taxes have changed in recent years and I'm very supportive of landlords being taxed on profits. However, my initial research suggests that professional landlords who buy property through companies only pay tax on (company) profits whereas I'd pay tax on revenue. I'd pay 40% vs them paying corp tax (25% ish?). Is my understanding right and is there any regulation or tax relief specifically for "accidental" landlords who are also renting a home themselves rather than having a big empire of properties as a business? Also how would the tax work for co-owners, would I just pay 40% tax on half of the rental income? My friend lives abroad in case that's relevant.

I know there are a lot of accidental landlords due to cladding, relationship changes etc so am hoping the question is also useful for other listeners.

Thank you! Emma

32:33 Question 6

Thanks for an excellent podcast - one of the best in the personal finance space.

Around 6 years ago I inherited a low 6 figure sum which I put into a GIA. Each year I have made Bed & ISA transfers to diffuse any Capital Gains and to move more of my money into a tax shelter. As we have had a strong investment environment over this period I still have a reasonable balance in the GIA. Now the government has reduced the annual Capital Gains allowance to such an extent that I expect to be unable to defuse all of my Capital Gains each year. This will limit the amount I can Bed & ISA and I expect the GIA balance to start increasing compounding the issue. To be honest I don't think this will be an unusual position to be in as you will not require an unfeasible balance in a GIA to pay CGT on "gains" solely due to inflation.

My current plan is to allow the above to happen by only utilising my annual CGT allowance and not paying CGT while I am working.

My question is how CGT is charged in early retirement. Lets say I stop working at 55 and don't take my pension until 57 (earliest I can). I will have no income for two years so my Personal Allowance will be unused. In this case can I make £15,570 of gains in the year before CGT? Searching online I can only find information on Basic and Higher Rate GGT and not Nil Rate. Thanks, Simon

38:43 Question 7

Hi, Love the podcast. I have some questions about pension contribution limits and tax relief. My taxable employment income for 2024/2025 is around £30k. I already contribute to a workplace pension via salary sacrifice. The total amount paid in by my employer is £12k.

I am using my full ISA allowance but still have savings and investments in a GIA, not sheltered from tax and would like to pay a lump sum into a SIPP before the end of the tax year. My questions are:

What's the maximum I can pay in? Is it £30k or do I have to subtract my employer workplace contributions, so only 18k? I keep finding conflicting information online! If it's 30k, does this mean I actually pay in 24k? If it's 30k, would I receive government top up on all of it, even though I didn't pay tax on the first £12,570? Does the contribution to a SIPP actually reduce my taxable income? So if I contribute the full £30k (assuming I can) is my personal allowance then unused by employment? I have savings and investments income of around £10k from my GIA. Would this then fall inside my personal allowance and no tax be due?

Thanks for any help you can offer. I'm so confused with all the information online! Thanks so much for the podcast - keep up the good work. Alison

View Details

In this episode we answer questions about RSU’s, the Cashflow Ladder, Pension vs LISA and a whole lot more!

Shownotes: https://meaningfulmoney.tv/QA6

01:42 Question 1

Hello Pete and Roger. Recently discovered this and am listening to every single episode. Brilliant. I've read a fair amount about the % balance of Equities, Bonds/Gilts and Cash I should have in my retirement pot, based on my age (61). Somewhere in the 40%s for Equities, perhaps. What I am not finding advice on is whether I should include my DB pension in this equation and, if so, how? Do I consider it to be cash? And if so do I use the transfer value or use the predicted annual pension pay-out in some kind of calculation? Thanks for any clues! Best wishes, Phil

11:14 Question 2

I enjoy listening to your podcasts whilst running and I read your book, recommended to me by a financial advisor friend. I’m 37, and early next year I am likely to get around £220k from some shares I hold in the company I work at. If capital gains tax rises, I guess I’ll see, at best, £150k. Any advice on the best place to keep it / invest it for up to 5 years?

We plan to then use it to relocate abroad and perhaps set up a lifestyle business such as a B&B. I read about setting up a 'dividend-paying company' which could be useful as it’s often accepted as ‘passive income’ when moving to another country (potentially Portugal or Cyprus). This holding company could pay out whilst growing the savings through managed investing. Is this a potential option for my money?

Many thanks, Faye.

19:14 Question 3

Your recent podcast on Helpful Basics: Self-employment and Side Hustles got me thinking about retirement saving vehicles. Specifically, what is the best investment vehicle for a self-employed basic rate taxpayer; a pension or a stocks & shares LISA for retirement purposes?

Personally, I am 44 years old and started a LISA from its inception. I am a homeowner. Is it best to maximise LISA contributions until I am 50 years old, then focus on pension contributions?

I have a pension pot of £250k which I am minimally contributing to, preferring to prioritise LISA (and ISA) contributions. I like the idea of the 25% bonus on contributions and tax-free withdrawals, which should complement future pension withdrawals from the pension pot in a tax efficient manner.

Any guidance would be greatly appreciated. Best wishes, Adam

23:06 Question 4

Where someone has had a number of jobs over their career then consolidating multiple DC pension pots can seem attractive (to reduce admin and costs etc). However, what sort of benefits/ guarantees can be lost by transferring pensions, in particular are there specific things to be aware of with regard to older stakeholder / with profits pensions?

It would be handy to know what to look for and what sensible questions to ask when talking to existing pension providers.

Thank you G Locke

32:05 Question 5

Hi Pete and Roger,

Loving your podcasts, great content as always. A question to do with retirement cashflow forecast planning.

I have been reading an article by an American financial planner named Ty Bernicke. In his article, he asserts that retirees voluntarily spend less as they get older, referencing statistics from US government departments.

Is there any equivalent recent research in the UK? Should I use his approach and figures when attempting my own forecast?

With very best wishes and thanks again, James Cotterill

37:40 Question 6

Hi both, Stumbled across your podcast recently and have been binging on the episodes ever since. Very insightful information for an early 30 something year old trying to make better financial decisions, so thank you!

My questions is: You often talk about paying off credit card debt before investing, but what if the credit card debt is not excessive and can be managed? What are your thoughts on paying off small amounts off your credit card monthly but also investing monthly, especially if returns on investing is potentially greater than the interest on the debt?

Thank you Nathaniel

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Today we’re talking about budgeting and encouraging that you CAN set and stick to a budget. It’s not easy, but it isn’t complicated either, so we’re here to make it as easy as possible.

Shownotes: https://meaningfulmoney.tv/YC4

Everything You Need To Know 01:22 Budgeting is a baseline skill – spend less, earn more.

07:55 Budgeting should be forward-looking – be proactive not reactive.

09:30 Keep it flexible – Emergency fund for surprises.

Everything You Need To Do 12:27 Track – Establish your income, Identify what you spend your money on currently.

19:31 Plan – Pay yourself first, Know your triggers for (over)spending.

24:50 Do – Two account system, Bills and spending.

32:34 Review – Review weekly and at the end of the month. It’ll take time to bed in, so don’t beat yourself up if you don’t get it right first time.

40:44 Podcast Review.

42:17 News about the podcast.

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This week, I chat to long-term friend of the show, Rob Dix, co-host of the Property Podcast, author of The Price of Money and now a new book Seven Myths About Money, which I highly recommend.

Shownotes: https://meaningfulmoney.tv/session564

02:10 - Remind us about who you are and what you do.

03:47 - What was the trigger for writing this book hard on the heels of The Price of Money?

08:53 - Can you summarise the Ashvin Chhabra money motivations and why we need a new paradigm for risk management?

16:44 - I imagine some people will be surprised to read your challenge about home ownership. Can you tell us your views on home-ownership as a kind of default goal for so many people?

21:30 - I found myself nodding along as I was reading all of the book, and especially the sections around compounding and diversification - both of which are part of the accepted doctrine of investing. Is it fair to say that you think we're in for a lower and slower investing world going forward?

26:15 - If you had to give a single piece of advice to anyone looking to take their finances seriously, perhaps for the first time?

29:45 - Where's the best place to get the book and find out more about what you're up to? https://robdix.com/myths/

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We’re back with another Q&A show, with a bit of a DB Pension tilt this time, though we even get into a question on equity release. We cover lots of ground, as always - hope it’s useful!

Shownotes: https://meaningfulmoney.tv/QA5

00:55 As you made a request for questions I thought I'd pose this (apologies in advance for the length, feel free to trim as required):

I am single, mid-forties, with no dependents (I do have some family I plan to pass wealth on to, but when they need it rather than leaving it in my estate). I'm aiming for the mystical die with zero.

As a home owner, and given I'm not worried about passing it on, would it be a good idea to start drawing on the capital locked up in my home via drawdown equity release (using say home reversion) before the investments in my pension and ISAs given this is the most illiquid and concentrated of my assets?

Downsizing isn't really an option to release capital (it's a two-bed semi so property doesn't get much smaller). That said equity release looks to offer rates well below the market value (apparently they want to make a profit), certainly if you're on the younger end of the eligibility spectrum. It's far from the case of selling 50% of the house and getting that amount, even spread over a number of years.

I could sell the house myself and rent instead, using the released money to pay the rent (and if the money is invested, provided my rent doesn't rise egregiously, it might even stay ahead of that cost). Though there are potential issues with that approach, certainly over the long term.

Are there any other ways to unlock the capital tied up in my property?

Regards, Lee

10:20 Hello Pete and Roger.

I work in public sector and have a decent DB pension, larger part being final salary and lesser part CARE. I will be able to commute up to 25% with a commutation factor of about 24:1. Which will give me about £180,000 depending on when I leave.

Upon retirement I will seek to move most into a 100% equities investment wrapper, I’m fairly happy with proportionate risk, as my DB pension will provide a life long index linked safety net, and I will also build a bit of cash ladder of declining risk.

I have recently watched your ISA v Pension comparison with keen interest. It was fascinating to see that even though a pension is taxed, the tax relief going in, offset the tax going out, and the option of having both works particularly well in terms of tax efficiency and retirement planning.

I had been putting a modest amount into a S&S ISA each month for the last few years, but recently opened a SIPP and am now sending the spare cash that way for the extra tax relief. It’s very satisfying seeing the “free money” coming in each month..

I can potentially retire in 2 years at 55 with an actuarial reduction or continue working until 60, or retire sometime in between. I also have a preserved DB pension that I can take at 60 from a previous employer.

In the mean time I want to keep saving and investing, and will try to ramp it up for next few years.

My question is – It was pretty clear from your numbers that those with a DC pot are best with both ISA & SIPP in terms of tax efficiency and flexibility, but given that my DB pension will use up all my personal tax allowance, does that swing the momentum on where to invest back in favour of an ISA over a SIPP, as other than the 25% tax free element, I would pay basic rate tax on all my SIPP drawdown. I’m sure other people with either a modest DB pension or secondary passive income could find themselves in similar quandary. ( I’m aware all could change after the next budget. ) I live up north, houses are cheap as chips, therefore IHT unlikely to be a major concern in terms of decedents.

Chris

16:47 Loving the sultry combination of the north and south tones! I’ve been listening to the podcast for several years now, and you’ve given me loads of practical tips that I’ve been able to take forward. However, I’ve recently received an ADHD diagnosis, and while I earn a good salary, my impulsivity often leads to overspending, and I’m finding it difficult to maintain control over my finances. I have a monthly planner that I check regularly with the bills, so they are ok, but on spending it is always difficult, and I often dip into credit card usage.

I would really appreciate any advice or practical tips you could offer for someone like me, who struggles with impulsive spending with a disability. Things like “just don’t spend money” just don’t work! Are there any specific strategies, tools, or approaches that can help someone with neurodiversity, particularly ADHD, to manage their money more effectively? Thanks again for the amazing content you put out. Looking forward to any guidance you can provide.

Best regards, Ian

22:53 My question / suggestion relates to listeners with Defined Benefit (DB) pensions.

Although they’re becoming rarer, there is still a sizeable minority of people who have DB pensions. I suspect the majority of them are (or have previously been) employees in the public sector – but they’ll run to quite a high number.

For instance, there are 1.5 million current employees in the NHS, half-a-million Civil Servants, half-a-million teachers, Police, Fire Fighters etc etc. Double that to allow for all the former employees, plus those with DB pensions in the private sector, and you’re talking decent numbers.

I’ve learned a lot over recent years from your Podcast, but there have been a number of occasions where you’ve alluded to the fact that financial planning advice might differ for folk with DB pensions.

One example might be the topic of opening a separate SIPP (in addition to the DB pension) to supplement retirement income (or to fund early retirement) or to move money outside the person’s estate.

Another example might be the balance of ISA versus Pension: with some DB schemes, the benefit of “topping-up” is reduced compared with those in DC pensions. In many cases the employer isn’t adding “free money” to your pot, so for many there may be more reason to lean towards ISA contributions.

Another difference might be the topic of investment risk – if someone with a DB pension has a guaranteed inflation-proof income in retirement, might they be wise to consider higher risk investments? And certainly without the dreaded “profiling”.

Another example (as alluded to earlier) might be in Estate Planning: with a DB pensions, there’s no “pot” of invested money lying outside one’s estate, so there’s no IHT advantage.

I realise this might amount to more than just a 5-minute topic for your Q&A edition, but I think you’d have enough listers to make a whole episode for DB pension recipients. What to you reckon?

Thanks for all the great advice. Best wishes, Dr Pete

29:43 Thank you for all of your support over the years through the podcast and YouTube.

I work for the NHS which is very tough at the moment but it does give me the benefit of a defined benefit pension when I get there. I am 35 years old but am wanting to make sure I am saving enough for retirement but also to make sure that I have enough for my children to support them through university and starting life! My wife is a fantastic stay at home Mum. We are aiming to have the “comfy” level of retirement at £58000 that you have previously mentioned which should give us some capacity to support the children!

I earn £58000 plus about £7000 as a side hustle. I save into my NHS pension, save about 50% of the side hustle income into a SIPP, and save around £400 into a S&S ISA and £200 into cash savings each month.

There are lots of examples about how much you should save but I haven't found anything when you are part of the NHS/other DB pension. Am I saving enough, or too much? I don't want to miss out on life now by over saving!

Thanks, Alex

36:13 Enjoying listening to another excellent podcast where I heard the shout out for questions. One I had is “what’s the best tax efficient way to save for kids futures? I started going down the path of saving into JISA’s, but then didn’t like the idea of being unable to access the money on their behalf, or them to do so before 18. I contribute to premium bonds, but theoretically that will be capped at £50k (here’s hoping!). Any other obvious good suggestions?”

Thanks & keep it up, continue to love the show.

Cheers, Chris

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Today we’re going to be taking about being financially prepared for life events. This is important because it’s so easy to make progress with your finances, only to have the rug pulled out from under your feet by something unexpected. Or even something that IS expected…

Shownotes: https://meaningfulmoney.tv/YC3

Everything You Need To Know

03:00 Life events – like what?

03:55 Marriage

04:43 Having a Child

05:09 Buying a Home

05:24 Career Advancement

06:02 Starting a Business

07:47 Receiving an Inheritance

08:44 Job Loss or Career Change

09:10 Divorce or Separation

10:04 Serious Illness or Disability

10:41 Death of a Family Member

11:36 Caring for Aging Parents

12:25 Children’s Education Costs

12:53 Relocation

13:45 Retirement

14:14 Unexpected Large Expenses

15:15 Being prepared means mastering the 3F’s – Foundation, Forward-looking, Flexibility.

Everything You Need To Do

17:03 Foundation – Emergency fund, workplace benefits and personal insurance.

LifeSearch - affiliate agreement.

28:38 Forward-looking – consider what may happen and what is likely to happen.

43:02 Flexible – keep things flexible so that we can be able to make changes as needed.

51:47 If big events happen – take your time, seek help.

53:35 Podcast Review

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In today’s episode, we show you how YOU CAN learn to invest. Honestly, it’s easier than you think!

Shownotes: https://meaningfulmoney.tv/YC2

Everything You Need To Know

01:21 What is investing? Swapping your money for assets that grow in value, produce an income, or ideally both.

05:46 Why do people think it’s hard?

08:14 What you really need to know? Asset classes that matter - equities, bonds and property.

Everything You Need To Do

29:48 Build a foundation first.

32:58 Start with money you’re probably already investing.

42:27 Open an ISA/LISA/Pension

48:40 Choose a fund - You want a global multi-asset fund.

52:25 Watch and learn - Commit to doing NOTHING for at least a year.

56:02 Don’t…

58:05 Podcast Review 59:20 The Meaningful Money Retirement Guide is due out on 6th May 2025

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Today we kick off a brand new season designed to empower you to take control of your finances. We’re excited for this one as we hope to show you that you CAN be good with money!

Shownotes: https://meaningfulmoney.tv/YC1 00:01 - Intro 03:27 - Everything You Need To Know 23:29 - Everything You Need To Do 49:08 - A Review From A Listener

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It’s another Q&A show, and this week we cover managing finances under an LPA, Maternity pay, and what to do with a big windfall, plus lots more besides!

Shownotes: https://meaningfulmoney.tv/QA4

00:58 Big fan of the show. Really appreciate your work. Dad is 92 with rapidly declining health (Dementia and mobility issues). He is still living at home with Mum (80) who is caring for him with family help. At the moment, it is about manageable. I am managing their finances. We have moved the majority of savings into my mum's accounts. I have used up mum's entire ISA allowance for this year. There is still around £38k of savings sitting in a no interest paying Barclays account. Due to their ages, I do not want to tie up the cash for too long, though at this point in time, they do not need to use this money as they are still able to live off my Dad's pension.

Can you suggest how I might manage this chunk of cash? Possibly a simple savings account, but I am aware that the interest rates are not exactly brilliant, and I wonder about moving into a GIA instead (I have moderate experience buying/selling shares in my own SIPP and ISA, though I am personally high on the risk curve with investments heavily in MSTR and TSLA). Any advice would be appreciated. Cheers, Rich

05:08 Love the podcast (obviously!), it’s genuinely very helpful and has really helped me get my stuff together!!! Not sure if this is something you’d know about but, do you think you would be able to explain to me in your very listenable way, how to work out maternity pay, as in how it’s actually calculated and how to plan to make up the difference etc plus anything else that might be helpful that I don’t even know that I don’t know!! I can’t really find what I’m looking for anywhere else so just thought I’d ask as I find your explanations of things easy to understand (and could listen to you chat about anything tbh)!! Thank you! Jess

12:16 Thanks so much for your brilliant podcasts. I love the idea of the question and answer ones!

I have a fun question I have been meaning to ask for ages. I keep my contingency fund in premium bonds, and I periodically enjoy a thought experiment, around what I would do if I were to win the big prize of £1 million. (I fully realise this will never happen, but it is a helpful thought experiment to get me thinking about where my priorities lie in case I do receive a much smaller lump sum in the future).

I have no bad debts, I have a contingency pot and I contribute to a pension and ISA. My hypothesis is that I would give some to charity (maybe 10%?), might retain 5% for fun – a nice holiday or an upgrade to my car, would max out my ISA and pension, and then would split the rest between a world index tracker and one or two investment properties. I’m curious to hear your thoughts on this and how you would allocate. Thanks! Justyn

17:52 The mantra is that the most important time to take advice is when nearing retirement. That's certainly true for us now, and my other half sought some regulated advice recently in respect to tax free cash and pension recycling rules. The advice was provided (that it was not tax free cash recycling) & so we are continuing with the plan as discussed / agreed with the regulated IFA that we contracted the discussion with (we checked the company and the individuals credentials out on the FSA website .. All good).

The question is (call me paranoid, but quite a lot of money – for us, is involved) what happens if in due course HMRC come to us and effectively look to impose penalties for us acting in accordance with the regulated advice provided / paid for (ie, they dont agree with it / decide it has broken the recycling rules)? I have no (sane) reason to suggest this will happen, but paranoia is a terrible thing!! Keep up the good work (oh, and Roger as well) Regards, Kevin Milsom

23:02 With UK inflation now only 1.7% (from 16 Oct 24), are we in a very unusual phase were inflation is less than half of the rate you can easily get on savings? This leads onto thinking about investing versus savings – we all invest to try and beat inflation, but we can currently do this easily with no risks via savings accounts. It is a conversation my wife and I are having at the moment! She is ‘saver' and I am an ‘investor'. Of course we have a good mix of both from all the guidance you have provided. Cheers. Dave Hicklin

27:40 Hello gents! Big fan of the podcast and the YouTube channel. Thanks for everything you do!

Question for you – which I realise is pretty niche so you may not want to cover it. I am in the fortunate position of reaching max pension taper threshold (due to a great salary, some even greater RSU awards and an increasing company share-price!). I have some pension contribution carry-forward but will have used this all up by FY26. My employer do a 7% pension contribution if employee contributes 4%. But for those reaching taper threshold, you can opt out and the company will instead just give the 7% on top of your salary (which is very generous!).

Thinking ahead, my question is: – Would it be better to: a) take the combined 11% contribution and opt for a scheme-pays for the tax above the £10k allowance when time comes. I am thinking this way I still get a years worth of investment of the pre-tax money before the tax is paid – which might be beneficial? or b) opt out and take the post-tax increase in salary and put this somewhere else? My wife's and mine ISAs will be maxed already, so would have to be GIA most likely (or premium bonds!?).

I'm thinking A makes most sense. I still get the £10k tax free and benefit from some further untaxed money working for me for a little while at least. The tax has to be paid either way, but I am delaying it till later.

What do you both think? Thanks very much! Paul

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Good to be back with another Q&A show to kick off the new year. This week we cover, ETFs, Pension contributions for high earners, tax relief for non-earners and lots more besides.

