Cold weather can be one of the biggest risks to health in winter, and temperatures are set to continue falling.

With heating costs still a concern for many households in the UK, an expert has shared how you can check your eligibility for cold weather payments.

Appearing on Lorraine, financial expert Claer Barrett says, "People on the lowest incomes in Northern Ireland, England and Wales, could qualify for winter payments."

Pointing out that Scotland has its own scheme, she shares the groups of people in the remaining areas of the UK who can check whether they can claim. This includes those who have the following means-tested benefits:

• Pension Credit
• Income Support
• Income based Job Seekers Allowance
• Universal Credit

Claer says, "Generally, if you need to have these benefits plus have another factor, which could be a disability, could be a child under five living with you, you'll be told whether you qualify."

Claer points out that you would continue to get your regular benefit sum, with the cold weather payment added on top.

She continues to share that 650,000 households in the UK could qualify, but your postcode has to prove the temperature has been zero degrees or below for the last seven days.

If you want to check whether your postcode applies, and for more information about eligibility, you can visit the government Cold Weather Payment page and put your postcode in.

The finance expert continues to explain, "You'll get £25, it will be paid automatically into your bank account."

However, she does have a warning for those who apply. "This is a classic thing that the scammers are going to try and leap aboard," she says, continuing, "so any texts telling you to click 'here' to apply for your winter fuel payment or your winter payment, ignore them.

"You'll get the money directly if it's owed to you, in about two weeks' time," Claer concludes.

If you live in Scotland, the Cold Weather Payments system is named the Winter Heating Payment instead.

You’ll get this payment regardless of weather conditions in your area, and you can find out more about it on the government Winter Heating Payment page.

After months of speculation, leaks and dramatic headlines, the Chancellor of the Exchequer Rachel Reeves, has finally confirmed what’s changing. Now comes the important part: what does it actually mean for you and your finances?

Whether you’re planning for the future or navigating a career transition, the chancellor’s decisions on taxes, pensions, energy costs, and public services can have a very real impact. Taking time to understand what the Budget means for you will help you make informed choices that protect your lifestyle and financial security.

DAY-TO-DAY LIVING COSTS

Will life get any cheaper? There’s some modest relief on energy bills and a freeze on certain transport costs. It’s not a huge saving but at a time when everything feels more expensive, small cuts help

• Energy bills: From April 2026, £150 will be cut from energy bills across England, Scotland, and Wales with the scrapping of green levies. If you are on a fixed-rate tariff, this saving should be passed on. Martin Lewis is pushing for cast-iron confirmation. Sarah Pennells, consumer finance specialist at Royal London, says: “As more women than men are on a low income, whether during work or in retirement, and energy bills make up a bigger proportion of the outgoings of people on a low income, women will benefit more from this.”
• Rail fares: Regulated rail fares in England are frozen until March 2027, including some season tickets, some off-peak long-distance tickets and flexible city travel options.
• Buses: The £3 cap on most single fares in England remains until March 2027.
• Fuel duty: The 5p “temporary” cut is extended from April. Duty will begin to rise in stages from September 2026.
• EV charges: From 2028, electric vehicle and hybrid drivers will pay new road maintenance taxes - 3p per mile for EVs, and 1.5p per mile for plug-in hybrids, rising annually with inflation.
• Prescriptions: Charges remain frozen at £9.90 – welcome news for anyone on regular medication or HRT.

YOUR PAY PACKET

Income tax thresholds remain frozen until 2031. Any rise in your income - pay rise, lucrative new side hustle – could tip you into a higher tax bracket. This could pinch women especially hard, given peak earning years often collide with high outgoings: kids, older parents, mortgage, and pension building.

Sarah Coles, head of personal finance, Hargreaves Lansdown, warns: “Pay rises will push even more people into paying more tax – and more at a higher rate. It’s not just the tax on earnings that’s affected. Crossing thresholds can also mean a lower personal savings allowance and higher rates of dividend tax and capital gains tax.

So how can you soften the blow? “You can cut the tax you pay on your salary by boosting your pension contributions and getting tax relief at your highest marginal rate. You can protect savings interest from income tax in a cash ISA, and a stocks and shares ISA will protect you from tax on dividends and capital gains,” says Sarah Coles.

Self-employed or run a small business? New rules mean tax will be paid sooner. From 2029, employees will have to pay more of their tax bill as they go along through the PAYE system. For the self-employed, the government will consult early next year on accelerating payments.

“On paper, this should help avoid some people being wrong-footed by the gap between earning and paying tax. But the transition will need care so people aren’t suddenly confronted with tax bills for multiple years,” says Sarah Coles.

Polly Dhaliwal, COO at Enterprise Nation, says: “Most female entrepreneurs will feel the tax screw tightening, with higher taxes on dividends, property and savings, and new National Insurance charges on salary-sacrifice pensions all raising the effective burden on small business owners.

SAVINGS AND INVESTMENTS

ISAs have done a brilliant job of encouraging millions of us to save tax-efficiently. But from April 2027, the amount you can save tax-free each year in a cash ISA will drop from £20,000 to £12,000. “The measure to limit the amount that can be saved in a Cash ISA is not designed to raise tax, rather to encourage more people to invest. Women are far less likely than men to invest in a Stocks and Shares ISA than men,” says Sarah Pennells.

Only a quarter of cash ISA savers currently exceed £12,000 a year. But for those who do, this change will slow wealth building. According to analysis by Investec Save, currently the average cash ISA pays a rate of 2.7% a year. A saver depositing £12,000 a year will take 28 years to save £500,000, compared with 19 years if they were able to save £20,000 a year.

There aren’t many years when many people have this kind of money to save, but there may be years when you do – because of anything from downsizing to inheriting or taking the tax-free cash from a pension. “If you have too much for a cash ISA and end up in a normal savings account as well, you need to be aware that if the interest you make on your savings busts your personal savings allowance, the budget hiked the rate of tax you pay on savings income,” says Sarah Coles.

Dividend tax also rises by 2% for basic and higher-rate taxpayers, making it even more important to shelter investments in ISAs and pensions.

PENSIONS: A CHANGE THAT COULD HIT YOUR RETIREMENT PLANS

Salary sacrifice- currently one of the most - tax-efficient ways to boost your pension – is being capped. From April 2029, only the first £2,000 of employee contributions via salary sacrifice will be exempt from national Insurance. You can still contribute more but National Insurance will apply.

Helen Morrissey, head of retirement analysis, Hargreaves Lansdown explains: “Someone earning £50,000 and sacrificing 5% (£2,500) of salary into their pension will pay £40 more National Insurance. This is because they would be subject to NI at 8% on the amount over £2,000 sacrificed. These extra costs could put people off choosing to increase their pension contributions over and above auto-enrolment minimums.”

The good news: there’s time. The change doesn’t come in until 2029. “If you have spare cash and you contribute to a salary sacrifice arrangement it could make sense to boost your contributions and make the most of the income tax and National Insurance savings to boost your long-term resilience,” says Helen.

FAMILY SUPPORT

The two-child benefit cap for Universal Credit is being scrapped – a major shift for low-income families. It does not affect Child Benefit or the overall benefit cap. The Office for Budget Responsibility says removing the cap will benefit an estimated 560,000 families by 2029-30, who will gain an average of £5,310 a year,

And, there's more support for carers. This April, the earnings limit for Carer’s Allowance rose from £151 to £196 per week, (around 16 hours at the National Living Wage). With the minimum wage rising to £12.71 an hour from April, the government says the Carer’s Allowance earnings limit will continue to keep pace.

The Chancellor has also allocated £75 million over the next three years to address Carer’s Allowance overpayments. Helen Walker, chief executive of Carers UK, called it a vital step towards addressing the injustices carers have faced for far too long. If this affects you, keep an eye out at CarersUK if this applies to you.

PROPERTY & HOUSING

The most significant new measure is the so-called ‘Mansion Tax’: a Council Tax surcharge on properties worth over £2 million. It’s an added annual charge, not a replacement for the existing council tax.

Tanya Elmaz, managing director of intermediary sales at mortgage lender, Together, warns: “With elevated house prices, London and the south-east will be particularly badly hit. Asset-rich but cash-poor older homeowners could really struggle, as this tax could be equivalent to an entire year’s state pension.”

There are four price bands, starting at £2,500 for a property valued in the £2m- £2.5m, rising to £7,500 for homes over £5m.

