Is early pension release a scam? Steve Webb sounds alarm

Could you please help. Having fallen on hard times and needing a quick cash injection to keep the mortgage paid, I enquired about transferring my £40,000ish pension over to a firm. In return they release £6,200 to me, they take £3,800 in fees and invest the rest in an overseas property development. I have been warned that most of these early release firms are scams, but are they? Steve Webb replies.

If you have the short-term emergency savings that you need, funds held for the long-term can be put to more productive work and earn a higher return. The Investing Show looks at how.

Ten of the best family cars of 2017

Are you looking for a family car but aren't tempted by the sometimes expensive and bulky new breed of SUVs? We've picked 10 that should be right up your street - with some you won't expect.

Nationwide is considering a radical overhaul of its traditional savings and loans business to put more people on the property ladder.

Many major mobile networks now offer tempting freebies to new and existing customers including free Spotify or Sky Sports access. We've rounded up the best of the bunch.

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MARKETS CLOSE: London shares slide but Vodafone posts gain

The FTSE 100 closed down 34.96 points at 7452.91 as a bout of nerves on European markets spread across the Channel. German and French markets finished deep in the red, while the US Dow Jones also fell in early trading. The pound was at $1.30 against the dollar and €1.11 versus the euro, while Brent crude was at $48.50 a barrel. 'The fear the European Central Bank will discuss the possibility of trimming its bond buying scheme later this year has driven investors to dump their eurozone equities.,' said a City pundit.

In a stock market announcement Paysafe said it had received a 'preliminary, conditional proposal' following on from an initial informal approach in May.

Telecoms giant Vodafone suffered a 3.3% drop in sales across the group as its Indian business came under increased pressure on pricing from rivals.

Customers will be able to turn on their Kenmore brand appliances using the Amazon gadget - a speaker which can carry out instructions when someone talks to it.

Online electricals retailer AO World increased its sales by 2.5% in the second quarter, driven by strong revenue rises in Europe and the UK.

The company produced 8.7m carats over the latest quarter, 36 per cent more than the same period last year. But sales prices have dropped by 12 per cent to around £120 per carat.

Can I ask my daughter to pay me for babysitting?

As a pensioner I don't have a huge income and I'm considering asking my daughter if she would give me some money for the days I look after my grandson. But I don't want to offend her, or risk her telling me she'll send my grandson to a nursery instead, so am very wary about doing this.

The new cars where a diesel is cheaper to buy than petrol

With surcharges soon to be enforced and more set to come to discourage people from using them in built-up areas, diesel cars have fallen from grace with buyers, with registrations plummeting in recent months. As a result, dealers are starting to accumulate too much stock and are now offering substantial discounts on diesels - so much so that they're working out cheaper to buy than an equivalent model with a petrol engine.

Citizens Advice chief Gillian Guy has slammed Britain's retail bank bosses, claiming they must stop moaning about losing public trust which she says they never had.

State pension age will rise to 68 by 2039 - is this fair?

The Government decision jettisons existing legislation which anticipated the increase to 68 happening far later, between 2044 and 2046. The move is bound to disappoint those having to wait longer to retire. But while it has sparked an outcry among detractors, it has also attracted support from some financial  experts who say it makes the state pension fair and affordable. So why the Government has decided to increase the state pension age, and what are the views for and against.

Annual energy bills for thousands of customers will rise by an average of £274 at the end of July as 14 popular tariffs expire..

A building society is bucking the trend of branch closures and has doubled its network in just five years - and will open ones in Midlands, Cambridgeshire and Norfolk this year.

Five funds to invest in for pension drawdown

The financial watchdog has sounded the alarm over savers using pension freedoms to move cash to ordinary bank accounts, or into drawdown plans without getting advice. So what's the alternative? We have asked Darius McDermott, director of investment research house FundCalibre, to take a look at where you can invest for a better return. 

Research claims investing £59,700 into a mortgaged buy-to-let property could grow by 237% over 20 years, while a 40% tax payer could see 435% if they invested the sum in a pension.

There is a spot of good news for our embattled fund managers. An increasing number of UK active funds are beating the market - and that's something that's worth a look.

Ten of the best classic car events to visit this summer

The promise of classic cars on show and in action will draw thousands of motoring fans to events across the UK this summer. The eclectic pleasure of the British classic car scene was highlighted by the recent Goodwood Festival of Speed, there are still plenty more events to come and hopefully some more sunshine. We round up ten of the best to visit.

Research on British drivers appears to show a link between a driver's qualifications, IQ and professional standing and their chances of passing their driving test first time (file pic).