Shownotes: https://meaningfulmoney.tv/QA3

02:21 First of all I have to thank you for the many years of enlightening listening that I have enjoyed. I thought it was excellent when Pete created the content, however it only improved with the addition of Rog. Yours is by far the best personal finance podcast that I listen to, and long may it continue. My question revolves around index funds & ETF’s. Many of the American podcasts cite the advantages of ETF’s over traditional index funds (unit trusts) however from what I understand this is due to tax considerations which apply in the US & not here. Please could you confirm if this is the case. I use a Vanguard index fund (unit trust) and wish to continue doing so, however am I missing out on not using ETF’s? Thanks again for all that you do for us, your listeners. Best wishes, Steve Horton

07:32 Love the podcast! I’m trying to understand what I can pay into my workplace pension. I’m close to £180k on my P60 & have no other income. My firm pay 6% into my pension, I then pay 6% which they also match. In addition I contribute another 2% so 20% in total, approx. £27k for a Pension Input Period. Feels like I have a relatively simple setup but I’m worried about breaching any limits around the £60k. Do I really need advice as I feel like I should be able to work this out myself! Thanks Steve D

11:26 I am 38 and 4 years ago came into a large sum of money (£600k). My wife and I were in decent shape with a manageable mortgage, life/CI insurance, decent pension balances. I opted to not employ a financial advisor, mainly because I was wary of fees. I am now questioning my decision. I have slowly been putting the money into my SIPP and ISA, keeping the rest in a GIA (invested in global index - Vanguard), paying the tax on dividends and, with time, capital gains. Also been using my wife's allowances. My question is this, was I silly to not employ a FA? Would there have been an obvious non-risky way of protecting the GIA balance from the tax-man, which would have paid for the FA many times over? We’re still saving into the GIA with regular monthly direct debits, although modest amounts. Love your podcast/YouTube output, which I feel have made me a better citizen - more relaxed because I am sure that my finances are unlikely to have any nasty surprises! Keep up the good work. Stuart

16:32 I've been listening to your great podcast for years and have a simply question for you both. If I am retired with no earnings and taking money from my drawdown pot, can I still contribute £2880 into a pension and get the £720 tax relief off the government? Can I do this even if I might not even be paying tax? Nigel

19:33 I’m 57, self employed (so no employer contribution for me!) and have a SIPP and Stocks and shares ISA. Basic rate taxpayer. I plan to start drawing from these in a few years time. I’m wondering ( as there aren’t going to be many years for the compounding ) whether it’s still worth adding to my SIPP? I’ll get the tax uplift if I put money into my SIPP but then 3/4 will then become taxable but I don’t think there will be enough time to make a gain large enough to offset the tax I will then pay. Should I just bung everything into my ISA? Have I missed something? Thanks very much if you’re able to answer my question! Best LC

25:23 I made a mistake when starting my investment journey by choosing platform recommended funds which are currently not performing well. I have had them for 3 years, is it best to cut my losses and invest in to my choice of global multi asset fund which I've had for 2 years that has been performing well? Thanks, Marc

30:08 Matthew asks: 1. My wife and I are selling both our homes (bought before together) and moving into a rental for 1-2years in a new area before we buy. We will have £500k in cash for 1-2years. Are we best investing in government bonds? Premium bonds? High interest savings accounts? We’re both top rate tax payers and have no other assets. 2. My NHS salary will soon go over £100k and we are starting a family. You speak a lot about overpaying pension for tax reasons and it also helps keep the £20k childcare allowance. I don’t think I can overpay an NHS pension, or can I? Others seem to be getting cars on lease to avoid it. Any ideas?

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Today we’re going to look at combining or consolidating pensions - a big subject which we’ll try to do some justice…

Shownotes: https://meaningfulmoney.tv/HB10

What You Need To Know

02:15 Why transfer?

04:47 How the process works.

07:47 Things to watch out for.

14:39 About Defined Benefit transfers.

Everything You Need To Do

26:44 Get up to date with your existing plans.

Pension Transfer Checklist (PDF)

28:27 Decide if there’s any reason to leave the pension where it is.

29:44 Request the transfer.

31:07 Chase to completion.

35:07 Podcast Review.

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In this episode, we want to look at the financial advice process, and give you the helpful basics that you need to think about if you are considering getting professional financial advice.

Shownotes: https://meaningfulmoney.tv/HB9

What You Need To Know

02:24 Advice vs planning - Advice is product-led, Planning is outcome-led.

08:11 The Financial Planning process.

08:50 Establish and define the relationship.

11:50 Collect client information to have context for advice.

15:04 Analyse and assess the current position.

16:45 Develop the plan and make recommendations.

22:32 Implementation.

23:33 Ongoing review.

28:05 Costs and value.

35:00 Qualifications and designations.

What You Need To Know

39:03 Begin with the end in mind.

41:30 Contact several advisers.

45:47 Get costs and scope in writing.

48:25 Be prepared to be vulnerable.

53:50 Podcast Review

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It's time for another listener Q&A! This time we cover paying off student loans, old pensions, alternative to pensions and ISAs and much more.

Shownotes: https://meaningfulmoney.tv/QA2

00:40 Sophie - My question is that I am about to start earning a lot more than I thought I was as a graduate. I have always been told to ignore my student loans by my parents as it's essentially a tax, but looking at some calculators I would pay it all off in 25 years before it gets cleared and pay more than double the £45,600 in interest. I'm thinking of trying to overpay it off more quickly than that as it seems very big to have especially with 7.3% interest rate. I'm not sure if I should prioritize this, as I could start now, but as I'm starting work I'm still very uncertain of what to save and how I should treat this debt. Or should I not worry about it this early on?

06:55 Ellie - My partner recently traced a pension from an old employer. When he contacted the company they told him the pension was all paid out to him when he left the company, 9 years ago. He was 28 at the time. Is that possible? I believed it wasn't possible to access pensions until 10 years before state pension age. The exceptions I'm aware of (certain types of job/illness) aren't relevant here. I can't believe this pension would have had particularly special properties. It was while he was working for Experian. He doesn't remember receiving a lump sum, and is checking with his bank (it's too far back to see online). Did the person he spoke to just make a mistake? He is reluctant to go back to them without anything concrete, and it is hard to trust what they say. Any advice on what to do next?

12:15 Joanne - I am a higher rate tax payer and contribute to a SIPP on top of my employer pension (very generous DB scheme) to keep my earnings underneath £100k so that I can benefit from free childcare hours and about the 60% tax trap bracket between £100-£125k. However, I am now breaching the annual £60k pension allowance and so end up paying significant tax on the additional pension contributions in my self assessment. I am so aware that this is a privileged position to be in and want to contribute my fair share of tax but I wondered what other channels I should be exploring to be as tax efficient as possible please (I have never dabbled in VCTs!)

18:44 James - How do I weigh up the relative value of AVC on my DB pension rather than investing in a LISA or S&S ISA where I retain my capital?

22:25 Giles - I have fallen into the 60% tax trap on a number of occasions, to mitigate this I have tried to top up my pension to get my earnings below 100k to reduce my tax bill. Being the main earner and with 2 very expensive teenagers I don’t have enough spare cash to do this easily so have taken the money out of a S+S ISA in the past. I know this shifts the balance of my assets massively into pensions but it seems worth it to reduce tax. My question being is this a reasonable plan? Is it a good idea to do this or am I better keeping retirement options more flexible with a larger ISA pot?

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Today we’re going to focus on a subject that we often allude to, but which we want to take a bit further and deeper. We’re always talking about the need to be intentional, but what does that actually mean, in practice?

Shownotes: https://meaningfulmoney.tv/HB8

Everything you need to Know

02:03 The definition of being intentional .

02:59 About goals .

06:48 Consistency .

Everything you need to Do

07:50 The Two Spheres .

08:58 Be intentional with our personal finances .

18:38 Be intentional with our investments .

37:37 Rinse and repeat.

38:49 Podcast review. Meaningful Academy Financial Foundations https://meaningfulacademy.com/financialfoundations

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In today’s episode of our Helpful Basics season, we’re going to be talking about Pensions and ISA, explaining how they work, comparing them and helping you to know which ones to use and when.

Shownotes: https://meaningfulmoney.tv/HB7

Everything you need to Know

02:07 Paying money IN.

13:50 Taking money OUT.

22:40 What happens when you die.

Everything you need to Do

33:07 Join your employer's pension, or stay in it, or open one if self employed.

36:50 Use ISAs for medium term savings.

38:17 Use LISAs for first-time house purchase or to supplement retirement savings.

40:17 Blend

41:15 Be intentional, review regularly.

43:56 Podcast review.

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Today we’re going to be covering Helpful Basics in the area of self employment and side hustles. We’ll be talking about what you need to know and what you need to do if you’re planning on going it alone in business or supplementing your income in some way…

Shownotes: https://meaningfulmoney.tv/HB6

What You Need To Know

01:55 What is self-employment?

04:08 What is a side-hustle?

09:18 How tax works as a self-employed person.

Everything You Need To Do

20:37 Start as you mean to go on.

26:44 Register for self employment.

29:22 Start a pension.

31:07 Think about insurance.

34:03 Plan for the future.

39:25 E-myth Revisited book.

40:40 Review of the podcast

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We have a slightly different episode because today I am speaking with the good people from a company called CheckMyFile all about credit files and credit scores - why they are important and how we can optimise them to our benefit.

CheckMyFile: https://meaningfulmoney.tv/checkmyfile

Shownotes: https://meaningfulmoney.tv/HB5

01:33 - Pete chats with Beth.

04:15 - What is a credit record / credit report / credit score

06:50 - Purpose of a credit record.

08:52 - What makes a good / bad credit file

12:00 - Credit card to increase your score before buying a house - is that true?

13:26 - Important to be on Electoral Role.

14:28 - Bad debts, using debt responsibly.

18:15 - What can be done to improve your credit score?

21:24 - Credit is attached to person, not address. Financially linked people.

23:40 - Check your credit file.

26:35 - Is there a business equivalent?

27:43 - What is CheckMyFile and why should people use it.

32:00 - Pete and Roger chat and a podcast review.

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In this episode we want to cover the helpful basics of a subject that underpins EVERYTHING to do with personal financial success - behaviour.

Shownotes: https://meaningfulmoney.tv/HB4

Everything You Need To Know

02:06 We are really bad at making good decisions.

07:18 Many things are objective.

13:40 Our higher functions allow us to pre-think decisions.

15:56 Our goal is to be intentional.

Everything Your Need To Do

19:05 Know yourself.

27:35 Set clear goals to keep you on the path.

32:33 Use all the tools at your disposal.

42:55 Pursue higher thinking.

52:40 This week’s reviews

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It’s our first dedicated Q&A show! Roger and Pete answer six great questions from YOU - the listening audience.

Shownotes: https://meaningfulmoney.tv/QA1

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In this episode we’re going to do our best to give a decent run down of the State Pension - something that will form the backbone of most people’s retirement income. We need to understand how it works, how to check what we’re due and how to maximise it.

Shownotes: https://meaningfulmoney.tv/HB3

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Today in our Helpful Basics season, we’re going to talk about choosing your first investment. Lots to cover, but should be fun!

Shownotes: https://meaningfulmoney.tv/HB2

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This new season is called Helpful Basics. Each week, Roger and Pete will pick a subject each week which might seem like a fundamental or basic subject, but we’ll try to go pretty deep so that everyone learns something. For the first episode of the Helpful Basics season, we’re going to cover what you need to know when you first start working. Shownotes: https://meaningfulmoney.tv/HB1

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Today I’m chatting with my friend Alastair Ford about a project we’ve been working on together, but also about our rationale for it and why we think it’s a timely addition to the Meaningful family of services.

Meaningful Coaching: https://meaningfulcoaching.co.uk Shownotes: https://meaningfulmoney.tv/session545

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Today I’m joined by my friend Dave Algeo a mid-life health coach to talk about the link between health and wealth and lots more besides.

Shownotes: https://meaningfulmoney.tv/session544

Dave’s Daily Sprout email: https://midlifereshape.com/MM24

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Today we want to talk about the last Big Mistake, one which we come across all the time with our older clients, and that is worrying about care fees. This is an important one that we want to cover to give you some reassurance.

Shownotes: https://meaningfulmoney.tv/BM10

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Today, in the penultimate episode of this series, we’re talking about the Big Mistake of Not Spending Enough, which might surprise some people! Shownotes: https://meaningfulmoney.tv/BM9

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We’re on the home straight of a season covering the big mistakes we can all make with our finances, and today we’re talking about neglecting our financial reviews. It’s easy to put things off, but keeping a regular eye on our financial situation is so, SO important. We’re going to talk about why that’s the case and how to make it as easy as possible to make sure they happen every time.

Shownotes: https://meaningfulmoney.tv/BM8

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Today we’re going to be talking about the big mistake of waiting until… Until what? Well, we mean putting off making decisions until some arbitrary point the future, or until some self-determined set of circumstances come to pass - all will become clear, we hope!

Shownotes: https://meaningfulmoney.tv/BM7

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Today we revisit the vitally important subject of what the experts call behavioural finance or behavioural economics, which is really the study of how we interact, as emotional human beings, with the cold, hard world of finances.

Shownotes: https://meaningfulmoney.tv/BM6

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We’re carrying on our season of Big Mistakes and today we’re covering the mistake of not planning for later life, which is truly a big mistake. There’s lots to think about in later life and too many people leave it too late, causing problems for themselves and their loved ones.

Shownotes: https://meaningfulmoney.tv/BM5

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Today we’re going to look at the big mistake of Being Too Cautious, or to put it another way, taking too little risk. Obviously we’re talking primarily about investing here, and we want to talk about why risk is your friend and the impact of taking too little risk on your future outcomes. Should be an interesting discussion!

Shownotes: https://meaningfulmoney.tv/BM4

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We bang on about watching our investing costs all the time. And for good reason - not paying heed to the impact of costs can mean throwing away money unnecessarily.

Shownotes: https://meaningfulmoney.tv/BM3

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Today we’re going to talk our second big mistake: starting late. Of course this may not be a mistake, it may be the result of circumstance, and as we all know, life doesn’t always conform to the perfection we’d perhaps wish for ourselves.

Shownotes: https://meaningfulmoney.tv/BM2

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In this new season covering some big mistakes that any of us can make with our finances, we start with the mistake of listening to the wrong people. But how can we determine who the wrong people might be?

Show Notes: https://meaningfulmoney.tv/BM1

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Today I am joined by repeat guest and financial planning legend, Chris Budd. He has a new book called the Four Cornerstones of Financial Wellbeing and it’s a very helpful read for anyone struggling to keep money in its place, or with the effects that money can have on our mental health.

Shownotes: https://meaningfulmoney.tv/session533

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Today we’re rounding off Season 27 by covering the last of our big ideas - and it’s one of the raisons d’etre of Meaningful Money, that most people don’t need advice. Shownotes: https://meaningfulmoney.tv/BI10

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Today we’re covering the ideal order of financial priorities, something Pete and Rog learned early on in their financial planning training. The order was summarised by the acronym PIPSIO

Protection Income Protection Pensions Savings Investments Other PIPSIO is nothing more than a useful mnemonic, but it really does serve a purpose. I still remind the advisers at Jacksons of it now and again.

Shownotes: https://meaningfulmoney.tv/BI9

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Today we’re covering a classic piece of financial advice - definitely a Big Idea of investing: Time IN the market, not timing the market!

Shownotes: https://meaningfulmoney.tv/BI8

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Planning is - or should be - the framework for all financial decisions, but it is misunderstood by many. Hopefully this episode will explain a little about what planning is, how it works and how to go about it.

Shownotes: https://meaningfulmoney.tv/BI7

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Today we’re going to be talking about the importance of prioritising today in your finances. That might sound counterintuitive to some, but we’ll put some nuance on it and try and give you some practical things you can do when faced with the dilemma of whether to use your money today or put it away for the future.

Show notes: https://meaningfulmoney.tv/BI6

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Today we’re talking about Behaviour and why really, it’s ALL about that when it comes to being financially successful.

Show notes: https://meaningfulmoney.tv/BI5

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We’re continuing our Big Ideas season, talking about the overarching concepts that govern our understanding of money and how to use it. Today’s subject is: Looking after Number 1.

Shownotes: https://meaningfulmoney.tv/BI4

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This week’s Big Idea is Simplicity - it’s so important to keep your finances as simple as possible for the reasons that we’ll cover today!

Shownotes: https://meaningfulmoney.tv/BI3

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Today we’re going to look at arguably the biggest of big ideas - the magic of compounding. Einstein said: “Compound interest is the eight wonder of the world. He who understands it, earns it; he who doesn’t pays it” - We reckon that makes it an important subject!

Shownotes: https://meaningfulmoney.tv/BI2

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Today we kick off a new season which we’re calling Big Ideas. The thinking is that we’ll deal with some of the big, overarching principles of personal finance, and show you how to put them into practice.

Shownotes: https://meaningfulmoney.tv/2024/01/24/big-ideas-businesses-and-bricks/

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The Simple Path to Wealth is the most distilled, purest book on wealth-building I’ve found and I still recommend it all the time. Now the author, JL Collins, has followed up with a new book called Pathfinders, which is full of stories of how people have taken the teaching in the Simple Path, and applied it to their lives.

Shownotes: https://meaningfulmoney.tv/session522

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Today, we’re talking about Financial Planning Priorities and recounting some examples where we have made sure that people got things in the right order…

Show Notes: https://meaningfulmoney.tv/RS10

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Today we’re going to talk about Equity Release, and contentious subject for some but a useful tool in financial planning for older folks who are asset-rich, but cash-poor. We’ll recount a couple of real stories from our own experience as advisers and then go over what you need to know and do about using Equity Release for your own financial planning or for your older family members, perhaps.

Shownotes: https://meaningfulmoney.tv/RS9

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Today we’re going to consider the Shape of Retirement and how it doesn’t have to be the traditional work-for-40-years-then stop model that has been the norm for most of the last century. We have some simple examples of how clients have done that and also some salutary warnings.

Show Notes: https://meaningfulmoney.tv/RS8

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Today we’re going to look at some real stories around pension planning, but not your usual run-of-the-mill pension planning! We’re going to look at SIPPs and SSASs and how we’ve used them to move our clients’ financial plans forward.

Shownotes: https://meaningfulmoney.tv/RS7

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Today we’re going to be talking about preparing for death, which doesn’t have to be as morbid as it sounds! But we have to face it, and preparing well for the day we shuffle off this mortal coil is an important part of being intentional about our finances.

Shownotes: https://meaningfulmoney.tv/RS6

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Today we’re going to look at some work that we’ve done for clients in the area of estate and inheritance tax planning, and draw some lessons that might be useful for you in the same area.

Show notes: https://meaningfulmoney.tv/RS5

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Today we’re continuing in our Real Stories season and we’re going to talk about Protection - talking about the life insurance, critical illness cover and income protection that underpins any financial plan.

Shownotes: https://meaningfulmoney.tv/RS4

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Today we’re going to be asking the question How much is enough? And we’ll go over some real stories of when we’ve helped clients answer that question.

Show Notes: https://meaningfulmoney.tv/RS3

Retirement Investing Cheatsheet: https://meaningfulmoney.tv/retirementinvesting

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This week we want to look at one Real Story of a planning journey with a client that has seen some highs and lows. It’ll demonstrate the power of a relationship with a trusted financial planner, and also what can go wrong when someone tries to get too clever.

Shownotes: https://meaningfulmoney.tv/RS2

Investment Cheatsheet: https://meaningfulmoney.tv/investment

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Today we begin a new season which will be a bit different, because we’re going to cover some real stories from our years in the financial advice profession. The idea is that the first part of each episode will be going over one or more examples of real client situations and in a particular area of financial planning - all anonymised of course - and from those we can draw some lessons and other salient points for your information and action.

Shownotes: https://meaningfulmoney.tv/RS1

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Today I’m chatting with Dave O’Sullivan, a listener who got in touch wanting to share his decades of knowledge of and experience in the car trade. We’re going to discuss some key points about buying a car - one of the biggest purchases most of us ever make.

Shownotes: https://meaningfulmoney.tv/session511 Car Buyer's Guide: https://meaningfulmoney.tv/wp-content/uploads/2023/09/Used-Car-Buyers-Guide-2023.pdf

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Today I’m chatting with a colleague, a fellow financial planner, Alasdair Walker. It’s a conversation between fellow nerds really, specifically about Alasdair’s involvement with the UKPF Reddit community. Shownotes: https://meaningfulmoney.tv/session510

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Welcome to another Inbetweenisode where my guest is a senior member of the team at LifeSearch - Alan Richardson. This will be super-useful episode for anyone who has a business of any kind.

Shownotes: https://meaningfulmoney.tv/session509

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Today I’m bringing you a conversation I had with my friend Justin King for his podcast, which is called the Retirement Cafe podcast. Many of you will doubtless listen to that show as well as this one, and if you don’t you definitely should, especially if you’re heading towards retirement.

Justin asked me to interview him on his show about his book which was released on 12th September - the Retirement Cafe Handbook. I’ve read a pre-release copy and I’m not exaggerating when I say that it was an outstanding read.

Shownotes: https://meaningfulmoney.tv/session508 

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In this final episode of Season 25, Roger and Pete answer some representative questions sent to us as the season has gone on.

Shownotes: https://meaningfulmoney.tv/OS15 

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Today we need to finish off Season 25 - our finances OS season - by talking about the necessary things to get right in later life.

Shownotes: https://meaningfulmoney.tv/OS14

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Today we look at how to keep the finances ticking over nicely in retirement by conducting regular reviews. Specifically, we’ll be looking at when and how.

Show Notes: https://meaningfulmoney.tv/OS13 

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Today we’re going to talk about the DANGER ZONE
That’s period of time from when you retire to when all your available income sources are coming in, usually the time of your state pension. This is the period where you’ll have the best health, so you’ll want to enjoy that and spend your money accordingly.

Show Notes: https://meaningfulmoney.tv/OS12 

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We’re on the home straight in this season now, and today, we’re talking about the decisions we need to make at the point of retirement. It’s probably the biggest transition of all in our financial lives, so this is an important episode.

Show Notes: https://meaningfulmoney.tv/OS11 

Cash flow ladder graphic

UK Personal Finance flow chart: https://ukpersonal.finance/flowchart/ 

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Today we’re going to look at the things we need to do as we approach retirement. We always say that retirement is THE point in time where everyone would benefit from taking professional advice, but at least we can give you the main things to be thinking about and to talk to your adviser about.

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Today we thought we would take stock of where we’ve come in the season and also to help you with reviewing the transition points of the flow chart, as they apply to your life. A regular review is essential for being intentional with our finances, and it’s at those review points that we can take a look at where we are and see if there’s anything we need to change.

Shownotes: https://meaningfulmoney.tv/OS9 

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So…this has been a lot of work! 500 episodes over ten and a half years, not to mention over 460 videos. Today we’re going to throw out the usual structure of the show and hear from lots of different voices, some friends of the show but also quite a few listeners, which will be excellent!