Lifetime ISAs may be scrapped. The government plans to consult in early 2026, on a new simpler ISA to help first time buyers, which would replace the Lifetime ISA. Paula Higgins, CEO of the HomeOwners Alliance says: “This is a positive for buyers frustrated by current limits: while Lifetime ISAs give a 25% bonus on up to £4,000 of annual savings, they can only be used to buy homes under £450,000, and if you need to withdrawal your money for any reason will trigger a fee.” Until any reform, the £4,000 annual limit will stay in place for the 2027 tax year.

‘If parents are feeling very generous you can gift savings so your child can benefit from 25% extra from government,” says Paula.

A reality we cannot escape in this day and age is that, every now and then, we’ll have to fork out for a bit of tech - be it a brand new television to stream the latest Netflix box sets or a sparkling new smartphone.

But as technology gets smarter, issues become more complex, and things might break down quicker or prove harder to fix by yourself.

Which is why Martin Lewis’ reminder about our fundamental consumer rights can stop people being ‘fobbed off’ - and it hinges on two important rules everyone should know.

It’s usually spelled out quite plainly that you can get a full refund or a repair within a certain time frame after your purchase - this is the warranty.

However, as set out in the Consumer Rights Act 2015, you can challenge for a full or partial refund, a replacement, or a repair if the goods break two key rules. These are whether it was:

• Satisfactory as described
• Fit for purpose and lasts a reasonable length of time.

As the Money Saving Expert explains, a warranty is simply a voluntary service agreement that a shop or a manufacturer chooses to give you over a product. But anything bought is still protected under your statutory legal rights.

To break this down further, the Money Saving Expert explains that defining satisfactory is what a reasonable person would be happy with, given all the information, when agreeing to purchase. So this would cover the price, the original condition, and more.

As for the "as described" part, this is just making sure that any claims about what something is or can do are true. So if your television is meant to be a smart TV, it needs to be. And a multi-region Blu-Ray player needs to play multi-region discs.

Calling the second rule "crucial", Martin explains that items must last for what is considered a reasonable length of time provided that you have used them with care and used them as you should.

In short, if you’ve not done anything beyond the purpose they were built for, they should be expected to last.

Trying to define a "reasonable length of time" is where one might end up in something of a grey area. But generally, if something comes with a relatively high price, it should be expected to last a relatively longer length of time.

Spending £1000 plus on a smartphone? You could, feasibly, expect that to last longer than 14 months, Martin gives as an example, while clarifying that, ultimately, it’s the court who’ll decide in the end.

Martin Lewis has outlined three vital questions to ask yourself before you 'buy anything' - especially if you're trying to save money.

The Money Saving Expert founder has been providing us with invaluable advice on spending and finances for years - and recently highlighted the error that could be impacting your State Pension contributions.

In a new nugget of guidance shared in a post on Instagram, Martin revealed the Money Mantras he recommends living by in the form of a trio of questions to ask before you make a purchase.

Separating his wisdom into that for those who are "skint" and looking to reduce spending, and those who can afford to make a few extra purchases, Martin said, "Three questions to ask yourself before you buy anything. First, if you're skint. Do I need it? Can I afford it? Have I checked whether it's available cheaper elsewhere?"

"If you don't need it, don't buy it," Martin continued.

"If you can't afford it, sadly, don't buy it. And if you haven't checked whether it's available cheaper elsewhere, then check before you buy it."

Going on to explain that he has a slightly different set of rules for those who can technically afford to spend, Martin said, "Now for those people who aren't skint: Will I use it? Is it worth it? Have I checked whether it's available cheaper elsewhere?"

Pointing out that it's vital to envision whether the cost per use for the purchase will provide enough fulfilment to be worth it in the long run, he went on to add, "If it's a £250 item of clothing that you will only wear once, do you really want to pay 250 quid for one wear? Could you get more enjoyment or better value out of spending that money elsewhere?"

In order to avoid paying the "opportunity cost", the money should not be spent if it could be better spent on something that will hold more personal worth.

The comment section of Martin's smart social media post was flooded with followers sharing their own penny-saving rules when it comes to spending.

Reminding that some serious bargains can be found on second-hand websites, one commenter wrote, "Check Vinted - it always ends up there eventually."

"Can we add: Can I get it secondhand? There's already enough stuff in the world," another declared.

"My dad taught me 40 years ago to equate the cost of the purchase to the number of hours I would have to work to pay for it," one more wrote, sharing their savvy attitude towards spending.

If you die without making a will, the law decides who gets any money, property, or possessions (known as your estate) that you may leave behind. You can also set out what happens to any dependents, such as children, or beloved pets in your will, and use it to save on inheritance tax.

But despite the obvious benefits, three in five adults in the UK have not written a will, according to research from Canada Life.

There are a number of reasons why you may not have a will—procrastination is a big one, but so too is the common misconception that they are really expensive. 

Having a will at any stage of life can add extra security should the worst happen. Our expert financial journalist gives you all the information you need to make the right decision for you. 

Why write a will?

There are several reasons why it’s a good idea to make a will. 

Express your wishes 

“First, a will can give certainty to those who are left behind that they are carrying out the wishes of the person who died,” says Sarah Pennells, consumer finance expert at pensions and insurance provider Royal London. 

Fair division of your estate 

Without a will, your estate will be divided according to the strict laws of intestacy. This means that if you are separated but not divorced, for example, any money would automatically go to your ex rather than your current unmarried partner and any unadopted stepchildren. Friends and charities would also miss out.

“The intestacy rules are very clear on the line of inheritance if there is no will. Only certain people can make a claim against an estate if they feel they ought to have been included as a beneficiary of an estate,” says Martha Swann, associate at Wilsons Solicitors. 

“Even if you want to leave money to those people who would inherit under intestacy rules, if you have a will, it means you can decide how much to leave them and whether to leave them any items you own that may have a special meaning for them,” says Pennells.

Decide who will look after your children and pets

If you have children or adult dependents, you can use your will to appoint guardians who will have legal responsibility for their care should both parents die. Research from Royal London found that two-fifths of people were unaware that the legal responsibility for any dependent children under 18 would fall to the courts without a will in place, and not the immediate family, until a decision is made on who will become guardians. 

“You can also set out what should happen to any pets you own, although—contrary to popular belief—you can’t leave money to your pets in your will,” says Pennells.

Save on inheritance tax

A will can also help you to save on inheritance tax (IHT). If you’re married or in a civil partnership, there’s no IHT to pay on the estate you leave to your spouse or partner when you die. There may be a bill however if assets are left to other family members or friends, depending on the value of the estate you leave behind. 

Who needs a will?

Everyone's circumstances are different but if you have assets (such as property and money in a bank account), complicated financial or family affairs, children, or particularly strong views about giving to charity, for example, you should consider making a will.

“If someone in their early twenties is buying their first property then a will is just as valuable as it is for someone in their seventies who has amassed a lot of assets over a long period of time,” adds Swann. 

While many people make wills after getting married or having children, it shouldn't just be major life events that trigger someone to make a will. “Humans have an optimism bias, which means that they think bad things mostly happen to other people, which isn't the case. Therefore, it's best to prepare for the worst and hope for the best.

“Creating a will as early as possible and regularly updating it (every five years is recommended, or when major life events happen) is a good approach to keep in mind,” she says. 

Some married couples, or those in a civil partnership, think a will is unnecessary if they don’t have children and they’re happy for their assets to pass to their spouse or civil partner—as per the law of intestacy. But, while it’s not nice to think about, you need to consider what would happen should the worst happen and you were both to die. Without a will, who is the beneficiary may not be who you’d expect or would want to inherit. 

Who doesn’t need a will?

While many people would benefit from having a will, there are circumstances in which you may not need one. 

For example, if all your savings are in joint names, you don’t have other assets apart from your pension, and you own your home as joint tenants (or joint owners with a survivorship clause, in Scotland), then you may not need a will. 

“That’s because money in joint accounts will automatically pass to the other person/people named on the account—whether or not there’s a will. The same applies to property that’s jointly owned, but only if it’s owned as joint tenants, not as tenants in common,” says Pennells. 

“If you have a pension, that won’t be included in your will. Instead, you should fill in a ‘nomination of beneficiaries’ form, to set out who should inherit your pension when you die.”

How much does a will cost?

The mere mention of solicitors and pound signs appear, but the cost of a will doesn’t have to be prohibitively expensive. 

