The Meaningful Money Personal Finance Podcast

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

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

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

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

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