Advertisement
Search
Search within

McCloud judgement creates a tricky pension dilemma for civil servants - STEVE WEBB gives

Like thousands of other civil servants, retired and employed, I have received an offer from the Civil Service Pension Scheme. This asks whether I want to switch from the Principal Classic pension scheme to the Alpha pension scheme with compensation being paid for the remedy period in accordance with the McCloud judgement. Would it be possible for you to give advice with regard to the short and long term consequences of switching?

British households - both renters and homeowners - spent a record £217billion on housing costs last year - £8.6billion more than the previous peak in 2016

Rachel Reeves is attempting to balance the books - and more tax rises are in the pipeline if the economy continues to flatline, City experts predict.

Where have all the small petrol cars gone? Just three options now available as drivers

City cars are the ideal solution for drivers needing compact runarounds that are cheap to buy and run and who rarely cover long-distance journeys. They too are incredibly popular among young drivers due to their combined ease of use and ultra-low insurance costs. But motorists wanting a vehicle of this description with a petrol engine under the bonnet are already faced with incredibly limited options on the market. We investigate why...

This is Money explains what tariffs are, how they work and are implemented and how they could affect the cost of living, savings, investments and pensions for people in Britain.

It is nearly six years since Neil Woodford's investment empire began to crumble when dealings in the flagship Woodford Equity Income Fund (WEIF) were abruptly suspended.

Dividends matter and British firms have a strong track record of paying them. The top ten provide annual income that far exceeds saving accounts...

Rachel Reeves is due to deliver her Spring Statement this week and it's probably safe to say this isn't the position she wanted to be in.

SAVE MONEY, MAKE MONEY

Up to £3,000 on new accounts and transfers

Isa cashback

Up to £3,000 on new accounts and transfers

Isa cashback

Up to £3,000 on new accounts and transfers
Check price cap beating deals with uSwitch

Fix energy bills

Check price cap beating deals with uSwitch

Fix energy bills

Check price cap beating deals with uSwitch
Free share and ETF dealing, no account fee

Fee-free Isa investing

Free share and ETF dealing, no account fee

Fee-free Isa investing

Free share and ETF dealing, no account fee
Flexible cash Isa with unlimited withdrawals

4.85% cash Isa

Flexible cash Isa with unlimited withdrawals

4.85% cash Isa

Flexible cash Isa with unlimited withdrawals
Up to £3,000 when you open a Sipp by 5 April

Sipp cashback

Up to £3,000 when you open a Sipp by 5 April

Sipp cashback

Up to £3,000 when you open a Sipp by 5 April

Affiliate links: If you take out a product This is Money may earn a commission. These deals are chosen by our editorial team, as we think they are worth highlighting. This does not affect our editorial independence. Terms and conditions apply on all offers.

Follow
MailOnline

Follow
@MailOnline

   

DON'T MISS

BT drops 'vanity project' rebrand and reverses EE flagship naming

Chief executive Allison Kirkby (pictured), who took over in February last year, is understood to oppose the decision to sideline the brand by Marc Allera, the outgoing head of BT's consumer division. One industry expert described the shift to EE - previously called Everything Everywhere - as a 'vanity project' by Allera. In 2022, the telecoms giant said it would make EE its main retail brand with the aqua blue and yellow logo replacing the BT name on bills, phones, TV boxes and wifi home hubs.

NEW S4 Capital's revenues shrank again last year amid continued economic uncertainty and weaker spending from the ad group's technology businesses.

Dubai-based Sidara has been given extra time to negotiate a potential takeover of North Sea engineer Wood Group.

Caffe Nero has gone from a start-up to the largest independent coffee house chain in Europe, with 1,100 stores in 11 countries, including 700 in the UK.

The company, which maintains Britain's fleet of nuclear submarines, will be promoted from the FTSE 250. The share price rise means it is now valued at almost £3.7billion.

HSBC is under growing pressure to explain its refusal to pay out the savings owed to people who fled Hong Kong to escape a crackdown by the authorities in Beijing.

I fear my daughter could blow her savings at 18, says ROSIE MURRAY-WEST: Here's my plan to

Given the excitement around the Netflix series Adolescence, which depicts the malign influences bearing down on our young people, this seems like a bad week to write about trusting a teenager with anything. But like thousands of parents across the UK, I'm about to hand a reasonably large amount of money to my nearly-18-year-old. Now I must cross my fingers and hope she's ready to manage it herself.