Show Notes: https://meaningfulmoney.tv/session500 

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Today we’ll continue to build on the foundations we’ve laid and also on last week’s discussion of shorter-term goals. We’re going to be talking about identifying, costing and building towards long-term goals.

Show Notes: https://meaningfulmoney.tv/OS8 

UKPF Flow Chart: https://ukpersonal.finance/flowchart/

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Today we start to build on what we’ve talked about so far. We’ve laid the foundation of debt elimination, creating an emergency fund and having the right protection in place. Now we can start looking to the future and set some goals…

Show Notes: https://meaningfulmoney.tv/OS7

UKFP Flowchart: https://ukpersonal.finance/flowchart/

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Today, we continue to work our way through the UK Personal Finance Flowchart, using that as a guide to create our Finance Operating System. And specifically today we’re going to be talking about completing our wealth foundation with insurance. This is such an important subject because there is simply no point building for the future without putting measures in place to make sure that our financial plans are not completely derailed if the future doesn’t wind up like we expect.

Show Notes: https://meaningfulmoney.tv/OS6

UKFP Flowchart: https://ukpersonal.finance/flowchart/

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Today we’re continuing our tip-toe through the UK Personal Finance Flow Chart, and specifically, we’re talking about paying off expensive debts. This is an essential part of getting your finances on a firm footing so that you can build for the future.

Show Notes: https://meaningfulmoney.tv/OS5 

UKPF Flow Chart: https://ukpersonal.finance/flowchart/ 

UPDATE: Voluntary National Insurance deadline for filling gaps since April 2006 has been extended to 5 April 2025.
https://www.gov.uk/government/news/deadline-for-voluntary-national-insurance-contributions-extended-to-april-2025 

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So far we’ve covered budgeting - the thing that underpins it all, and also the essential emergency fund - putting a buffer between ourselves and whatever the world can throw at us. It might seem logical now to go on to talk about paying down debt, but according to the UKPF Flowchart, there’s a step before that, and we absolutely agree that this is in the right place - we need to talk about PENSION CONTRIBUTIONS

Show Notes

UKPF Flow Chart

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Today we continue our dance through the UK Personal Finance Flow Chart, which is serving as our map for building a kind of Financial Operating System. Last week we went deep into Budgeting, and today we want to talk about the Emergency fund. Might not sound the most gripping of subjects, but it IS important…

Show Notes

UKPF Flow Chart

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Today we’re going to be starting our journey proper through the UKPF Flowchart and talking about the foundation of it all - Budgeting.

Show Notes Meaningful Money Budget Tracker

UKPF Flowchart

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I’ve long been a lurker in the UK Personal Finance Subreddit. One of the key resources that they put out is the UK Personal Finance Flowchart, which is a masterwork, it really is. It’s basically a do this, then that, operating system for your personal finances. We’ll cover a section of the flowchart in each episode and expand upon it, adding some detail.

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Today we have another quick inbetweenisode where I’m talking to Ted Moreau of a very interesting site called Pickafund which I think has the potential to really help a lot of people find the funds they want to invest in.

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I this week’s inbetweenisode, I have a chat with long-time friend of the show, and one-half of the genius Property Hub duo, Mr Rob Dix about his book The Price of Money, which will REALLY help you understand the current economic state of affairs and what you should do about it…

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We’ve covered some ground in this season, trying to make all of our lives easier when it comes to our finances. And today we need to talk about making other people’s lives easier - we’re talking about simplifying your legacy.

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Today we’re getting into Roger’s specialist subject - retirement planning - and how to simplify the approach to it so that you can make it as easy as possible.

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As we haven’t covered financial behaviour in a while, it’s a good idea to revisit the subject, and in the process we’ll offer some advice on how to maintain a good attitude and posture towards your finances.

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Insurance is part of the the foundation on which all wealth is built, so it’s important not only that we have the right insurance, but that have it set up as simply as possible.

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I have a ten-point checklist for an annual financial review, but even that might seem a bit daunting, so how can we simplify the process of keeping on top of your finances? IN this episode, Roger and I do our best to help…

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Today we’re continuing our season about Simplifying Everything and talking specifically about simplifying your investments. We certainly see a lot of complexity here when clients come to us. And while not everyone has a super-simple situation - sometimes complexity happens by accident - in almost every case, there’s a level of simplification that can be achieved, and usually quite easily and quickly.

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Today we’re talking about simplifying pensions, an area of personal finance which is fraught with potential complication.

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Today we’re focusing on an area of personal finance dear to Roger’s heart - budgeting! Everything starts and ends with the budget; income and outgoings. So we’re going to look at ways to simplify things and make it all easier to manage.

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We’re getting into the season in earnest today, talking about Simplifying Your Planning. What do we mean by planning - we mean the reasons why you’re saving, investing, insuring - the goals you set and the mechanisms you put in place to achieve those goals. We see people over-complicate this, and hence their financial arrangements follow suit.

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This season we’re going to be talking about the power of simplicity and suggesting ways you can simplify your financial situation. There are so many benefits for you, for your family, and in all kinds of ways - which we’ll get to in due course.

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Today I’m chatting with Dan Sherrard-Smith, founder and CEO of MotherTree, a fascinating website which helps us calculate the impact of our investing on the environment, and helps us to figure out how to improve that. This is obviously very timely, so I think you’re going to enjoy my conversation with Dan.

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I’m joined today by Youssef Darwich, CEO and Co-Founder of Nosso, an interesting app which allows families to invest together for the benefit of children, but also does quite a bit more than that. I thought it was interesting, so I wanted to speak with Youssef to find out more…

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Happy New Year! Many of us will be glad to see the back of 2022, but there’s plenty to look forward to in 2023 and I wanted to give you a bit of a heads-up as to where we’re going here at MeaningfulMoney in the next 12 months, and… to ask for your help.

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It might be easy if you’re the kind of person who listens to personal finance podcasts, to put money itself on a pedestal and give it an importance it shouldn’t have. Today we’re going to be talking about keeping money firmly in its place.

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Today we’re going to talk about Strategies For avoiding scams. It’s a pretty messed up world out there and scams seem to continue to proliferate and that’s why so many people hesitate to do online banking, or invest in anything other than their high street bank. So let’s try and help you spot the bad guys and keep yourselves, your data and your money safe.

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Today’s subject is one that came up quite a bit when we asked you - dear listeners - for subject ideas for this season. We’re going to talk about Strategies For preparing for separation or divorce.

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Today we’re looking at strategies for spending it all. Not leaving anything behind but putting our wealth to good use while we’re alive. Of course, that begs the question: what does it mean to ‘put our wealth to good use?’

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We’ve had lots of questions about managing a drawdown fund or decumulation of any kind right now, probably due to the small matters of soaring inflation, tanking markets, rising gilt yields, rising interest rates, war in Ukraine, energy price pressures and Government confusion. So we’d better address that…

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Each family situation is different, and each raises unique financial considerations that need to be addressed. Today we want to cover the challenges of and strategies for financial planning where there is an age gap between partners.

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We’ve all heard the classic mantra that good investing should be boring. And that’s true: buy-and-hold, long-term, index-tracking investments are the best option for the majority of people, the majority of the time. But today we’re going to balance that by talking about having some fun with your investments. Some of them, anyway!

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Today we continue our series entitled “Strategies For…” and we’re talking this time about Strategies for Working Less, whether that’s because you’re heading towards retirement, anticipating maternity or paternity leave or just want more time for yourself…

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Today we’re going to be talking about strategies for impactful giving. Back in 2018 I interviewed a lady called Lauren Janus who gave us some great insights and I think it’ll be good to revisit things in this Strategies For season.

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Last time we talked about strategies for giving money to your kids towards the end of life, this time it’s helping them as they grow up and become adults; things like getting them through university and helping them on the housing ladder.

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Last time we talked about strategies for giving money to your kids towards the end of life, this time it’s helping them as they grow up and become adults; things like getting them through university and helping them on the housing ladder.

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Today in our second Strategies For… session, we’re going to look at how to give money away effectively to your kids, taking in gifts, pensions, trusts and lots more besides...

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Today in our second Strategies For… session, we’re going to look at how to give money away effectively to your kids, taking in gifts, pensions, trusts and lots more besides...

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Today we begin a new season of the MeaningfulMoney podcast where each episode will be strategies for dealing with a certain financial situation. Today we start with Strategies for managing the pension Lifetime Allowance…

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Today we begin a new season of the MeaningfulMoney podcast where each episode will be strategies for dealing with a certain financial situation. Today we start with Strategies for managing the pension Lifetime Allowance…

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In this short update, I wanted to let you know a bit about what's going on with me and MM, plus explain why I'll be taking a break from the podcast for a few weeks...

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Today I'm chatting with one of my absolute favourite personal finance YouTubers is Damien Talks Money. Today, he and I talk about the finance creator space, the dangers of it and its opportunities.

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Today I’m chatting to Nate Klemp PhD, founder of Mindful Magazine and co-author with his wife Kaley of The 80/80 Marriage, all about how couples can work together selflessly to work towards a shared financial future.

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Today I chat once again to Phil Billingham, who I chatted to back in Season 9, episode 4 about financial planning for ex-pats. Phil approached me with an interesting idea for a conversation about how financial advice has evolved over his 40-year career.

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Today I'm chatting with Lisa Atkinson, a listener who cleared £35k of debt in 18 months on an ordinary salary as a single Mum of twin boys. But she didn't stop there. I know you'll find this conversation encouraging and motivating!

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So, I opened a TikTok account the other day. I know - this is not to be expected of a silver-haired, middle-aged dude, but you know, I do like to keep people guessing! Almost immediately, the almighty TikTok algorithm decided to show me a video by a guy with the handle Frugal Spender. And then a few days later, Brian DMd me, we booked a Zoom call and agreed to record a podcast together. And that’s what you’re about to listen to!

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I’m always interested in new technology that can make financial decision-making easier. For most of us, being able to make a decision is based on having the right information, which often means projecting long years into the future. Today I’m chatting with Kevin Hollister from Guiide - that’s with two ‘i’s’ - about their app which aims to make retirement decision-making simpler.

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Today I’m chatting with Jillian Johnsrud, author of the book Fire The Haters. Jillian became financially independent at 32 years old and now creates content to help other achieve similar results. Inevitably though, when putting yourself out online, you’ll attract trolls and idiots, and Jillian shows us how she has dealt with that and also talks about her financial journey.

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Today we’re going to asking an important this or that question - should you take your pension tax-free cash or not?

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When it comes to taking benefits from your DC pensions, most people just assume that Drawdown is the ONLY way to go, and that annuities are dead, but we think there’s a place for them for the right people at the right time.

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Today we want to cover a topic that is very subjective to each individual’s circumstances - whether you should take out insurance for a given risk, or whether you should use some of your own money in case that risk occurs.

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The idea for this session came from a brilliant post in the Meaningful Money Facebook group by none other than Nick Mitchell, one of the brilliant moderators and part of the team here at MeMo. Nick felt like he was coming to a transition point in his career and was concerned that he was losing his identity somewhat, which, like for most of us, is very tied up in his work. This got us thinking about retirement - the biggest transition most of us face, work-wise - and whether its best to go out with a bang or fade out slowly.

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Today we’re talking about investing for income, for growth or both - so it’s more of a this or that or the other conversation really. But this is actually something that we come across quite a bit talking to clients, particularly those in retirement.

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Today we’re going to be discussing a this or that choice which, on the surface at least, might present something of a conflict for us, but we’re not ones to shy away from challenging subjects! Should you seek advice from a professional adviser like us or whether you should go it alone.

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Today, Roger and I talk about investing, and specifically another THIS OR THAT question, and this one is hotly debated amongst investors and advisers and of course, by the fund management industry. Should you invest passively, or actively? And what does that even mean?!

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Today we’re covering similar ground to episode 1 of this season where we asked whether you should overpay your mortgage or invest. This time though, we’re trying to solve the dilemma of whether you should invest while you’re still paying off bad debt.

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Today we’re answering one of the questions we get answered most on email, in YouTube or Facebook comments, pretty much anywhere - which is best, Pension or ISA?

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This season is called This or That, and in each episode we’ll be looking at a particular this or that scenario. This week’s This or That question is whether to overpay your mortgage or invest? You have some spare money each month - should you pay down your mortgage more quickly or should you invest it in your pension or ISA?

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Now and again, something comes across my desk which makes me sit up and take notice, and that’s exactly what happened when a book called Manage Your Financial Expectations landed in my in-tray. The book - one of three, eventually - and the whole project is the brainchild of Mark Hamilton, retired businessman and father of three. I’ve invited him on to tell his story and the why behind the books.

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I’m joined today by Jinesh Vohra from a company called Sprive, and their tagline is Mortgage Free, faster - which immediately piqued my interest.

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I’m excited to bring you a real-life success story from a listener called David Calder. David reached out to me, basically to say thanks for the content, and told me the story of his journey over the past year or so. He suggested that he’d be happy to come on to the show and tell his story to inspire others, and hopefully, it’ll do just that.

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This week, as an inbetweenisode, I thought we’d spend some time getting to know my good buddy Roger - he of the dulcet Cornish tones who has joined me for the past ten weeks or so on the podcast.

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Roger and I have been advisers for nearly 50 years between us and we’ve long since learned that when it comes to advising clients, it really isn’t the money that’s important, but the way that clients behave towards their money. Today we’re going to give you some quick wins to help yourselves make good decisions with your money.

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Every penny paid in costs is a penny which isn't growing for your future, so it stands to reason that we need to minimise the costs we pay. And tax is one of the biggest costs we can incur.

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Here we are with another session of Quick Wins, this time to do with your estate planning. We want to help you make progress quickly, if this is something you've been wanting to get your head around. But even if you're thinking that you're WAY too young to be even thinking about that, there should be some stuff in here for anyone...

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It's no exaggeration to say that having a decent protection programme in place is FOUNDATIONAL to everything else we do with our money. It truly is the thing that everything else is built upon. If it's a shaky foundation, then all our plans might come to nothing. That said, insurance is something that most people need, but no-one really wants to pay for, so we need to get the balance right, making sure that we have enough insurance, but don't overdo it.

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Your savings rate isn't the interest rate you're getting on savings in your bank, despite how it sounds. Rather, it is the amount of your income that you're saving each month or each week, and it's one of the most powerful levers in your control, when it comes to building wealth.

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I'm throwing in a little inbetweenisode here in the middle of Season 21 because a good friend of mine Catherine Morgan is releasing her new book this week. The book is called It's Not About The Money - Three Steps To Become A Wealthy Woman. While that might seem to alienate a reasonable proportion of this audience, it ought not to as there's meat in the book for anyone, regardless of sex.

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Many of us have amassed investments over the years. They might be old workplace pensions, or funds we chose because we saw a nice advert in the Sunday papers. But are these disparate pots of money really serving us as we build wealth for our future? Is there anything we can do to optimise them?

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It's fair to say that retiring is a big deal for lots of reasons, but not least because there can be a lot to sort out. Today we want to look at the practical elements of preparing for retirement and also the less tangible stuff, like working out what you're actually going to do with your time!

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Good budget control is the cornerstone of building wealth. If you always spend every penny that comes in, you'll never have anything left to save and invest for the future.

Say like that, and it sounds obvious - and it IS! But we all know that this is harder to do than it is to say. So let's get into some quick wins to make the process as painless as possible.

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Today Pete and Roger are going to be talking about how you can make some quick wins with your workplace pension, which is a hugely neglected area of most people's financial planning, but also super-important.

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There's a real lack of understanding about the roles of platforms, accounts and investments in your wealth-building. Our goal today is to make sure you know what all these moving parts do, and how best to optimise them for your future success.

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Time to round off Season 20 of the Meaningful Money Podcast and this time, my guest is me! As I can’t really interview myself, I’ve called in my best mate Roger Weeks to guide the episode. My One Big Thing - the title of this season - is that most of us don’t need to instruct an adviser to make serious headway with our finances.

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This week I’m chatting to another Personal Finance creator, Prerna Khemlani of ThisGirlInvests. Her One Big Thing is bridging the Gender Pension Gap, and she has some good things to say about an important subject.

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Today’s show is a little bit different, and might be a bit polarising, and it’s certainly longer than usual! I’m chatting with my friend and fellow financial planner Shabbar Kassam of Lumos Financial about Money and Faith.

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The longer I do my job, the more I understand that it is a people business and not really about money at all. Our behaviours, our responses to influences, our decision-making - all these are what really counts towards our financial success or otherwise, and my guest this week, Catherine Morgan, is here to talk about how trauma can impact our money beliefs and behaviours.

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Anne Boden is an extraordinary lady. Not many of us wake up one morning and think to ourselves ‘I’m going to start a bank’. She did that and founded Starling Bank whose results speak for themselves. She is now turning her considerable talents to the mission of making money equal between the sexes.

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I get an email or a message at least once a week asking for clarity on the NHS pensions scheme. It is a complex beast with different tiers, different attributes and lots to get your head around. Fortunately, when it comes to the NHS scheme, my guest today is one of the country’s leading experts…

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Today I’m joined by Ramin Nakisa of Pensioncraft who is doing amazing things on YouTube and beyond. This season of the podcast is called One Big Thing, and Ramin’s One Big Thing is what he calls the Alpha Cult - he’ll explain that and why it’s important as we get into the conversation.

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Jen Kempson, AKA MamaFurFur is a deeply inspiring person to me - I’m really excited to have her on the show. She’s making huge waves on YouTube and Instagram and her messaging about money is solid, but it’s her messaging about what money can do for you that stands out for me. She calls it Time Freedom...

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Will Rainey of Blue Tree Savings is an interesting guy with a fascinating story. He’s gone from advising global insurance companies and governments on how to invest billions, to helping parents teach their kids about money. He now has a blog and company dedicating to reaching as many people on this vital subject as possible.

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This season is called One Big Thing, and the idea is that I have a guest on each week and we discuss something that they’re passionate about, annoyed about, or that is their specialism. I have some great guests lined up for you, starting this week with my good buddy Andy Hart from the Maven Money podcast.

Andy and I are going to talk about risk. It’s an important subject to say the least and it’s fair to say that Andy has some strong views on the subject, as do I.

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Today I want to look at where Meaningful Money has come, what’s going on right now and where I want to take it. Call it a state of the nation speech for your favourite financial education channel.

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Today’s show is from February last year, 2020 - back when there were only rumours of something big about to go down. It was part of the Home Straight season, Season 16. The thinking is to get your ducks in a row as you approach retirement, but to be honest, it’s ALWAYS good to have your ducks in a row, so even if you’re in your 30s and retirement seems like miles away, there’ll be something here for you.

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Today’s show is from May 2019 and was part of the New Accumulators season, Season 14. It’s a plea to take planning seriously before diving into an investment regime which, without planning, would be just done in the abstract. Investing without purpose is crazy, aimless and will never succeed because there are no goals to measure its success against.

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This week’s encore episode is from September 2017 and comes from Season 7 - Life Stages. This episode focuses on the Empty Nest, a stage I’m heading towards in the next few years! This stage very often coincides with our peak earning years, so it’s important both to enjoy the extra cash in the present and also to store up some serious wealth for the future.

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This week’s oldie-but-a-goodie is from way back in 2016 where I covered some tips on how folks who are coming to the party somewhat late can still make a big difference to their eventual retirement outcomes.

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The podcast is currently on hiatus while I plan for Season 20 and also get things in place for the final launch of Meaningful Academy Retirement Planning. More on that in just a sec, but for the next few weeks I will be reviving some older episodes on various topics.

This week’s old show is about simplifying pensions. The episode should stand alone, but the shownotes have been updated to meaningfulmoney.tv/session425

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The podcast is currently on hiatus so for the next few weeks I will be reviving some older episodes on various topics. This week’s old show is about securing an income in retirement, something which has fallen out of favour a little bit since the pension freedoms of 2015. The episode should stand alone, but the shownotes have been updated to meaningfulmoney.tv/session424

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Young families have lots of things to deal with. Even though my kids are 18 and 21, I still remember juggling childcare with work, making ends meet, wondering whether to move house and take on the extra mortgage. My guest today is an expert in this field, Joe Okaly of New Horizons Wealth Management in New Jersey. If you have a young family yourself or if you’re a grandparent to a young family today’s session will be both interesting and instructive.

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In my 20-odd year career as a financial planner, I have worked with many bereaved clients who have lost spouses, partners, parents and other loved ones. Obviously, the emotional impact is profound, but this is often compounded by the additional pressure of having to go through someone’s financial and other affairs to get things straight.
This process is always made so much easier if the person who has died was organised beforehand.
And essentially, that is what the company Once I’ve Gone are helping people to prepare, but I’ll let Ian Dibb, Founder and CEO of the company explain more.

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When I wrote the MeaningfulMoney Handbook in 2018, I wanted it to be the one book that most people would need to go from zero to hero with their personal finances. It was designed for anyone to be able to work through and to begin taking control. Today’s checklist aims to condense the message of the book into less than 30 minutes - wish me luck!

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Today I want to give you a framework for decision-making. Obviously the context will be financial decisions, but today’s checklist will also serve in pretty much any area of life where you have big decisions to make.

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As you know, I’m a big proponent of equipping people to make their own financial decisions, believing that anyone, with a bit of encouragement and know-how, can do most of their own financial planning. But there are occasions when seeking professional advice makes sense. Today, I’m going to give you a checklist for what to do BEFORE you seek advice, so that you’re prepared.

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We don't teach kids how money works, so when you're thinking of getting started with investing, how do you know where to start? Today I want to give you a beginner investment checklist to do just that.

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Your investments, if left unchecked, can quickly get out of step with your original intentions for them, so they need to be reviewed regularly. But what does an investment review really entail? Let’s find out!

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Easily the number one question I get asked here at MeaningfulMoney is about finding balance in finances. It’s a BIG question, but hopefully this week’s checklist will help us to find that elusive financial balance.

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Over the past couple of weeks we’ve looked at organising your paperwork and your financial life in general. That’s all well and good, but now we’re in good shape, we need to keep it that way and for that, we’ll need an annual review checklist.

