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**Six of the Most Important Pension Questions of 2024 Answered**
As we approach a new year, it’s essential to stay informed about the ever-changing landscape of pensions and inheritance tax. In this article, I’ll address six critical pension-related questions that have been raised by our readers.
**1. Will starting to take my NHS pension at 60 affect Universal Credit payments?**
For those who are considering taking their NHS pension early, it’s crucial to understand the potential impact on any benefits they may be receiving or will receive in the future. Steve Webb explains: “If you start taking your NHS pension before reaching state pension age, this could potentially affect your Universal Credit entitlement.”
**2. I’m 67 and have a 17-year shortfall in my state pension record – should I buy top-ups?**
As the complexity of state pension calculations continues to cause confusion, it’s vital that individuals understand their options. Steve Webb advises: “You can purchase additional years or months to increase your state pension entitlement. However, this should be done with careful consideration and consultation with a financial advisor.”
**3. I discovered my husband’s pension 11 years after he died – a year on, I’m still waiting to get it**
In cases where pensions are left unclaimed due to lack of awareness or information, it’s essential that claimants receive timely assistance. Steve Webb emphasizes: “It’s crucial to report any unknown pensions and seek guidance from experts to ensure you don’t miss out on the funds you’re entitled to.”
**4. How safe are my pensions? I’m worried the rules seem confusing**
As pension regulations continue to evolve, it’s natural to feel uncertain about your financial security. Steve Webb offers reassurance: “While the pension landscape may be complex, it is crucial that individuals seek guidance from professionals and stay informed about changes to ensure their hard-earned savings are protected.”
**5. Can I give away my home and still live in it…**
As inheritance tax concerns continue to mount, our readers have been seeking advice on how to mitigate its impact on their loved ones. Steve Webb clarifies: “While gifting a property might seem like an attractive option, it’s essential to consider the potential consequences for your family and seek professional guidance before making any decisions.”
**6. Should I cash in my pensions to avoid inheritance tax? What’s the best way to gift money to our daughters?**
With the latest Budget changes, many individuals are reevaluating their pension strategies. Steve Webb offers a straightforward answer: “Cashing in your pensions should be carefully considered, and it’s essential to consult with experts on how best to minimize the impact of inheritance tax.”
In conclusion, understanding these critical pension-related questions will empower you to make informed decisions about your financial future.
Source: www.dailymail.co.uk