The biggest chunk of the cuts have been made to road maintenance budgets, with almost £120 million being pulled from funding to tackle the nation's increasing pothole pandemic.

Broadband roundup: The best and cheapest deals

Broadband might be a modern-day necessity, but it doesn't have to break the bank. With so much competition there is no excuse to stay with a provider charging you over the odds or offering patchy service or slow speeds.

It says it is the first bank in Europe to commit to the technology, which will be available to those with a Samsung Galaxy S8 or S8+ smartphone from September 2017.

The energy firm is supposed to compensate customers £30 within 10 days if they miss or are delayed to a booked appointment at a customer's home or work place.

Your Move puts idyllic Grade-II listed windmill for sale 

The Black Mill has been a landmark in the village of Brant Broughton in Lincolnshire since it was first built in 1840 and is now up for sale with a price tag of £1.2million. It is spread across six floors, offering a unique family home for the price of a one-bedroom flat in a fashionable part of central London.

I have been trying to trace £80 worth of old Premium Bonds bought in my name between 1977 and 1985. The background to this is that I bought £25,000 worth of bonds in September 2016.

New state pension age: when will you retire?

A fresh state pension rise is now due to happen between 2037 and 2039, after the Government accepted the recommendation of ex-Confederation of British Industry boss John Cridland, who carried out an official review of future state pension age increases. We explain forthcoming changes to the state pension age, so you can find out when you will be allowed to retire.

Brits working for firms like Uber and Deliveroo in the gig economy could soon be afforded some key employment benefits following the publication of the government-ordered review

Until now many retailers have added on the extra fee when you pay with a card. Here we take a closer look into exactly what's happening and how it will affect you.

The X-Class is Mercedes-Benz's first pick-up and it's posh

Mercedes-Benz has revealed its new X-Class - the pick-up truck for the more discerning tradesman or woman, who wants to combine a workhorse with luxury. Mercedes is known for producing some of the most luxurious cars on the market as well as having a fleet of capable commercial vehicles - and its looking to bridge the gap between the two with a pick-up that could prove a sales winner.

Some holidaymakers claim they are being billed for repairs that never take place. In some cases, the fees are only showing up on their bank statements when they return home.

Consumer group Which? found that 36 per cent of cars costing around £50,000 are likely to have developed a fault in the past year.

Holidaymaker to pay £25k Thomson bill over poisoning claim

In a case that serves as a warning to Britons going abroad, a 28-year-old from Wales has been ordered to pay £25,000 to Thomson, after a court found that she lied about getting sick to claim compensation. Over the past year, tens of thousands of families have submitted sickness claims, often encouraged by law firms promising big payouts - but many are suspected of exaggerating their symptoms.

A new Jane Austen £2 coin could now turn up in your change after the Royal Mint launched them into circulation on 18 July 2017, marking the 200th anniversary of the influential author's death.

The website matches cat sitters and cat lovers across the UK and works a little bit like a dating website and as money is paid through the site the sitters are fully insured.

Can I open several interest-paying bank accounts at once?

Stashing your cash in a current account, or several, is a clever way to make the most of your pot. Many accounts paying rates of up to 5 per cent and some even pay interest on more than one account - but it will take some clever account management

last week, Charter Savings Bank upped the rate on its two-year fixed-rate deal to 1.37 per cent. The next best rate is from Virgin Money, Yorkshire BS and Progressive BS at 1.3 per cent.

Such is the competition that one-year deals have hit their highest level since before Bank of England base rate fell to 0.25 per cent nearly a year ago.

Vulture Elliott's fresh assault on UK miner BHP Billiton

The aggressive hedge fund claimed the company's interest in the fertiliser business could be a major error akin to its costly £15bn investment in US shale. Elliott, which recently launched an assault on Dulux owner Akzo Nobel, has been attacking the Anglo-Australian miner since April when it went public with a £35bn overhaul plan.

A profit warning led to a slide in Moneysupermarket.com Group's shares on Thursday with the company blaming a drop-off in energy switching for its troubles.

The retailer, which sells baby and mother clothing and accessories, posted a 1.9 per cent rise in UK like-for-like sales in the first quarter to 8 July, but store closures meant total sales fell 1.8 per cent.

Earlier this week City lawyers Allen & Overy invited Karen Bradley to 'dismiss flagrant political attempts' organised by Ed Miliband to interfere in the regulatory process.

The company behind popular brands such as Marmite, Dove soap and Persil laundry detergent said underlying sales rose by 3 per cent in the first half despite 'volatile' market conditions.

