Freshen up your finances with articles from Radio Times money experts Paul Lewis and Melanie Wright. Now all compiled into one handy guide.
ISSUE 5
MARCH 2026
Freshen Up Your Finances Featuring articles from Mel Wright & Paul Lewis
EQUITY RELEASE | PENSIONS | INSURANCE | INVESTMENTS & MORE
INTRODUCTION Freshen up your finances with articles from Radio Times money experts Paul Lewis and Melanie Wright. Now all compiled into one handy guide, discover advice on insurance, utilities, investing, saving costs, equity release and more, and take control of your financial future this year.
CONTENTS
3
Meet your experts
4
What are your 2026 money resolutions?
5
How to maximise your pension with an annuity
6
Is equity release is right for you?
7
How to get rid of a CPA
8
What the withdrawal of the cut in fuel duty means
MEET YOUR EXPERTS
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Melanie Wright
WHAT ARE YOUR 2026 MONEY RESOLUTIONS?
Packed full of useful hints and tips, this guide is invaluable if you're planning your estate or have benefited from an inheritance. This guide reveals: Simple steps to pay less inheritance tax Reduce tax and keep your wealth in your family using our experts' top tips HARGREAVES LANDSOWN’S FREE GUIDE TO SAVING INHERITANCE TAX
here are plenty of things you can do to ensure that this year sees a whole new financial you. Here, we take a look at T some of the money resolutions you might want to consider making to help boost your bank balance in 2026… Earn more interest on your savings The Bank of England base rate was cut to 3.75% in December, but that doesn’t mean you have to settle with earning paltry returns on your savings. You should regularly review your accounts to ensure your money earns as much interest as possible. For example, a savings pot of £5,000 could earn more than £200 extra interest a year if it was earning a market- leading 4.5% easy access savings rate compared to if you left it languishing in an
over a year, even once the 3.45% balance transfer fee is factored in.
How you could use an inheritance Gifting - pros, cons and 'how to'
Shop around for insurance
IHT-free investments Easy ways to use trusts
Never just accept the renewal quotes offered by your home and motor insurance companies. Consumers who use a comparison website to switch their insurance provider can typically save as much as around £500 a year on car insurance and about £200 on home insurance, although the actual savings you’ll be able to make will depend on your individual circumstances and claims history.
To download your guide, scan the QR code here This guide is not personal advice. Please remember tax rules can change and the value of the tax benefits will depend on your circumstances. The value of investments can fall as well as rise so you could get back less than you invest. If you are unsure, please seek advice.
Slash energy bills
You should regularly check that you are on the right gas and electricity tariff. You may be able to make savings by moving to a fixed rate dual fuel online direct debit deal. By switching to the best online tariff instead of staying on the average standard energy tariff, customers could save up to around £200 over 12 months, with some fixed deals costing over 10% less than the current price cap.
HARGREAVES LANSDOWN’S FACTSHEET ON PROPERTY VERSUS PENSION You’ve probably heard people say “my property is my pension”. But focusing on one at the expense of the other could be a costly mistake. We compare pensions to property, and the key factors to consider when investing for retirement, including: Could property be better than a pension?
account paying just 0.5%. Cut credit card interest
If you’ve piled pounds onto your plastic over the past few months and face the prospect of steep interest charges, act as soon as possible and transfer your balance to a card which charges 0% on balance transfers for an extended period. For example, switching £2,000 worth of debt on a card with an average APR of 24.9% to the market-leading Barclaycard extended balance transfer card, which offers a 0% introductory rate for 36 months, would save you £429 in interest
Taxes relating to property and risks you may have overlooked Extra costs and practicalities you might not have considered
We wrote this factsheet to give you useful information, but it's not personal advice. If you’re not sure about what’s right for you, take advice. Remember that investments and any income they produce can go down as well as up in value, so you could get back less than you put in. Property can be very illiquid so it can be hard to access your investments and you can’t normally access money in a pension until age 55 (rising to 57 from 2028). Pension and tax rules can change, and any benefits depend on your circumstances. To download your factsheet, scan the QR code here
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Paul Lewis presents Money Box on Radio 4. To read more of his advice, see radiotimesmoney.com
HOW TO MAXIMISE YOUR PENSION WITH AN ANNUITY Annuities are popular, and rates are good — but do shop around, advises Paul Lewis
THINKING OF ACCESSING YOUR PENSION? Get a guaranteed 7.8 per cent* income for life from your pension Whether retirement is approaching or still some years off, it can be worthwhile taking time to understand how much income your pension savings could provide. Many people underestimate their pension’s potential, and without comparing options across the market, may miss the opportunity to secure a significantly higher income in later life. How much income could you receive? Below are some sample annuity rates for someone who has a £150,000 pension pot remaining, having already taken the permitted tax-free cash* . Annuity rates vary depending on individual circumstances and once a lifetime annuity is set up, it is irreversible.