I have a driveway with a partial wall and we have a garage, but the cars won't fit. I'm thinking about putting bollards up so I can secure my two vehicles at night.

Utilico EM's Charles Jillings joins Simon Lambert to discuss everything from EVs in China, to rail lines in Brazil and Argentina's nascent economic recovery.

TONY HETHERINGTON: Gold is flying - but I was offered less for my coins than I paid

eing a novice investor in gold, I started off with Solomon Global by buying one gold coin from them in 2021 for £1,359. Last August, seeing how well it had done, I told the firm I wanted to get on to the housing ladder in a year or two. They told me about their buy-back guarantee. Unless the gold price fell they forecast a gain of up to 24 per cent, so I invested £11,364 in four more coins. Last November, the firm said my £11,364 had grown to £12,115, but when I asked to sell, they offered only £11,595 for all five, which had together cost me £12,723.

Car safety tech dubbed 'dangerous, distracting and useless' by drivers - and it's why half

Motorists are often infuriated by incessant warning bongs from these system or feel too uncomfortable relinquishing control - and their safety - to tech in their cars. The feature most commonly turned off became a requirement in all new models sold in Europe last year under EU rules introduced on 7 July 2024 . An exclusive investigation by This is Money found that almost all manufacturers are also installing this ADAS feature in cars destined for UK customers, despite the government not mandating the safety system for Britain's roads.

From 1 April, EV owners for the first time will be forced to pay Vehicle Excise Duty under a fresh taxation policy introduced by the Labour government.

This compact family hatchback is the fourth generation Jazz since the original was launched in 1983, with the current model from 2020 enjoying a refresh in 2023.

Pensioner told 'be patient and wait' over £15k state pension top-ups payment

Christopher Dehn, pictured, who handed over huge sum to Government months ago says he feels let down by the 'chaotic' system. He contacted This is Money, saying: 'I am now worried that this large sum has become "lost".' Britons are rushing to send payments to the Government ahead of a 5 April deadline to buy missing years as far back as 2006, after which you can only backdate six years.

A crucial deadline to fill gaps in state pension records and boost your payments is looming on 5 April. Here's how you can still take advantage...

Businessman's NEET plan to save a million kids from the scrapheap

Nieper believes he has a formula that would help end the scourge of NEETS - that's young people Not in Education, Employment or Training. Shockingly, there are almost a million British youngsters in this predicament, which Nieper describes as a 'terrible time bomb'. If the Government fails to tackle the NEET problem, he warns, 'we risk entrenching another generation of wasted potential, economic stagnation, and social decline'.

Which Isa is right for you? There are now FIVE types - but our quiz makes the choice

Whether you're saving for the holiday of a lifetime or a retirement that's still decades off, Isas are an ideal place to build up a nest egg. You can save up to £20,000 each financial year, split across as many Isas as you like, without having to pay a penny to the taxman.

There is one simple mission: to generate stellar capital returns for its investors by taking long-term stakes in some of the world's strongest companies.

Venturing into China will be hazardous since history is not necessarily a guide to how China will fare in this trade war.

When will interest rates fall? Forecasts for a base rate cut

The Bank of England opted to hold interest rates following its latest meeting at 4.5 per cent as it continues to tread carefully amid fears of resurgent inflation. The decision came as little surprise to financial markets, with a pause wide predicted by analysts. Eight members of the Monetary Policy Committee voted to pause, and one for a cut.  Its previous decision, in February, was to cut rates from 4.75 to 4.5 per cent, taking base rate to 0.75 percentage points below its 5.25 per cent peak. The next decision will take place on 8 May.

We risk entrenching another generation of wasted potential, says CHRISTOPHER NIEPER

In the ongoing debate about welfare reform, we are overlooking one of the greatest economic and social challenges of our time: the one million young people currently not in education, employment, or training (NEET). If we are serious about growth, productivity, and national renewal, this is where government action must begin. This is not a marginal issue. One in seven young people is now NEET, concentrated in the very communities that have been left behind for decades.

For the calm-headed there are still ways of building and preserving wealth. Hold down your taxes and buy things that will preserve value. Not easy, but got to be done.

Boss Allan Leighton slashed the cost of 1,500 items by as much as 45 per cent. He said he planned to 'continue to invest in lowering prices across the rest of the year and beyond'.

