Questions of Cash: I won't have the money to top up my state pension in such a short time
Saturday 01 February 2014
Q. In Questions of Cash on 21 December you answered a question about topping-up payments to receive a higher state pension. My situation is different as I will not miss the date for the new pension rules. I was born in 1953 and as it stands will get my pension in 2017. I will be fully paid as from 2016, at which point I will have paid for 30 years. However, if the rules are changed, I will qualify for the new state-pension rate – which is good – but I will not have paid enough for the full pension – which is bad. Assuming that the rules are changed as promised, I will need 35 years to qualify and I will have only these next three years to make up the difference. It may be that I won't have the spare money to make up the difference in such a short time. DM, Fife.
A. Tom McPhail, head of pensions research at Hargreaves Lansdown, responds: "When the conversion is made to the new, single-tier state pension in 2016, the Government will assess the state-pension entitlement of everyone who has not yet reached retirement. They will record this entitlement – currently referred to as the 'foundation amount' – and when you subsequently reach your state-pension age, they will compare your entitlement under the new regime with your foundation amount. If your state-pension entitlement under the old regime is higher than the new regime, you'll be entitled to the higher amount – but there is a catch. The part of your state pension under the old system which exceeds your entitlement under the new system is called the 'protected payment' which sounds great, but this will only be uprated in line with consumer price inflation, unlike the rest of your state pension which is uprated in line with the 'triple lock'." This is the Government's promise to uprate the state pension by the highest of the rate of inflation, average earnings, or a minimum of 2.5 per cent.
Scottish Power hasn't sent me the promised money
Q. I wrote to you recently to complain about Scottish Power. You responded in Questions of Cash [18 January] that Scottish Power would send me a £50 goodwill payment by way of apology, plus my £461.18 credit balance on my account. I have now switched supplies to Spark, but despite further emails from me to Scottish Power, I have still not received a repayment of the credit balance. But I have received the £50. JM, Birmingham.
A. We have contacted Scottish Power again and it is clearly embarrassed by its failure, which was apparently caused by a mix-up on your account records – which seems similar to the original problems of which you complained. Scottish Power tells us that following our latest intervention it has arranged for an urgent electronic transfer to your bank account of the credit balance, which you should now have received.
Share sale stopped by my old address on certificate
Q. I recently tried to sell Ted Baker plc ordinary shares them through my bank, NatWest, which refused to do so on the grounds that the certificate shows my former home address. I asked what I should do and the bank said it did not know. I then contacted Ted Baker's investment relations department, which replied that they did not deal with this sort of thing. I have no idea what to do. CJ, Hartlepool.
A. The share register for Ted Baker plc is administered by Capita. It will issue you with a new share certificate if you email them via email@example.com.
Yorkshire's faster service is slower than anywhere else
Q. The faster payments service is now routinely used by banks and building societies to make transfers within two hours. This is the case with all the providers I have knowledge of, with the exception of the Yorkshire Building Society. It claims to participate in the service, yet only makes transfers by the end of the following day. I have asked why Yorkshire's faster service is actually slower than everywhere else, but I have not received an explanation. JP, by email.
A. Only clearing banks are full members of the service. The Yorkshire, like other building societies, is classed as an agency bank, which means it has to rely on a clearing bank to use the service – and that process can slow down electronic payments. "Yorkshire Building Society uses the faster payments service, but is not a direct member of the faster payment scheme," explains its spokeswoman. "All inward payments to the society are usually made available to customers within two hours of the payment information being received from our member bank. For outward payments we believe it is in our customers' interests to balance the question of speed of payment with security. This does increase the time for an outward payment to be completed, however they are usually made within the required regulatory timeframe, which is no later than the end of the business day following receipt of the payment order. "
Questions of Cash cannot give individual advice. But we'll do our best to help if you have a financial dilemma. Email us at: firstname.lastname@example.org
Independent Partners; request a free guide on NISAs from Hargreaves Lansdown
- 1 Nigel Farage: Me vs Russell Brand on Question Time – he's got the chest hair but where are his ideas?
- 2 Harry Potter fans can apply to the Hogwarts-inspired College of Wizardry
- 3 Jessica Chambers: 19-year-old woman 'doused with lighter fluid and burned alive' in the US
- 4 Russell Brand calls Nigel Farage 'poundshop Enoch Powell' in BBC Question Time debate
- 5 Orange Wednesdays are no more
Disgruntled RBS worker writes hilarious open letter to Russell Brand after anti-capitalist publicity stunt leaves him hungry
Nigel Farage defends Kerry Smith 'ch***y' comment: 'If you are going for a Chinese, what do you say you’re going for?'