If your affairs are simple, you could use a professional will writer. “They tend to be cheaper than solicitors, but aren’t regulated in the same way. If you go down this route, make sure you choose one that is either a member of The Society of Will Writers or the Institute of Professional Willwriters,” says Pennells.

Bequest, for example, charges £49 for a basic online will, while other popular choices include Farewill and Beyond which charge £90. These services often offer an annual subscription for around £10 a year, which allows you to make as many changes to your will as you like. 

If your financial or family affairs are complicated, then it is worth using a solicitor.  Simple wills start at £150.

Free wills month

You can even get a will written professionally for free. There are several schemes which run each year, such as Will Aid month, in November, Free Wills Month in March and October, and Will Relief in Scotland, where you may be able to get a will written in exchange for a suggested donation, or a request to leave something to the charities in your will (although there’s no obligation to do this).

Check too to see if your employer, or any trade union you’re a member of, offers any special deals on will writing.

The Bank of Mum and Dad will have always played a major part in your child's life, but its biggest role yet could be to help them buy their first home.

Buying a first property can be a struggle, with sky-high prices and stagnant salaries placing homeownership out of reach for many of the younger generation. 

As a result, plenty of wannabe buyers are turning to the so-called Bank of Mum and Dad to get a leg-up onto the property ladder. 

More than half of first-time buyers under the age of 35 were given money towards a deposit by parents in 2020, according to the latest figures from Legal & General. 

The average handout was about £19,000, with one in five receiving more than £30,000.

So what are the different ways you can help?

Make A Gift

The simplest way is to give money towards a deposit from savings or investments. First-time buyers need to find at least 5% of the property’s value to put down as a deposit or, ideally, more than that for a lower mortgage interest rate. 

You can hand out as much as you like toward a deposit, but any large amount could be subject to inheritance tax (IHT) if you die within seven years of making the gift. You can give up to £3,000 a year, though, free from IHT. 

Andrew Montlake, managing director of mortgage broker Coreco, says, “Most lenders will require a letter to state that the money is a gift, and that the person giving the money will not have any share in the property.” 

Bear in mind, too, that a financial gift is money you won’t see again, so you must be sure you won’t need it yourself to put towards retirement, or for any other reason.

Offer a loan

You could offer an interest-free loan instead, with clear repayment terms, to help your children or grandchildren onto the property ladder. But you’ll need to consider how much they will repay, as it could affect their chances of getting a mortgage. 

“The lender will take any loan repayments into account as part of the assessment process when deciding how much they’ll lend,” says David Hollingworth from broker L&C. “If you are lending money towards a deposit, check the lender is happy to accept this, too.”

Go for a family mortgage

You can use your savings to help with a deposit with a special type of “family mortgage”. You hold savings in an account that’s linked to the mortgage, so the buyer can borrow up to 100% of the property’s value. Your savings act as the deposit, and remain locked away, usually for three to five years. This money is then returned along with any interest, providing mortgage repayments have been kept up. 

This is a good option if you want to offer financial assistance, but don’t want to lose access to money you may need at a later stage. Terms and conditions vary, so it’s important to check the details carefully. 

For example, Barclays offers a Family Springboard mortgage, lending up to 100% of the purchase price. You put savings amounting to a 10% deposit in an account that can be accessed in five years, with this money acting as extra security for the lender.

Guarantee repayments

Guarantor mortgages are becoming less commonplace, but they are an option. You are guaranteeing that if the buyer fails to make repayments, you promise to cover them. Before signing up it’s important to be aware of the pitfalls, as this is a major commitment. 

You are essentially using your own savings or property as security for the mortgage. If a child misses their repayments, the lender could potentially force you to sell your home, for example, in the worst-case scenario.

Boost their borrowing power

You can apply for a joint mortgage with your younger relative. Your income will also be included on the lender’s assessment, increasing their borrowing potential. 

“These days, while the mortgage is in joint names, increasing borrower power, the property is usually in one name,” says Montlake. This way, the parent isn’t on the title deeds and the purchase won’t be subject to the stamp duty surcharge on a second home (if you’re already a homeowner) or capital gains tax when the property is sold.

How to help your children save for their own home

If your child is currently living at home, help them to do the buying groundwork. This could reap rewards when they come to buy, and teach them money-management skills. 

Credit scores: There may be ways they could improve their credit score. This is one of the major factors lenders will check when they come to apply for a mortgage. Taking out a credit card and paying off their balance each month could boost their score. They must ensure not to miss any card or bill payments. They can sign up to check their score for free with Experian, or Clearscore, for example. 

Savings accounts: Encourage them to open a Lifetime ISA—and check out our guide to the different types of ISA available to you. This is available to anyone aged 18 to 39, with savings boosted by 25% (up to £1,000 a year) through a government bonus. This money can be put towards a deposit (or retirement). 

Government schemes: You could also look into government schemes with your child that make buying a new home more affordable. Help to Buy equity loans are available on new-build homes, for example. The government lends up to 20%, or 40% in London, of the property’s value interest-free for five years. Or shared ownership schemes enable buyers to purchase, say, just 25% of the property, and rent the remainder.

After years of saving for retirement, the last thing you want is to lose your money to pension fraud. Yet scammers duped savers out £2.2 million in the first five months of 2021, with scams becoming more sophisticated and harder to spot during the pandemic.

The average loss was £50,949, according to complaints filed with Action Fraud, which is more than double the 2020 figure (£23,689). Pension scams have sadly become increasingly common, with fraudsters seeking out every opportunity to rob savers of their pension savings.

Three-quarters of women said they have been approached by a scammer in the previous 12 months, a recent survey by the investment platform Hargreaves Lansdown found.

Research by the Financial Conduct Authority (FCA) also reveals that more than a quarter of pension savers feel more at risk of a scam now compared with before the coronavirus pandemic.

Women are often conned when they click on online advertising or social media links promising “free pension reviews”, which lead to websites run by fraudsters. 

Dr Linda Papadopoulos, a top psychologist who supports the FCA’s ScamSmart campaign, says: “Scammers will use behavioral tactics to trick you into a false sense of security. It is important when approached with a financial offer on your pension to take yourself out of the context or pressure of that moment. We know that people wouldn’t accept a free financial product in a pub or would be unlikely to make a purchase in a random flash sale—so why risk it [online] with your pension?”

Scammers target pension pots big and small, with losses ranging from under £1,000 to more than £500,000.

Our expert financial journalists outline everything you need to know to help you spot a pension scam and avoid becoming a victim. 

How to spot a pension scam

The FCA says there are five common warning signs of a pension scam. These are:

• Being offered a free pension review out of the blue
• Being offered guaranteed, high returns—which are higher than the returns on your pension savings
• Offers to help release cash from your pension, even though you’re under 55
• High-pressure sales tactics—scammers may try to pressure you with “time-limited offers”, or even send a courier to your door to collect your documents
• Unusual investments that tend to be unregulated and high risk

Just over 80% of women said they were confident they could spot a scam, according to the Hargreaves Lansdown survey, with 88% of women saying a cold call regarding a pension review would likely be a scam. 

However, due to the high-pressure, manipulative (and constantly evolving) tactics that con artists use, the truth is that while we may feel clued up about how to spot a scam, some of us will fall prey to one at some point in our life.

Scammers are very good at cloning emails and websites so they look like they are contacting you from a reputable company. Watch out for this and check email addresses for spelling errors or strange formats. 

“Beware of things that signal illegitimacy. If the firm doesn’t allow you to call back, it is most likely because it is a fraudulent enterprise,” comments Myron Jobson, personal finance campaigner at the investment platform interactive investor.

“Also beware of firms that list only mobile phone numbers or a PO box address on their website.”

Pension savers can test how aware they are by taking the FCA’s pensions scam quiz. 

How to avoid becoming a victim of pension fraud

Remember the old adage, “If it sounds too good to be true, it usually is”? It’s really important to bear this in mind if ever you’re tempted to transfer your pension cash. Perhaps you’ve been told you can unlock your pension before age 55, or been promised generous investment returns. Chances are you could be moving your money to fraudsters and you won’t ever see your savings again.

“Schemes that offer to unlock your pension before age 55 should be avoided at all costs,” notes Jobson. “These schemes, also known as pension liberation and pension loans, are trying to get you to break the law and are likely to result in you paying huge administration costs and big tax bills, in some cases leaving people with no savings for retirement.