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Staying on top of your personal finances can seem like a really hard work - there’s just so much to do! There is always a new piece of paper or email coming in, insurance to renew, utilities to switch - it never ends! As ever though, it helps to work systematically and get things set up so that they are easy to stay on top of. Today we're going to talk about organising your financial life!

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Paperwork is the bane of most of our lives, but for now it is a necessary evil. Today's checklist will help you work through your mountain of paper to make managing your finances infinitely easier.

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Sometimes I just want someone to tell me exactly what steps to take to get a job done. You know - do these few steps and the outcome is a given; all the thinking taken away. The checklist is the perfect embodiment of this, and today we're talking about the pension checklist - everything you need to know and everything you need to do to get your pensions in order.

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Lasting Powers of Attorney are misunderstood and most often ignored by too many of us. Often that’s due to ignorance; sometimes concerns are about cost. Today I want to clear some of that up, and I’ve enlisted the help of just the right person…

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Spending is one of the biggest levers in our control. When we’re building wealth, well….we won’t build wealth unless we control our spending. When we approach retirement, it’s really important to understand what our likely spending patterns might be so we can plan accordingly. Today I bring back repeat guest, the ever-popular Abraham Okusanya of Timeline, who has literally written the book on retirement spending and investing called Beyond the 4% Rule (link below), and continues to do great work in this field.

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There’s a lot of crap online, and there seems to be an increasing number of financial charlatans offering stock tips and ‘advice’ with no regulatory oversight, of course. George Agan and I talk about that, and more, in our conversation today - hope you enjoy it.

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It’s a joy to welcome back long-time friend of the show Justin Urquhart Stewart to the podcast to talk about the outlook of the world economy coming off the back of COVID and also his latest venture, called Regionally.

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Today I bring back repeat guest and protection industry legend Tom Baigrie of Lifesearch to discuss the impact of Coronavirus on insurers and whether things might return to normal. We cover whether it’s arguably more important than ever for folks in their middle age to get life insurance given the disproportionate impact that Covid has had on older people.

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This is the Ultimate Guide to Money & Life, which sounds very much up itself, let’s face it, but is intended as a distillation of everything you need to know and do to win at money and life.

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For most of us, the ideal end game is passing away peacefully in our sleep at the age of 100, having enjoyed excellent physical and mental health, never needing long-term care and with all our financial ducks in a row. Many of us would like to spend our last penny the day before we die, but many of us would also like to give some money to our family or to the causes we care about.

Today I want to try and cover the vast area of estate planning, or at least the parts of it that most of us need to know and do, so that at least we’re armed with some good information.

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When you get to the point of retirement, there are a bewildering array of options available to you, particularly regarding pensions. In today’s episode, I’ll be giving you everything you need to KNOW and everything you need to DO to make good choices at retirement.

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Investing in retirement is a subject of much scholarly research, strong opinions and a whole boatload of crap information. My job today is to cut through all of that and give you the stuff you really need to know and do to invest successfully in retirement.

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Money is inextricably linked with our sense of wellbeing. That link is the reason for more and more research and initiatives into how to improve that relationship. Today I’m speaking with a real-life brain scientist to dig into this subject.

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Risk is a constant presence in our lives and in our wealth-building efforts. But what is risk, really? How can we be aware of it? Should we avoid risk or harness it? Lots to talk about in today’s Ultimate Guide to RISK.

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Over the past couple of weeks, we’ve covered the ultimate guide to investing. We need to finish that off and talk about some of the important mechanisms of investing, the accounts we use: pensions, ISAs and all the rest!

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We covered a LOT of ground last week in Part One of this Ultimate Guide. As we get practical today, I’m going to try and make this the Ultimate Guide to Investing for the masses, not the few.

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Having dealt with the basics of financial management and building a sure foundation, we now need to turn our attention to the task of building wealth for the future, with the Ultimate Guide to Investing.

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Hardly anyone talks about building a foundation which supports building wealth for the future. Maybe it's because talking about life insurance, critical illness cover, income protection and emergency funds isn't all that sexy? But these things are SO important, that without them, everything else we talk about can be wiped away in no time at all, so why would you leave that to chance? Today folks, it’s the Ultimate Guide to Wealth Protection.

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Financial Freedom comes from building wealth for the future so that one day, work is optional. But for many of us, we’re not starting from zero, but from a minus figure. We have day-to-day debt on credit cards, personal loans and the like, and we need to clear that before we can start to build. This is the ultimate guide showing you how to pay off debt.

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Budgeting is a fundamental skill that underpins everything else when it comes to personal finance success. In this ultimate guide, I'll teach you everything you need to know and everything you need to DO to learn how to budget effectively.

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This is an important episode of the podcast, I reckon. Today I’m chatting with Ken Okorafor of The Humble Penny, one of my favourite UK Personal Finance YouTube channels and blogs. I reached out to Ken for input after the murder of George Floyd by police officers in the US, and the global outcry following it. I knew that I’d get honest and articulate responses from Ken, and that also follows for my conversation with him today.

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There are an increasing number of solid content producers here in the UK talking about personal finance. This week I’m talking to one of the prime movers, Andy Webb of Be Clever With Your Cash and the Cash Chats podcast

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The FIRE movement is an increasingly big deal in the UK, and I’ve chatted a couple of times with one of its biggest UK proponents, Barney Whiter AKA the Escape Artist, a couple of times here on the show. Today I chat with a chap who is building an app specifically to appeal to that community - Logan Leckie of Topia.

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Budgeting, that is, managing day-to-day cashflow is a fundamental skill for anyone looking to improve their financial situation. Before you understand investing, leverage, and all the rest, you need to be able to spend less than you earn. Today’s guest has built an international company based on his own method of budgeting, and I’m looking forward to bringing you my conversation with Jesse Mecham of You Need A Budget.

Stay tuned till after the interview where I’ll be announcing a competition to win one of five annual subscriptions to YNAB.

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Today I have my friend Lynn Beattie AKA Mrs Mummypenny on the show to talk about rolling with life’s punches, beating debt and her new book The Money Guide To Transform Your Life.

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Today’s show marks the end of 18 months of podcast seasons dealing with the major financial life stages. We’ve gone from millennial finance all the way through to retirement planning and in that time lots of common themes have come through. Today I want to tie everything together with some golden rules for personal finance.

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None of us likes to think of the prospect of not being able to look after ourselves. It honestly does feel like we come full-circle, from being dependent on our parents, to being fully independent as adults, only to become dependent on others again as our health fails. Not a cheery subject for today’s show!

But many of you listening to this will be thinking about this already, and many more will be approaching this stage for your parents, and as much as we’d like not to think about it, we do need to be prepared for action if the time comes.

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Last week we covered the basics of legacy planning, including a very high-level overview of how wills work and inheritance tax etc. The main point though was that estate planning starts with you and what you want to happen. Only once we’ve established that can we talk about how to navigate the system to make it happen - and we’re going to cover that today…

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After a life spent first building and then enjoying wealth, if there’s anything left we will probably end up thinking about how best to pass that on to the next generation, or to the causes we care about. We’re talking now about leaving a legacy when we’re gone and the choice we make can have massive repercussions for our families - this is important!

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It a sad fact of getting older that we become increasingly aware of our own mortality. And eventually, for those of us who are in a long-term relationship, we have to face the spectre of losing our partner, or of them losing us. Obviously, if we're old enough to be in retirement, then this is even more of a factor in our minds, and like everything else, we should plan for it.

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Eventually, life in retirement settles into a nice rhythm. Most folks get to a point where they have everything they need - they’ve taken the big holidays, bought the camper van - and they find a level of balance in their daily routine. That’s exactly as it should be but presents some challenges and also some opportunities…

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In retirement, any mistakes you make with your finances are likely to be more costly simply because you may not have the time to undo them. I want to try and help you side-step them before they become an issue for you, and as always, that starts with awareness.

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Risk is an inherent part of wealth-building and wealth-enjoying, as we’re talking about in this season. As you know by now, risk comes in all kinds of flavours, some of which are specific to different life stages. Today I want to talk about the risks you’ll face with your money in retirement.

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Pretty much nothing has changed when it comes to writing wills, arranging funerals and applying for probate in…well, in a very long time. Today I’m chatting with Dan Garrett, CEO of Farewill and he’s on a mission to force change in what he calls the death industry!

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Today I want to talk about investing in retirement, which is a big subject, to say the least. So I’ve called in someone who knows what they are talking about because they have helped build a system for my sponsors, Seven Investment Management, to provide a future-proof managed investment system for their clients. I imagine we’ll learn a thing or two…

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As we’ve said a time or two here, retirement represents quite a change from life at the coalface. You’ve done things the same way financially speaking for ages, and now things are looking a little different. Today I want to go over some financial housekeeping that will stand you in good stead for a spree-free financial retirement.

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Hopefully it’s a nice surprise when an unexpected episode drops into the feed! I’m adding this in here because I had the chance to chat with Tom Baigrie of life insurance advisers LifeSearch about their experiences in the current pandemic - it makes for an interesting conversation…

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Transitioning into retirement is a big deal; a momentous occasion. Of course, for many of us, it is an occasion which is spread over months or years, if we opt for a gradual move away from working to live. But there will come a time when you find yourself retired. Today I want to look at what that means, and how you might be feeling, plus what you should think about now…

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A key part of Meaningful Academy: Build Wealth is access to Voyant GO, the best financial planning app in the world. In today's show I want to give you a tiny snapshot of what it can do...

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Welcome to a brand new season here on MeaningfulMoney. I’m looking forward to getting into a meaty season, following on from the previous one and looking into the point of it all: Retirement

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MeaningfulMoney is 10 years old! Not sure where that time went...! Didn't feel right to pull out all the stops to celebrate, so here's a more muted celebration. Today I’m answering the questions that you have left in the Facebook group and on social media - all the stuff you’ve always wanted to know, and probably some stuff you didn’t!

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Today is an exciting day because I’m launching my flagship course on Meaningful Academy, the one that many of you have been waiting for. It's called Build Wealth, and it's ready RIGHT NOW!

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Today I’m bringing back ever-popular guest Barney Whiter, AKA The Escape Artist for his input on the current situation, and the road ahead after COVID-19…

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As many of you know MM is ten years old, this month, and the podcast is just over seven years old. When I started, I was one of very few voices in the UK putting out decent regular content. Now, thank goodness, there are more options than ever, and today I want to introduce you to the newest personal finance podcast in the space.

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The world is pretty topsy-turvy right now, and for many of us, we’re experiencing the biggest and sharpest test of our investing resolve in light of very volatile markets. Should we be doing anything in light of these circumstances? What is the future likely to look like? Today I’m bringing back Lars Kroijer to talk about what on earth is going on…

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Just like that, you’ve made it. You stand at the brink of retirement, however you have defined that, and you’re about to step across the threshold into the next phase of your life. What on earth do you do now?!

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Retirement, as we’ve seen, is a very personal thing; it’s unique for everyone experiencing it. Optimising your retirement experience then, is also going to be a very personal thing. But there are still some things that we can all consider as we approach the finish line to optimise things, and that’s the topic for today.

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I had a question in the MeaningfulMoney Facebook group the other day, from Tom, who asks about staying the course in challenging investment markets, now that they're actually upon us...

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You’ve spent 40 years saving and investing towards your retirement. You’ve got pretty good at putting together and maintaining an investment portfolio. That’ll just carry on into retirement, right? Not so fast - we’re going to go deep today…

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Neil Bage of Be-IQ and I riff about our response to what's going on with the Coronavirus and markets and everything else. We cover why it's important to understand that we're human, how to manage our emotional response and the necessity of being able to talk things through with trusted friends.

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A few people have asked about the NEST pension scheme in the MM Facebook Group recently, and so I thought I’d try and put together a five-minute guide to the default workplace pension that many of you will have.

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For many of us, retirement is more of a process than an event. Rather than a hard stop where one day we’re working and one day we’re not, many of us will reduce our hours, or move to a less stressful, lower-paid job for a few years before we finish altogether. Phasing retirement is easier than ever thanks to flexible pensions, and today I want to run through the practicalities and the implications of retiring gradually.

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As I record this, There are almost 3,500 people in the MeaningfulMoney Facebook group asking questions. I get tons of emails every week and there are social media comments, podcast reviews and lots of other ways for people to get in touch me here. I’ve noticed a trend in the comments and questions I get of using absolutes when they shouldn't, and it has to STOP!

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There’s a reason lottery winners and Premiership footballers sometimes go bankrupt. If you’re spending more than is coming in, you’re getting poorer; and as you prepare for retirement, you’re going to need to really get a grip on your cashflow.

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Spike Keizer approached me about something he found out about the default NEST pension fund. It could have huge consequences for you if you're under age 27 and investing in the NEST pension.

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Planning a retirement is complex enough when there’s only one of you, but if you’re in a long-term relationship and you’re planning this together, there are even more variables you need to consider, and that’s the topic for this week’s show…

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As I record this on February 28th 2020, world stock markets are down, quite a bit and predictably, that’s making for some juicy headlines and associated investor nervousness. But what about you? Are ya worried? ARE YA?

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I’ve had a few people recently ask about starting a pension. Now for many this will seem very basic, but clearly there’s a need for a simple, straightforward video on setting up a pension for the first time:

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Last week we spent some time getting current with all our amassed pension plans investments bank accounts and insurance policies. Today we need to decide what we are actually going to do with all that information…

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This week is a big deal for many wealth-builders because it marks the official release of a pension plan by Vanguard, the darling of the FIRE movement. I want to go over the basic specs of the plan, and provide a little bit of balance…

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We spent some time last week talking about refining our vision and setting our goals for retirement. Now we know where we’re going, we need to just stop and take stock of where we are now and really understand what provision we’ve already made towards our goal of financial independence.

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Last week we went over the basic rules of Capital Gains Tax and how it works. Like any set of rules, there are planning angle you can consider to minimise your exposure to this tax.

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Before we reach retirement, it helps to have a vision of what it might look like. In this season we’re dealing with the things you need to think about as retirement looms over the horizon. It’s no longer a hazy, one-day possibility - it’s coming up fast, so we need to get serious about what we want it to look like, so we can be ready.

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Bizarrely, one of the most frequently- watched videos on my YouTube channel is one from 2010 simply called Capital Gains Tax. Not much has changed since then, but there are a couple of things to mention to bring that video up to date, which is what I’m doing today!

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Here we are with a brand new season of the MeaningfulMoney podcast, all about the run-in to retirement after a life of building wealth. Today I want to ask an important question right at the start - What is retirement?

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If you’re preparing to take over control of your elderly relative’s finances it can seem properly daunting. So let’s look at some things which you and your parents together can do to make the transition easier.

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Buy Now, Pay Later schemes have always been around, but they seem to be gaining in popularity and are presenting a danger, particularly to young people as they are leading many into more serious and greater levels of debt. Today I want to address this subject with someone who has seen the results of this problem…

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A power of attorney is an important part of pretty much everybody’s financial planning, or should be. But it’s especially the case for elderly parents and yet, it’s not an easy conversation to have…

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Today my guest is Mark Bogard of Family Building Society. They reached out to me because of some research they have done into the cost of supporting children, particularly once they are adults, the implications of this for the parents, and quite a bit more. It’s an interesting conversation - I hope you enjoy it…

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Today I want to start a short series here on Five Minute Friday dealing with some things to consider and to be aware of when helping older family members with their finances.

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Today I get to bring you what is easily my favourite interview in my nearly ten years of the MeaningfulMoney project. It was my privilege to chat with JL Collins, author of The Simple Path To Wealth, which is quite simply the greatest personal finance book ever written.

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Dropping something a little different into the feed this Friday, summarising and reviewing a book which has impacted me massively since I read it some 15 years ago - Getting Things Done by David Allen.

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A reminder of the basics is never a bad thing. No matter how advanced you are with your personal finances, and no matter what Lifestage you’re in, it’s always a good idea to review the basic truths about money.

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This New Year 2020 I am announcing the public launch of Meaningful Academy - Financial Foundations, a brand new course to help you set your finance off in the right way.

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HAPPY NEW YEAR! Welcome to 2020 and a new decade! Let’s kick things off by affirming some time-honoured truths about money which will stand us in good stead for the weeks, months and years ahead.

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It’s time to draw Season 15 to a close by answering some of the questions you have asked along the way.

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Over the past couple of weeks we’ve taken a look at how income tax and National insurance work. For those of us who are building wealth, the logical next step is how to save money on those taxes using some useful reliefs.

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What a season this has been! We’ve covered a lot of ground, from setting goals, to establishing daily actions. From robust reviews to using leverage. We’ve covered more ground on behavioural finance and last week we had the inimitable Escape Artist offering his take on the long journey to FI. Today I want to summarise things really, with an emphasis on staying the course

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Last week we covered income Tax, and this week we need to finish that off by talking about the other income tax, which masquerades as something else - National Insurance

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Today I’m speaking, for the second time, to Barney Whiter, AKA The Escape Artist. Barney is a leading voice in the FIRE movement in the UK, and I wanted to get his take on working towards Financial Independence, the challenges along the way and the practicalities of it all.

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Income Tax is a part of all our lives, but how does it really work? It's important to know how income tax works, so that we can understand ways to pay a bit less of it...

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In the long journey towards financial independence, life sometimes happens. When it does, you’re going to need to adjust, deal with the challenges and refocus. Today I want to help you do just that.

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The conversations we have with ourselves around money are vital to our successful wealth-building. Today I’m bringing back repeat guest Neil Bage to go into this vital area of our financial journey.

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How we behave around our money has far greater impact on our wealth-building than our investment decisions, or level of diversification and whether or not we use leverage. Today I welcome back my good friend Neil Bage, founder of Be-IQ (a behavioural insights company), to talk us through how we cope with the various influences over our behaviour.

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We all know that diversification is a good thing when it comes to investing and wealth-building, but is there a limit to how useful it can be? Can you be TOO diversified? Today I’m talking about next-level diversification.

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Experienced investors need to understand leverage in all its forms, and today we’re going to be talking about what it means to apply leverage to your own wealth-building.

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We’ve covered a ton of ground in the season so far, and we’re only now approaching the half-way point. We’ve spent time looking at goals and actions and reviews, but the journey to financial independence is a long one, and just like on a long drive when you come to an open road, it feels good to put your foot down, it feels good to accelerate your financial plans too.

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Listener Chris called me out on a comment I made in a recent episode of the podcast, talking about long term returns of stock markets. Turns out that income reinvestment REALLY matters, and that it's important to take a long term view.

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Over the past few weeks we’ve looked at setting goals and building plans to achieve those goals. But working towards financial independence can take a while, and you need to know whether or not you’re on track as you go along. And you do that by having a robust review process in place.

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The Maven Adviser calls J L Collins' 'The Simple Path To Wealth' the greatest personal finance book ever, and I'm inclined to agree. Here's my review of the book.

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Over the past few weeks, we’ve looked how to set some goals and how to move from goals to actions. Today I’d like to help you distil all that down so that you end up with a one-page financial plan.

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Last week we considered our goals and our actions from a 40,000 foot perspective and talked about things you can do from that vantage point. Today we need to drop down to the runway level, and get a little bit more granular…

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The recent scandal over the Woodford funds included concern over why, when the fund was struggling, it was still on various platform buy lists. Here's why those lists have no relevance to your investing needs.

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In the past couple of weeks we have looked at financial planning and introduced the timeline paradigm. Last week we looked at how to arrive at and work back from some goals to get a sense of what you need to do now to move towards those goals. Today, we need to move from goals to actions.

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Last week we covered the basic premise of financial planning, introducing the concept of the timeline of your life. Today I want to build on that, and use that model to help us think about some goals.

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Listener John asks what I would do with a major windfall - I mean REALLY major. That's an opportunity for some thinking...

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This season of the MeaningfulMoney podcast is called Planning with Purpose and is designed for those well-established on their journey towards financial independence. But if we’re talking about planning, then we’d better define what we mean by that…

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I've had several guests on the show recently who all have different views on how you should invest your money. So am I sending mixed messages, or what? Let me explain...

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Woohoo! It’s another new season here on MeaningfulMoney after a summer of Inbetweenisodes. I hope you have enjoyed the conversations I’ve had over the past few weeks. I’ve had loads of great feedback, so it seems like you have. It’s been a great few weeks, but I’m excited to get cracking on what is easily going to be the best season ever of MeaningfulMoney, called Planning with Purpose.

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A point of clarification after some feedback received about this point. I believe that anyone can build wealth effectively on their own. But you'll make fewer mistakes, save money and build wealth faster if you do work with a professional financial planner...

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This week I’m pleased to welcome back Tom Baigrie of Lifesearch for a bit of a study into Income Protection which, while misunderstood and underused, is inarguably the most important personal insurance you can have.

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So here’s a little bonus episode that came out of a conversation between my good friend Andy Hart and myself. We’re noticing a pattern in the people who are getting in touch and wanting to work with us, and we’re concerned…

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Today’s guests are giants in the FI/RE community. Their podcast and blog is massive and deservedly so as they communicate a clear passion for their subject and inspire others to follow them on their journey. Today I’m speaking with Brad Barrett and Jonathan Mendonsa from ChooseFI

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Continuing in this series of interviewing other luminaries in the world of wealth-building and FI, today I chat with Andrew Craig, Author of How To Own The World and founder of Plain English Finance.

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Today I’m chatting with Dave Sawyer, author of a book called RESET. A few of you have mentioned the book to me, and asked me to get Dave on. His book has received high praise indeed from none other than Monevator and also Brad and Jonathan from ChooseFI.

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My guest today, Catherine Morgan, is really going places and is doing great work as a financial coach, financial planner, podcaster - I’m telling you, she’s tireless! I wanted to get Catherine on to the show to help her spread her message about financial wellbeing.

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I get a load of request for people wanting to come on the show, but today’s guest asked the opposite - could she use my resources at her live events? I emailed back to find out what those events were, and I was impressed by her passion and mission so I invited her on to the show. Today I’m chatting with Tara Gillespie of Best Intentions

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Finishing the little series here about investment behaviours that can derail our investing success, I cover Overconfidence bias, Loss-aversion bias and Endowment bias.

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I think you’re going to enjoy this. Lots of you have suggested that I get today’s guest onto the show, and though it took a while (down to me, not him) I’m delighted that we’ve made it happen, and I don’t think it’ll be the last time, either. Stay tuned for a blinding conversation with Barney Whiter, AKA The Escape Artist.