In a House of Lords debate on the Chancellor's business rates reforms, peers heard the demise of town centres posed a threat to 'social cohesion'.

Tim Martin said the company is facing a £60m-a-year hit from hikes to National Insurance and the minimum wage next month.

Labour wants more timber frame houses: What's good and bad about them?

Labour is pushing for more timber frame homes, saying they would be better for builders, and for the planet. Keir Starmer 's government wants to build 1.5million homes during the course of this parliament, and last month environment minister Mary Creagh unveiled plans to boost the number of those with a wooden framework. This is Money examines the pros and cons of timber frame properties, what they cost and whether or not they are likely to become widespread across Britain.

The feature, which was automatically activated on all compatible phones on the O2 network, aims to warn customers of potentially fraudulent calls before they answer.

There is something very unsettling about the figures suggesting the nation's grandmas are being forced to abandon their dreams of putting their feet up.

You can now open unlimited number of Isas each tax year: Here's how to use the new rules

Since April 6 last year savers have been able to open an unlimited number of Isas. You can even hold multiple versions of the same type with the same provider. The only restriction is that you can't exceed your £20,000 annual allowance, and you can hold only one Lifetime Isa. So what is the ideal approach and how can you decide what is right for you?

The closure of Heathrow today has caused mayhem, with 1,350 flights to and from the airport being cancelled. Here I answer the key questions Mail readers have been asking me.

If you're not happy with the service you're receiving, it's a good idea to shop around particularly as broadband providers are offering some generous perks to switch.

Taxman rakes in £1.1bn from stamp duty last month - use our calculator to work out how

Homebuyers paid a whopping £1.1bn in stamp duty last month, according to Coventry Building Society's analysis of the latest His Majesty's Revenue and Customs figures. The mutual says this was a 24% increase on the £848m paid in January, fuelled by a rush in activity as buyers race to beat the fast-approaching stamp duty hike. Buyers now have just ten days until 1 April, when the nil-rate threshold, under which no stamp duty is paid, drops from £250,000 to £125,000, returning to where it was before temporary changes were made in 2022.

Price of buying an average detached house jumps £100,000 in just five years

Larger homes are driving house price growth across Britain, new data from Halifax has revealed. Detached properties have increased in value by more than £100,000 over the last five years, the lender's research found. They currently sell for an average of £471,748 - just shy of the record high set in September 2024 at £472,984.

I make £6M and want to give £1M a year to my adult children, can we cut the inheritance

I started a modest software company 27 years ago, and my wife and I now earn up to £8million a year. For so long as I am still working - is it reasonable to gift up to £1million of what we earn annually to the children without causing issues with HMRC and the gifting rules?

I inherited half of mothers property after her partner died in 2023. She died 24 years ago. Will I face a capital gains tax bill because of this?

I have been paying premiums to Domestic & General Insurance for many years to cover seven appliances, adding up to nearly £105 a month.

Interest rates held at 4.5%: What it means for your mortgage and savings

The Bank of England has held interest rates at 4.5% as it continues to tread carefully amid fears or resurgent inflation. The decision came as little surprise to financial markets, with a pause wide predicted by analysts. Its previous decision, last month, was to cut rates from 4.75 to 4.5%, taking base rate to 0.75 percentage points below its 5.25% peak last summer.

Daphne was talked into paying £4,000 for spray foam loft insulation, £2,000 to get it

For months after Daphne Wood had spray foam roof insulation installed, she was surprised to receive cold calls every week from firms badgering her to spend thousands of pounds - to have it removed. Her decision to have spray foam put in her loft after receiving a call from a company out of the blue appears to have triggered unsolicited nuisance calls and visits to her home.

We explain what you need to know about income tax, how fiscal drag is making us all pay more - and how top earners end up paying a huge chunk.

Only 59% of young people have enough emergency savings to cover the recommended three months of their salary, data shows.

How to get a £5,000 tax-free income from a stocks & shares Isa

An income you don't have to work for is often seen as the preserve of fortunate 'trustafarians', whose families use trusts to pass wealth down through the generations. But you can use your Isa to provide your family with a source of tax-free money, too. The trick is to choose investments that pay out a regular income. As long as they are sheltered in your Isa, the income paid out is completely free from tax - a welcome top-up for your salary or pension that you don't have to declare to HM Revenue & Customs (HMRC). Pick wisely and you could achieve a steady, sustainable income. However, it is not simply a matter of selecting investments that pay out the most, as our experts reveal.