emand for annuities is growing. Nearly 90,000 people spent a total of £7 billion to buy one in 2024, the highest D volume in a decade. An annuity is basically a simple product. You give an insurance company a large amount of money. In return it gives you a guaranteed income for life – however long that is. Annuity rates are good just now, nearly two- thirds more than you’d have got a few years ago. A pension fund of £100,000 can buy a healthy 65-year-old a guaranteed income for life of around £7,700 a year. If you have ill health or you smoke, the amount you get will be higher. There are choices to be made. Do you want your annuity to be flat-rate for the rest of your life or to rise each year with inflation? That would make the initial payment about a third lower. Do you want a partner or heirs to continue to get the annual payment if you die within a few years? You can protect an annuity for up to 20 years at relatively little cost – about £450 a year on a £100,000 fund for a healthy 65-year-old. But if you die within the 20 years, some of it may be liable to inheritance tax.
At the moment, pension funds are exempt from inheritance tax, but from April 2027 any pension fund that is still unused and is not left to a spouse or civil partner will face potential tax of 40 per cent. If you’re 75 or more when you die, your heirs – including a spouse – will also pay income tax when they take the money out. That means a total tax take typically ranging from just over half to around two-thirds of the fund, in some rare cases even more. The tax will apply from 6 April 2027 to any unused funds at death, including those in drawdown – a scheme where you take a regular income or irregular amounts from your invested pension fund. Buying an annuity means there is no money left in the fund to be liable to inheritance tax but annuities are taxable as income. Information on these choices is free at moneyhelper.org.uk – search “annuities”, or call them on 0800 011 3797. If you ask a regulated adviser, make sure they are independent and an annuity specialist. There will be fees to pay. QUESTIONS? Send any questions to Paul.Lewis@radiotimes.com . I cannot answer you personally, but I will reflect them in this column.
Why annuities are back in demand Annuities are once again attracting interest from people approaching retirement, largely because they offer a guaranteed income for life. After a long period of low interest rates, annuity rates have improved, meaning retirees may now secure a higher income from the same level of pension savings. What often surprises people is how widely rates can vary between providers. For an identical pension pot, some annuities can pay significantly less than others, making it essential to compare options carefully before committing.
To request your FREE no-obligation Pension Report, call 0808 531 0586 or visit radiotimes.com/annuity or scan the QR code * Rates are quotes based on March 2026, a 66-year-old male, £150k pension with 25% tax-free cash taken and some options taken and medical conditions. Rates will depend on individual circumstances. The Radio Times Pension Service is provided by Pense Limited. Radio Times is a trading name of Immediate Media Company London Limited, which is an Introducer Appointed Representative of Pense Limited, 1 Derwent House, Richmond Business Park, Sidings Court, Lakeside, Doncaster DN4 5NL. Pense Ltd is authorised and regulated by the Financial Conduct Authority number 231629.
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DISCOVER IF EQUITY RELEASE IS RIGHT FOR YOU Find out more about unlocking the value from your home with your FREE guide from Paul Lewis.
If you are approaching or already enjoying your retirement, you might be considering how you will finance your plans for the year ahead. Each year, thousands of homeowners aged 55 and over decide to release the equity that’s built up their homes to achieve their goals or live a more enjoyable lifestyle. HOW MUCH MIGHT BE AVAILABLE TO YOU? Equity release is a way to access a portion of the value locked in your home as tax-free cash while continuing to live in the place you love. According to Nationwide, average UK house prices have risen by nearly 40% in the last 10 years alone. So, if you’ve owned your home for several years, its value has likely increased, which could mean you’ve built up substantial equity to tap into. Depending on factors such as the age of the youngest homeowner, your property value, whether its a single or joint application and needs for the money, you may be able to release from a minimum of £10,000 up to 58% of the value of your home. An advisor can help you discover exactly what is available. You can choose to access the money either as a lump sum or smaller amounts over time. The money you unlock is
yours to enjoy spending once you’ve repaid any existing mortgage, which is a condition of equity release. You could make home renovations, enjoy a holiday or supplement your finances to live a more comfortable lifestyle. PLAN FEATURES Advice is required to proceed with equity release and there may be other options which better suit your circumstances. Equity release products can be quite complex, and there are a few different plan options to consider. With a lifetime mortgage, the most popular type of plan, you maintain 100% home ownership and the money you borrow is secured against your home. An alternative is a home reversion plan, which involves selling all or part of your home to a reversion company or provider. With both types of plan, you can continue living in your home, but the value of your estate will be reduced along with your ability to fund long-term care. Plans from the whole of the market will be considered, the features mentioned and the amounts raised, are subject to the lender’s criteria, terms and conditions. These may take into account age, health and lifestyle factors in order to provide you with an enhanced amount, if needed.
