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Request your free guide about equity release written by Radio Times’ Paul Lewis
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Paul Lewis presents Money Box on Radio 4. To read more of his advice, see radiotimesmoney.com
Request your FREE guide to find out how to get the most from your pension MAXIMISE YOUR RETIREMENT INCOME DON'T HIDE A BIT ON THE SIDE
If you make money from a side hustle, know when to tell HMRC, says Paul Lewis.
Deciding how to access your pension savings can be confusing and it’s not always clear which option is best for you. If you’re over 55 with a pension pot of more than £30,000, Age Partnership Wealth Management are here to help you get the most out of your pension income. How we can help Annuity rates have risen over the last four years*. For many people, this means a very good chance of achieving a higher retirement income now compared to the end of 2021. You could have access to a wide range of retirement options with the support you need to make the right choice. Whether you know what you want or need advice on your options, Age Partnership Wealth Management's friendly Specialists and Financial Planners can talk you through your pension options such as; Lifetime Annuity - A guaranteed pension income for life. Fixed-term Annuity – Security now, flexibility later. Drawdown – Flexible access to your pension savings. Please note that investments may fall as well as rise and you may not get back what you put in. Cash withdrawal – Find out how much tax you might pay by withdrawing your pension savings as a lump sum. Advice or guidance – which is right for me? Age Partnership Wealth Management offer both options and their Pensions and Retirement team will help you decide on the most appropriate service for you. Call their friendly team on Freephone 0800 302 9037 to find out more. Real Customer Story – Mr Duck “The help and advice given on my pension was exceptional, I could not knock them down from 5 stars. My adviser took the time to assess all my requirements and future needs and gave me 2 options, a higher risk and a lower risk. I listened to what she advised and made my decision accordingly. This was all done over the phone at planned times.” An initial consultation with a financial planner is free and without obligation, you’ll only pay a fee if you choose to go ahead with the recommended solution presented to you, and they’ll let you know what it will be in advance. If you proceed with the non-advised service, Age Partnership Wealth Management will be paid a commission from the provider you have selected and this cost will be factored in to your plan. If you receive advice and choose to proceed with a recommended solution, they charge an advice fee of 2.25% of your pension savings after tax-free cash has been taken, subject to a minimum of £1,795. For more information, call 0800 302 9037 to request your free guide or visit radiotimes.com/RT_Pensions. *sharingpensions.co.uk pension annuity rates chart, based on their benchmark example for £100,000 fund, aged 65, single life, level and no guaranteed period. Age Partnership Wealth Management Limited is authorised and regulated by the Financial Conduct Authority, FCA registered number 670493. Company registered in England and Wales No. 9073664. VAT registration number 162 9355 92. Registered address: 2200 Century Way, Thorpe Park, Leeds, LS15 8ZB
2026. At the moment, that means you will be sent a self-assessment tax return, which you must complete. Although the Government recently announced an increase in that reporting threshold to £3,000, no date for the change has been fixed. Confusingly, tax will still be due on the profits you make on takings between £1,000 and £3,000, but you will pay it through what HMRC says will be a simpler online process. Details are awaited. Tax is only due if you are trading – buying or making things to sell, or selling services. There is no tax on selling things you bought for your own use – when you clear out the wardrobe or attic, for example. However, online sites that host these sales now have to tell HMRC if you sell 30 or more items in a calendar year, or your takings are more than €2,000 (currently about £1,665). That means you might get a letter from HMRC when you owe nothing. So it’s important to be clear about your rights!
Do you boost your pension or wages by earning a bit on the side? Nowadays it’s called a side hustle – using your skills and/or energy to make a spot of extra money, perhaps to help with those April bills or save up for a holiday. You might do bookkeeping, take in laundry, make pots or paint pictures to sell, walk dogs, or buy and sell things online through platforms like eBay, Vinted or Etsy. But beware – it’s not just customers who will be looking at your social media. The taxman will as well. ‘If your takings are £1,000 or less a year, you don’t pay tax’ Very small side hustles are covered by what is called the trading allowance, currently £1,000. If your takings are £1,000 or less in the tax year (6 April to the next 5 April) then you need not tell HM Revenue & Customs or pay tax. Remember, this is not the profit you are allowed; it is the amount of your takings or turnover. If you take more than that, then you have a duty to tell HMRC – do it by 5 October in the tax year after your business started. So if you started on 6 April this year, you do not have to tell HMRC until 5 October
QUESTIONS? Send any questions to Paul.Lewis@radiotimes.com . I cannot answer you personally, but I will reflect them in this column.
