Pensions

More than half of Gen Z workers have stopped paying into their pension during their short career as they struggle with daily expenses, according to research. Some 21% of youngsters said they are currently saving nothing towards their retirement, data from recruitment firm Robert Walters reveals, while 51% have paused their contributions at some point.

This is Money columnist Steve Webb receives many questions about private pensions. We've compiled his columns on 12 frequently raised topics - including finding lost pensions, rogue employers, starting to save late in life, and more.

My mother at present is fine and well. Would there be any repercussions if my brother and I were to buy her house, which is worth approximately £180,000, and she has about £20,000 in the bank. We are just trying to think ahead in case she has to eventually go into a home. I know she is well under the £325,000 for inheritance tax. Lawyer Ben Tyer, pictured, of SAS Daniels replies.

Rash moves could seriously backfire, some of them leaving you far worse off than if you'd left things alone, say Sarah Coles and Helen Morrissey of Hargreaves Lansdown. Endless speculation has persuaded an awful lot of people they need to take action now, to protect themselves from whatever the Budget on 30 October holds in store, they warn.

in January 2018, Philip Hammond asked the Office of Tax Simplification to carry out a review of inheritance tax - its verdict was damning. It painted a picture of a total mess of a tax, which despite only being paid by a small percentage of estates manages to create an administration nightmare for many more and where the merely rich pay a higher effective rate than the really rich.

My 76-year-old mother has moved in with me (her daughter) and my partner and has just instructed our local estate agent to put her property on the market. My mum will hopefully have £300,000-plus from the sale and I am looking to see what the best thing is for her to do with this money. I have thought about Premium Bonds, Isa account, fixed savings account and possibly buying a small property to rent. What is the best course of action?

Helping a loved one in their request to die could affect your family inheritance, says Nicola Waldman of Hodge Jones & Allen. A new assisted dying bill has begun its journey through the House of Lords but a change in the law remains a long way off, she writes. Until then, anyone who helps a family member to end their own life could automatically forfeit their right to any inheritance as a result, even if they avoid prosecution.

Our daughter has a controlling husband who has eyes set on her inheritance. We want to ringfence her share whilst allowing our two sons immediate access to theirs. In order to minimise inheritance tax we want to take advantage of the residential nil rate band. We have been told that this is possible if we set up a trust and the boys opt out of it within two years. We would be most grateful for your opinion on this matter.

More than 10,000 applications to stop probate being granted were made last year, up 14% on 2022 and 43% higher than the year before the pandemic. Wrangles about probate can involve family disagreements about who should be in charge, but also be the forerunner of a full-blown legal battle over a will.

Retired people are advised to keep far more cash on hand than the three to six months of wages that workers are typically told to put aside for a rainy day. This is because it is easier to recover from financial shocks when you can still earn a salary. For retirees, the decision depends on what you consider essential outgoings and how much you spend on those things, says Hargreaves Lansdown's head of personal finance Sarah Coles.

Sir Keir Starmer has laid the groundwork for an increase in taxes after warning the Autumn Budget on 30 October will be 'painful'. Increases to income tax, national insurance and VAT have already been ruled out, making it harder to balance Britain's books.

The sums due could range from a few pounds to more than £100,000 - but unless recipients come forward they will never find out and the Government will keep the money. 'In thousands of cases, the person who was underpaid is sadly no longer with us, but their heirs should still benefit,' says This is Money's retirement columnist Steve Webb .

Citizens Advice said that one in four people (25%) are so worried about increases in energy costs that they say they will be forced to turn off their heating and hot water this winter. This increases to 31% of households with children, and 39% of bill payers on a low income.

The headline inflation rate is hovering around its target level of 2%, prompting policymakers to cut interest rates from 5.25% to 5% at the start of this month. Higher interest rates mean annuity providers can fund more attractive deals, and annuity rates have now fallen back from their highs. The Bank of England looks likely to make two more interest rate cuts this year, according to Hargreaves Lansdown's head of retirement analysis Helen Morrissey.

The news on take-up follows the Government's announcement that the Winter Fuel Payment will be limited to those who claim pension credit or certain other benefits. This has prompted calls for a fresh pension credit sign-up drive before the winter. Tom Selby of AJ Bell, says: 'Failure to do this would risk leaving vulnerable pensioners in a desperate financial position when the cold hits.'