“Only in very rare cases, such as very poor health, is early access to pension possible.”

Cold calling relating to pensions has been banned since 2019, so if you ever receive a phone call about your pension, the best thing to do is hang up.

If it would be a legitimate call about your pension, don’t worry. Your provider has other ways to contact you, such as by post.

Jobson adds: “No reputable pensions firm would call you out of the blue to suggest you transfer your retirement nest egg to a better deal. When in doubt, simply hang up.”

Don’t be pressured into making a quick decision. Speak to your partner or friends before making any decisions about your life savings, especially if it’s a result of a cold call or a free pension review. 

And don’t be scared to cut off contact. The scammer may seem charming, and you may feel you have built up a relationship with them, making them seem trustworthy. But if you have any niggling doubts, walk away. 

Jon Greer, head of retirement policy at the wealth manager Quilter, has some more advice: “Ultimately, the best course of action to ensure you do not fall foul of pensions scammers is to make sure the person or firm you are dealing with is regulated by the FCA; check any offer against the FCA’s ScamSmart website; speak to Money Helper or take regulated financial advice. Given a pension is often the largest asset people have other than their home, it is well worth proceeding with care.”

What should I do if I have been scammed?

If you’ve already agreed to move your money and now suspect a scam, get in touch with your pension provider straight away. They might be able to prevent the transfer. If the scam involves your current or savings account, contact the bank or building society immediately to see if they can stop the transaction.

You should also report the firm or scam to the FCA by calling 0800 111 6768 or by using its reporting form. You will then receive information about what to do next. 

In addition, you can report it to Action Fraud (call 0300 123 2040 or use the online reporting tool).

If you’re feeling anxious or fearful as a result of the scam, it’s important to get help. Victim Support and Think Jessica can provide emotional and practical help. Talking to the Samaritans could also be useful if you’re feeling low or anxious.

Bear in mind that if you’ve been scammed the fraudsters may attempt to extract more money from you, and/or sell your details to other criminals. Be wary of future financial offers: speak to friends or family first, and refer to the ScamSmart website.

New rules to protect savers from pension fraud

Pension schemes will soon be required to intervene if they believe a saver is moving their retirement pot to a scheme linked to scam activity.

Where “red flags” have been raised, the provider will be able to block the transfer. Where “amber flags” have been raised, the saver will need to take official scams guidance from Pension Wise before proceeding.

Up until now, pension schemes could not refuse to carry out a transfer where a saver has a legal right to move their money. The regulations come into force on 30 November 2021.

Helen Morrissey, senior pensions and retirement analyst at Hargreaves Lansdown, comments: “Scammers rob people of their hard-earned retirement savings, and for too long schemes have been powerless to stop them. These measures are a welcome step forward in protecting savers by giving pension schemes the power to stop transfers or refer savers for guidance if they have any suspicions.”

Look out for the warning signs described, and make sure you don't make any hasty decisions, to help keep your savings safe. 

With Cyber Monday tomorrow – Monday, 1st December 2025 – you may be wondering whether to expect epic price drops now that Black Friday has been and gone.

To understand how long the sales last, it helps to know when Black Friday 2025 ends, since Cyber Monday follows just a few days later. Cyber Monday isn’t quite the one-day event it used to be. Most UK retailers now start slashing prices well before December, with deals rolling out through October and November as part of wider Black Friday sales. The catch? Some of the most popular items – think premium skincare, hair tools, or home appliances – tend to sell out long before Cyber Monday even begins.

That said, Cyber Monday is still worth marking in your calendar. It’s often when online-only discounts drop, and prices on things like small appliances can dip even further. If you’re not too fussy about the exact brand or model, shopping for last-chance Cyber Monday deals could still work in your favour.

Head to our best Black Friday deals live hub for real-time updates on the latest deals on products our editors actually use and love.

Is Cyber Monday worth it?

Is Cyber Monday still a thing? Yep! In recent years, Cyber Monday has grown to rival – and sometimes even outperform – Black Friday. What used to be a single day of online discounts has merged into a full weekend of savings, with major deals spanning tech, beauty, home appliances, and more. Because Cyber Monday is an online-first shopping event, it often includes exclusive web-only offers you won’t find in-store.

Many retailers even save some of their strongest discounts for Cyber Monday itself. That means you don’t need to rush into buying the moment you spot a deal on Black Friday. Instead, you can compare prices, track products, and still secure a bargain heading into December.

So, is Cyber Monday worth it if you’re eyeing a new Dyson hair dryer, a laptop upgrade, or the latest beauty tech? Absolutely – especially if you’re willing to wait for those last-minute online price drops. With Cyber Monday 2025 approaching, shoppers can still expect plenty of opportunities to save big.

Best Cyber Monday sales

• Amazon: Record low Kindle deals
• Argos: Up to 50% off appliances and fitness
• Boden: Extra 20% off women's sale
• Boots: Up to 60% off beauty and gifts
• Dyson: Deals on Airwraps and vacuums
• Face the Future: Up to 60% off skincare
• Healf: Up to 60% on health picks
• Le Creuset: Half-price heritage casserole dishes
• Look Fantastic: 30% off + extra 5%
• Lululemon: Cyber Monday activewear sale
• Ninja: Up to 30% on air fryers
• Nobody's Child: 25% off everything
• RIXO: 25% of all styles
• Sweaty Betty: 50% off leggings
• UGG: Cyber Monday footwear deals

• Amazon: Record low Kindle deals
• Argos: Up to 50% off appliances and fitness
• Boden: Extra 20% off women's sale
• Boots: Up to 60% off beauty and gifts
• Dyson: Deals on Airwraps and vacuums
• Face the Future: Up to 60% off skincare
• Healf: Up to 60% on health picks
• Le Creuset: Half-price heritage casserole dishes
• Look Fantastic: 30% off + extra 5%
• Lululemon: Cyber Monday activewear sale
• Ninja: Up to 30% on air fryers
• Nobody's Child: 25% off everything
• RIXO: 25% of all styles
• Sweaty Betty: 50% off leggings
• UGG: Cyber Monday footwear deals

Who does Cyber Monday?

Retailers and stockists take part in Cyber Monday, generally speaking, if they took part in Black Friday.

How good are Cyber Monday deals?

Cyber Monday deals are usually very similar to Black Friday offers, with many big-name brands – think Dyson, ghd, and Le Creuset – rolling out comparable discounts across both days. With Cyber Monday landing tomorrow, you can expect plenty of familiar deals to reappear.

However, while the brands may stay the same, the specific products on offer often differ between the two days. So if there’s a particular model or style you’ve had your eye on, it’s still worth adding it to your basket as soon as you spot a good price. That said, it’s smart to keep a little of your Cyber Weekend budget aside for tomorrow’s sale – just in case something even better drops.

Is it worth waiting until Cyber Monday to shop?

Cyber Monday deals offer one of your last big chances to save before Christmas, whether you’re finishing your gift list or finally treating yourself to something that’s been on your wishlist all year. And while there’s never a guarantee that Cyber Monday will beat Black Friday, the real question many shoppers ask is: is Cyber Monday worth it? If you spot a genuinely strong deal, the answer is usually yes.

Our best advice is simple: don’t wait if you spot a discount that looks great. The most popular offers tend to sell out quickly – and you’ll kick yourself if a price you loved disappears before you act.

What are the top Cyber Monday deals to look out for?

There's so much to look forward to in this year's Cyber Monday sale, with everything from luxury beauty to homeware hugely reduced. Traditionally, tech is the top buy of choice on Cyber Monday. So while bestselling products like the best hair dryers might have sold out over the shopping weekend, there's every chance more deals could land on Monday.

If there's a product you've been eyeing for a while and you've been debating the merits of one model or another - such as the pros and cons of the Shark Hair Dryer vs Dyson Supersonic - and have been put off by a hefty price tag, both Black Friday and Cyber Monday present ideal opportunities to nab a huge saving.

However, Kalpana Fitzpatrick, editor at moneyweek.com, recommends being careful not to "caught up in the hype." She says: "Before you buy anything, take a moment to stop and think about whether what you’re buying is a ‘deal’. Take a look at what the item costs on other sites to see how genuine a deal it is. And if you don’t need it and you can’t afford it, save your money instead." Sound Cyber Monday advice.

FAQs

Black Friday scams aren't new, but finding a genuinely good deal is getting harder. Here's how to avoid the duds and actually save money this year.