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Confirmation bias is an insidious threat to our future wealth by keeping us closed against alternative views of investing and wealth-building approaches. In this week's Five Minute Friday, I offer three tips to keep it at bay.

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My good friend Justin King is a fellow financial planner, and one of the good guys. More than most advisers he really has a passion for spreading the word about the power of financial planning, in his case specifically to retirees, more widely than just to his local clients. Remind you of anyone?!

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Right, time to tie things off at the end of Season 14. It’s the now traditional Season-ending Q&A! You’ve been sending in your questions throughout the season and I’ve done my best to curate the key questions that have arisen and this week I’ll be attempting to answer them.

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I’m rounding off this season (except for the Q&A next week) by summarising what I think New Accumulators need to DO to crack on with their wealth-building. I think it’s also important to know what you DON’T need to do…

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We’re on the home straight on this New Accumulators season now, and we dealt last week with the massive subject of our behaviour around our money. Today I have something pretty special for you, or rather, someone pretty special…

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Hindsight is a wonderful thing. Except when you’re investing, when it tries to trick you. Constant Vigilance!

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Of all the influencing factors that will determine the success or otherwise of your wealth-building, your own behaviour is the biggest deal of all. As New Accumulators, we have some lessons to learn…

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We’re spending some time looking at some of the major biases that we bring to bear when we’re investing, and how they often hold us back from being really successful investors. Today, we’re talking about ANCHORING.

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As New Accumulators, we need to understand that when we invest, we are converting our cash into assets which we hope will increase in value over time, so we can beat inflation and meet our financial goals. So we need to spend some time today discussing the main assets that we can buy as investors so that we know what we’re getting into…

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Long-time listeners and viewers will know that I have a fascination with the subject of behavioural finance. This is simply biggest there is no bigger determinant of your future financial success than your won behaviour towards money. If it’s that big a deal, I figured I should dedicate a few videos to the subject, starting today.

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Risk is an essential part of investing, and I want to say right off the bat that it is a GOOD THING! We’re conditioned to understand the word risk as a negative, but in today’s show, I want to reinforce the exact opposite. Plus, I chat with my friend Nick Lincoln of Values to Vision about his strong views on the idea of capacity for loss.

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We've looked at what trusts are and a little bit about how they work, so let's cover some practicalities now, when it comes to YOUR financial planning

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I know that you’re itching to get going with your investing and wealth-building, and I keep putting the brakes on. But it will serve you well to put a little bit of forethought into the whole exercise, and in my world, we call that financial planning…

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Last week we talked about what a trust actually is, but this week we need to go deeper and look at the benefits, and the downsides and how they can be used in your financial planning.

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Investing is most definitely the interesting part of personal finance. Budgeting can be a grind, and insurance is a necessity, but hardly full of fun and japes. But investing is where you get to see your money grow and move and change, and eventually you’ll build something which will enable you to live how you want to live. Getting started on that process is exciting, and today, that’s what we’re going to be talking about.

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I get asked about trusts a great deal, but they're something of an abstract concept. My goals today is to try and explain them to you!

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Building wealth is the sexy part of personal finance. It’s where you get to invest and take risks and watch your money grow. But there is a vital step to take first to make sure that your wealth can’t be swept away in a heartbeat thanks to an unforeseen event. We need to talk about life protection.

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It can be dangerous to invest too much money in the same company that pays your wages. This week I tell a story of a client who lost a LOT of money this way, and why you should be careful not to fall into the same trap

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Woohoo - it’s another new season! I’ve had a few weeks to get this one together while you’ve been listening to some great inbetweenisodes. This season is going to be a belter, but then I would say that...!

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Plenty of you a spreading the word about MeaningfulMoney to your friends and family, but we can all do more! So I thought I'd take five-ish minutes to highlight some great ways to share the MeaningfulMoney goodness to everyone that needs to hear it.

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Let me introduce you to Kaloyan Tsilev, my right-hand man here at MeaningfulMoney. In this last Inbetweenisode before we get going with Season 14, Kal and I chew the fat about what's coming in 2019 with the podcast, the socialz, and Meaningful Academy.

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Pound cost averaging - is it about maths and investment success, or is it about human emotion and behaviour?

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Long-time listener Matt P was at the November meet up in London which I held with Damien Fahy of Money to The Masses. At the meet up, Matt presented me with a gift of a book called Investing Demystified by Lars Kroijer. This latter book is an outstanding work dealing with the fundamentals of investing, and today, thanks to Matt putting us in touch, I get to chat with Lars himself. I’m telling you, it’s a great conversation!

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I talk a lot about core and satellite investing here on MeaningfulMoney, but what is it, and why is it important for YOUR investment success?

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I get asked at least once per week for advice on how to become a financial adviser, and for ages I’ve thought that I really should sit down and deal with the subject definitively so that in future I can just reply to these good people with a link! Today I’m going to consider everything you need to know and everything you need to do if you fancy a career in financial advice.

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Peer-to-peer lending is entering the mainstream - you can even hold it in an ISA now. But what is it, and should you consider it for your investment portfolio?

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There are still precious few personal finance podcasts here in the UK, let alone shows with hundreds of episodes. One such is Money To The Masses, led by my good friend and real kindred spirit, Damien Fahy. Today I chat to Damien about his new tool, the Money MOT.

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London Capital and Finance recently went under taking £263million of investors' money with them. What are some key lessons we can learn from this that might prevent you from being caught in future?

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My guest today is a man I have admired in our profession since forever. He’s a larger than life personality who fills a room when he enters it, and in a good way! And he has built a great business helping ordinary folks put in place life protection to secure their family’s financial future.

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Dave Ramsey is a personal finance megastar in the US. His daily radio show is syndicated across the states and around the world in the form of a podcast. He has helped countless people achieve financial peace - I’m a big fan, but sometimes he needs, well, Anglicising a bit!

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Today we’re rounding off this season on Millennial finance with the now-traditional season Q&A. Throughout season 13 you’ve been sending in questions - over 100 of them! And today I want to pull out the main ones and do my best to answer them

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This is a big day! Today I get to announce something that 7IM and I have been working on for a long time.

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The title of this whole season is Millennial Finance, and I agonised long and hard over that because I didn’t want to exclude those who I know would benefit from the stuff I’ve talked about, but who didn’t identify as Millennials. So today’s session is for you if you’re getting started on your personal finance journey but are, well, born before 1980…

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When starting out on our financial journey, it can be hard to know where to start, and that can lead to not starting at all...

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Over the past seven weeks we’ve talked about the major challenges facing today’s millennial generation. Today I want to turn it around and look at the unique opportunities which young people face. In my opinion, the future is very bright indeed…

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It can be tempting to cut corners and write your own will. Here are at least three reasons why that's a bad idea...

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Of all the challenges facing millennials, there is one that feeds into all the others combined, and that is financial illiteracy. MeaningfulMoney was set up to address this because understanding overcomes inertia; with knowledge comes power. Today I want to talk about what I think should be done to address financial illiteracy, and to share a bunch of resources that I know you will find useful.

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What does it really mean to pay yourself first?

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Student finance is misunderstood and because of that it is widely feared by those considering higher education and their parents. But it needn’t be. As with all aspects of finance, understanding drives out fear, so let’s start learning.

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This week I share three-ish top tips for winning with your budgeting

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The days of a job for life are long gone, even for me, and I’m unfortunately too old to call myself a Millennial. Now more than ever, the employment environment is more fluid than it has ever been, and once again, this provides both challenges and opportunities...

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Listener Shak asks for my three book recommendations for folks getting started with their finances...

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In researching for this season on Millennial finance, one of the biggest messages that comes across is the likely significant reduction in the number of young people who will be able to buy a house. That may well be true, but I have a sneaking suspicion that, like many of the challenges faced by millennials, this may be another one which can be addressed with some discipline, good habits and laser focus.

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The Millennial Generation will likely be saving and investing for a very long time, but it’s also likely that they will not experience the investment returns that previous generations did. What impact might this have on their future wealth?

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Today I chat to Michael Johnson, a man who has been influential in changing the landscape of savings in the UK as he was the man who first proposed the Lifetime ISA. The product that eventually surfaced wasn’t quite what he had in mind, however. I was looking forward to having the chance to someone who clearly is very influential, but the conversation blew my mind. I’m telling you, you are going to love this…

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Listener Marc asks about the main differences between OEICs (that's Open-Ended Investment Companies) and ITs (that's Investment Trusts). Does it even matter?

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It might seem disingenuous to say that living longer is a challenge for Millennials. Of course it is likely to be a blessing first and foremost, but when it comes to affording to live longer, there are somethings that we need to consider, as early as possible, to give ourselves the best chance of making the best of a long life.

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Molly Benjamin is one of those people who, when you meet her, you just know that she’s going places and will leave a big impression wherever she goes. I met her at Chris Ducker’s Youpreneur summit back in early November last year, as soon as she told me what she was up to, I knew I had to get her on the show.

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There are five different types of Individual Savings Account, or ISA, available. They are the mainstay of saving and investing in the UK, and you need to know how they work.

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It’s another new season here on MeaningfulMoney and as always, I’m excited at the prospect of digging deep into a subject. Looking back over the seasons completed to date, I realised that I haven’t so far addressed the main challenges encountered by folks who are getting started with their financial journey. This season seeks to address that.

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Today I chat to a good friend of mine, a fellow financial planner, who has embarked on quite a journey over the past year. He’s now setting up a tandem business to his planning practice, coaching clients earlier in their financial journey.

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Yes, Happy New Year and welcome to the 300th episode of MeaningfulMoney. Can that really be true? Episode number 1 was in November 2012, just over six years ago. We’ve come some way since then, and there’s lots still to come! Today I want to give you a heads-up on that a bit later, but not before my 15yo daughter Kate takes over for a bit.

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This shorter-than-usual season has been about me chatting with some mates about how they have built successful businesses online. It occurred to me while going through that you. May enjoy hearing what my answers to the questions might be. I’ve used largely the same questions throughout the season, so I’ve had time to think of my answers!

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Listener Claire asks about how to tell if a fund is passive or active, when looking at a list of available funds in her workplace pension.

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Today I’m talking to Janet Murray. She is one of the people I admire most online. She has built a multi-faceted business around her specialism of PR, but is also not afraid to pivot when she feels it necessary. She has done that recently and experienced even more success since. She is on the way, I kid you not, to a seven-figure business - that’s her target for the next 2-3 years, and I have no doubt she’ll achieve it.

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Listener Mark asks if it's possible to have too many funds in your portfolio?

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Today I’m delighted to reintroduce you to my friend Chris Marr from The Content Marketing Academy, one of my favourite people on the planet. Chris has built sustainable, recurring revenue business over the past six years after being made redundant from his job. It’s a belter.

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My guest today, Todd Tresidder was on the show back in August 2015 answering the question: “How much do I need to retire?” Now he’s back to talk about his latest book The Leverage Equation, which will help anyone looking to accelerate and maximise their wealth building.

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Today I chat with prolific blogger and podcaster Richard Tubb about the business he has built after selling his on IT service business ten years ago. He’s learned some lesson along the way which I hope will be helpful for anyone looking to make money in 2019 and beyond.

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My guest today is a well-respected figure in the financial services world, having owned and managed a very successful financial planning business in London. Since exiting that business, he has devoted himself to spreading the message about financial wellbeing, and that’s what he’s going to talk to us about today…

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Listener Gregg asks whether he should consider an annuity for his pensions or a drawdown plan, in light of current market volatility...

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Today I want to introduce you to Gudrun Lauret who is part of the team here on MeaningfulMoney, or Team MeMo as we’ve taken to calling it! Gudrun is a writer who now makes her living full-time doing what she loves.

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Listener Stuart asks whether he should invest his bonus all in one go now with, you know, the whole Brexit mess on the horizon, or hold off for a while.

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Lynn James is a leading financial blogger who does that work full-time and supports her family by doing so. Like many of us building businesses online, she started Mrs Mummypenny in her spare time, making it her full-time job after a redundancy and two years of gifting in the evenings and weekends. Today I chat to Lyn about her business and the challenges she faces making money online.

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In this season opener, I talk to David Ralph of the awesome Join Up Dots podcast about the way he has built a six-figure business through podcasting

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Following from last week's Five Minute Friday, I cover the two things you need to DO to get into the all-important Money Mindset

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I’ve been trading emails on and off with a listener called Matt Powell for a couple of months, and recently he sent me his own checklist for, as he puts it, ‘navigating the stormy seas of market volatility’. It is so good that I immediately emailed him back and asked him on the show to go through it with me. You’re going to really enjoy this episode.

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I'm going right back to basics with the videos, updating some of the old classics and bringing them up to date, starting with how to get into the Money Mindset

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Long-time listeners will know that I’m fascinated by the whole area of behavioural finance. Today I’m joined by previous guest Daniel Crosby who has written what might just be the definitive book on the subject written so far.

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Listener Ian asks about whether he should keep some money in unwrapped investments, in order to make the most of the capital gains tax allowance...

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Season 11 of MeaningfulMoney has been a deep dive in to pensions, and unsurprisingly, as the season has gone on I’ve had LOTS of questions about the content, so I want to round off the season today by answering some of those.

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As you know by now, I believe in taking a holistic approach to financial planning. Only this week I turn away a client who just wanted me to talk about his pensions, but nothing else. If you’re going to have a successful retirement, all elements of your finances need to be working in concert, and today, I’m talking about how to complement your pensions with alternative sources of income in retirement.

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Listener Matt asks if he should continue offsetting his mortgage with cash in the bank or invest that money instead?

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You know I like to keep things simple, right? It’s a foundation stone of this podcast, making personal finance as simple as possible, so you can take action. Well, today I want to talk about simplifying your pensions to make them manageable and easy to understand.

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Today we welcome back three-time guest Chris Budd to the show to talk about his new book and a really exciting concept for business owners across the UK. If you have a business and you’re wondering about getting some value out of it one day, you’ll love this show...

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I'm always banging on about simplifying pensions, but listener Carl wants to know if there's merit in spreading your money over multiple pensions pots...

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Last week we covered the time-honoured method of taking an income from your accumulated pension funds, by buying an annuity. While I’m convinced they still have their place, there’s no denying that unsecured income is a far more popular way of taking money out of your pensions. So let’s look at what that actually means in practice.

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If I had a quid for every time someone asks me if they can buy property inside a pension...

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Annuities have fallen out of favour in recent years, and particularly since the pensions freedoms of 2015. When announcing those changes in November 2014, the then-Chancellor of the Exchequer George Osborne famously said that ’no-one will ever have to buy an annuity again’. But do annuities still have a place in YOUR retirement planning? Today I’m going to give you everything you need to KNOW and everything you need to DO to make sure you get this right.

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This week I am playing into the podcast feed some chapters from the Audible version of The MeaningfulMoney Handbook, which is released by Harriman House this week.

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This week I am playing into the podcast feed some chapters from the Audible version of The MeaningfulMoney Handbook, which is released by Harriman House this week.

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This week I am playing into the podcast feed some chapters from the Audible version of The MeaningfulMoney Handbook, which is released by Harriman House this week.

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This week I am playing into the podcast feed some chapters from the Audible version of The MeaningfulMoney Handbook, which is released by Harriman House this week.

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This week I am playing into the podcast feed some chapters from the Audible version of The MeaningfulMoney Handbook, which is released by Harriman House this week.

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The state pension is an easy target for our scorn, especially if we’re a long way away from receiving it. But I’ve never yet met a pensioner who isn’t glad to receive it, so maybe we use need to understand I better. Today I want to give you what you need to know and what you need to do to make the most of this valuable benefit.

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If you haven’t picked up from the previous 275 episodes that I think pensions are pretty cool, then I don’t know what else to do to help you realise that. With tax relief on the way in, tax-free growth while the money is held inside, and massive flexibility on the way out, pensions really are the king of wealth building vehicles. But all this cool stuff comes with limits. Limits on how much you can put into a pension each year, and how much you can hold within a pension in total. Today I want to cover some those allowances, and show you how to make the best of them.

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I can’t really conduct a thorough review of the subject of pensions without addressing the subject of DB, or Final Salary scheme transfers. It’s a topic of such weight and current importance that to skip over it would be criminally negligent. So I’m revising an episode form back in 2015, but re-recording and updating it a little bit in light of the last three years’ experience of this most delicate of financial transactions.

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Tucking in another inbetweenisode into the mix. Today I chat to master communicator Marcus Sheridan and talk about how to communicate in lots of scenarios, but especially about money.

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For those of us who work for someone else, or who have done in the past, there’s a good chance that we have a workplace pension of some kind. How do they work? What will they provide one day? That’s what we’re going to be talking about on today’s show...

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Carl asked if the money he has saved for his young children in the bank should be invested instead...

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We’re really kicking things off this week with a deep-dive on personal pensions, looking at how they work and what you need to know and do with your own pension provision.

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Listener Andy asks whether he should take out his student loan (which he doesn't need to live on) and invest it.

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It’s a brand spanking new season here on MeaningfulMoney; a season I’m calling the Pensions Masterclass. There’s an irony here because, strictly between you and me, I managed to get my chartered status without sitting a single advanced pensions exam!

But I know enough to do what is needed here, which is to clear up the uncertainty, the misdirection and the confusion about this most important of wealth-building vehicles. I’m looking forward to kicking off very shortly…

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I am a proud member of the financial advice profession. I think that when done well, financial advice can make a massive difference in people’s lives. The problem is that too often, it is done badly, and today I’m going to let off some steam about just that subject.

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There's plenty more to come from MeaningfulMoney video. I thought I'd take five minutes to let you know my plans...

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Fidelity International have commissioned a study into women’s investing habits, and the report has been released which gives an interesting insight into this subject. Today I chat to Make Currie, investment Director of Fidelity International about the study and its findings

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My good buddy, and occasional contributor to this show, Andy Hart contacted me last week with the idea that we should do a kind of behind the scene of what it takes to run a personal finance podcast. I could hardly pass up that opportunity...

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Listener Phil emailed and asked if I thought it was a good idea for him to take his 25% tax-free cash from his pension, and invest it in an ISA. Here are three reasons why I think he shouldn't...

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It’s no surprise that podcast episodes which cover investing are always the most popular episodes. I guess that’s because investing presents the most impenetrable field of personal finance. It feels like there’s so much to know before you can get started. In this session I want to cover five classic investing mistakes that I see all the time, and of course, offer suggestions on how to avoid them

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There's been some upset really because investors' money, usually ring-fenced from the capital of an investment manager, has been used to pay for the wind-up costs of a failed company. Does this mean that your money is at risk after all? What about the FSCS? In this short video, I explain all...

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In this season we’ve covered the financial first principles, fro defining what wealth means, through compounding, inflation and last week looking at how our behaviour affects our wealth-building efforts. Today I want to bring it all together under the title of COHESION.

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There are still way too many people getting parted from their money by unscrupulous 'financial adviser' who of course, are nothing of the sort. In this week's Five Minute Friday, I give five tell-tale signs of these crooks, so you can stay safe.

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Long-time listeners know that for some time I have been fascinated by the study of behavioural finance, that is, the reason we make the decisions we do around money, and the implications of those decisions. There is no question that our responses to external events as we build wealth over time, has a massive effect on the eventual outcome. Today I want to try and cover this massive subject in précis form - let’s see how we get on!

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Regular listener LillyOfTheValley emailed and asked for some tips for basic, day-to-day money management. Here are my top five...

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In this extra podcast this week, I chat to a fellow financial planner who has written a book which you REALLY need to know about.

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Costs are a necessary part of investing; I don’t know any way of investing without incurring some costs somewhere along the line. But any pound paid out in costs is a pound not working for you. Today I want to look at the different costs of investing and how to minimise them for your benefit.

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I bang on about multi-asset funds all the time on MeaningfulMoney, but what exactly do I mean, and why are they such a big deal?

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If you’re going to achieve your own definition of what it means to be wealthy some day, you’re going to need your money to grow. Today I want to talk about growth, what it means and how to achieve it.

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Most of us don't need complex financial products. Instead, you can build all the wealth you need with just three kinds of account...

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Inflation is one of the unseen forces of personal finance. It’s everywhere and it has a direct impact on your money in more ways than one. Today we’re going to look at inflation and how to keep it in mind as you build wealth for your future.

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This week, Dean, who has listened to every episode of the show, asks about whether there is a 'best time' to switch from offsetting your mortgage to investing for the future. Unsurprisingly, there is no best time, but there are factors in any financial decision...

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Risk is a subject so inseparably attached to wealth building that I had to include it as one of my first principles. Trouble is, it’s a subject that I have dealt with at some length before, so how will I find something new to say? We’ll see…

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Listener Martin asked about the caveat that you see on every piece of literature to do with investments - Past performance is no guide to future performance. Is that really true?

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Einstein apparently labelled compound interest ‘the eighth wonder of the world.’ But what is it about this simple mathematical concept that got one of the greatest minds of the twentieth century all shook up? Let’s find out…

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Listener Fin wrote and asked about the value that financial advisers can add to their clients and their investments. In this Five Minute Friday video, I list four ways that an adviser can add way more value than the fees they charge...

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I get asked by a LOT of people to come onto the show. That’s the price of having a lovely audience like you, which other folks would like to get in front of. But because you’re so lovely, I’m VERY picky about who gets to come on. But today’s guest made the cut...

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In this season we’re looking at the first principles, the fundamentals of good financial management. This week, I want to look at the aspect of managing your money which puts you in the hotseat - CONTROL.

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Listener Dan asked me about how to understand the returns quoted by funds on websites, platforms and factsheets. What is yield? And what's with accumulation and income units? I explain everything in this Five Minute Friday episode.

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We’re going back to first principles, looking deep into the fundamentals of personal finance success. And if we're going to do that, then we’d better start by defining what personal finance success actually is. Not an easy task, but I’ve never yet shied away from a challenge on this show!

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Making small increments regularly to your savings rate can mean massive benefits further down the line. In this 5MF video I give you some numbers to illustrate the point...

