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Money Box Live: Pensions

Malcolm McClean, Michelle Cracknell and Billy Burrows
BBC Radio 4's Money Box Live
Wednesday, 10 March 2010 at 1502 GMT On Radio 4 and Online

On Wednesday's programme Vincent Duggleby put your questions about pensions and annuities to a panel of experts.

The new financial year will bring changes to the age at which you can access both private and state pensions.

From 6 April the minimum age for taking a private pension will increase from 50 to 55 years, with exceptions for those suffering from ill health or with protected rights.

At the same time, the age at which women, born on or after 6 April 1950, will receive their State Pension will also begin to rise. By 6 April 2020 the State Pension age will be 65 for both men and women.

The number of qualifying years needed to earn a full Basic State Pension however will reduce to 30 years for both men and women.

If you have a question about planning for retirement or accessing your pension why not contact the programme.

When will you receive your state pension?

Who is entitled to pension credit?

Maybe you have a question about occupational or personal schemes?

How much should you save and what charges should you expect?

Or perhaps you are reaching retirement age.

How do you convert your pension fund into a pension - what choices are there?

What should you consider when choosing an annuity?

Or perhaps you are wondering if you can protect your retirement income from inflation?

Whatever your question Vincent Duggleby and guests were here to help. Vincent was joined by:

• Malcolm McClean, chief executive, The Pensions Advisory Service

• Michelle Cracknell, strategy director, Skandia

• Billy Burrows, partner, Burrows & Cummins

Presenter: Vincent Duggleby
Producer: Diane Richardson

Buying voluntary National Insurance contributions for tax years 1996/97 to 2001/02 to improve your State Pension

A one time only offer for some people to make good missing National Insurance Contributions expires on April 5th 2010.

The eligible groups are women born between 6 April 1938 and 23 October 1944 or men born between 6 April 1933 and 23 October 1939 who have a NIC gap in any of the six years 1996/97 to 2001/02.

If you would like further information call the Concession Helpline: 0845 602 1785.This is a recorded message which enables callers to leave their details and effectively "log" their claim.

HMRC Deficiency Notice Helpline 0845 915 5996 textphone 0845 9153296
Assisting with enquiries from people who have been notified that they may have a shortfall in their National Insurance Contributions. Advice and assistance can be offered regarding explanations about how the shortfall has been calculated, how to query the shortfall amount, general Home Responsibilities Protection (HRP) information and how to obtain further information.

Money Box



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External internet links
10 Mar 10 |  Moneybox
Warning on public sector pensions
12 Mar 10 |  Business
Clock ticks on pension changes
06 Mar 10 |  Moneybox
'Sharp cut' in pensions deficit
09 Mar 10 |  Business
Pensioners get defer rates option
03 Mar 10 |  N Ireland Politics
Private sector pensions decline
01 Mar 10 |  Business
End retirement age, parties urged
25 Feb 10 |  UK Politics
Elderly tax affairs 'too complex'
25 Feb 10 |  Business
Dodging the annuities postcode trap
06 Jan 10 |  Business

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