While many people dislike the idea of an annuity, the alternative means keeping your pension invested in retirement and managing it yourself - a process that can be confusing and full of pitfalls. So here's a checklist, from investing, to income, taxes, the state pension, inheritance, illness, financial advice and much else.

Turning your pension funds into an income that can replace your salary is among the most important financial moves you will make in your life. Here, we look at what you can expect from your work scheme as you get closer to retirement, and round up expert advice on how to maximise what you will have to live on in old age.

Investors can rack up big losses early on and never make them up if they aren't careful. People who persist in taking an income in those circumstances can pile up future problems. But you can put defences in place against market shocks before you retire, and there are ways to overcome investment setbacks in the early years too. Find out how...

The bond market crash in recent months has drawn attention to a little-known or understood investment strategy that many workers are 'defaulted' into in the run-up to retirement. Some older workers have discovered to their horror that they are sitting on huge losses right on the brink of retirement , which they might be forced to delay as a result. Here's what you need to know about pension lifestyling...

This depends on when the surviving partner reaches or has passed state pension age and their spouse's date of birth and National Insurance record. What you might get if anything is far more limited if you reached or are still due to reach state pension age after April 2016.

Modern work pensions are essentially cheap investment products provided and subsidised by employers. At a time when money is tight, it's worth exploring what they can do for you - including some obscure and surprising add-on benefits. Auto enrolment into work pensions takes the hassle out of saving for retirement, but you could be missing a trick or two by not looking any further than that.

Elderly women could receive nearly £1.5billion in state pension arrears after being shortchanged for decades, the Government admitted this week. A lot of women are understandably asking if they missed out on thousands of pounds in state pension, and we explain how to find out and what to do if you are owed money by the DWP. The scandal was uncovered by former Pensions Minister Steve Webb and This is Money, after we launched an investigation into a reader question to his weekly column in early 2020.

No one wants to save up all their working life for a decent retirement only to get stuck with an avoidable tax bill. Unfortunately, there are many tax traps for the unwary when it comes to pensions. It's especially important to find out about them if you decide not to get financial advice when you start tapping your fund. We asked pension experts for their tips on what trips people up the most often, and how to keeping a retirement fund as safe as possible from the taxman.

There are many legal ways to dodge the dreaded 40 per cent 'death tax' if you want to pass on the maximum sum possible and are prepared to plan ahead. Here's our round-up of 10 ways to reduce or avoid a large inheritance tax bill, some of which can be undertaken easily by any ordinary person without the need for elaborate arrangements or to pay for professional help.

Hoard your pension and spend other cash and investments first, to keep your money away from the taxman. That's the advice experts dish out to retirees worried about inheritance tax. But anyone who wants to minimise their annual income tax, or use up their capital gains tax allowance efficiently, might also benefit from not spending a pension first.

Job switching, auto enrolment with every move, and people's tendency to lose pension information and not update schemes with contact details are all behind the rise in orphaned pots. The cost of living crisis has highlighted the importance of tracking down lost pensions to boost your eventual retirement income, according to an industry campaign to help people find them.

We decode some of the jargon, from the more commonplace to the exotic, that you might come across when exploring your pension options. It comes as research shows that while savers heartily welcomed pension freedoms launched in April 2015, they feel baffled and overwhelmed when dealing with the new choices opened up to over-55s of spending, saving and investing their retirement pot.

The house has been valued at £300,000 plus. However, my mum's sister is trying to sell it to another family member for almost £50,000 less. This seems illegal, as someone holding power of attorney is obligated to act in the best interest of the person they represent. My mum wants to ensure they get the highest possible price for their mother's property to properly cover her care expenses. Lawyer Chris Gilbert of Nalders replies.

A few years ago I employed a financial adviser to consolidate all my company pensions, and my personal pension into one pension. Since signing up, I now pay a percentage of the value in fees to the financial adviser each year and I don't feel I'm getting value for money. Basically I have an annual review where they advise not to do anything with the pension. Do I have to have a financial adviser or am I allowed to manage my pension myself? Veteran money expert Henry Tapper, pictured, replies.