This year, former Pensions Minister Steve Webb celebrated his 300th column as the beloved retirement agony uncle for This is Money.
Each week, he receives a large volume of mail on a range of topics, while the state pension remains the most common subject.
Steve’s insider expertise from his tenure at the Department of Work and Pensions is crucial when determining whether the calculations are accurate.
In an astonishing example this year, he researched why a reader was only granted £6,000 after delaying her state pension for eight years and discovered she was owed £32,000.
In 2022, a large number of concerned readers wrote Steve about the impact of unpredictable financial markets on their retirement savings.
These and other topics are discussed in Steve’s writings, who is now a partner with pensions consultant LCP.
Here is a complete archive of Steve Webb’s former pension columns, including his most popular pieces on the state pension.
Scroll down to learn how to submit your pension question if you have a question you would want to submit.
I was offered $6,000 after delaying my pension for eight years; is this correct?
A reader who had postponed her pension waited a year for the DWP to give an estimate of what she would receive, but the figures she received were so erroneous that she stood to lose a significant amount of money.
Fortunately, she wrote to Steve, who cleared up the problem and secured a £32,000 lump settlement for her.
The column outlines what to do if you feel that your state pension is incorrect, as well as what information to bring if you contact Steve about it.
My pension fund has plummeted and I am 66 years old; how can I recover my losses?
As a result of turbulent markets, a large number of people have large gaps in their pension savings, a situation that is especially worrisome for those nearing retirement.
Steve provided various solutions for saving in this difficult situation, noting, “I fully appreciate how painful this has been for many individuals.”
Here you can also discover a This is Money guide to minimizing investment losses in pension plans.
My pension transfer value fell from £740,000 to £340,000: Is my dream of early retirement over?
This year, final salary pension schemes became far more stingy with transfer proposals to members.
Steve informed readers in this situation that their pensions have not crashed, and that they will continue to receive a steady income in retirement beginning at a certain date, as was originally intended. The decline in transfer values impacts only those who wish to transfer their pension to an investment drawdown plan.
Steve explains why schemes are now offering fewer sums in this scenario: ‘At a time when interest rates are rising, pension schemes receive higher returns on their assets, and as a result, they require less money to support the pensions they have pledged.
This indicates that the amount of money they would save if you transferred out has decreased, hence decreasing your transfer value.
Should I contribute extra funds to my workplace pension or start an investment Isa?
Steve provided three reasons to choose a pension over an Isa in this situation: employer contributions, tax benefits, and lower fees.
However, he continued, “The one major advantage of an Isa is that you can access your money immediately, whereas with a pension it is unavailable until your late 50s.”
I wish to stop a two-year state pension deferral but am perplexed by DWP’s contradictory information.
Steve covers the pre-2016 and post-2016 state pension deferral laws, as well as the elimination of the lump sum option.
You can still receive a lump amount for a portion of the deferral period if you request that your claim be backdated by up to a year.
“Any money owed to you between the date you filed your claim and today is paid out as a flat payment (albeit without interest),” Steve stated.
I’m 68 and retired; can I still pay additional National Insurance to increase my state pension?
This topic is puzzling to many readers. Steve explains his five “golden rules” for purchasing state pension top-ups in his column.
Later, he developed a website to assist savers with the tax process. It is free to use and hosted by LCP, where Steve is a partner.