There is no requirement to make repayments if you don’t wish as the equity released, plus accrued interest, is repaid when you die or move into long-term care. However, with some plans you can choose to make regular repayments which can reduce the amount of interest that rolls up over time. These may be subject to certain limits, and early repayment charges may apply above a set value. Get expert advice Radio Times are pleased to be working with Age Partnership+ to help you consider your options and find out more about equity release. Through our service, initial equity release advice is provided for free and without obligation. Only if you choose to proceed and your case completes would an advice fee of £1,995 be payable. Other lender and solicitor fees may apply. Request your free guide written by Paul Lewis to find out more, or call the number below.
To request your free equity release guide written by Paul Lewis visit radiotimes.com/release_equity , or to find out how much you could release call 0800 464 0809
Information correct at time of going to print. The Radio Times Equity Release Service is provided by Age Partnership Limited. Radio Times is a trading name of Immediate Media Company London Limited which is an Introducer Appointed Representative of Age Partnership Limited, 2200 Century Way, Thorpe Park, Leeds, LS15 8ZB. Company registered in England and Wales No. 5265969. VAT registration number 162 9355 92. Age Partnership Limited is authorised and regulated by the Financial Conduct Authority, FCA registered number 425432 and is trading as Age Partnership Plus.
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HOW TO GET RID OF A CPA Paul Lewis reveals a quick and easy way to cancel Continuous Payment Authorities.
CLASSIC CAR INSURANCE Get and online quote today from classic car specialists Grove and Dean Grove & Dean Private Clients is one of the UK's leading independent Chartered insurance brokers. Offering the widest range of classic car policies, Grove & Dean provides the highest standards of service, the finest cover and excellent value for money. From single vehicle to multi-vehicle collector’s policies, our business is dedicated to motoring enthusiasts. Classic Club members rightly expect specialist knowledge, excellent cover, great service and competitive premiums. And so today, offering a full range of insurance products, customers old and new can expect the same exacting standards reflected in every policy we issue and everything we do. To get a quote visit radiotimesmoney.com/news/classic-car-insurance-2/
never gamble, but I am prepared to bet that if you search your credit card and bank account statements, you will find at I least one recurring payment that you will not recognise. They are officially called Continuous Payment Authorities (CPAs) and they are how online firms, which are often based abroad, take money from your bank or credit card account. ‘Tell your bank or credit card provider to cancel’ It’s easy to set up one of these payments without realising it when you order something online that appears to be a bargain. But it may not be made clear that you are not just buying that one bargain- price item but are committing yourself to pay something every month to belong to that particular bargain club. CPAs can also be taken for gym membership, insurance premiums, online newsletters or tip sheets. They are different from direct debits or standing orders that you can only set up by explicitly agreeing to them. With a CPA, all it takes is to tick (or sometimes just not to untick!) a box when you are paying for something online and the payments will
be taken directly from your bank account or credit card.
When you find one in your statement it can be hard to work out exactly what it’s for or who is taking it. At that point many people give up because they cannot see a way to cancel it with a firm that may be overseas or not give a working phone number or email address. However, the law gives you a very simple way to end them – tell your bank or credit card provider to cancel. It must act on your instruction and if you have told them by close of business the day before the payment is due, it has to refund you if it allows another payment through. If the bank tries to tell you to cancel with the business, remind it of your rights under regulation 67 of the Payment Services Regulations 2017. After that you can inform the business that is taking the money – or try to. If they are legitimate they will come back to you when the payment is missed. But if they say you have a contract to keep paying you should always dispute it. QUESTIONS? Send any questions to Paul.Lewis@radiotimes.com . I cannot answer you personally, but I will reflect them in this column.
Grove & Dean Private Clients is a trading name of Grove & Dean Ltd, an independent intermediary who are authorised and regulated by the Financial Conduct Authority (FCA). Radio Times is an IAR of Grove and Dean (FRN: 307002)
EARN BETWEEN £50-£1,000 CASHBACK WITH A WEALTHIFY STOCKS & SHARES ISA Wealthify’s flexible Stocks and Shares ISA comes with low, transparent fees and five different investment style (from ‘cautious’ to ‘ambitious’) to help you grow your money in a way that works for you. Plus, when you invest £5,000 or more, you could earn cashback. Getting started is easy. Choose your investment style, answer a few questions, and let expert managers build your Plan. With an award-winning app and simple transfers, taking control of your financial future has never been easier! Capital at risk. Taking the headache out of investing.