Black Friday falls on Friday 26 November 2021, but many online retailers have already started advertising deals and discounts across their sites. 

However, the Anti-Counterfeiting Group (ACG) have warned Black Friday bargain hunters to be aware of online scams. Phil Lewis, Director General at the Anti-Counterfeiting Group commented: “Criminals will stop at nothing to sell their products and in some cases endanger our families. At this time of year, ACG  witnesses a surge in counterfeit products being touted.”

Which? have also highlighted the growing problem of misleading deals, having found that 85% of products in previous Black Friday sales had already been available for the same price or less in the six months before.

So how can you avoid these Black Friday scams and find a genuinely good deal that will save you and your family money? We share our top tips below along with advice from personal finance expert Holly Andrews on how to dodge the duds and escape the scams in 2021.

How can I avoid Black Friday scams and get a good deal?

The key to getting a good Black Friday deal is to start planning early. This is especially true this year as there are supply issues with many products, so stock may run out quickly.

Write a list of what you want or need, plus Christmas presents and any upcoming birthdays. That way you won’t waste time on the day walking around the high street or shopping online, browsing deals you don’t really want or can’t afford.

Looking for deals before Black Friday will ensure you don’t miss any bargains, advises Holly Andrews, personal finance expert at KIS Finance. “Although these may not be the best deals retailers have to offer, they will give you an idea of what products will be on sale. You can then bookmark these and keep an eye on them as the discounts get bigger.”

Don’t forget to check out brands’ and retailers’ social media pages. These often give loyal customers a heads-up about offers before Black Friday. “Make sure you’re following your favourite brands, and you’re signed up to receive their email alerts, so you’ll be among the first to know when their sales start,” says Andrews. “This will give you time to compare retailers and brands, create your lists and make sure you’re getting the best deals.”

It goes without saying that you should always shop around to make sure you’re getting the best price. For example, the Boots Black Friday sale could be offering great electric toothbrush deals, but Amazon may have even lower prices. Conversely, while some of us automatically think Amazon has the best offers, a brand’s own website or other stockists could be cheaper.

You could also use a comparison site to check prices. In the same way that you might use a comparison website to browse the best deals on insurance policies like car insurance, travel or pet insurance, there are sites such as Price Spy, Idealo and CamelCamelCamel (for tracking Amazon prices) that will help you compare sale prices on products across sites. 

But don’t look solely at price. Factor in the cost of delivery if you are shopping online, and also the warranty if it’s an electrical item. Check out the returns policy, too.

Some retailers like Boots have already started their Black Friday 2021 discounts. Others that normally participate in Black Friday and have genuinely good deals and legitimate discounts include:

• Marks & Spencer Black Friday deals
• The John Lewis Black Friday sale is now live
• Instead of a White Company Black Friday sale they run a 'White Weekend' of offers
• Get up to 50% off in the Not On The Highstreet Black Friday sale
• Boden Black Friday deals
• Jo Malone Black Friday deals
• Pandora Black Friday deals
• The Missoma Black Friday sale has started
• Shop all the current Black Friday fashion sales

How to avoid a bad deal and scams on Black Friday

The best way to avoid a bad deal is to do your research—compare prices, and check you are buying from a reputable retailer. Beware of brands that you’ve never heard of. They could be poor quality or, even worse, a scam.

Think about whether you actually need the product. If you are buying, say, a TV for £500, and it’s reduced from £1,000, that may sound great as you’ve bagged a 50% offer and saved £500. But if you don’t really need a new TV, then it’s a bad deal as you’ve effectively lost £500.

Pay attention to the price, not the saving. For example, £100 off in some KitchenAid deals might sound appealing, but is the Black Friday price of £500 a good deal? Do you want the mixer, can you afford it? And don’t forget, the offer could be repeated again, say, in the January sales.

Black Friday scams advice

Scams are rife in the online world, and Black Friday is no exception when it comes to fraudsters trying to steal shoppers’ hard-earned cash. Scams range from selling a product that never turns up, to con artists trying to impersonate a retailer and even cryptocurrency fraud. Shoppers are being warned to watch out for gift card generators during this year’s Black Friday events, which can download malicious software and then steal a person’s cryptocurrency.

To stay safe online, Action Fraud advises that you carry out some research if you’re making a purchase from a company you don’t know—and ask a friend or family member for advice before completing the purchase.

Make sure you install the latest software and app updates. These usually contain important security updates that can protect you against fraud and identity theft, according to Action Fraud. 

Use a strong, separate password and two-factor authentication (2FA) to secure your email account. “Criminals can use your email to access other online accounts, such as those you use for online shopping,” notes Action Fraud.

Take care with any links you see online, or that are sent to you. If an offer sounds too good to be true, it usually is!

Paying via PayPal or on a credit card can give you extra protection. Holly Andrews explains: “Paying via PayPal is a good method of keeping your money safe, as you won’t need to enter your bank details on the shopping website, and you will have more protection if things go wrong.” Paypal’s Buyer Protection programme entitles you to reimbursement for the full purchase price plus shipping costs if you don’t receive your item from a seller. 

Andrews adds, “Spending more than £100 on a credit card, online or in-store, means you are automatically protected under Section 75 of the Consumer Credit Act. This means you can speak to your credit card provider about getting a refund if you run into problems and the retailer refuses to help.”

You may also be able to get a refund from a debit card provider, via the chargeback scheme, although this is not a legal right, unlike Section 75.

How to avoid overspending on Black Friday

Black Friday can become a frenzy. Whether you’re hitting the shops (queues are common, as are reports of shoppers physically battling it out for the last product) or surfing the web, the avalanche of promotions can feel overwhelming. Try to stay calm and stick to your wish list of products that you want to buy.

As well as a wish list, set a budget. That way you’ll know how much you have to spend and won’t be distracted by offers for things you can’t afford. You could even put a big Post-it note on your laptop reminding you of your wish list and budget to ensure you don’t go off-piste. It’s all too easy to overspend online when it’s just a few clicks of a button.

If you spot an amazing deal that isn’t for an item on your list—and could blow your budget—ask yourself two questions. Do I need it? Can I afford it? If the answer is no to either question, don’t buy it.

For those venturing out to the high street to look for Black Friday bargains, take a bottle of water and a snack. It’ll give you energy to face the crowds and do the maths when comparing offers and, crucially, it’ll mean you’re not tempted to spend money on food.

If you do find the perfect purchase, check to see if you can reduce the price further. First, find out if you can buy the item via a cashback site such as Quidco or Topcashback. You’ll still get the same Black Friday deal, but you could get cashback of up to 15%.

Second, check if there are any online voucher codes for the brand or retailer—you could get a further discount or free delivery.

If you’re a car owner, then there’s no escaping paying for car insurance. But as premiums creep up, you may be looking at ways to cut the cost of motor insurance. 

Policy prices have hit a six year low according to Compare the Market with the ‘average’ comprehensive cover down £71 over the past year to £631. But as household bills continue to rise, you may be looking to drive down the price of your insurance policies as much as possible.

We take a look at how to reduce the costs and get the best deal on your car insurance. 

How to get the best deal for car insurance

Shop around for the best car insurance deal

Shop around early as prices usually go up the closer you get to renewal. “You can buy car insurance up to 29 days before the policy start date and 'lock in' the price you're quoted on that day”, says motoring expert Ryan Fulthorpe from price comparison site GoCompare. “Our research shows buying 26 days before renewal means an average saving of 40% compared with renewing on the day”.

Tweak your job title when applying for car insurance

What you do for a living plays a big part in the cost of your insurance and making small ‘tweaks’ can cut costs.  

If your job can be described in many ways, then this is worth exploring. For example, describing yourself as a ‘PA’ can mean a cheaper premium than saying you’re a ‘secretary’, and insurance for an ‘illustrator’ can be cheaper than saying you’re an ‘artist'.    

Money Saving Expert has a handy ‘Car Insurance Job Picker’ tool, but remember this is about ‘legitimate’ tweaks, not claiming you do an office job if you’re a racing driver. 

Escape the auto-renewal trap for car insurance

Setting up your policy this way can seem like a shortcut to hassle-free motoring, but means you’ll be locked in year after year unless you tell your insurer to stop.

Going down the auto-renewal route typically costs you around £100 more than switching to a better deal, according to Compare the Market, and over £200 for drivers under age 25.