RadioTimes June 2025
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Melanie Wright
GROWING NUMBERS OF OLDER BORROWERS UNLOCKING PROPERTY WEALTH
Susan, 76 and Ian, 65 were initially uncertain about the idea of equity release but recognised that it could provide the financial flexibility they desired for their retirement years. “After researching various options online, we decided to contact Age Partnership to explore this possibility further.” “We didn’t really consider other alternatives to equity release as we already downsized our home during the Covid pandemic, but we had several reservations, including concerns about the cost of equity release, leaving an inheritance for our family, and the thought of not fully owning our home after years of hard work.” ‘Equity release has enabled us to embrace our retirement with confidence’ “However, these concerns were alleviated after speaking with our advisor and we decided to move forward with equity release to help cover necessary expenses, such as a new boiler, which will help reduce the financial burden of emergency repairs.” “We have also purchased a campervan and are looking forward to embarking on plenty of travel adventures, knowing our essential needs are covered.” “Equity release has enabled us to embrace our retirement with confidence and it means, for us at least, everyday can be an adventure.”
Find out more about unlocking tax-free cash from your home DISCOVER IF EQUITY RELEASE IS RIGHT FOR YOU
Mortgage lending to borrowers aged 55 and above rose by 28% in the final three months of last year, according to UK Finance, with the value of this lending at £5.6 billion up nearly 40% compared to the same period the previous year. Of this lending, 5,700 new lifetime mortgages were advanced between September and December 2024, the trade body said, up 6.7% year on year. A lifetime mortgage is a type of equity release scheme which allows you to unlock some of the value of your property whilst you continue to live in it. The main difference between a lifetime mortgage and a standard mortgage that monthly payments are not required. The mortgage only must be repaid upon the death of the last remaining borrower or when they move into long term care. As no monthly payments are made, the interest charged rolls over the lifetime of the mortgage, meaning the amount borrowers owe at the end of the mortgage will be considerably more than the amount they borrowed. However, many lenders will allow borrowers to make full or partial interest payments either on a monthly or ad-hoc basis so they can keep their borrowing costs down. David Burrowes, chair of the Equity Release Council, said: “As consumer demand stabilises, the industry will continue to support older homeowners ‘needs through product innovation and flexibility. The
average loan sizes of initial drawdowns have grown by 8%, with customers making use of reserve facilities to manage borrowing efficiently over time. This demonstrates the versatility of equity release in addressing diverse financial goals, from home improvements to supplementing retirement income.”
Rising living costs could see later life borrowing increase further.
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 enjoy a
how much you may be able to release.
about releasing equity, including the effect on the amount of inheritance you can leave and if your entitlement to means-tested benefits could be affected now or in the future.
If you are approaching or already enjoying your retirement, you might be considering how you will finance your plans for your golden years. Each year, thousands of homeowners aged 55 and over decide to release the equity that’s built up in their homes to achieve their goals or explore a more enjoyable lifestyle. How much could you access? Equity release lets you 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, UK house prices have risen by over 40% in the past ten years alone. So, if you’ve owned your home for several years, its value has likely increased. Depending on factors such as the age of the youngest homeowner, your property value and needs for the money, you could release from a minimum of £10,000 up to 60% of the value of your home. An adviser can help you discover exactly how much you may be able to release. 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
repayment charges may apply above a set value. Get expert advice Radio Times is pleased to be working with Age Partnership+, their advisers can help you consider your options, discuss alternatives with you, such as downsizing, and tell you everything you need to know
Lorna Shah, Managing Director, Retail Retirement at Legal & General said "Many retirees are not able to maintain the lifestyle they want with their existing pension pots alone. This will only become a greater challenge as people live longer and have to meet increased costs, such as those associated with residential care. Property wealth, using products like equity release, could increasingly be integrated into retirement planning in the future, as a larger number of homeowners turn to the value held in their bricks and mortar to bolster their retirement funds.” If you’re considering equity release, you must seek professional financial advice first, as there are several downsides to consider. These include the fact that unlocking some of your property wealth will reduce the value of any inheritance you might have planned to leave, and it could also affect your entitlement to any means-tested benefits you might be claiming.
Your quotation is free, and you are under no obligation to proceed. 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.
better lifestyle. Plan features
They will also provide you with a personalised illustration so you can find out
Equity release requires paying off any existing mortgage. Advice is required before proceeding, as equity release 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 the 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. There are no requirements for regular 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 repayments, which can reduce the amount of interest that rolls up over time. These may be subject to certain limits, and early
WHY CHOOSE EQUITY RELEASE THROUGH RADIO TIMES?
Access a lump sum of tax-free cash Stay in the home you love No monthly repayments required Appointments available over the phone, via video call or in some cases, in the comfort of your own home
Click here to request your free guide , or to find out more information call free on 0800 433 4279 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.