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Coming up with an idea for a new season feels like quite a big deal. After all, I’m going to be stuck writing about this subject for a few weeks and you’re going to be stuck listening to it! It has to be deep enough to warrant the time spent on it, practical enough so that you can apply what you learn and useful enough to keep you interested! Today I want to introduce the new season, and also give you an update on some other stuff I’ve been up to.

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Listener Ian how much he can pay into a pension for his wife, who doesn't have any income. In this short video, I explain the pension annual allowance and carry forward, to answer his question...

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I've been known to say here that there are only three uses of money: spending, investing and giving away. I’ve talked lots and lots about the first two, but precious little about giving money away. My guest today is here to help me with that…

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When advising my clients who are either retired or shortly to be retired, I use a concept called the rule of thirds to help them think about how to spend, invest and give away their money.

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As you can imagine, financial education is a subject close to my heart. It is, in fact, the very reason for the existence of MeaningfulMoney. So when a good friend of mine suggested I chat to Erik Porter of The Money Charity, a body dedicated to financial education, I couldn’t really pass up the chance.

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Risk-flex is the name I give to the process of adjusting the amount of risk you take with your investments according to the timescale you are investing over. In this Five Minute Friday video I give some examples of how it works

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As you know, I started MeaningfulMoney to give you everything you need to know and everything you need to do to secure your financial future. But long-time listeners will also know that I am an advocate for professional financial advice when necessary. But how can you know that the adviser you’re thinking about working with is firstly a real regulated adviser, a secondly a specialist in your required area? Today we’ll find out.

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In the first ever Five Minute Friday, I answer a question about the security of assets when held on platforms.

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Pensions have been a hot topic and a burning question for many people since they were invented, whenever that was. But should you just have one pension and consolidate as you go along, or wait and tidy everything up when you retire, or should you always leave everything where it is when you move employer? And where do we even start with DB scheme transfers? Fortunately, I have my good buddy Roger Weeks, my colleague at Jacksons Wealth to help us navigate these tricky waters…

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One of the burning questions you lovely people levelled at me in the 2017 survey was about when the good news of stock markets would end. There could be only one man to help me answer that question…

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At my financial planning firm we are seeing a marked increase in the number of clients wanting to invest in line with their beliefs and outlook on life. The catch-all term for this is ethical investing, and today I chat to an expert to help us understand how it all works.

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The first of my three steps to financial success is to spend less than you earn. Sounds straightforward enough, though we all know it isn’t always easy. But there are two ways to spend less than you earn - spend less, and earn more. I spend lots of time here on MeaningfulMoney talking about budgeting and cost control, but not enough on making more money. Today’s show aims to redress that balance.

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By far the biggest theme that came out of my 2017 Listener Survey was about Balance. How do I balance enjoying life now versus saving for the future? How do I balance pensions versus more accessible investments? How do I balance my buy to lets with my ISAs? All valid questions, and today I have the unenviable task of trying to provide some input to help you those questions!

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About a third of you listening to this live outside the UK, and many of those, will be UK citizens who have moved overseas, either temporarily or permanently. I get lots of questions from overseas listeners asking about what they can do to optimise their finances, so I called a good friend of mine in to help.

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Come on - I caught you by surprise didn’t I?! It’s not often you get two podcast episodes in a week, but this is the first in an occasional series I’m calling “Stuff I think is cool” where I chat to people with ideas and products that I think you want to hear about.

So today I’m talking to Ishaan Malhi, Founder and CEO of Trussle, an online mortgage broker and quite a bit more. Ishaan and his team are looking to make switching your mortgage as easy as switching your utility provider, and in pursuing this aim, are lobbying government and the industry to get some changes on things they view as unfair.

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This week we continue our series answering your burning questions, as submitted by you in my 2017 listener survey. I had 250 responses, and you asked some corker questions, including one about the point where it makes sense to seek advice rather than DIY, and how to get that advice without it costing a fortune. Fortunately, I know a woman who can help!

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As of last week (13th January 2018) the new open banking rules came into force. Also called the Second Payment Services Directive or PSD2, this is a sweeping change to the way banks handle their, for which read YOUR, data. But what are the changes and how will they affect you? And is there anything you need to do now?

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If I’ve had one email about Bitcoin and Blockchain, I’ve had a hundred. And when my first such email came through from a client the other day, I knew I had to address this very important subject on the podcast.

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My guest today is Viktor Trokoudes from Plum, and he makes a bold statement. He says that in three to five years’ time, personal finance will be transformed by AI and machine learning. After learning about what he and his team are up to, I’m inclined to agree...

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Today I welcome repeat guest Robin Powell of Ember Regis Group, an award-winning finance journalist and content creator to talk about his latest documentary, produced in conjunction with Rock Wealth, entitled Investing: The Evidence.

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Financial success is about repeating some simple steps over and over for a long time. Contrary to popular opinion right now, it isn’t about buying Bitcoin. But over that long time, you’ll get in your own way, and in this show I show you how to recognise this and what to do about it.

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MeaningfulMoney was created to help you manage your own finances. And yet, I often get asked about when it makes sense to seek advice from a professional. In this Greatest Hits episode I read an email from a listener which prompts me to share when you SHOULDN’T and when you SHOULD seek advice.

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Investing is a long-term game. And over a long time, things can happen, which means you need to keep an eye on your investments as the years go by.

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Financial success generally takes a while. And because that’s the case, we have to make decisions, often the same decision over and over again. And all the while we’re being bombarded with reasons to make the wrong decisions, or deferring decisions when they need to be made. What if you could automate many of those decisions so that they happen without your input? In this session from 2015, I’ll be showing you how.

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With markets still riding high, there is lots of talk about an impending correction. There’s no doubt, it’ll come at some point, and that’s about the time many people start making bad decisions about their investments. So today’s greatest hits show is a redux of a show from August 2014 about keeping your head in a financial storm.

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Continuing my delve into the deepest depths of the MeaningfulMoney archives. This week I’m pulling out an episode from July 2014 which was responding to an iTunes reviewer gently accusing me of not fully justifying my general advice that for most people, it is better to invest in funds rather than directly into shares. It’s an important point, and worth revisiting I reckon…

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Yes, it’s a new season and this one’s a little bit of a cop-out, if I’m honest. But with good reason! I am currently hard into writing the MeaningfulMoney book, and I’m trying to create as much space as possible to do that. So for the next few weeks I’ll be resurrecting some of the greatest hits of the podcast for your listening pleasure.

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As we approach the five-year anniversary of the first ever episode of MeaningfulMoney, I thought it might be a good idea to step back and take a look at where we have come and more importantly, where we’re going. And as far as the latter is concerned, I want to ask for your help…

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I’m always excited to see the emergence of services that look to help more people take their financial planning in hand through the power and economies of scale that the internet provides. My guest today has launched a service called Finimize which seeks to both educate customers and also to help them with their financial planning, at least at a high level.

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Over the past ten weeks we’ve looked at the different life stages from young, free and single, to Losing a partner in later life. Today I want to round off the season by ticking off a couple of ‘none of the above’ points, and then answering some of the questions you have sent in over the past few weeks.

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The last of our life stages deals with the financial implications of the loss of a partner. Very often, this event is the catalyst for beginning inheritance tax planning in earnest, but also, if the partner who has died had control of the finances, it can mark the beginning of a steep learning curve for the one left behind.

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As we approach what I’ll sensitively call later life, our minds turn to two main things, in my experience working with financial planning clients: What if I need care, and how can I best leave what I have left to my family? In today’s show, I’m going to be looking at the main things to know and do to finish well financially.

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For most of us, we’re saving and investing towards a given end. Usually, though not always, that end is to be financially free enough not to have to work and to be able to enjoy our money. In today’s episode I want to consider what you need to KNOW and what you need to DO as you enter retirement.

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If you’ve been lucky enough to have kids, there will be a time when you have to let them go, and suddenly your time and maybe even your money is a bit more your own, with fewer demands from the family, but a new lifestage is having into view over the horizon…

Likewise, if you don’t have kids, then the same lifestage will also be approaching, but before you get to retirement, whatever that means, you may have a shorter or longer time of having an empty nest. This brings with it some opportunities and threats, and in this session I’l be looking at both.

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Loads of financial subjects confuse people; that’s the reason MeaningfulMoney exists. But one common misunderstanding, in particular, is also the source of lots of uninformed political opinions - it’s the student loan system, and that’s what I’m going to try to clear up for everyone today.

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Last week there were two, now there are three, or more of you! If and when children come along, it really does change a lot of things for you, in many areas of life! But this is a finance podcast, so I’m going to skip the parts about sleepless nights and endless worry about the future, and instead concentrate on the dosh…

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Moving on in our season about life stages, and this week we’re talking about DINKYs. Say what? That’s Double Income, No Kids Yet - DINKYs. Is that you? This week I’m going to covering the things you need to KNOW and DO when, maybe for the first time

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Right! Now our new season gets going in earnest as we look at the first of our life stages - young, free and single. This is where it all starts; the beginnings of our financial independence, and today I want to look at the main things you need to get right at this early stage to lay a sure foundation for future financial success.

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Yes, it’s a brand new season. And over the next few weeks I’m going to be looking at eight different life stages. Yep - eight! Believe it or not, I’ve identified eight distinct phases of life which come with unique financial challenges, and I want t

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Today I chat with Søren Neilsen of Ernit.com, a revolutionary product which aims to teach children as young as four how to deal with money when, let’s face it, money is more invisible than ever as cash is less and less a part of our lives as we transact online. I’m looking forward to bringing you this one.

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I have often wondered what it would be like to start a brand new financial planning practice from scratch. What would the process look like if I was unencumbered by any pre-existing systems, technology or even client expectations. My good mate Andy Hart, a previous guest on the show back in Session 79, has recently launched his own practice, Maven Adviser. I’m going to chatting to him about the decisions he has made and why. Along the way, I hope you might learn something about what makes a good adviser.

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Over my 20-year career as a financial adviser, I’ve seen lots of people involved with family businesses. Where I am in Cornwall, this is very often in agriculture or fishing, but whatever the industry, it’s fair to say there’s a unique dynamic within family businesses which can be both a blessing and a challenge. I’m joined today by my friend and fellow financial planner Russ Haworth who specialises in advising families that work together, to talk about the particular issues which apply to family businesses.

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Here at the end of Season Six we’ve covered a load of practical aspects of your finances and taken a good look at each. Now we need to turn the spotlight on YOU to audit your habits.

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As we hit later life, our minds often start to turn to what happens when we’re gone. In fact it should be a part of our planning at every stage, ands today I’m going to give you the things you need to know and do to stay on top of your estate.

https://meaningfulmoney.tv/PFA9

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In this season so far, we’ve talked a lot about the practicalities of managing your personal finances. But what is it all for? Investing, saving, paying into pensions, taking out insurance - all this should be done towards a defined goal. But sometimes those goals fade, sometimes they change, sometimes they need to be abandoned and sometimes brought back to life. Your plans, like all the practical stuff sometimes need to be looked at closely, and that’s what I’m going to be talking about this week.

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Hands up who likes dealing with paperwork? Well, there are some of you out there, but most people avoid it like the plague. But out-of-control financial paperwork can actually add to the burden of stress you have around your finances, and getting it sorte

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Benjamin Franklin apparently said that there are only two certainties in life, death and taxes. Today I want to look at the tax you may be paying, and how to make the best of the various tax allowances available.

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In this season, we’ve been looking at each individual area of your personal finances, to make sure that nothing has drifted from lack of attention. Financial success requires you to be intentional and deliberate in everything you do, but so many people drift through life amassing pensions, investments and policies, and often have the underlying money invested in poor, default funds.

So today we’re turning the spotlight on your portfolio, that is, the underlying investments which will drive your financial success.

https://meaningfulmoney.tv/PFA5

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For many of us in this latter half of the 20teens, a platform is an essential part of our investing. But like all aspects of our financial lives, we should make sure that our chosen platform continues to serve our purposes.

Back when I started in the financial advice world, there were no such things as platforms. Then the first fund supermarkets arrived and these were followed by the very capable systems we have available now, with multiple tax wrappers, complex reporting tools and all that. These days, not many of us invest directly with the fund houses, but use a platform to make our lives easier. So what should you be checking to make sure the platforms we’re using and the tax wrappers we hold on them, continue to serve us well?

Remember that the notes and links from today's show are at the shownotes, including a cheatsheet and a full transcript. It’s the only link you need to remember: meaningfulmoney.tv/PFA4

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You’ve heard me talk several times on this show about having a strong foundation for your financial plans. In practice, this means having some insurance in place so that if the very worst happens, your plans need not be washed away. In today’s show, I’m going to look at the different kinds of insurance, how much you need and what you should look out for in the plans you already have. Podcast: Subscribe in iTunes | Play in new window | Download

Sponsor Message This podcast is brought to you with the help of Seven Investment Management, a firm of investment managers based in London. They specialise in multi-asset investing, bringing institutional investing techniques to ordinary people like you and me. 7IM put their name to my show and to my site because they believe in what I’m doing, trying to get decent, easy-to-understand financial information out to the world. I’m very grateful to them for their support. You can see what they’re up to at 7im.co.uk

Audit Your Insurance So let’s talk about a foundation. When building anything, the foundation absolutely has to be right. If you build a house without an adequate foundation, at best you’re going to get some unsightly cracks, and at worst the place will fall down.

Life throws things at us which we don’t expect. Some of those things are worse than others. Some have a greater financial impact than others. But a prudent person takes some steps to ensure that if some or all of these things happen, then the longer-term financial security of you and your family need not be compromised.

Resources Here's the cheatsheet I've put together to summarise the things I talk about in this session: Podcast: Session 7, Protecting Your Future Podcast: Session 22, All About Trusts

Share the love If this show is of any use to you, it would help me massively if you would take the time to leave me a review on iTunes. This has a huge impact on keeping me near the top of the rankings, which in turns helps more people to find the show and to subscribe. Just click the button below:

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Last week I introduced the nine areas of your finances that we’re going to delving into for our Personal Finance Audit. The idea is that over time, some things get neglected and left to run, and sometimes it’s good to take a fresh, detailed look at these ares to make sure they’re still in good shape in helping you move towards your aims. Today I want to take a look at the absolutely fundamental area of spending… Podcast: Subscribe in iTunes | Play in new window | Download

Sponsor Message This podcast is brought to you with the help of Seven Investment Management, a firm of investment managers based in London. They specialise in multi-asset investing, bringing institutional investing techniques to ordinary people like you and me. 7IM put their name to my show and to my site because they believe in what I’m doing, trying to get decent, easy-to-understand financial information out to the world. I’m very grateful to them for their support. You can see what they’re up to at 7im.co.uk

Audit Your Spending I’ve often said that financial planning is essentially about income and outgoings. If you’re building wealth, you need to have some excess income so you can save and invest that over time. If you’re retired and enjoying your money, then your spending rate will be a key determinant as to whether or not you run out of money one day. So no matter what stage of life you’re at, keeping some kind of rein on your spending is important.

As we go through this season, I want to keep the stuff you need to KNOW fairly short, and go long on the practical, what you need to DO stuff.

Resources Here's the cheatsheet I've put together to summarise the things I talk about in this session:

Budgeting Tools: YNAB, Spending Tracker for iOS, Spending Tracker for Android, Fudget for iOS, Fudget for Android

Podcasts: Session 3 - How To Budget Session 207 - Enough with Paul Armson Season 5, Episode 6 - Investing in Retirement, with Abraham Okusanya Session 157 - Making More Money, with Chris Marr Money To The Masses

Websites: I Will Teach You To Be Rich, savings article Meaningful University - Budgeting course launching soon! Envision Your Money

New style bank: Monzo

Share the love If this show is of any use to you, it would help me massively if you would take the time to leave me a review on iTunes. This has a huge impact on keeping me near the top of the rankings, which in turns helps more people to find the show and to subscribe. Just click the button below:

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Welcome to a brand new season here on MeaningfulMoney. I’m excited to bring you this season because I believe that it will help every single listener to this show. Today’s session will be introducing the season and helping you get ready and excited for it. Don’t worry though, it ain't just fluff - there will be some action points to take as well. Podcast: Subscribe in iTunes | Play in new window | Download

Sponsor Message This podcast is brought to you with the help of Seven Investment Management, a firm of investment managers based in London. They specialise in multi-asset investing, bringing institutional investing techniques to ordinary people like you and me. 7IM put their name to my show and to my site because they believe in what I’m doing, trying to get decent, easy-to-understand financial information out to the world. I’m very grateful to them for their support. You can see what they’re up to at 7im.co.uk

The Personal Finance Audit OK, I am calling this season of MeaningfulMoney the Personal Finance Audit. I battled with myself over what to call it. Is ‘Audit’ too dull a word? Too forensic? Will everyone understand what it means?

In the end I opted for the word audit because I want this to be a pretty thorough look over various areas of our personal financial situation, to help us identify areas which might need refining or improving. All with the aim of reaching our goals as quickly and efficiently as possible.

So today I want to outline the nine areas of your personal finances we’re going to be looking into over the coming weeks so you’re well prepared for what’s to come.

Resources Book: Enough, How Much Money Do You Need For The Rest Of Your Life? Website: Envision Your Money

Transcript As always there is a transcript available for the entire show. you can get it by clicking the huge blue button below:

Share the love If this show is of any use to you, it would help me massively if you would take the time to leave me a review on iTunes. This has a huge impact on keeping me near the top of the rankings, which in turns helps more people to find the show and to subscribe. Just click the button below:

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Today I’m chatting to one of the most influential people in UK financial planning, Paul Armson. Paul coaches advisers in the UK and beyond who want to adopt lifestyle financial planning. He’s written a new book, called Enough, and has created a really interesting new app which those of you wanting to make a start with your own financial planning are going to love. Podcast: Subscribe in iTunes | Play in new window | Download

Sponsor Message This podcast is brought to you with the help of Seven Investment Management, a firm of investment managers based in London. They specialise in multi-asset investing, bringing institutional investing techniques to ordinary people like you and me. 7IM put their name to my show and to my site because they believe in what I’m doing, trying to get decent, easy-to-understand financial information out to the world. I’m very grateful to them for their support. You can see what they’re up to at 7im.co.uk

Enough This episode is being released on Monday 8th May 2017 which is the start of Financial Planning Week here in the UK. This is a project designed to spread the word about professional financial planning and advisers up and down the country are putting on surgeries, delivering seminars, writing blogs, creating videos, and appearing on TV and radio to get the message out. This episode is my contribution to Financial Planning Week.

Now my conversation with Paul is pretty wide-ranging, taking in the difference between financial advice and financial planning, the way he explains lifetime cashflow (which is super-useful), and the three different kinds of people he has seen throughout his career, and what each group needs to do.

Resources Book: Enough, How Much Money Do You Need For The Rest Of Your Life? Website: Envision Your Money

For Advisers: Free video course to help you take your professionalism to the next level

Website: Financial Planning Week

Share the love If this show is of any use to you, it would help me massively if you would take the time to leave me a review on iTunes. This has a huge impact on keeping me near the top of the rankings, which in turns helps more people to find the show and to subscribe. Just click the button below:

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When Rob Dix, one half of the Property Podcast duo Rob & Rob, approached me and asked if I would have him on to talk about his new book, How To Be A Landlord, I wanted to do it because I owe those guys quite a lot. But more than that, I knew Rob would bring amazing value to the thousands of you listening who are, or who aspire to be property investors. Podcast: Subscribe in iTunes | Play in new window | Download

Sponsor Message This podcast is brought to you with the help of Seven Investment Management, a firm of investment managers based in London. They specialise in multi-asset investing, bringing institutional investing techniques to ordinary people like you and me. 7IM put their name to my show and to my site because they believe in what I’m doing, trying to get decent, easy-to-understand financial information out to the world. I’m very grateful to them for their support. You can see what they’re up to at 7im.co.uk

How To Be A Landlord Rob raises an excellent point in my conversation with him that once you buy a rental property, you not only become a property investor, you also become a landlord. There’s loads of information on the former, but precious little on the latter, and Rob’s new book is aiming to fill that void.

In this week's value-packed show, you'll learn:

• Why adding property investing into your overall mix is a great idea, and why it might not be
• Why understanding your responsibilities as a landlord might make or break the success of your property investment
• How to go about finding tenants, and how to reference them correctly
• The importance of a good tenancy agreement
• How to have a happy relationship with your tenants
• How to deal effectively with things that go wrong
• The pros and cons of managing your property yourself or hiring a managing agent
• How to find a good agent if you opt for that route

Rob then suggests going through his checklist for all the above to make sure you're doing the right things. You can get the checklist by clicking that massive yellow button just below. See it? Yep, that one...

Resources Firstly, there's the book itself, How To Be A Landlord, which you can get from Amazon by clicking the image to the left Podcast: Property Geek Website: Property Geek

Share the love If this show is of any use to you, it would help me massively if you would take the time to leave me a review on iTunes. This has a huge impact on keeping me near the top of the rankings, which in turns helps more people to find the show and to subscribe. Just click the button below:

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I get lots of emails these days about pretty much all aspects of personal finance. But as we have been dealing this seasons with the subject of The Great Transition, I thought I would pick out a few questions specific to the subject of retirement and investing in retirement, and try to answer them in this week’s show… Retirement Questions Answered

Rather than attribute these questions to individuals who have sent them, I have picked these six retirement questions because they represent the kinds of questions I have been getting. In a couple of cases, I have used the questions verbatim, but I have tidied the rest up to reflect the load of similar questions.

Remember, it’s not too late to ask a question. If you have one, the best place is in the comments section below, or head over to the Ask Pete page, and maybe I’ll record a video answer for you…

Here are the subjects of the six questions answered in this week’s show:

• With markets high right now, how can I protect myself from a market correction if I’m about to start drawing from my portfolio?
• If my final salary pension is reduced for every year I take it early, how can I balance the reduced pension against receiving it for longer – which is the better deal?
• What benefits are there in working with a financial planner, rather than an IFA, if I have a specific plan for my drawdown? (This question also takes in the natural yield vs total return subject)
• Does it really make sense to secure some of my retirement income with annuity rates as low as they are?
• Are there any circumstances where it might make sense to intentionally go over the lifetime allowance?
• If I retire early, do I have to reduce my drawdown so my money doesn’t run out?