Amazon chief Jeff Bezos unveils £75bn macho makeover

What a difference 20 years and £75bn makes! Bezos, 53, caused a stir with his macho new look - particularly as it is in such contrast to his previous nerdy appearance when Amazon started out.

In its results for the first half of the year, Nichols saw year-on-year revenues increase by 12.4 per cent to £63.5m while profits jumped 7.1 per cent to £12.7m.

The first flight by EasyJet Europe takes off today after the budget carrier secured approval for the Austrian-based offshoot to overcome post-Brexit flight concerns

The Office for National Statistics (ONS) said today that sales rose by 0.6 per cent overall, ahead of forecasts of a 0.4 per cent rise.

The Swiss firm has bought Italian family-owned D'Orsogna Dolciaria for an undisclosed sum.

The US chain, which has nearly 12,000 stores in 28 countries and has 2.3m employees, raked in £374bn of turnover last year.

Energy supplier SSE has reported the loss of 230,000 customer accounts, as the ongoing desertion of the Big Six in favour of cheaper competitors continued.

My husband died and I have £100k from his pensions

My husband died recently before taking his pension and under the new rules I get very little. While investigating my options, by chance I discovered that I am no longer entitled to the full state pension. I have about £100,000 cash from his various pension pots. What can I do with this money to get a decent annual income for my future? I need £15,000 a year.

FlexPlus customers pay £10 a month for perks including mobile phone insurance, travel cover and car breakdown assistance. From September 21, it rises to £13 a month.

The insurer is writing to around 2,000 people who bought policies between 2001 and 2003 - after realising it had made an error in calculating premiums.

Zoopla names historic town of Belper as property hotspot

The Derbyshire town of Belper, pcitured, on the River Derwent, has seen house prices rise by 7.43% since the beginning of the year, according to property website Zoopla. It is followed by the coastal town of Hove, in East Sussex, where values have risen by 7.07 per cent, and the Upper Calder Valley town of Todmorden, in West Yorkshire, which has seen increases of 6.66 per cent.

Lenders say a growing number of professionals are turning to second charge mortgages. As well as high interest rates, borrowers who can't keep up the repayments risk being evicted.

Does inflation fall to 2.6% mean we’ve seen the peak?

An inflation surprise was delivered today, but it was one that saw CPI drop to 2.6 per cent rather than rise. The hawks among economists and on the Bank of England rates committee calling for a rise have had the wind taken from beneath their wings by today's fall in inflation. But has inflation peaked, we look at what economists are saying.

My mother was confused as she had used the voucher to buy something else recently and thought the expiry date would renew for another 12 months.

Alan Miller - husband of anti-Brexit campaigner Gina Miller - gave the investment industry until 3 January 2018 to disclose all charges in pounds and pence or said he'd face it in the courts.

New £10 note with Jane Austen on it launches today

Today sees the launch of the new £10 note featuring one of Britain's most famous authors, Jane Austen, which will come out in September. It is the second polymer note to launch in Britain, after the Churchill fiver which came out last September to much fanfare - and it appears Britons want more women featured on their currency. Who would you pick?

The prize loving public are putting themselves at risk by handing over key personal information to enter competitions - and an experiment by Chris Hollins (pictured) proved it.

Of the 340 councils who responded to an AA FOI, 74 running coin-operated ticket machines admitted that not all of their machines had been switched over to accept the new £1 piece.

This is Money's five favourite best buy cash Isas 2017

Although cash Isas don't currently offer fantastic rates, it is still worthwhile opening one to shield money away from the taxman. Our savings correspondent Lee Boyce picks his five favourite cash Isas for savers in 2017 - essential reading to help you choose a top savings account for your money. This page is kept up-to-date throughout the year - bookmark it for the very latest developments.

Changes to the way payouts are made in severe personal injury claims and a tax rise on insurance are two of the reasons behind the rapid increase.

Over-55s who are already taking taxable money from their pension can now put only £4,000 a year back in, down from £10,000 last year. The change will affect around 3 per cent of over-55s.

House prices to stall as buyers struggle to pay more

House price rises over the next few years will be muted as 'buyers will struggle to pay much more', property website Rightmove warned today. Asking prices of newly-listed homes for sale flat-lined in the month to mid-July, it said, and with the property market cooling and buyers stretched to their limits house prices are no longer likely to rise above inflation.

The average UK house price rose by 4.7 per cent to £221,000 in May, according to data by the Office for National Statistics and Land Registry.

Mounting childcare costs are putting parents under pressure and one in ten say it's their biggest monthly expense, behind rent and mortgage costs.

