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DEAR TRICIA; Need some practical financial advice? YOUR MONEY Editor Tricia Phillips and her team can help.

Byline: Edited by TRICIA PHILLIPS E

Q I'm 66, still working and with no plans to retire at the moment. However, I'd like to speak to a financial adviser for some pension advice. Is there a governing body so I can find a reliable person/company?

A Pension Wise offers free guidance on your options around accessing pension savings, but it doesn't give tailored advice ( or call 0800 138 3944). Try or to find independent financial advisers in your area.

Q I've been told my wife and I are only allowed to give PS3,000 a year away. We have three grown-up children so is that PS1,000 to each of them? Also, if we die before the seven-year rule will our children be taxed heavily on anything over the PS1,000?

A Firstly, your gifting allowance is PS3,000 each, so PS2,000 to each child. You can also go back one year if you didn't give that away. The 40% inheritance tax only really kicks in once you have given away PS325,000 each.

Q I'm not allowed to travel on a booked holiday for medical reasons. The airline says I'm not entitled to a refund on my flight. That doesn't seem fair. Is there anything I can do?

A This does seem a little unfair but as the reason for you being unable to travel is not due to an issue with the airline, you will need to claim back your holiday expenses via your travel insurance. This is one of the reasons why it is important to take out travel insurance when you book, so you are covered in case you need to cancel before your trip.

Q I need to dip into my ISA savings to pay an unexpected bill. Will I have to top my account back up with that amount before the start of the new tax year so I don't lose part of my allowance?

A You don't have to top it back up if you can't do it, but some providers do allow you to replace withdrawn money within the same tax year without losing the tax-free status.

Q Is the tax relief on pension contributions changing? I've only been saving into a plan for a few years and the tax relief is one of the things that encourages me to put a bit more away.

A There has been lots of chatter from experts around the tax relief on pension savings ahead of the Budget that will be presented on March 11.

Nothing has been officially announced as yet, but we will keep readers up to date if things do change.

Thanks to our independent financial advisers - The Money Map (0800 848 8250) and PMI's John Stewart (0800 018 3751).

For independent advice write to Your Money Independent Advice Bureau, Daily Mirror, One Canada Square, Canary Wharf, London, E14 5AP. Please give your age, income, family circumstances and details of financial products you want advice on, along with your phone number.

Or email marked "advice"

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Author:Edited by TRICIA PHILLIPS E
Publication:The Mirror (London, England)
Date:Feb 26, 2020
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