Resources Podcast: Financial Planning vs Financial Advice

Video: Financial Planning vs Financial Advice

Article: PwC blog on Lifetime Allowance

App: 7IMagine on the App Store, and on Google Play

Transcript As always there is a transcript available for the entire show. you can get it by clicking the huge blue button below:

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If this show is of any use to you, it would help me massively if you would take the time to leave me a review on iTunes. This has a huge impact on keeping me near the top of the rankings, which in turns helps more people to find the show and to subscribe. Just click the button below:

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Last week I had a great conversation with Abraham Okusanya about the vital subject of investing in retirement. We covered a lot of ground, and mentioned lots of practical stuff. This week I want to pick out the main points and give you the actionable steps you need to take. Podcast: Subscribe in iTunes | Play in new window | Download

Sponsor Message This podcast is brought to you with the help of Seven Investment Management, a firm of investment managers based in London. They specialise in multi-asset investing, bringing institutional investing techniques to ordinary people like you and me. 7IM put their name to my show and to my site because they believe in what I’m doing, trying to get decent, easy-to-understand financial information out to the world. I’m very grateful to them for their support. You can see what they’re up to at 7im.co.uk

Managing Cashflow In Drawdown If you haven’t listened to last week’s conversation with Abraham, I strongly suggest you do that now. Abraham is super-passionate about the subject of investing in retirement, and the serious effects of getting it wrong. His passion is backed up with data, and he covers a lot of that in last week’s show.

If you have listened to that show, stick with me now as I cut to the main things you need to DO (Consider last week as what you need to KNOW)

In this session you will learn:

• Why it is important to map out the first few years' drawdown
• What planning your withdrawal strategy really means
• Why planning round the tax allowances is all-important
• Why I believe you should NOT increase your risk in retirement
• When diversification isn't really diversification
• Why you should keep cash, and how much to keep, when
• The importance of ongoing review
• The power of a long-term view

Resources Podcast: How To Choose A Multi-Asset Fund

Share the love If this show is of any use to you, it would help me massively if you would take the time to leave me a review on iTunes. This has a huge impact on keeping me near the top of the rankings, which in turns helps more people to find the show and to subscribe. Just click the button below:

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I’m delighted to welcome back Abraham Okusanya of Finalytiq to help me cover a topic which is so important - investing in retirement. It’s important because if there’s one time in your life you really can’t afford to get it wrong, then it’s in retirement. Podcast: Subscribe in iTunes | Play in new window | Download

Sponsor Message This podcast is brought to you with the help of Seven Investment Management, a firm of investment managers based in London. They specialise in multi-asset investing, bringing institutional investing techniques to ordinary people like you and me. 7IM put their name to my show and to my site because they believe in what I’m doing, trying to get decent, easy-to-understand financial information out to the world. I’m very grateful to them for their support. You can see what they’re up to at 7im.co.uk

Investing in Retirement The traditional view of investing in retirement is to reduce the risk of your pensions and other investments as you approach the great transition, and then cruise through retirement, being fairly cautious, hopefully not spending too much.

These days, there is quite a bit to think about, particularly thanks to the pensions freedoms which mean more people than ever are opting not to secure an income with an annuity but opt for unsecured income drawdown instead.

In this session you will learn:

• The key considerations for investing in retirement
• Why the Pensions Freedoms of 2015 are so important and what they mean for you
• The difference between a chicken and an egg
• The dangers of sequencing risk
• Some strategies for mitigating that risk
• Some ideas as to the order in which you should spend your money
• The difference between investing for natural income or total return, and why it matters

Resources Website: Abraham's company, Finalytiq App: Timeline - The Safe Withdrawal app Social: Abraham on Twitter

Share the love If this show is of any use to you, it would help me massively if you would take the time to leave me a review on iTunes. This has a huge impact on keeping me near the top of the rankings, which in turns helps more people to find the show and to subscribe. Just click the button below:

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Two weeks ago we talked about securing an income in retirement. Today I’m going to look in-depth at unsecured income, or what ordinary people call Income Drawdown. Podcast: Subscribe in iTunes | Play in new window | Download

Sponsor Message This podcast is brought to you with the help of Seven Investment Management, a firm of investment managers based in London. They specialise in multi-asset investing, bringing institutional investing techniques to ordinary people like you and me. 7IM put their name to my show and to my site because they believe in what I’m doing, trying to get decent, easy-to-understand financial information out to the world. I’m very grateful to them for their support. You can see what they’re up to at 7im.co.uk

Income Drawdown The difference between secured and unsecured drawdown is essentially about who takes the risk. With a secured income you have someone else guaranteeing to provide you with the specified income, and it is up to them to do whatever is necessary to meet their obligations.

With unsecured income drawdown, you are in control, and on your own head be it. If you run out of money, too bad. If you still have too much money left when you die, then you haven’t spent enough! The investment risk, the withdrawal rate, the asset mix, is all down to you. So this week I want to look at the mechanics of income drawdown, and then next week, I’m bringing back friend of the show Abraham Okusanya to give us a steer as to how to withdraw money and how to invest for retirement.

In this session you will learn:

• That Income Drawdown is not just about pensions
• Why the Pensions Freedoms of 2015 are so important
• How income tax works in pension drawdown
• Why death benefits should always be front of mind when planning your drawdown strategy
• Why it is worth checking ahead of time whether your own pensions are flexible
• Why consolidation of your pensions makes life easier
• And why you should be very careful doing so
• Why you should check your expression of wishes on your pensions

Transcript As always there is a transcript available for the entire show. you can get it by clicking the huge blue button below: [Coming Soon]

Share the love If this show is of any use to you, it would help me massively if you would take the time to leave me a review on iTunes. This has a huge impact on keeping me near the top of the rankings, which in turns helps more people to find the show and to subscribe. Just click the button below:

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Regular listeners will know that just a couple of days ago I released by 200th episode, where I was interviewed by the one and only Mark Schaefer. Well today, I’m returning the favour (well, to be honest, he’s the one doing all the favours) and talking to him about his new book, KNOWN.

Podcast: Subscribe in iTunes | Play in new window | Download

Sponsor Message This podcast is brought to you with the help of Seven Investment Management, a firm of investment managers based in London. They specialise in multi-asset investing, bringing institutional investing techniques to ordinary people like you and me. 7IM put their name to my show and to my site because they believe in what I’m doing, trying to get decent, easy-to-understand financial information out to the world. I’m very grateful to them for their support. You can see what they’re up to at 7im.co.uk

Becoming KNOWN For those who don’t know, Mark Schaefer is one of the leading lights in the online marketing space. Now that’s a busy space, but his enduring wisdom marks him out as someone who not only gets how to do the whole online marketing thing, but who can teach it effectively, without resorting to peppy motivational lines.

His premise about becoming KNOWN applies to anyone with a message they need to be heard, a business or cause to promote, or who wants to improve their own standing in any sphere of life.

He’s also one of the sweetest guys very generous with his time and expertise, and I’m so glad I decided to bring him on.

Resources Mark's Website: Businesses Grow

Book: KNOWN (Amazon affiliate link)

Workbook: KNOWN Personal Branding Workbook (ditto)

Mark on Twitter: @markwschaefer

Video: Pete as the Easter Bunny

KNOWN Case Study: Antonio Centaro

KNOWN Case Study: Zander Zon

Book: Peter Drucker - Innovation and Entrepreneurship (Amazon affiliate link)

Transcript As always there is a transcript available for the entire show. you can get it by clicking the huge blue button below: [Coming Soon]

Competition For the chance to win one of five copies of Mark's book KNOWN, please leave a comment below telling me why you think becoming KNOWN will help your cause/business/career/whatever. I'll choose my favourites to receive a book.

Share the love If this show is of any use to you, it would help me massively if you would take the time to leave me a review on iTunes. This has a huge impact on keeping me near the top of the rankings, which in turns helps more people to find the show and to subscribe. Just click the button below:

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The first MeaningfulMoney was back in November 2012, and today I hit another big milestone of 200 episodes. And this week, for something a little different, I'm delighted to welcome Mark Schaefer, who hijacks my show for his own purposes...

Podcast: Subscribe in iTunes | Play in new window | Download

Sponsor Message This podcast is brought to you with the help of Seven Investment Management, a firm of investment managers based in London. They specialise in multi-asset investing, bringing institutional investing techniques to ordinary people like you and me. 7IM put their name to my show and to my site because they believe in what I’m doing, trying to get decent, easy-to-understand financial information out to the world. I’m very grateful to them for their support. You can see what they’re up to at 7im.co.uk

Celebrating Session 200 Long-time listeners will remember Session 100, when I brought in my daughters, then aged 15 and 12, to ask a bunch of questions. It was giggly fun, but not rich, insightful content.

This time Mark Schaefer, educator, consultant and author of six books including his most recent, KNOWN, asks some much more insightful questions than Ellie & Kate Matthew(!), including a bunch of questions asked by YOU!

I'm grateful to Mark for helping me out with this episode. Stay tuned for an extra special episode on Friday this week when I turn the tables on Mark and interview him about KNOWN, which features MeaningfulMoney as a case study.

Resources Mark's Website: Businesses Grow

Book: KNOWN

Mark on Twitter: @markwschaefer

Transcript As always there is a transcript available for the entire show. you can get it by clicking the huge blue button below: [Coming Soon]

Share the love If this show is of any use to you, it would help me massively if you would take the time to leave me a review on iTunes. This has a huge impact on keeping me near the top of the rankings, which in turns helps more people to find the show and to subscribe. Just click the button below:

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Last week we covered, very much in outline about income in retirement. This week we need to dive deeper, and get even more practical, and talk about securing an income in retirement. Podcast: Subscribe in iTunes | Play in new window | Download

Sponsor Message This podcast is brought to you with the help of Seven Investment Management, a firm of investment managers based in London. They specialise in multi-asset investing, bringing institutional investing techniques to ordinary people like you and me. 7IM put their name to my show and to my site because they believe in what I’m doing, trying to get decent, easy-to-understand financial information out to the world. I’m very grateful to them for their support. You can see what they’re up to at 7im.co.uk

Securing An Income In Retirement When I talk about securing an income in retirement, I use that word carefully. I mentioned last week the difference between secured and unsecured income in retirement. I want to dive in and look at the subject of securing an income in retirement this week and address unsecured income in a couple of weeks' time...

Resources Website: Find an adviser at Unbiased

Website: Money Advice Service Annuity Comparison site

Website: Check your state pension

Website: Pensions Advice Service page on annuity types

Share the love If this show is of any use to you, it would help me massively if you would take the time to leave me a review on iTunes. This has a huge impact on keeping me near the top of the rankings, which in turns helps more people to find the show and to subscribe. Just click the button below:

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When you get to The Great Transition into retirement, you are essentially switching from saving money to spending it, from building wealth, to enjoying it. In today’s show, I want to look at the principles and practicalities of your income and outgoings in retirement. Podcast: Subscribe in iTunes | Play in new window | Download

Sponsor Message This podcast is brought to you with the help of Seven Investment Management, a firm of investment managers based in London. They specialise in multi-asset investing, bringing institutional investing techniques to ordinary people like you and me. 7IM put their name to my show and to my site because they believe in what I’m doing, trying to get decent, easy-to-understand financial information out to the world. I’m very grateful to them for their support. You can see what they’re up to at 7im.co.uk

Income and Outgoings in Retirement Starting to draw an income in retirement is a big deal. There are many variables and considerations, and some of those considerations have nothing whatsoever to do with the income itself! So let’s dive in and see what you need to KNOW and what you need to DO when considering your income and outgoings in retirement.

Resources Website: Find an adviser at Unbiased

Website: Money Advice Service Annuity Comparison site

Website: Check your state pension

Share the love If this show is of any use to you, it would help me massively if you would take the time to leave me a review on iTunes. This has a huge impact on keeping me near the top of the rankings, which in turns helps more people to find the show and to subscribe. Just click the button below:

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This season we’re talking about the great transition: retirement. But it usually isn’t something that suddenly arrives - there’s a run-up to retirement, and during those last few 5-10 years, there are some things you need to know, and need to do. Podcast: Subscribe in iTunes | Play in new window | Download

Sponsor Message This podcast is brought to you with the help of Seven Investment Management, a firm of investment managers based in London. They specialise in multi-asset investing, bringing institutional investing techniques to ordinary people like you and me. 7IM put their name to my show and to my site because they believe in what I’m doing, trying to get decent, easy-to-understand financial information out to the world. I’m very grateful to them for their support. You can see what they’re up to at 7im.co.uk

The run-in to retirement You have a few year left before your target date to retire, or begin retiring. Let’s be clear, you’re probably still working full time, piling as much as you can into your pension ISAs and other investments. Your expenditure is fairly consistent, you’re in control. But your mind is a few years ahead - what do you need to know and do to make it to the finish line in the best way possible?

Resources Podcast: Season 4, Episode 7 - How To Choose A Multi-Asset Fund

Podcast: Season 4, Episode 9 - How Much Is Enough?

Podcast: Session 154 - How Much Is Enough?

Website: Financial Services Compensation Scheme

Website: Check your state pension

Book: The Laws Of Wealth, by Dr Daniel Crosby

Share the love If this show is of any use to you, it would help me massively if you would take the time to leave me a review on iTunes. This has a huge impact on keeping me near the top of the rankings, which in turns helps more people to find the show and to subscribe. Just click the button below:

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It’s a new season, and we’re going to be looking at The Great Transition. What do I mean by this? I mean the transition between saving money for the future, and spending for the now. I mean the reduction in reliance on working to live, and instead living on your own means. Yes, I’m talking about retirement. But what is retirement anyway? Podcast: Subscribe in iTunes | Play in new window | Download

Sponsor Message This podcast is brought to you with the help of Seven Investment Management, a firm of investment managers based in London. They specialise in multi-asset investing, bringing institutional investing techniques to ordinary people like you and me. 7IM put their name to my show and to my site because they believe in what I’m doing, trying to get decent, easy-to-understand financial information out to the world. I’m very grateful to them for their support. You can see what they’re up to at 7im.co.uk

What is retirement? We’re going to look at the whole subject of retirement in some depth, as you’d expect, including bringing in some expert guests to help me cover some parts of it. I want to look at the concept and the process of retirement, and while doing podcasts as usual, I’ll also be releasing some video content to help demonstrate some of the things I’m talking about.

We’ve lots to cover, so let’s crack on…

Resources Podcast: Season 4, Episode 10 - The Great Transition

Podcast: Season 4, Episode 9 - How Much Is Enough?

Podcast: Session 154 - How Much Is Enough?

Website: Check your state pension

Transcript As always there is a transcript available for the entire show. you can get it by clicking the huge blue button below: [Coming Soon]

Share the love If this show is of any use to you, it would help me massively if you would take the time to leave me a review on iTunes. This has a huge impact on keeping me near the top of the rankings, which in turns helps more people to find the show and to subscribe. Just click the button below:

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Regular listeners will know that I’ve been reading and learning a great deal about behavioural finance over the past 18 months or so. It has had a profound effect on the way I think about investing and the way I deal with my clients. Today I get to speak to the man who has written, for me the most accessible and actionable book on the subject, The Laws of Wealth, by Daniel Crosby.

Podcast: Subscribe in iTunes | Play in new window | Download

Sponsor Message This podcast is brought to you with the help of Seven Investment Management, a firm of investment managers based in London. They specialise in multi-asset investing, bringing institutional investing techniques to ordinary people like you and me. 7IM put their name to my show and to my site because they believe in what I’m doing, trying to get decent, easy-to-understand financial information out to the world. I’m very grateful to them for their support. You can see what they’re up to at 7im.co.uk

The Laws of Wealth I’m splitting my conversation with Daniel Crosby into two parts as it is nearly 50 minutes long, but don’t worry, I’m releasing both parts simultaneously so you don’t have to wait a week for part two! In part one, we take a look at a few of Daniel’s ten laws for behavioural self-management. And in part two, we look at why those rules are not enough, and how he is helping his clients invest in such as way that some of the rules can be automated.

Resources Book: The Laws of Wealth on Amazon (affiliate link)

Website: Nocturne Capital

Twitter: Daniel Crosby on Twitter

LinkedIn: Daniel Crosby on LinkedIn

Transcript Competition

You can win one of five copies of The Laws of Wealth by leaving a comment below, and telling me:

• Your biggest takeaway from my conversation with Daniel, or
• What you have enjoyed most from all my content on behavioural finance, or
• What difference learning about behavioural finance has made to you.

Share the love If this show is of any use to you, it would help me massively if you would take the time to leave me a review on iTunes. This has a huge impact on keeping me near the top of the rankings, which in turns helps more people to find the show and to subscribe. Just click the button below:

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Regular listeners will know that I’ve been reading and learning a great deal about behavioural finance over the past 18 months or so. It has had a profound effect on the way I think about investing and the way I deal with my clients. Today I get to speak to the man who has written, for me the most accessible and actionable book on the subject, The Laws of Wealth, by Daniel Crosby.

Podcast: Subscribe in iTunes | Play in new window | Download

Sponsor Message This podcast is brought to you with the help of Seven Investment Management, a firm of investment managers based in London. They specialise in multi-asset investing, bringing institutional investing techniques to ordinary people like you and me. 7IM put their name to my show and to my site because they believe in what I’m doing, trying to get decent, easy-to-understand financial information out to the world. I’m very grateful to them for their support. You can see what they’re up to at 7im.co.uk

The Laws of Wealth I’m splitting my conversation with Daniel Crosby into two parts as it is nearly 50 minutes long, but don’t worry, I’m releasing both parts simultaneously so you don’t have to wait a week for part two! In part one, we take a look at a few of Daniel’s ten laws for behavioural self-management. And here in part two, we look at why those rules are not enough, and how he is helping his clients invest in such as way that some of the rules can be automated.

Resources Book: The Laws of Wealth on Amazon (affiliate link)

Website: Nocturne Capital

Twitter: Daniel Crosby on Twitter

LinkedIn: Daniel Crosby on LinkedIn

Competition Head over to part one of this conversation to enter the competition!

Share the love If this show is of any use to you, it would help me massively if you would take the time to leave me a review on iTunes. This has a huge impact on keeping me near the top of the rankings, which in turns helps more people to find the show and to subscribe. Just click the button below:

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As we near the end of Season Four, where we’ve covered the ins and outs, the hows and the whys of Building Wealth, we need to turn our mind to the reason for it all; the great transition to financial freedom, or, if you like, retirement. Podcast: Subscribe in iTunes | Play in new window | Download

Sponsor Message This podcast is brought to you with the help of Seven Investment Management, a firm of investment managers based in London. They specialise in multi-asset investing, bringing institutional investing techniques to ordinary people like you and me. 7IM put their name to my show and to my site because they believe in what I’m doing, trying to get decent, easy-to-understand financial information out to the world. I’m very grateful to them for their support. You can see what they’re up to at 7im.co.uk

The Great Transition Having spent all this time talking about building wealth, we’re now looking to start spending it. That’s the subject of Season Five of The MeaningfulMoney podcast coming up in a couple of weeks, but in today’s episode, I want to pave the way…

In this session, you'll discover:

• The reasons why retirement is no longer a line in the sand
• What that means for you
• Why you should keep reassessing your progress towards your goals
• Why you should keep reassessing your goals tin light of your progress
• Why it's important to keep your head down
• Why you should probably avoid lifetstyling
• What on earth lifestyling actually is

Transcript As always there is a transcript available for the entire show. you can get it by clicking the yuge blue button below: [Coming Soon]

Join the conversation I love to read and respond to your comments, so please do join in and share.

Question: What has been the biggest thing you've learned or enjoyed in Season Four: Building Wealth?

Share the love If this show is of any use to you, it would help me massively if you would take the time to leave me a review on iTunes. This has a huge impact on keeping me near the top of the rankings, which in turns helps more people to find the show and to subscribe. Just click the button below:

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Sharp-eared listeners will know that back towards the end of Season 1, in session 154, I asked this same question – how much is enough? That was in the context of a mini-series on Net Worth. Today I want to take a slightly different approach to that question, following on from my chat last week with Chris Budd.

In this session, you’ll discover:

• Why wealth is not just about money
• The importance of defining what financial freedom means to YOU
• That you are allowed to dream
• Why it’s important to price that dream in today’s money
• That adjusting that dream can make a big difference in whether or not it is achievable
• That it is possible to live a life with fewer things and more experiences
• That a balance between the now and the not-yet is the best way to live

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This week I welcome back friend of the show and previous guest, Chris Budd of Ovation Finance. Chris is going to help us find the reason for building wealth. After all, the idea is not just to get rich, but to enjoy that money one day.

Podcast: Subscribe in iTunes | Play in new window | Download

Sponsor Message This podcast is brought to you with the help of Seven Investment Management, a firm of investment managers based in London. They specialise in multi-asset investing, bringing institutional investing techniques to ordinary people like you and me. 7IM put their name to my show and to my site because they believe in what I’m doing, trying to get decent, easy-to-understand financial information out to the world. I’m very grateful to them for their support. You can see what they’re up to at 7im.co.uk

Why bother building wealth? Multi-asset funds should, in my not-so-humble opinion, form the core of anyone's portfolio. They are a kind of fire-and-forget, off-the-shelf, done-for-you portfolio of assets, which will work for you over time.

In this session, you'll discover:

• Chris' definition of what wealthy means
• Some of the different motivations he has come across in his career
• The questions Chris asks to help people discover and verbalise their objectives
• The issues that often hold people back
• The ways that Chris has helped people overcome these self-limiting beliefs
• The link between clarity of a vision and its likelihood of being realised

Resources mentioned in this show

Book: The Financial Wellbeing book - buy from Penny Brohn (more proceeds to the cause)

Book: The Financial Wellbeing book - buy from Amazon (only if you have to!)

Chris' Financial Planning practice: Ovation Finance

Podcast: How to talk to your partner about money

And of course, there's always a transcript of the show available by clicking the mahoosive blue button below: [Coming Soon]

Join the conversation I love to read and respond to your comments, so please do join in and share.

Question: What is your definition of becoming wealthy? Let me know in the comments section below.

Share the love If this show is of any use to you, it would help me massively if you would take the time to leave me a review on iTunes. This has a huge impact on keeping me near the top of the rankings, which in turns helps more people to find the show and to subscribe. Just click the button below:

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This podcast is 190 episodes old, and yet in all that time, I have never discussed how to choose a multi-asset fund, despite banging on about them for all these years! But now, that omission is rectified, and in this show, I give you everything you need to know and everything you need to do to go about choosing a multi-asset fund.