The world's biggest EV maker revealed its 'Super e-Platform' using the latest lithium-ion-phosphate Blade battery technology. Here's why it's so important...

I've been sent two parking tickets for 98 Euros from Italy. I was on holiday there more than a year ago - and they've only just been issued. Do I have to pay?

How power of attorney can be abused accidentally with 'gifts' and 'expenses'

Taking on power of attorney for someone else is a very responsible role, and sadly things can go wrong if those chosen turn out to be untrustworthy. The Office of the Public Guardian, the arm of the Government which runs the attorney system, reported a 28 per cent increase in investigations to nearly 3,650 last year. The Step body of inheritance advisers tells us it is not uncommon for its members to see cases of 'unintentional' as well as more purposeful financial abuse.

Becoming a millionaire is something many of us dream about - but building such an impressive nest egg is not as out of reach as you think.

Trying to decide where to invest has become especially fraught over the past few weeks as markets face huge volatility and the outlook changes daily.

Best stocks & shares Isas: Pick the right investment account

Choosing the right DIY platform is crucial but a wealth of choice and a variety of charges can leave investors scratching their heads. We pick some of the best. We pick some of the best. We also highlight why investing in an Isa makes sense, as it should protect your hopefully growing investments from tax forever.

Fixed mortgage rates are continuing to fall back from their summer peak, with a number of fixed rates deals now less than 5 per cent.

If you are planning on investing, or just want to know more, we tell you the 10 essential things to consider for a successful buy-to-let investment

We pick our five favourite cash Isas for savers. This is essential reading to help you choose a top savings account for your money that can also protect you from tax.

We asked trusted experts to recommend the best funds that cover different investment sectors - and included This is Money's selection of active and passive options too.

Premium Bonds Winners

Prize Area Value of bond
£1,000,000 Cumbria £35,000
£1,000,000 Cleveland £100
£100,000 Highlands And Islands £5,000
£100,000 Leicestershire £1,289
£100,000 Hertfordshire £50,000
£100,000 Kent £50
£100,000 Sefton £10,000
£100,000 Leicestershire £50,000
More March 2025 winners
View list of March 2025 winners
   

MOST READ MONEY

Tourist rates

Currency Rate Buy now
Updated 24 Mar 2025.
Euro 1.1695 Buy Now
US Dollar 1.2665 Buy Now
Australian Dollar 2.0 Buy Now
Barbados Dollar 2.216 Buy Now
Brazilian Real 4.893 Buy Now
Bulgarian Lev 2.181 Buy Now
Canadian Dollar 1.804 Buy Now
Chinese Yuan 8.699 Buy Now
Croatian Kuna 8.293 Buy Now
Czech Koruna 28.73 Buy Now
Danish Krone 8.53 Buy Now
Hong Kong Dollar 9.725 Buy Now
Hungarian Forint 461.0 Buy Now
Icelandic Króna 163.2 Buy Now
Indian Rupee 87.48 Buy Now
Indonesian Rupiah 15659.0 Buy Now
Israeli New Shekel 4.177 Buy Now
Jamaican Dollar 147.8 Buy Now
Japanese Yen 184.9 Buy Now
Jordanian Dinar 0.778 Buy Now
Kenyan Shilling 135.1 Buy Now
Malaysian Ringgit 5.277 Buy Now
Mexican Peso 26.68 Buy Now
New Taiwan Dollar 35.76 Buy Now
New Turkish Lire 44.85 Buy Now
New Zealand Dollar 1.847 Buy Now
Norwegian Krone 13.43 Buy Now
Polish Zloty 4.798 Buy Now
Romanian New Leu 5.434 Buy Now
Russian Rouble 75.14 Buy Now
Singapore Dollar 1.667 Buy Now
South African Rand 22.91 Buy Now
South Korean Won 1549.0 Buy Now
Sterling 1.0 Buy Now
Swedish Krona 12.63 Buy Now
Swiss Franc 1.101 Buy Now
Thai Baht 41.91 Buy Now
UAE Dirham 4.594 Buy Now
Vietnamese Dong 27664.0 Buy Now
Advertisement
Advertisement