From January, new rules from the Financial Conduct Authority (the industry regulator), will ban both car and home insurers from charging existing customers more than new ones; however, it is still worth shopping around rather than just sticking with your insurer’s renewal offer. 

That said, it is worth noting that if you’re the forgetful type then auto-renewal can save you from driving around without adequate cover. To overcome this, set up a reminder on your smartphone.

Boost your car insurance excess

You can cut the cost of your premium by agreeing to pay a higher ‘excess’ on claims.

Your excess comes in two parts; a ‘voluntary’ and ‘compulsory’ excess, and it’s the ‘voluntary’ one you can increase—although in the event of a claim you’ll pay both added together.

If you’re running quotes through comparison sites, it’s easy to number crunch different options and to see any savings. 

However, do weigh up whether potentially saving £20 on the policy is worth a potential £100 hike on the excess if you need to make a claim.

Pay upfront for cheaper car insurance

Spreading payments, instead of paying in one go can boost your bill by a whopping 44%, according to consumer group Which?  

If you’re struggling to pay for your policy in one go, consider using a credit card with a 0% deal on ‘new purchases’.  

This means you can pay monthly on an interest-free basis, but always make at least the minimum repayment or you’ll lose the 0% deal.

Add another driver to your car insurance

Adding an experienced driver, like your partner, or adult son or daughter to your policy can cut your premium.  

“This suggests to insurers the vehicle will be shared and therefore spreads the risk”, says Jack Cousens, head of roads policy at the AA. “It’s important to think about who you’re adding though, as including someone with motoring convictions may increase your premium”. 

Check your mileage before getting car insurance

How far do you drive? It’s a question that probably stumps most of us when applying for insurance but guessing can cost you more.  

“Most customers see a nice round figure of 10,000 miles and go for that, but check your most recent MOT to see far you actually drive”, says Ryan Fulthorpe. 

Low mileage drivers may be able to save with ‘pay per mile’ policies with companies like By Miles, which are on comparison sites.  

Should you buy the extras with car insurance?

Insurers are often keen to offer a heap of ‘extras’, including legal protection and breakdown cover.  

“Shopping around is key; in some instances, it may be better to include them on your policy, but sometimes it’s cheaper to buy them as a standalone purchase”, says Jack Cousens.

Around 15% of motor insurers actually include breakdown cover as standard, according to Defaqto, a financial information service. NFU Mutual for example includes basic breakdown cover with the RAC on all its motor policies.  

Protect your ‘no claims’ discount

“Many insurers offer no-claims bonus (NCB) protection for a small fee”, says Jack Cousens. 

This means if you make a claim for something like damage caused by a storm, if your car is stolen or hit by an uninsured driver, you won’t lose your no-claims bonus.

And your NCB can be a valuable asset: depending on your insurer and years of claim-free driving, it can be worth a  maximum of 40–80% discount on your policy, according to consumer group Which?

Reduce car insurance with home security and multi-car discount

Stepping up security can mean discounts. Alarms are fitted as standard on most new models, but if you’re buying one for an older or second-hand car, go for a  ‘Thatcham Approved’ one, which is what insurers usually ask for.  

Got a garage? Tell your insurer, and use it!  And having a dash cam can mean a discount too, although insurers don’t usually have fixed amounts for this. 

If you’ve got more than one car in your household you could save with multicar insurance.  

Companies including Admiral, Aviva, LV=, and Sheilas’ Wheels offer this and, as a rough guide, you could save 10–15% compared with buying individual policies.  

However, it’s still worth running quotes separately too as there’s no ‘one size fits all’ with insurance.

It's all too easy to leave your pension to its own devices, but spending a bit of time and effort on finding out how it's doing will often pay dividends in the long run.

Research shows almost a quarter of women do not know how much state pension they will get and when. 

Many women are also in the dark about their workplace pensions, with only one-third saying they have a clear idea of how much all their retirement savings are worth, according to research by investment firm Hargreaves Lansdown.

While the pension savings rate has improved over the past decade—as a result of the government’s auto-enrolment scheme that sees employees automatically placed into pension schemes—many people forget to check how much is in their pension, or how it’s performing. 

“Lots of people dutifully pay into their pension each month but never actually check where that money is going, what it’s invested in, or how large their pot has become,” notes Laura Suter, head of personal finance at the investment platform AJ Bell. This can make retirement planning almost impossible. 

If you’re wondering how to check how much is in your personal or workplace pension, or how much you might get from a state pension, and crucially, when you’ll be able to claim it, help is at hand. Follow our simple steps to check your pension and get your retirement plans on track.

How to check your state pension

The state pension has had a big overhaul in recent years. A 'new state pension' was launched in 2016, while the age at which you can claim it has been creeping up. 

“The state pension age has been on the rise in recent years, which has either passed people by or left them completely confused, so huge numbers of people have no idea when they might get their pension,” says Helen Morrissey, senior pensions and retirement analyst at Hargreaves Lansdown.

“Worryingly, over a quarter of people in the 45-54 age group are confused and this is concerning, because their plans for retirement should be much more detailed by this stage.”

Luckily, it is fairly easy to check your state pension. You can get a state pension forecast by using your government gateway log-in (which you use for the self-assessment tax return) or by verifying your ID (you’ll need to provide your address, mobile number, and one form of photo ID).

The forecast will tell you how much state pension you could get, when you can get it, and how to potentially increase it.

You can also get a state pension forecast by post or by calling the Future Pension Centre on 0800 731 0175.

If you’d like to just check your state pension age, you can do that on gov.uk. Pop your date of birth into this simple tool and it’ll tell you the date that you’ll qualify for the state pension, and what age you’ll be.

Bear in mind that the state pension age is rising. The current state pension age for men and women is 66. For those born after 5 April 1960, there is a phased increase to 67 by 2028, and eventually 68.

The government is keeping the state pension age under review, which means it could change again in the future—so check on gov.uk regularly to make sure the date you can claim your pension is still the same, especially as you near retirement.

How to check your final salary pension

If you’re lucky enough to have a final salary pension or a career average scheme—also known as a defined benefit pension—your pension provider should send you an annual statement. 

This will tell you how much money you should receive each year, and at what age you’ll start receiving it. It may contain other details such as how much your spouse would be entitled to if you were to die. 

If you don’t receive a statement, or have any questions about the scheme, contact the pension provider. Don’t know who the provider is? Ask your employer (or former employer) and they’ll be able to tell you. 

How to check your workplace pension

When did you last check your workplace pension? While millions of us are paying part of our wages into a pension each month, not many of us bother to check how much is in our pension pot, or where it’s invested, or even if we have lost pensions from previous jobs.  

“The first step to getting engaged with your workplace pension is to check it,” says Maike Currie, investment director at the investment firm Fidelity International.

“This is typically done via an online portal and a password supplied by your pension provider. If you have lost the log-in details, or stuffed these deep into a forgotten drawer, contact your provider about resetting your access. Once you have the log-in details you can check how much is saved in your pot, where it is invested, and whether you would like to change your investment options.”

You probably have a few pension pots from different employers. When you check your pensions, you could consider consolidating your pension into one pot. 

How often should you check your workplace pension?

A good time to check what’s going on with your workplace pension is when you receive your annual statement. It shows how the value of your pension savings has changed over the past year, how much is in your pot and how much income you might receive from your pension when you retire. “Also check whether you have filled out an ‘expression of wish’ form as this ensures your nearest and dearest receive your pension savings if you pass away,” suggests Maike.

According to Laura at AJ Bell, “once you’ve got everything ship-shape you don’t need to check on your pension that often—as it’s a long-term investment you’re not likely to want to switch investments around every month. Instead, it’s a good idea to check in once a year and make sure everything is performing as you’d expect.”

However, when you’re within 10 years of retirement age, you need to keep a closer eye on your pension, as you start thinking more about your life after work—and how you’ll fund it.

Can you increase your contributions? This will give your savings a boost, and you may get tax relief and an extra employer contribution on top.

Are you planning to buy an annuity with your pension pot? If the answer is yes, you’ll want to gradually reduce the risk in your portfolio. Laura explains: “The last thing you want is your pension pot to fall in value dramatically just before you plan to use it. So generally people move into less risky assets and gradually move more into cash too.”

Remember that if you’re 50 or over you can book a free appointment with Pension Wise, the government’s impartial guidance service. If you’re feeling confused about your pension, your pension provider or HR department may be able to give you some pointers. Alternatively, you can pay for professional financial advice. 