June 2025
June 2025
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Melanie Wright
SCAMS SURGE: HOW TO AVOID FALLING VICTIM TO FRAUD Scammers are using increasingly
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are entitled to help from the government's Household Support Form and telling them to click on a link to claim. If you receive a fraudulent text message, you should forward it to the National Cyber Security Centre on 7726, or if you get an email, send it to report@phishing.gov.uk. Another type of scam that is rising sharply are property scams, which typically involve properties being advertised for rent and prospective tenants asked to hand over deposits. Jack Malnick, managing director at property sales company Sell House Fast, said: “Rental fraud is a major issue, with nearly £9 million lost in 2024 alone. On the application side, tenancy fraud has surged 140% year-on-year, with payslip forgery now alarmingly common. “Sellers aren’t immune either. Some fraudsters pose as genuine buyers, sending fake deposit confirmations to take properties off the market. Others target the conveyancing process, using phishing or cloned firms to intercept large payments. Whether you’re renting, buying, or selling, the golden rule is: verify everything. Avoid paying money upfront without contracts, double-check legal professionals independently, and be cautious of anything that feels rushed or unusually generous.” If you think you’ve fallen victim to a fraud or scam and have handed over money, contact your bank immediately and see if they can stop the transaction by calling 159. You’ll need to state the name of your bank, and you should then be put through to their customer service department. You should then report the fraud to Action Fraud, which is the national fraud reporting centre by calling 0300 123 2040.
sophisticated ways to steal our cash, so always think twice before clicking on any link or paying for anything, especially if it's advertised on social media. Deepfake technology is making it increasingly difficult to spot scams, with fraudsters now using AI-generated videos that mimic the faces and voices of celebrities to endorse certain products or investments that often don’t even exist. A golden rule to remember if you're considering buying anything, or if you're offered a reward or compensation for clicking on a link, is that anything that looks too good to be true almost certainly is. For example, recent weeks have seen a sharp increase in scammers offering sold out Oasis tickets to fans desperate to go to one of the band's concerts this summer. Liz Ziegler, Fraud Prevention Director, Lloyds, said: “The Oasis tour is the latest target for ticket scammers, with millions of pounds of fans' money stolen before the gigs even kick off. The fact that so many cases start with fake listings on social media, often in violation of the platforms' own rules, underscores the importance of these companies taking stronger action to tackle scams. "It's vital that consumers feel empowered to shop safely online. Buying directly from reputable, authorised retailers is the only way to guarantee you're paying for a genuine ticket. If you're asked to pay via bank transfer, particularly by a seller you've found on social media, that should immediately set alarm bells ringing." Scams often pretend to be from well- trusted organisations or government bodies. For example, many people have reported receiving texts telling them they
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RadioTimes June 2025
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COSTLY MISTAKES WHEN FUELLING UP YOUR CAR
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driving caused by the lack of fuel could see you punished by law. You could face a £100 fine and three points on your licence if you are forced to stop in the road and cause an obstruction to other motorists.
Motor insurance comparison experts at Quotezone.co.uk have revealed eight errors which could be contributing to over consumption of fuel and have costly consequences for drivers. This comes after it was revealed around 150,000 drivers put the wrong fuel in their car every year.* Misfuelling is one of the most expensive mistakes motorists make. Pumping petrol fuel into a diesel engined car can lead to engine failure, leaving motorists to pick up the repair costs. Quotezone.co.uk compiled some of the biggest mistakes drivers make when filling up: 1.Misfuelling Misfuelling and pumping your diesel car with petrol fuel can be a very costly mistake. Depending on how far the petrol has circulated through the fuel system and engine, the cost of repairs can vary from a simple drain and flush to some very expensive component replacements. 2.Check your tyres Low tyre pressure will cause your tyres to drag on the ground and consume more fuel than fully pumped-up tyres. 3.Letting your fuel run on empty Letting your car run on low fuel isn’t a crime, but any careless or dangerous
4.Overfilling your tank While overfilling the tank can be
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tempting and seem like a way to save additional trips back to the pump, you will actually end up paying more for your fuel. Filling the tank beyond maximum capacity can cause the fuel to overflow and waste money. 5.Filling up during peak hours Petrol station prices can vary throughout the day, with costs at their highest during peak hours around midday and 5pm. In order to find the lowest prices, head to a petrol station early in the morning or later in the evening.
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References: *https://bit.ly/3FiaTeb
This article is intended as generic information only and is not intended to apply to anybody’s specific circumstances, demands or needs. The views expressed are not intended to provide any financial service or to give any recommendation or advice. Products and services are only mentioned for illustrative rather than promotional purposes.
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RadioTimes June 2025
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