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BBC Radio 4

Money Box

New research estimates that there are more than 3 million lost pension pots in the UK. These are pensions that have been paid into by an employer but the scheme can no longer find the person who owns it. The Pensions Policy Institute research also found number of lost pots has risen more than 17% since 2022. The Department for Work and Pensions told us millions of people will be saved from losing track of their pension pots thanks to its plans to consolidate deferred small pots in its forthcoming Pension Schemes Bill. The Pensions and Lifetime Savings Association says the industry has funded campaigns to raise awareness. Go to gov.uk and search 'pension tracing' to find contact details for your old pensions.

Hundreds of thousands of former university students are being urged to check if they have paid too much towards their student loan and if so to claim a refund. The campaign group Save the Student made the call in response to new figures from the Student Loans Company, published for the first time, which show former students are eligible for refunds worth £184m. 

And in last week's Budget the Chancellor, Rachel Reeves, announced a reduction in the level of debt repayments that can be taken from a household’s Universal Credit payment each month. The new "Fair Repayment Rate" will reduce Universal Credit deductions from 25% to 15% per month. The government says that means that 1.2 million households will keep more of their award each month and those who benefit will gain an average of £420 a year. 

Presenter: Paul Lewis
Reporters: Dan Whitworth
Researchers: Emma Smith and Jo Krasner
Editor: Jess Quayle

(First broadcast 12pm Saturday November 9th 2024)

Lost Pensions and Student Loans

A record number of people in England and Wales are getting help with the cost of their water bills. The number of people on low incomes who have been given a reduction in their bill grew last year by 250,000 to 1.6 million. They are called 'social tariffs' but newly released data from the Consumer Council for Water shows the amount people get varies widely depending on where they live. Water UK, which represents the water industry, says these are average figures with eligible customers able to receive a much higher deduction. Dan Whitworth will have the full details of this story.

In a week where changes to Inheritance Tax for farmers have dominated the headlines, we’ll discuss how the changes will work and who will be affected. 

There's a new inflation measure developed specifically for Northern Ireland. The Northern Ireland Consumer Prices Index allows statisticians to compare how fast prices are rising against the UK rate. We'll find out more about how it's calculated.

Plus, the listener who got a £1,500 refund on his student loan after listening to Money Box.

Presenter: Paul Lewis
Reporters: Dan Whitworth, Emma Smith and Eimear Devlin
Researcher: Catherine Lund
Editor: Jess Quayle

(First broadcast 12pm Saturday 16th November 2024)

Water Bills and Inheritance Tax for Farmers

More than 800,000 people have called a dedicated fraud line, which connects them with their bank if they think they’re being scammed, since it started 3 years ago. Stop Scams UK, which set up 159, says 20 banks are now part of the service. We'll hear from a woman who called the number after losing £4,000 in a scam and find out more about how it works.

Complaints about the wealth manager St James Place have risen sharply amid a major historical review of the ongoing fees it charged its customers. Fifteen thousand clients complained to the company directly in the first half of this year, and complaints to the Financial Ombudsman Service quadrupled in that time compared to the year before. St James Place says beginning last year, it saw an increase in the number of complaints received. While these have since reduced, it continues to do everything it can to work through them as quickly as possible. It has put in place processes including training and recruitment to maximise the number it can complete without jeopardising the quality of the investigation, and says that it apologises for any delays clients may experience during that time. 

Some first-time buyers are finding that Lifetime ISAs, a government scheme that adds a 25% bonus to everything you put in towards your deposit, aren't working for them when they come to buy a home. It is because there's a £450,000 cap on the price of the property you can buy, which some find prices them out of buying where they live. The Treasury says that across the vast majority of the country and in most London boroughs, the average price for a first-time home remains below the cap. 

Presenter: Felicity Hannah
Reporter: Dan Whitworth
Researcher: Emma Smith
Editor: Jess Quayle

(First broadcast 12pm November 23th 2024)

Reporting Scams and Lifetime ISAs

A new report about the UK’s main financial regulator was published this week, concluding the Financial Conduct Authority is "seen as incompetent at best, dishonest at worst." The report was put together by the All Party Parliamentary Group for Investment Fraud and Fairer Financial Services, which is made up of cross-party MPs and members of the House of Lords. They spoke to victims of financial scandals who lost money in frauds and heard testimony from people who worked, and some who still do work, for the organisation. The FCA has said it sympathises with those who have lost out as a result of wrongdoing in financial services, however it strongly rejects the characterisation of the organisation. We'll hear from the co-author of the report and, in his first interview since its publication, we'll speak to Nikhil Rathi, the Chief Executive of the Financial Conduct Authority.

What deals can people expect if they’re re-mortgaging their homes over the next 6 months? We'll hear from listeners affected and get some advice from a mortgage broker.

And, the 9 year old coin collector who has found a special £2 coin and wants to know whether to spend it or save it.

Presenter: Felicity Hannah
Reporter: Dan Whitworth
Researcher: Emma Smith
Editor: Jess Quayle

(First broadcast 12pm Saturday 30th November 2024)

FCA Seen as 'Incompetent' and Rare Coins

Almost a million women are trapped in dangerous relationships because of economic abuse, figures from a dedicated charity suggest.