How to check your personal pension

If you have a personal pension, or a self-invested personal pension (SIPP), it’s important to check in with it at least once a year. That way, you can see how much the pot is worth, and how your investments are performing. Keep a close eye on fees, as these can rapidly eat into your savings.

You should be able to look at your pension online, or using an app. If you use a financial adviser, ask them for the information. 

As you edge closer to your retirement date, check in with your personal pension more frequently. Consider whether the risk level of the investments is right for you—it should be simple to switch to different investments—and whether you can pay a bit more into your pension to give it a boost.

When planning for your financial future, there can be a lot of information to evaluate. Pension consolidation may help you manage that, and your fund. Here's how to check if it's the best move for you or not. 

If you’ve had several jobs throughout your career, then the chances are you’ve accumulated a number of small pension pots over the years. The average 55-year-old is likely to have had an average of seven jobs throughout their working lives, according to distance learning provider Open Study College. 

When saving for a comfortable retirement, it’s important to understand how much money you have now in order to make any adjustments to your savings. That can be hard to do with many different pots, and that’s where pension consolidation can come in. 

There are a number of benefits to bringing all your pension pots together, but also some important considerations.

If you’re thinking about pension consolidation or not sure if it's for you, then here is what you need to know.

Why should you consolidate your pensions?

Pension consolidation is simply the sweeping together of all your individual pensions into one neat and tidy plan. You can choose a completely new provider or you could move your money into an existing scheme. Over a third of adults in the UK say they have moved some or all their pensions together this way, according to investment firm Aegon.

“Bringing your pots together can really give you control over your retirement decision-making as you have a much better idea of what you have,” says Helen Morrissey, senior pensions and retirement analyst at investment firm Hargreaves Lansdown. 

“Another obvious benefit is that you’ll also have less paperwork if you only have one provider, and it is easier to keep track of your pension savings,” she adds.

According to the Association of British Insurers (ABI), around 1.6 million savers have lost track of their old pension to the tune of £19.4bn.

Ed Monk, associate director, personal investing, at Fidelity International adds that pension savers are also likely to get a wider choice of investments if they consolidate their pensions. 

Why pension consolidation may not be right for you

According to Aegon, 58% of us have never combined our pensions—the main reasons holding us back are ‘not wanting all eggs in one basket’ and ‘not knowing the benefits’. While we have outlined some of those benefits, it’s important to understand when pooling your pots is not the best option.

Some pensions come with really valuable benefits such as guaranteed annuity rates, preferential income or growth rates or protected pension ages, which would be lost if you transferred out.

“Defined benefit pensions, for example, offer a promised level of income based on your earnings and it rarely makes sense to transfer them”, says Morrissey. “Any transfer value you are offered likely undervalues your pension and while there may be some circumstances—such as serious ill health—where you might consider it, it should be approached with extreme caution”.

You also need to keep an eye on the costs. Pensions don’t come for free and for each pot you hold, you will have to pay a provider to manage that money for you, which comes out as a percentage of your investments. While it makes sense to think that the fewer pots you have the fewer providers you need to pay, you need to watch out for exit fees when transferring your money. You also need to make sure that the provider you will be combining your pensions with is not more expensive than your current provider. 

Consolidating my pensions: a check-list

• Check your pension and track down your old pension schemes, using the government’s pension tracing service 
• Get all your pension paperwork in one place and work out which former employers schemes you might have been enrolled in as well as any personal pensions you have
• Know the type of pension scheme you have, the fees you are paying and where you are invested
• Make sure, before you transfer, you will not lose any valuable benefits and know if there is an exit fee to pay. It might be worth speaking with an adviser first to ensure it is the right move for you. Find one at unbiased.co.uk
• Understand the fees and investments of any new scheme you are moving your money into and how they compare to your old schemes
• Check your state pension entitlement to see how much you can expect in retirement
• Now you know the combined total of your likely personal, workplace and state pension, use an online calculator to work out whether your retirement savings are on track and what you need to do to achieve the desired target
• Review your spending to see if you are able to up your current contributions
• Look at your current workplace scheme and see if your employer will match any raised contributions you make

Investing for grandchildren can provide them with a financial boost at a time when they most need it, for example to pay their university fees, buy a first home or even a pension.

It’s also a useful tool to teach children about money. “Introducing children to the concept of investing is a brilliant way to set them up for the future. Showing them how their money is growing year on year will teach children the benefits of regular investing and could kick-start a positive savings habit,” says Maike Currie, investment director at Fidelity International.

There are several options available, from junior ISAs and investment accounts to pensions and gifting shares.

Investing for kids can be very tax-efficient. Their savings could grow tax-free or could get topped up with free cash from the Government, and whatever money you set aside could potentially lower the inheritance tax bill for your loved ones when you die. 

If you're new to investing we have a great guide on investing for beginners which will help you make the right choices for your personal finances. Here we explain the different ways to invest for a child or grandchild and get them off to a flying start in life.

Junior ISA

What is it? Launched in November 2011, junior ISAs enable families to invest money for their children tax-free, with the investment locked away until the child turns 18. The maximum that can be paid in by all friends and family during 2021-22 is £9,000. This is on top of your own £20,000 adult ISA allowance. You can choose between a cash junior ISA, and a stocks and shares version. 

According to the latest figures from HMRC, more than one million people paid money into junior ISAs in 2019-20, with 706,000 of them putting money into a cash account and 316,000 paying into stocks and shares accounts.

Pros: A junior ISA is a fantastic tool to get a child interested in money and investing. At age 16, the teenager is allowed to manage the account, so they can choose the investments or switch to a different provider. Discussing the merits of investing ethically or in large firms like Amazon or Adidas, for example, is a useful way to engage them with their junior ISA, teach them about finance and get them thinking about how they’d like to spend or save the money in the future.

Cons: Bear in mind that a junior ISA automatically passes to the child on their 18th birthday, and they can spend the money as they please. If you are hoping they will use the money in a specific way, you will need to have this conversation! 

Should you choose a cash junior ISA or a stocks and shares version? 

Choosing a cash junior ISA over the investment version could mean the child misses out on thousands of pounds of returns. This is because over long time frames, investing in the stock market nearly always outperforms cash. If you’re investing for a newborn baby, there’s 18 years for the money to grow before it can be touched. 

A study of the past decade by Scottish Friendly and the Centre for Economics and Business Research reveals that families who saved into a cash junior ISA have lost out on up to £32,300. The study assumes the maximum allowance is saved each tax year, and compares it to investing in the MSCI World Index fund within a stocks and shares junior ISA. If you’ve saved into the MSCI fund, which invests in global stock markets, the child’s junior ISA would be worth £84,500. If you’d put the same amount of money in a cash junior ISA, it would be worth just £52,200.

“Everyone wants the best for their child when it comes to building a nest egg so it’s understandable that many of us are tempted by a more cautious approach,” notes Jill Mackay, head of marketing at Scottish Friendly. However, she adds that “investing isn’t just for the wealthy and well-advised” and by investing even small amounts you could build a bigger pot for a child or grandchild. 

Investment account

What is it? An investment account or dealing account, which is normally set up through a bare trust. These are different to stocks and shares junior ISAs, and have their own pros and cons. Unlike a junior ISA, it is not tax-free. However, you can use the child’s annual income tax and capital gains tax allowances, which can significantly reduce the tax (in some cases to zero).  Children can 'earn' up to £18,570 per year before they incur tax and also have a Capital Gains Tax allowance of £12,300. 

Pros: The accounts are more flexible than junior ISAs. A grandparent or parent can normally open one (with a junior ISA, the parent or guardian has to open it). So, a grandmother could open a child’s investment account. Bare trusts allow withdrawals at any age, as long as it is for the beneficiary’s (child’s) benefit, so grandparents could invest and make withdrawals to pay school fees, for example. There are no limits on how much can be paid into the account each year.

At age 18 (or 16 in Scotland), the child is entitled to the money. However, it does not automatically transfer to the child—as with a junior ISA—so the grandparent could continue managing the account. 

Cons: There’s not much choice when it comes to children’s investment accounts. Only a handful of providers offer them, such as AJ Bell Youinvest, Brewin Dolphin and Netwealth.

Junior pension

What is it? You may associate saving into a pension with later life, or perhaps with workers paying part of their pay packet into a pension savings scheme, but did you know pensions can also be opened for babies and children? 