Nigel Farage's approval rating hits 'record low' as popularity suffers in wake of Ukip sex scandal
Pakistan school attack live: Taliban kill at least 132 children in 'horrifying' massacre
Sony hack: Angelina Jolie branded 'seriously out of her mind' in further embarrassing leaked email saga
Panic Saturday: 13 million Britons spend £1.2bn – while 13 million others across the country live in poverty unable to afford food
iJobs Money & Business
$200 - $350 per annum: Carlton Senior Appointments: Managing Producer Office...
$125 - $225 per annum: Carlton Senior Appointments: San Fran - Investment Advi...
Up to £70,000 per annum + benefits: Sheridan Maine: Are you a qualified accoun...
Up to £65,000 per annum + benefits: Sheridan Maine: Are you a qualified accoun...
Day In a Page
A three-bedroom villa with self-contained flat, minutes from Lake Windermere
A deceptively spacious, beautifully presented Georgian home with 3000sq ft of living space and five reception rooms
A five-bedroom Victorian home with four receptions, superb gardens and paddock in Pembury
An eight-bedroom house on the south side of the The Green with cinema, wine cellars and summer house
This 17th century beauty is full of rustic cosiness, while the detached home office means you can also run a business
This five-bedroom red-brick beauty overlooks the village green and sits in just under two acres of land
Four exclusive apartments in a Grade II-listed former medical school with 2,275 sq ft of living space and 18ft ceilings
A five-bedroom terraced house on the popular Peterborough Estate, ideally located for both Eel Brook Common and South Park
A state-of-the-art farm-building conversion on the former Cliveden Estate, with 11,420sq ft of internal space, cinema and wine cellar
A three-bedroom, 15th-century cottage with original features in the picturesque village of Sissinghurst
A six-bedroom terraced house with large south-facing roof terrace, cinema room and wine cellar
A new seven-bedroom home built in Queen Anne-style with swimming pool and parkland views in Mortimer
A listed, four-bedroom farmhouse in the rural hamlet of Rushall with detached barn, four acres of gardens and paddocks
A first-floor flat with two bedrooms, a spacious reception room and communal grounds in a leafy part of London
A three-bedroom flat with a spacious rootop terrace and balcony, accessed from a private gated courtyard
A Grade II-listed pile with six bedrooms, stables and 39 acres of grounds in Standlake
A two-bedroom flat with boutique hotel-style interiors, close to the foodie haunt of West End Lane
A two-bedroom flat in a beautiful old vicarage, with many original features, close to the city centre
A three-bedroom 16th-century home with an aga kitchen, private gardens and heated outdoor pool, in Hadleigh
A three-bedrom home in sought-after Queen's Gate Mews, with Italian marble-finished bathrooms
Surrounded by glorious countryside in the village of Udimore, sits this impressive four-kiln oast and barn conversion
A five-bedroom house in the picturesque village of Kettlewell, north Yorkshire
An 18th-century former coaching inn with original staircase, open fireplaces and beams throughout
A Grade II-listed Georgian town house with three bedrooms and a south-facing courtyard, near Arundel Castle
Feel on top of the world at this über chic penthouse on the 37th floor of one of Europe’s tallest blocks.
A Grade II-listed Victorian villa with six bedrooms and two further cottages, all with spectacular sea views
A grade II-listed, Georgian cottage with mature 50ft garden, perfect for summer entertaining
A magnificent Georgian pile with turrets, seven bedrooms, a heated pool and four acres of gardens
Fairoak Farm has five bedroom suites, gym, outdoor swimming pool and golf course
Chic two-bedroom river-fronted flat with a private lift that delivers you directly to your home
A spectacular seven-bedroom Tudor pile, once owned by Henry VIII, with 18 acres of land
A seven-bedroom Georgian property previously used as a picturesque wedding venue
A split-level flat in a church conversion with two en suite bedrooms and 1,200sq ft of living space
A three-bedroom bungalow situated behind an impressive stone wall, £645,000
Windsor Castle overlooks this three-bedroom Victorian cottage located on one of Windsor's smartest roads
Chapel House is a former vicarage with nine bedrooms in the beautiful Upper Wye Valley
A five-bedroom B&B and separate owner's accomodation with potential for conversion
Enjoy summer by the Thames in this two double-bedroom converted warehouse in Rotherhithe village
A one-bedroom, luxury apartment with private gym and concierge service in Moorgate
A four-bedroom house in Hermitage Gardens with three reception rooms and landscaped gardens