Energy debt and Pension Withdrawals
Summary
The podcast explores the UK's soaring energy debts, with households owing over £2.5 billion, and discusses the role of energy suppliers and government support. It also examines the record £4 billion withdrawn from private pensions in three months, detailing reasons, tax implications, and long-term consequences. Additionally, the episode highlights the difficulties for paper tax return filers due to HMRC's online push, offering advice on deadlines and appeals.Episode description
This week, the energy watchdog Ofgem released data showing energy debts reached £2.6 billion between April and June. It says the rise in debt was due to both the increase in wholesale energy prices and wider cost of living pressures. We'll get reaction to that figure from Octopus Energy, one of the UK's biggest suppliers.
More and more people are taking money out of their private pensions. Between April and June, 4 billion pounds was withdrawn from pensions by more than 500,000 people - 15% more than a year ago. What should you consider before you take money out of your pension?
And, two weeks before the deadline to get your paper tax return in, HMRC says it will take three weeks to post the form to you. What are your options if you still need to send one?
Presenter: Paul Lewis Reporter: Dan Whitworth Researchers: Sandra Hardial and Jo Krasner Editor: Jess Quayle
(First broadcast, 12pm Saturday 14th October, 2023)