Sponsor Message This podcast is brought to you with the help of Seven Investment Management, a firm of investment managers based in London. They specialise in multi-asset investing, bringing institutional investing techniques to ordinary people like you and me. 7IM put their name to my show and to my site because they believe in what I’m doing, trying to get decent, easy-to-understand financial information out to the world. I’m very grateful to them for their support.

You can see what they’re up to at 7im.co.uk

How to choose a multi-asset fund Multi-asset funds should, in my not-so-humble opinion, form the core of anyone’s portfolio. They are a kind of fire-and-forget, off-the-shelf, done-for-you portfolio of assets, which will work for you over time.

In this session, you’ll discover:

• The difference between guidance and promoting a product, and why one will get me struck off
• The key benefits of multi-asset investing
• Why I believe passive versions of these funds are best, and what that even means
• That out and out performance isn’t all it’s cracked up to be
• The best off-platform research tool to use
• Which sectors Multi-asset funds reside in
• How to filter the available universe of thousands of funds down to just a handful
• How to compare one fund with another

Resources mentioned in this show Video: Active vs Passive investing

Research tool: Morningstar

Join the conversation

I love to read and respond to your comments, so please do join in and share.

Question: Have you had success choosing a multi-asset fund? Which did you choose and why?

Share the love If this show is of any use to you, it would help me massively if you would take the time to leave me a review on iTunes.

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Last week we covered the basics of wealth building, the first steps along the way. This week we need to move that on, and look at the next steps you can take as you gain experience and portfolio value over time.

Podcast: Subscribe in iTunes | Play in new window | Download

Sponsor Message This podcast is brought to you with the help of Seven Investment Management, a firm of investment managers based in London. They specialise in multi-asset investing, bringing institutional investing techniques to ordinary people like you and me. 7IM put their name to my show and to my site because they believe in what I’m doing, trying to get decent, easy-to-understand financial information out to the world. I’m very grateful to them for their support. You can see what they’re up to at 7im.co.uk

Building Wealth: Next Steps MeaningfulMoney has to cater to a very large audience, and as such it is often necessary to repeat the basics. But eventually, you'll need to expand your horizons. For those in the position of taking the next steps, this session is just for you.

In this session, you'll discover:

• That there's nothing new under the sun
• That you might need to consider options which are naturally outside your comfort zone
• Why the long-term view is the best perspective
• Some alternative tax wrappers you might find useful beyond pensions and ISAs
• Some alternative asset classes to consider
• A tax tip which can save you thousands on a larger portfolio
• Why gearing is useful when used in moderation
• Why your growing experience is the one of the most useful tools you can bring to bear

Resources mentioned in this show Podcast: Advanced Investing

Podcast: Peer to peer lending

Podcast: Listener Questions Answered (including a question about private investing)

Podcast: Building Wealth in a Low-Return World

Join the conversation I love to read and respond to your comments, so please do join in and share.

Question: Have you tried any of these wrappers or asset classes? How was your experience?

Share the love If this show is of any use to you, it would help me massively if you would take the time to leave me a review on iTunes. This has a huge impact on keeping me near the top of the rankings, which in turns helps more people to find the show and to subscribe. Just click the button below:

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This season, we’re talking about building wealth. The basics are in place: you know how to budget, you’re protected against disaster and now you’re looking to build on a sure foundation for the future. This week and next week I’m going to be covering the practicalities of wealth building, starting this week with the basics for those just getting started, and next week developing things for those further along the wealth-building road.

Podcast: Subscribe in iTunes | Play in new window | Download

Sponsor Message This podcast is brought to you with the help of Seven Investment Management, a firm of investment managers based in London. They specialise in multi-asset investing, bringing institutional investing techniques to ordinary people like you and me. 7IM put their name to my show and to my site because they believe in what I’m doing, trying to get decent, easy-to-understand financial information out to the world. I’m very grateful to them for their support. You can see what they’re up to at 7im.co.uk

Building Wealth: Getting Started Let me start right from the top by reminding you that there are no secrets to wealth-building success. It really isn’t rocket science, and anyone that promises overnight or otherwise speedy results is a charlatan and must be avoided, or reported. Generally, building wealth done right is a slow process, building over time. There are ways to accelerate your progress, which we’ll talk about more next week, but the basic principle is that of building, brick by brick, layer by layer over time until the edifice is completed.

In this session, you'll discover:

• The important of laying strong foundations
• Why when starting out, you are your own worst enemy
• Why you shouldn't run before you can walk
• The only two tax accounts most people ver need
• The simplest way to make your life, erm, simple
• The first investment funds you should choose
• The benefit of automation
• Why you should track your progress

Resources mentioned in this show Podcast: Protecting your future

Podcast: Protection Revisited

Podcast: Season Three: Behavioural Finance

Podcast: Direct Platform Investment, with Mark Polson

Platform Guide: From the Lang Cat

Video: Platforms, Wrappers, Funds and Assets

Budget Software: You Need A Budget

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Question: What challenges have you faced when getting started building wealth? Share in the comments...

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This week, I am taking a short break from Season Four, and answering some listener questions which have come into the voicemail line over the past few weeks:

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Sponsor Message This podcast is brought to you with the help of Seven Investment Management, a firm of investment managers based in London. They specialise in multi-asset investing, bringing institutional investing techniques to ordinary people like you and me. 7IM put their name to my show and to my site because they believe in what I’m doing, trying to get decent, easy-to-understand financial information out to the world. I’m very grateful to them for their support.

You can see what they’re up to at 7im.co.uk

Listener Questions Answered My thanks to the faithful listeners who asked such great questions this week:

Thanks to Tory, who asks about a local business crowdfunding and what she should bear in mind before investing

Thanks to Lucy, who asks about the Lifetime Allowance and the different protections available.

And thanks to Jesse, who is concerned about a coming market correction and wants to know how to reconcile this with my mantra of multi-asset investing.

Resources mentioned in this show Podcast: Cashflow or Capital Gains, with Buck Joffrey

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Transcript And, as always, a full transcript is available by clicking the mahoosive blue button below: (Coming Soon)

Merry Christmas! Thanks so much to all my listeners and viewers for making 2016 a record year for MeaningfulMoney. I couldn't carry on without your encouragement and support and the lovely emails you send so often - thank you!

Share the love If this show is of any use to you, it would help me massively if you would take the time to leave me a review on iTunes. This has a huge impact on keeping me near the top of the rankings, which in turns helps more people to find the show and to subscribe. Just click the button below:

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This series we’re talking about Building Wealth. But with interest rates at record lows for more than eight years, and with share markets seemingly more volatile than ever, how do you build wealth in a reasonable timescale? Today I’m going to sharing some practical steps to building wealth in a low-return world.

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Sponsor Message This podcast is brought to you with the help of Seven Investment Management, a firm of investment managers based in London. They specialise in multi-asset investing, bringing institutional investing techniques to ordinary people like you and me. 7IM put their name to my show and to my site because they believe in what I’m doing, trying to get decent, easy-to-understand financial information out to the world. I’m very grateful to them for their support. You can see what they’re up to at 7im.co.uk

Building wealth in a low return world Plenty of people will try and sell you a get-rich-quick scheme. And plenty of folks, including me, will try to suggest that the best way is to build wealth slowly. But none of us want to put our lives on hold for fifty years while we scrape enough together to retire on. Is it really possible to save out of income and put enough aside to become financially independent?

I think the answer is a resounding ‘yes’ but we may need to think a little bit laterally to achieve our aims.

In this session, you'll discover:

• That no-one builds wealth by saving money in a bank
• The tools that successful investors have at their disposal
• The miracle of compounding and how to harness it
• How to stay focused on your wealth-building
• Why you shouldn't take too little risk
• Why it is important to look for total return
• The best way to use gearing
• Why you should be prepared to think outside the usual investment box
• And the one aspect of your wealth-building that you can really control

Resources mentioned in this show Podcast: Risk, Volatility & Timescale

Podcast: Risk Tolerance and Risk Capacity

Podcast: Cashflow or Capital Gains, with Buck Joffrey

Risk Profile: myrisktolerance.com I

nvesting Course: Learn How To Invest

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Join the conversation I love to read and respond to your comments, so please do join in and share.

Question: What strategies are you implying to build wealth in a low return world? Share in the comments...

Share the love If this show is of any use to you, it would help me massively if you would take the time to leave me a review on iTunes. This has a huge impact on keeping me near the top of the rankings, which in turns helps more people to find the show and to subscribe. Just click the button below:

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On the long road to wealth creation, we can lose focus if it is a hassle to manage our different accounts and other aspects of our finances. So this week, I’m going to give you some practical wealth building tips to make your life easy.

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Sponsor Message This podcast is brought to you with the help of Seven Investment Management, a firm of investment managers based in London. They specialise in multi-asset investing, bringing institutional investing techniques to ordinary people like you and me. 7IM put their name to my show and to my site because they believe in what I’m doing, trying to get decent, easy-to-understand financial information out to the world. I’m very grateful to them for their support. You can see what they’re up to at 7im.co.uk

Practical Wealth Building The short version of this show is that you need to remove yourself from the process of wealth building as much as you can, because if you're anything like me, you're very often the bottleneck. How do you do that? Listen and learn:

In this session, you'll discover:

• Why automation is goooooooood
• Why decisions should be made rarely
• Some benefits technology can bring to the process
• How to save automatically, and then save MORE automatically
• How to put your investing on auto-pilot
• How to accelerate your mortgage repayment
• Why simple is best

Resources mentioned in this show Podcast: Session 113 - Putting your finances on autopilot Article: Threshold Rebalancing on Monevator Calculator: Mortgage overpayment calc on MoneySavingExpert Calculator: Offset mortgage calculator Audible audiobooks - Click here

Join the conversation I love to read and respond to your comments, so please do join in and share.

Question: Do you have any little life hacks that you have employed to get ahead with your wealth building? Let me know in the comments below!

Share the love If this show is of any use to you, it would help me massively if you would take the time to leave me a review on iTunes. This has a huge impact on keeping me near the top of the rankings, which in turns helps more people to find the show and to subscribe. Just click the button below:

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The problem with building wealth is that it takes a while; 20,30,40 years or more sometimes. And because it can be a slow process, it can be tough to stay focused, particularly when things are difficult. In this session I’m going to help you visualise your dream so that it inspires you enough to stick to those long term goals.

Podcast: Subscribe in iTunes | Play in new window | Download

Sponsor Message This podcast is brought to you with the help of Seven Investment Management, a firm of investment managers based in London. They specialise in multi-asset investing, bringing institutional investing techniques to ordinary people like you and me. 7IM put their name to my show and to my site because they believe in what I’m doing, trying to get decent, easy-to-understand financial information out to the world. I’m very grateful to them for their support. You can see what they’re up to at 7im.co.uk

Setting and sticking to long term goals So, we need to find a way to stick to the process of wealth creation, which we’re going to learn much more about in the coming weeks, even when things aren’t going our way, when we’re distracted or whatever. To do that, we need to know how to set goals in the first place, and employ some practical hacks for keeping the faith when we don’t feel like it.

In this session, you'll discover:

• The right way to articulate your long term goals
• The danger of distraction
• Why the journey can be just as important as the destination
• Why it's essential to dream
• How to quantify your dreams and distill them to a number
• Why you should keep your dreams and action steps front of mind
• Why you need to create a framework to help you stay the course.

Resources mentioned in this show Worksheet Podcasts: Net Worth mini-series, Sessions 154, 155 and 156 Podcasts: Behavioural Finance with Greg Davies, Part 1 and Part 2

Audible audiobooks - Click here

Join the conversation I love to read and respond to your comments, so please do join in and share.

Question: Have you answered the three questions? What did you learn about yourself and your goals?

Share the love If this show is of any use to you, it would help me massively if you would take the time to leave me a review on iTunes. This has a huge impact on keeping me near the top of the rankings, which in turns helps more people to find the show and to subscribe. Just click the button below:

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It’s a new season here on MeaningfulMoney and we’re going to be building on the previous two seasons and talk about how to build wealth the right way, that is for the long term. I work with clients every day who have been carefully building wealth over many years, and have done so without living like monks along the way. I am seeking to emulate those people and in this season, I want to try to impart what I am continuing to learn and apply.

Podcast: Subscribe in iTunes | Play in new window | Download

Sponsor Message This podcast is brought to you with the help of Seven Investment Management, a firm of investment managers based in London. They specialise in multi-asset investing, bringing institutional investing techniques to ordinary people like you and me. 7IM put their name to my show and to my site because they believe in what I’m doing, trying to get decent, easy-to-understand financial information out to the world. I’m very grateful to them for their support. You can see what they’re up to at 7im.co.uk

Building Wealth OK, so we did a whole season on investing, back in Season 2, and talked about decision-making in Season 3. When I talk about building wealth, I’m not just talking about investing and the mechanics of doing that, but about bringing together all the necessary disciplines to increase your net worth, and your sense of financial wellbeing. Today I want to lay the groundwork for the season. Not sure how many episodes there will be, but it will be at least seven, maybe more. I’m excited to get started…

In this session, you'll discover:

• Why it's important to define wealth correctly
• My preferred definition of what it means to be wealthy
• That there's no 'right' way to build wealth
• Why it's important to use all the tools at our disposal
• The fundamentals which must be in place before you even think about building wealth
• Why you should create a vision for your future to hold on to

Resources mentioned in this show Book: Robert Kiyosaki - Rich Dad, Poor Dad

Blog: The Definition of Wealth

Podcast: Cash Flow or Capital Gains, with Buck Joffrey

Video: Harnessing the power of compounding

Podcast: Informed Choice Radio

Join the conversation I love to read and respond to your comments, so please do join in and share.

Question: Do you have the basics in place? If not, what are you goign to do about it?!

Share the love If this show is of any use to you, it would help me massively if you would take the time to leave me a review on iTunes. This has a huge impact on keeping me near the top of the rankings, which in turns helps more people to find the show and to subscribe. Just click the button below:

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Today, I'm chatting to Buck Joffrey MD, an investor from the US, and creator of the Wealth Formula Podcast. Buck’s bio says that he believes traditional investing in stocks and shares for capital growth is no longer relevant and that cash flow is everything. That piqued my interest, and so that's the topic of conversation - cash flow or capital gains?

Podcast: Subscribe in iTunes | Play in new window | Download

Sponsor Message This podcast is brought to you with the help of Seven Investment Management, a firm of investment managers based in London. They specialise in multi-asset investing, bringing institutional investing techniques to ordinary people like you and me. 7IM put their name to my show and to my site because they believe in what I’m doing, trying to get decent, easy-to-understand financial information out to the world. I’m very grateful to them for their support. You can see what they’re up to at 7im.co.uk

Cash Flow or Capital Gains? Buck Joffrey has been there and done that. He's amassed an eight figure net worth using the principles he espouses in this conversation. But I have some reservations/clarifications for the UK market, which I cover after the call. In this session, you'll discover:

• The trigger that led Buck to begin investing
• Why Buck thinks investing for capital gains is inferior to investing for cash flow
• Whether or not he thinks there is any case for investing in the traditional way
• Some ways Buck recommends for even those with ordinary incomes to get onto the cash flow bandwagon
• Some likely potholes which might get in the way of success
• Buck's view on debt, and how to use it

Resources mentioned in this show Book: Robert Kiyosaki - The Cash Flow Quadrant Podcast: Real Estate Guys Podcast: The Property Podcast Buck Joffrey: Podcast and Website

Transcript And, as always, a full transcript is available by clicking the mahoosive blue button below:

Join the conversation I love to read and respond to your comments, so please do join in and share.

Question: So what do you think? Cash flow, capital gains, or both?

Share the love If this show is of any use to you, it would help me massively if you would take the time to leave me a review on iTunes. This has a huge impact on keeping me near the top of the rankings, which in turns helps more people to find the show and to subscribe. Just click the button below:

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Over the past six weeks, we’ve taken a look at what Behavioural Finance is, and spoken to some experts and practitioners for their thoughts on the subject. Today I want to look at applying behavioural finance in real-world situations, so that we all can stand the best chance of making optimum decisions.

Applying Behavioural Finance This series has been really well received, and I’m grateful to everyone who has offered feedback. Certainly I’ve enjoyed delving deeper into this subject, which has fascinated me for a while. I know that it’s something I’ll keep coming back to.

I want to look at some true-life scenarios where you might have a need to apply what we’ve learned. Hopefully that way, when those situations come around, we can be prepared for them. Forewarned is forearmed and all that.

Here are the six scenarios I use to explain about applying behavioural finance

• What should I do with my portfolio in light of [Insert impending crisis here]?
• I’ve been checking my portfolio every day and it’s going down. I think I’m gonna sell.
• Oooo, that looks nice and shiny, should I spend/divert some of my savings, or pass?
• A friend gives me a stock/fund/sector tip; should I invest?
• My friend or family member has made big losses in their investments and has cashed everything in. Perhaps I should do the same?
• I want to invest but the market is high – should I wait?

These six scenarios, and doubtless many more, teach us about the five main biases of behavioural finance:

1. Over-reaction/availability bias – taking on too much news flow and reacting accordingly
2. Focusing on short-term performance – in the context of a long-term plan, what does it matter?
3. Following the herd – the wisdom of crowds is rarely visible in investing situations
4. Confirmation bias – being more aware of information that confirms your pre-existing thoughts, and not being objective
5. Anchoring – latching onto artificial numbers and framing decisions in that context.

Resources mentioned in this week’s show Self-check questions: Click the button below to download the checklist of questions to ask yourself when faced with a big decision:

Article: Real-world applications of behavioural finance – Nerdwallet

Video: Minds, Markets and Magic – Paul Craven

Podcast: Risk, Volatility & Timescale

For advisers (and anyone, really): Improving Investor Behaviour

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Not often this happens. I never get a cold, so I'm a bit annoyed! But I'm in no shape to talk for 30 minutes into a microphone, so if you don't mind I'm going to take a week off, and return next week to close out the season on Behavioural Finance.

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This week, I’m talking to a financial coach called Simonne Gnessen, author of Sheconomics and Founder of Wise Monkey Financial Coaching, who works with people in all kinds of financial situations to help them deal with their personal finances more effectively. There’s a lot to learn here, and some practical advice too for changing financial behaviour.

Podcast: Subscribe in iTunes | Play in new window | Download

Sponsor Message This podcast is brought to you with the help of Seven Investment Management, a firm of investment managers based in London. They specialise in multi-asset investing, bringing institutional investing techniques to ordinary people like you and me. 7IM put their name to my show and to my site because they believe in what I’m doing, trying to get decent, easy-to-understand financial information out to the world. I’m very grateful to them for their support. You can see what they’re up to at 7im.co.uk

Changing Financial Behaviour I've been aware of Simonne and her work for some time, and I can't quite believe it has taken me this long to get her on to the show. It turns out she regularly recommends that her clients listen to this show, for which I'm very grateful. Simonne is carving a special niche for herself in the UK as a most unusual creature, a financial coach. I ask her about her work and the difference she has made in people's lives, specifically regarding changing financial behaviour

One tip which Simonne suggested was to ask yourself this question:

"If money came to tea, how would it behave,what would it look like, how long would it stay and what would it say about your relationship with it?"

The answers to that question might give you some idea of how your relationship to money is, or is not optimal.

It's a great interview, and Simonne's heart for her clients really comes across - enjoy!

Resources mentioned in this week's show Simonne's website: Wise Monkey Financial Coaching

Book: Sheconomics, by Simonne Gnessen

Card game: Money Habitudes

Course: Do Something Different

Training: Financial Coach Practitioner Certificate

Resource for business owners: Beanbag (Simonne didn't mention this on the call, but it's worth a look)

Transcript And, as always, a full transcript is available by clicking the mahoosive blue button below:

Join the conversation I love to read and respond to your comments, so please do join in and share.

Question: What resonated with you from what Simonne talked about? Why? And what might you do differently as a result?

Share the love If this show is of any use to you, it would help me massively if you would take the time to leave me a review on iTunes. This has a huge impact on keeping me near the top of the rankings, which in turns helps more people to find the show and to subscribe. Just click the button below:

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I do love it when listeners get in touch, which happens nearly every day. When Vanessa Kettner got in touch and we traded emails, it quickly became apparent that she had something to offer all of us, so I invited her on, specifically to talk about something she calls The Seinfeld Trick, or the power of small increments.

Podcast: Subscribe in iTunes | Play in new window | Download

Sponsor Message This podcast is brought to you with the help of Seven Investment Management, a firm of investment managers based in London. They specialise in multi-asset investing, bringing institutional investing techniques to ordinary people like you and me. 7IM put their name to my show and to my site because they believe in what I’m doing, trying to get decent, easy-to-understand financial information out to the world. I’m very grateful to them for their support. You can see what they’re up to at 7im.co.uk

The Power of Small Increments Vanessa Kettner got in touch via voicemail, which you'll hear in this week's show. She told a brief story of how she has used a little trick, learned from her mother. She has applied to various areas of her life, from learning a musical instrument, and latterly to improving her personal financial situation. She joins me to talk about her journey...

In this show, you'll learn:

• The origins of what Vanessa calls The Seinfeld Trick
• How it enabled her to move up to first clarinet
• How she has applied it to educate herself financially...
• ...and also take action to improve her financial situation

Resources mentioned in this week's show Book: Tiny Beautiful Things by Cheryl Strayed Goals Sheet: Here's Vanessa's own fold-up goals sheet which she keeps with her Oyster Card Designer: Lindsay Derecola (designed the fold-up goals sheet) - Portfolio, LinkedIn, Email

Vanessa Kettner Contact Details Website: Personal Best - Personal Productivity Training & Coaching Email: Send Vanessa a message LinkedIn: Connect with Vanessa

Join the conversation I love to read and respond to your comments, so please do join in and share.

Question: How might you apply the power of small increments in your financial life?

Share the love If this show is of any use to you, it would help me massively if you would take the time to leave me a review on iTunes. This has a huge impact on keeping me near the top of the rankings, which in turns helps more people to find the show and to subscribe. Just click the button below: