Good to be back with another Q&A show to kick off the new year. This week we cover, ETFs, Pension contributions for high earners, tax relief for non-earners and lots more besides.

Shownotes: https://meaningfulmoney.tv/QA3

02:21 First of all I have to thank you for the many years of enlightening listening that I have enjoyed. I thought it was excellent when Pete created the content, however it only improved with the addition of Rog. Yours is by far the best personal finance podcast that I listen to, and long may it continue. My question revolves around index funds & ETF’s. Many of the American podcasts cite the advantages of ETF’s over traditional index funds (unit trusts) however from what I understand this is due to tax considerations which apply in the US & not here. Please could you confirm if this is the case. I use a Vanguard index fund (unit trust) and wish to continue doing so, however am I missing out on not using ETF’s? Thanks again for all that you do for us, your listeners. Best wishes, Steve Horton

07:32 Love the podcast! I’m trying to understand what I can pay into my workplace pension. I’m close to £180k on my P60 & have no other income. My firm pay 6% into my pension, I then pay 6% which they also match. In addition I contribute another 2% so 20% in total, approx. £27k for a Pension Input Period. Feels like I have a relatively simple setup but I’m worried about breaching any limits around the £60k. Do I really need advice as I feel like I should be able to work this out myself! Thanks Steve D

11:26 I am 38 and 4 years ago came into a large sum of money (£600k). My wife and I were in decent shape with a manageable mortgage, life/CI insurance, decent pension balances. I opted to not employ a financial advisor, mainly because I was wary of fees. I am now questioning my decision. I have slowly been putting the money into my SIPP and ISA, keeping the rest in a GIA (invested in global index - Vanguard), paying the tax on dividends and, with time, capital gains. Also been using my wife's allowances. My question is this, was I silly to not employ a FA? Would there have been an obvious non-risky way of protecting the GIA balance from the tax-man, which would have paid for the FA many times over? We’re still saving into the GIA with regular monthly direct debits, although modest amounts. Love your podcast/YouTube output, which I feel have made me a better citizen - more relaxed because I am sure that my finances are unlikely to have any nasty surprises! Keep up the good work. Stuart

16:32 I've been listening to your great podcast for years and have a simply question for you both. If I am retired with no earnings and taking money from my drawdown pot, can I still contribute £2880 into a pension and get the £720 tax relief off the government? Can I do this even if I might not even be paying tax? Nigel

19:33 I’m 57, self employed (so no employer contribution for me!) and have a SIPP and Stocks and shares ISA. Basic rate taxpayer. I plan to start drawing from these in a few years time. I’m wondering ( as there aren’t going to be many years for the compounding ) whether it’s still worth adding to my SIPP? I’ll get the tax uplift if I put money into my SIPP but then 3/4 will then become taxable but I don’t think there will be enough time to make a gain large enough to offset the tax I will then pay. Should I just bung everything into my ISA? Have I missed something? Thanks very much if you’re able to answer my question! Best LC

25:23 I made a mistake when starting my investment journey by choosing platform recommended funds which are currently not performing well. I have had them for 3 years, is it best to cut my losses and invest in to my choice of global multi asset fund which I've had for 2 years that has been performing well? Thanks, Marc

30:08 Matthew asks: 1. My wife and I are selling both our homes (bought before together) and moving into a rental for 1-2years in a new area before we buy. We will have £500k in cash for 1-2years. Are we best investing in government bonds? Premium bonds? High interest savings accounts? We’re both top rate tax payers and have no other assets. 2. My NHS salary will soon go over £100k and we are starting a family. You speak a lot about overpaying pension for tax reasons and it also helps keep the £20k childcare allowance. I don’t think I can overpay an NHS pension, or can I? Others seem to be getting cars on lease to avoid it. Any ideas?

Today we’re going to look at combining or consolidating pensions - a big subject which we’ll try to do some justice…

Shownotes: https://meaningfulmoney.tv/HB10

What You Need To Know

02:15 Why transfer?

04:47 How the process works.

07:47 Things to watch out for.

14:39 About Defined Benefit transfers.

Everything You Need To Do

26:44 Get up to date with your existing plans.

Pension Transfer Checklist (PDF)

28:27 Decide if there’s any reason to leave the pension where it is.

29:44 Request the transfer.

31:07 Chase to completion.

35:07 Podcast Review.

In this episode, we want to look at the financial advice process, and give you the helpful basics that you need to think about if you are considering getting professional financial advice.

Shownotes: https://meaningfulmoney.tv/HB9

What You Need To Know

02:24 Advice vs planning - Advice is product-led, Planning is outcome-led.

08:11 The Financial Planning process.

08:50 Establish and define the relationship.

11:50 Collect client information to have context for advice.

15:04 Analyse and assess the current position.

16:45 Develop the plan and make recommendations.

22:32 Implementation.

23:33 Ongoing review.

28:05 Costs and value.

35:00 Qualifications and designations.

What You Need To Know

39:03 Begin with the end in mind.

41:30 Contact several advisers.

45:47 Get costs and scope in writing.

48:25 Be prepared to be vulnerable.

53:50 Podcast Review