Find out more T&Cs apply. Registration extended to 31/05/2026. You’ll have 6 months to deposit and/or start your transfer of £5,000 or more. Cashback varies by investment amount. Wealthify is authorised and regulated by the Financial Conduct Authority.
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YOU COULD SAVE UP TO £518*
Paul Lewis presents Money Box on Radio 4. To read more of his advice, see radiotimesmoney.com
THAT PETROL EMOTION
To get a quote visit radiotimes.com/carinsurance The insurance quote system is independently owned and operated by insurance comparison experts Seopa Ltd, who are authorised and regulated by the Financial Conduct Authority (FCA). FRN: 313860. We are an IAR of Seopa Ltd. *51% of consumers could save £518.14 on their Car Insurance. The saving was calculated by comparing the cheapest price found with the average of the next four cheapest prices quoted by insurance providers on Seopa Ltd’s insurance comparison website. This is based on representative cost savings from June 2025 data. The savings you could achieve are dependent on your individual circumstances and how you selected your current insurance supplier. GET CAR INSURANCE QUOTES FROM OVER 130 INSURANCE PROVIDERS We’ve partnered with Quotezone to help you to save time and money Compare quotes from 130+ providers using a single quote form. Purchase your car policy quickly & easily- both monthly and annual payment options are available. Get your free quotes by completing one single form, compare prices, and see how much you could save.
n 18 months’ time the Chancellor could be taking an extra 8p per litre every time you fill up your fossil-fuel car. She The withdrawal of the cut in fuel duty means filling up will cost more, says Paul Lewis I announced in her November Budget that a temporary 5p per litre cut in fuel duty
forecast rise in the Retail Prices Index. The Office for Budget Responsibility expects that to be around 3.3%, which would add nearly another 2p to the duty. These four rises, including VAT, would mean a total increase at the pump of a little over 8p per litre in just a few months. When the 5p per litre cut was introduced in 2022, petrol retailers did not pass on the full 6p cut. They will probably not be as reluctant to put up prices when the cut is phased out! are, the Govern ment promises S a new national “Fuel Finder” service. All petrol and diesel retailers will have to share their prices with the service in o to help drivers find the lowest prices for fuel near where they real time. The Treasury estimates motorists who use it will save £40 a year. There are already free compari son sites such as petrolprices.com or checkfuelprices.co.uk , but they may QUESTIONS? Send any questions to Paul.Lewis@radiotimes.com . I cannot answer you personally, but I will reflect them in this column. not include all retailers. The RAC Foundation ( racfoundation.org ) keeps an up-to-date list of the major brands’ average prices – with Asda (though not Asda Express) currently the cheapest. Check locally to find your best deal.
of the temporary cut that was intended to help us with the cost of living crisis, restoring fuel duty from 52.95p a litre to 57.95p. VAT of 20% is added to the duty, so the extra 5p will mean a 6p rise in the price of a litre of petrol or diesel. The Chancellor also announced she would restore the annual increase in fuel duty in line with inflation. That automatic rise was paused in 2011 and has been cancelled every year since. The Chancellor has cancelled it again this April, but the Budget papers make clear that the annual rise will be back from 2027/28. That will raise fuel duty each tax year by the ‘Fuel duty will rise over 8p a litre by 2027’ made in March 2022 would be withdrawn in stages. On 1 September 2026 the first 1p will go, followed by a further 2p in December and a final 2p on 1 March 2027 – the fifth anniversary.
YOU COULD SAVE UP TO £241**
GET HOME INSURANCE QUOTES FROM OVER 40 INSURANCE PROVIDERS We’ve partnered with Quotezone to help you to save time and money Compare quotes from 40+ providers using a single quote form. Purchase your home policy quickly & easily Get your free quotes by completing one single form, compare prices, and see how much you could save. **51% of consumers could save £241.88 on their Home Building & Contents Insurance. The saving was calculated by comparing the cheapest price found with the average of the next fourteen cheapest prices quoted by insurance providers on Seopa Ltd’s insurance comparison website. This is based on representative cost savings from June 2025. The savings you could achieve are dependent on your individual circumstances.
The insurance quote system is independently owned and operated by insurance comparison experts Seopa Ltd, who are authorised and regulated by the Financial Conduct Authority (FCA). FRN: 313860. We are an IAR of Seopa Ltd. To get a quote visit radiotimes.com/homeinsurance
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