Laura Suter, head of personal finance at AJ Bell, comments, “While most sleep-deprived parents of a newborn won’t be thinking about setting up a pension for their child, grandparents may decide to get a head start on saving for their grandchildren. They don’t need to start big, as you can put as little as £25 a month into a junior self-invested personal pension (SIPP) and build up from there.”

Pros: Not only are they tax-free, but the government will also add 20% tax relief, essentially a cash bonus.

The maximum amount that can be paid into a child’s pension is £2,880 a year, which is topped up to £3,600 thanks to tax relief. If this amount was contributed every year from birth, the child could have a nest egg of over £96,000 by the time they turn 18, according to calculations by AJ Bell. This assumes 4% annual growth.

If the money is left and no more is added to the pot, it could grow to a staggering £443,000 by age 57. This is based on contributions of just £51,840.

Saving into a pension for a child is becoming more popular. AJ Bell Youinvest has seen 32% growth in the number of junior SIPPs opened in 2020 compared to 2019. The average account has about £10,000 in it.

Cons: Bear in mind that a pension is a long-term investment. Currently, it can’t be accessed until age 57, and this age could rise in the future. So the child won’t be able to use the money for other things, like a house deposit or getting married.

On the flipside, the pension could give a very welcome financial boost to your child’s retirement, and you have peace of mind that the money won’t be squandered before then. 

When the child reaches 18, they can continue to make pension contributions, starting a good habit for the rest of their life.

Gifting shares

What is it? A share allows your child to own a small part of a company. You could maybe buy them a share of a company or brand that they love.

Pros: Passing on an investment like shares to a child can be a good way to give them a financial gift and if a company does well, it could pay dividends for years to come. It can also help teach them about the stock market.

Cons: Any shares handed to a child or grandchild are classed as a “disposal” by the taxman, which means that if the current value of the shares is higher than when you bought them, it could be liable for capital gains tax. 

If the gain is above your capital gains allowance of £12,300, or if you’ve already used this tax-free limit this tax year, you’ll pay 10% or 20%, depending on your income.

You may need to be mindful of income tax, too. Children can earn up to £100 a year free of income tax—say, from a savings account or share dividends—but anything over this amount could be taxed at the parent’s highest income rate.

However, this is only the case where it is the parent that has gifted the shares. If it is a grandparent or any other relative or friend that has given the child the shares, there is no income tax liability. 

Unless you have an emotional attachment to the shares, and want to keep them in the family, it may be better to sell the shares and put the cash into a junior ISA or child’s investment account. With a junior ISA, any growth in the investments will be completely tax-free. And with an investment account you’ll have more control over the money.

Shares are a high-risk investment, and if you are handing over shares in just one company, or a couple of companies, this makes it riskier still. Using a junior ISA or investment account means a more diversified portfolio can be built up for the child, which should lower the risk.

Gifting to reduce inheritance tax

What is it? Gifts to your children or grandchildren could reduce any potential inheritance tax (IHT) they will need to pay after your death. 

Pros: The good news is you can give up to £3,000 away each tax year without it being added to your estate for inheritance tax purposes. For example, if you have three grandchildren, you could pay £1,000 into each of their junior ISAs. Gifting investments like shares also counts towards your £3,000 limit.

Cons: Any gifts made above this level will be subject to the seven-year rule, where no IHT is due if you live for seven years after the gift. If you do die within seven years of gifting the money, the tax is on a sliding scale, depending on when you die.

Maike Currie advises keeping a record of the amount and timing of any gifts, so that it’s easier for the person who deals with your estate to work out whether any IHT is due.

Your pension will be crucial when you retire, and you want to do so comfortably. Follow this advice to ensure you're optimising your income once you finish working.

Only one in four women believe they have enough pension savings to retire comfortably. And as the pensions gap continues to widen, more women could be forced to work longer or face a smaller income when they stop working. 

Research from the Centre for Economics and Business Research shows women could be missing out on as much as £183,936 each, compared to the amount men receive from their pension. This is a stark rise from 2020—when the pension gulf was £157,263—reflecting the impact the pandemic has had on women’s finances.

Women’s smaller pensions are partly due to the pay gap—if you earn less, you’ll often pay less into your pension too.

“The big blow comes from career breaks and the compromises women tend to make for caring responsibilities,” says Sarah Coles, personal finance expert at Hargreaves Lansdown. “Take someone who has a career break after having children, then returns part-time while they’re at school and decides they can’t afford to pay into a pension during that time. Later in life, they might be called on to care for elderly parents and then a partner, which could effectively halve the potential time they have to pay into a pension.”

If you’re worried you may not have saved enough for life after work, there are things you can do to boost your pension. We show you the steps to take to help increase your retirement income. 

1. Increase your pension contribution

If you’re employed, then the chances are you’re already paying into a workplace pension thanks to auto-enrolment rules. But, did you know that if you pay in more, your employer may pay in more too? Many, although not all, employers will match your increased contribution. If they don’t, then you still get the tax relief from the government to help inject more money into your pot. 

Even just an extra 1% pension contribution could make a big difference. Rebecca O'Connor, head of pensions and savings at the investment platform Interactive Investor, explains: “Someone starting working life on a salary of £35,000 and paying in 8% a year (including employer contributions) could expect to have a pot worth around £251,000 when they retire at age 67.

“If they pay in 9% a year, from age 50, they could expect £262,000—a difference of £12,000.”

The main caveat is that you can’t pay more than £40,000 into your pension each year—this rule is known as the annual allowance.

If you’re working part-time or do not meet the minimum income requirement of £10,000 to be automatically enrolled into a pension scheme, there’s no reason why you can’t ask to join anyway. 

2. Pay a lump sum into your pension

If you receive a bonus at work, or perhaps inherit some money or win a prize on the Premium Bonds, then paying that money into your pension is a quick and easy way to give it a boost. 

The added bonus is that you’ll get tax relief on the additional contributions. So, if you paid £1,000 into your pension scheme, the government would add £250 in tax relief if you’re a basic-rate payer. If you’re a higher or additional rate taxpayer, you could potentially claim back more.

3. Find lost pensions

While most people tell their bank and utility company when they’re moving house, few remember to tell their pension provider which could result in a lost pension. According to the Association of British Insurers (ABI), just one in 25 people tell their pension provider when they move home.

If you’ve had several jobs during your career, then it’s also likely that you have lost contact with your previous pension providers.

The average worker has 10 jobs, potentially resulting in 10 different pension pots, according to Schroders Personal Wealth. The ABI estimates there are 1.6 million lost pension pots worth a staggering £19.4 billion—the equivalent of nearly £13,000 per pension pot.

If you think you may have pension money you have forgotten about, it’s time to track it down. Use Moneyhelper’s template letter for this. 

If you’re still struggling to find your lost pension, use the government’s Pension Tracing Service. 

4. Top up your state pension

The full state pension is £179.60 a week, but you need at least 35 years of National Insurance contributions to get it. The first step is to check your pension to understand exactly what your situation is. 

If you have fewer qualifying years, your pension entitlement will be proportionately lower. So, if you have 23 years of contributions, you’ll receive two-thirds of the full state pension. You need at least 10 years of National Insurance contributions to get any at all. 

If you think you may not have enough, then you may be able to pay voluntary National Insurance contributions. The general rule is you can pay voluntary contributions to cover the past six years. 

Most people pay class 3 contributions, which are voluntary and designed to fill gaps in your record. These cost £15.40 a week (or £800.80 a year). Self-employed workers pay class 2 contributions, which cost £3.05 a week (or £158.60 for the year).

Before you pay for any voluntary contributions, request a state pension forecast. This will show how much state pension you could get, and how to increase it (if you can). You can apply for one on gov.uk or by calling 0800 731 0175.

5. Defer your state pension

If you’re in no hurry for your state pension, you could delay it and get more. 

For every nine weeks that you wait, your state pension increases by 1%. This works out as just under 5.8% for every 52 weeks.

So, if you were entitled to the full state pension of £179.60 a week, and deferred it by a year, you’d get an extra £10.42 a week. 

You don’t need to do anything to defer your pension. You actually only receive your state pension when you claim it (it does not get paid to you automatically). So, if you don’t claim it, the government will know you’re deferring it.

Not sure how much income you need when you retire? Take a look at Moneyhelper’s pension calculator to help you get to grips with how much you’ll need and your likely pension income.