Economic abuse is now a legally recognised form of domestic abuse. It could include not allowing access to cash or bank accounts or the things money buys like food and clothing.

The charity Surviving Economic Abuse reports that 1 in 7 women in the UK have experienced this kind of control and coercion at the hands of a partner and we know that men can face it too. 

Felicity Hannah is joined by Sam Smethers the CEO of Charity Surviving Economic Abuse and also solicitor Gary Rycroft.

Presenter: Felicity Hannah
Producer: Sarah Rogers
Researcher: Emma Smith
Editor: Jess Quayle

If you've been affected by any of the issues in this programme then details of help are available at bbc.co.uk/actionline, or you can call for free, at any time to hear recorded information on 08000 155 947.

(This episode was first broadcast at 3pm on Wednesday the 4th of December 2024)

Money Box Live: Escaping Economic Abuse

The savings that energy companies promise customers are in many cases fictional and never will materialise. Those are the findings of a Money Box investigation. We found that the savings energy companies have been quoting to urge large numbers of customers to switch tariffs are phantom and can never be achieved. We have discovered that this is down to the way that Ofgem makes suppliers and comparison websites work out potential savings using the standard variable tariff as a basis for comparison even though customers may not even be on it.

This week the Financial Conduct Authority outlined a new approach for regulating the promotion and distribution of Lifetime ISAs which will be available from April 2017. LISAs are intended to allow people aged under-40 to save for a home and retirement simultaneously with a cash bonus worth up to £1,000 a year being added to every £4,000 saved in to the scheme. Lifetime ISAs have come under criticism from the industry so will this new approach make any difference?

As of next spring the UK will have a new main measure of inflation. The Consumer Price Inflation including Housing (CPIH) includes the costs of owner-occupied housing. We discuss its pros and cons.

And Sweden's central bank is currently considering launching a digital currency in a move away from hard cash. We ask the bank's Deputy Governor how a central bank supported digital currency could work and what challenges it would create.

Presenter: Paul Lewis
Reporter: Michael Robinson
Producer: Alex Lewis
Editor: Andrew Smith.

Energy savings that disappear

Around 75,000 travellers were left facing long delays and cancellations after a British Airways computer system failed over the Bank Holiday weekend. Helen Dewdney, founder of the Complaining Cow consumer advice blog outlines how affected passengers should approach the compensation process. 

Ahead of next week's general election Chris Philp from the Conservative Party and SNP spokesperson for work and pensions Ian Blackford set out their personal finance manifestos. What might the policies mean for your money?

Flight compensation - where do the stranded stand?

Louise Cooper would like to hear your views, experiences and questions about being a buy to let landlord. Call 03700 100 444 between 1pm and 3.30pm on Wednesday 28 June or e-mail moneybox@bbc.co.uk now. Standard geographic charges from landlines and mobiles will apply. 

The end of mortgage interest relief, the loss of the so called wear and tear allowance and additional stamp duty charges on new property purchases may mean that landlords have to rethink their financial plans. Some landlords are being encouraged to set up a limited company to avoid the charges but how does it work and could it end up costing you more? 

Stricter mortgage affordability assessments will also apply to landlords who own four or more properties from September 2017, limiting the overall amount you can borrow.

And what are the rules about tax and mortgages if you're a landlord thinking of letting a property through Airbnb?

Joining Louise Cooper to talk through the business of buy to let will be:

Carolyn Uphill, Chairman, National Landlords Association.
Anil Mohanlal , Chartered Accountant and Managing Partner, Kumar & Co.
David Hollingworth, from Mortgage Broker London and Country.

We'd love to hear your ideas. Call 03700 100 444 between 1pm and 3.30pm on Wednesday 28 June. Standard geographic charges from landlines and mobiles will apply. Or e-mail moneybox@bbc.co.uk with your thoughts and experiences.

Presenter: Louise Cooper
Producer: Diane Richardson
Editor: Andrew Smith.

Money Box Live: Buy to Let

The current State Pension system - guarantees anyone with requisite NI contributions a pension of £150ish a week (in real terms. It is protected by the "triple lock" and guarantees a minimum income on reaching State retirement age. But....it's not enough to live on - it's only it's only remotely enough for those with no housing costs and no-one believes the triple lock is affordable for much longer. How much can we rely on the State to fund a retirement. 
Presenter:Paul Lewis
Producer: Ben Carter 
Editor: Andrew Smith.

Will the State Pay for Our Retirement?

For many people, the workplace pension has been the crux of a decent income in retirement - a guaranteed sum paid for the whole of your non-working life. Stockmarket fluctuations, our increasing longevity and well-meaning changes to pensions policy by successive governments have helped make these sorts of schemes unaffordable. At the same time, something equally fundamental has been happening to the structure of the workplace as well as the nature of the relationship and expectations between employer and employee. 

The last 10 years has seen the closure of 60% of schemes which would guarantee you a 'wage' in retirement. Since 2012 a system of auto enrollment has instead required all employers to offer a pension that employees are opted into by default. But these come without any assurances about future pay outs and contribution rates are low.

So what role do employers' pension schemes now have in providing us with a comfortable retirement? 

Presenter: Adam Shaw
Producer: Alex Lewis 
Editor: Andrew Smith.

Will the State Pay for Our Retirement?

Will the State Pay for Our Retirement?

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