Would cutting my hours harm my pension?
QI’M 60 and have a final salary pension. I want to work part-time now. Would the pension be recalculated based on my final six years? And would the difference be very detrimental?
ATHIS all depends on your scheme rules. Your final salary could be calculated on your final years employment or on a number of your best years, or possibly an average. The difference in final salary will depend on various factors. Speak to your scheme representative.
QHAVE I left it too late to apply for a credit card to help spread the cost of Christmas?
AIT CAN typically take around seven to 10 working days to receive a card once you’re approved. If you applied for a 0% on purchases for at least 12 months, you would have a decent amount of time to repay the balance without being hit by interest charges.
QMY BANK has said I have to repay my overdraft in full. Can they do that without any notice? I could do with a few months to chip away at it.
AOVERDRAFTS are intended for short term borrowing and are repayable on demand. Obviously, banks don’t like customers staying overdrawn month after month with potentially no means of repaying the debt. So, yes your bank can demand you repay it at any time.
QI’M LIVING in a council home on a basic state pension and a small private pension. I now need to use my savings to help pay my bills. I have a couple of small investments and wondered which I should use first? I’m told I could jeopardise my chance of receiving any benefits should I need help.
AIT benefits WOULD you depend would on be the looking to apply for. Some benefits are means tested and some are not. So, it’s hard to say without more detailed personal information I’m afraid.
You could check the benefits calculator at ageuk.org.uk to find out where you stand and what you might be entitled to.