Policeman asks where to invest £80k on reaching retirement

In our series Money Pit Stop, we ask an investing expert to give one of our readers a free portfolio makeover. Kevin, pictured, is aged 52 and wants to invest £80k, but is undecided over whether to pay off his mortgage now or invest that money too for seven years.

I pay into a pension at work and won't retire for ages. Can I not think about it for a few years or is there something else I should be doing. Richard Parkin of Fidelity offers a handy checklist.

Where can you get the best value sports TV bundles?

Sports channels are notoriously expensive though, and finding the right package, at the right price can seem impossible. We have done the hard work for you and looked at all of the different packages whether you are a football fanatic or boxing is more your bag.

Is getting a second charge mortgage a good option?

Tougher lending rules are forcing more homeowners to turn to these loans to fund home improvements, such as extensions, and consolidate debt. Industry figures show a 25 per cent rise in the sums borrowed this way in the three months to the end of May against the same period last year. Property developer Irene Watson and her partner Mark Fairbrother (pictured) took out a second charge mortgage on their home to invest in their business.

Under the proposed plans consumers would only need to contact the company they were moving to who would then arrange the switch with the existing company.

Should you try to pay off your student loan early?

Tuition fee rises and a leap in student loan costs have sent university applications plummeting by 4% this year. The Mail on Sunday asks whether worried borrowers already in hock should aim to pay off their loans early - before the interest burden transforms the debt into a six-figure sum. Laura Rettie (pictured) is celebrating making the final payment on her student loan - but it hasn't been easy.

EDITOR'S SAVINGS DEALS OF THE WEEK
For current account rewards and interest rates conditions may apply eg. using provider's full switching service, min monthly deposits and direct debits. For savings, access maybe limited, min/max deposits may apply. Always check T&Cs.;*Not FSCS protected

50 ways to save money....

To clear the average national household debt of ?13,000 at 6% interest with a monthly repayment of ?100 will take around 17 years. There are, however, plenty of simple ways to make significant savings on your regular spending that could clear your debt - or boost your savings - in less than a year. This is Money's top 50 - updated - money-saving tips may appear light-hearted but are deadly serious.

Pick the best (and cheapest) investment Isa platform

Choosing the right DIY platform is crucial but a wealth of choice and changes to charges have left many investors scratching their heads. We pick some of the best. We also highlight why investing in an Isa makes sense, as it should protect your hopefully growing investments from tax forever.

We asked trusted experts to recommend the best funds that cover different investment sectors - and included This is Money's selection of active and passive options too.

Rightly or wrongly, some people simply want a quick, straightforward route map to investing in an Isa. To that end, this is our distilled guide to getting started.

How much money do I need to save for my pension?

The amount you can save into a pension ultimately depends on what you can afford - but the longer you leave it the more you will need to save. We tend to put ambitious targets on our hoped-for income in retirement and then underestimate how much we will need to set aside to achieve that. So how much should you save?

Old people / couple (figurines) - sitting on a pile of money coins - savings / bills / financial / investment / pensions concept.
BH2YX5 
savings, money, finance, pensions, savings, money, finance, pensions, retirement, coins, pensioners, future, security, insurance, savings, money, finance, pensions

Making the most of a pension is your best chance of securing a decent income when you retire. We explain what you need to know.

Even at a time when we are stretching our finances further to afford a home, moving less, and pushing mortgages beyond 30 years, we still remain captivated by two-year fixed rate deals.

When will UK interest rates rise?

Worries over debt in the economy have been raised in the latest bank Financial Stability Report in the wake of fresh speculation that interest rates may rise sooner than most expect. The latest MPC meeting led one investment bank, Nomura, to suggest a rate rise could come as soon as August. Economist George Buckley said comments from Bank chief economist Andy Haldane's and the 5-3 split made an early move more likely.

What next for mortgage rates?

Borrowers are being offered a raft of cheap fixed rate mortgages as lenders attempt to lure them into remortgaging or buying a home. But HSBC has decided to buck the trend and launch a new rate mortgage that is a tracker instead. We pick out the best fixed and tracker rate mortgages and look at what next for rates.

Ten tips for buy-to-let

For many buy-to-let looks an attractive income investment in a time of low rates and stock market volatility. Climbing house prices, rising rents and improving mortgage deals are tempting investors - although they will need a big deposit. Read This is Money's top ten buy-to-let tips

Best paid jobs and biggest pay rises of 2016 revealed

Compare your pay to the national average and see whether your employer treated you to a pay rise in line with the the rest of your profession. Farmers, care and air travel assistants were big winners on the pay scales in 2016. Travel agents, careers advisers and probation officers lost out.

   

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