DEAR TRICIA

Need some practical financial advice?

Q I’m in the process of taking out a mortgage. The lender is insisting I take out building and contents with them. Do I have to take out cover with them or can I find my own? A

You are only obliged to take out buildings insurance as a condition of the mortgage, and usually this can be taken out with any insurer not just your mortgage lender. As with any insurance it is worth comparing quotes with different providers to find the best deal for you. But ensure you are comparing like-for-like cover and keep an eye on the voluntary excesses on cheaper cover.

Q We are in our 80s and have ISAs in both our names. Will they be automatically transferred to one another when either of us dies? A

I am assuming you have mirrored wills, so they would pass to surviving spouse on death, and their tax-free ISA status will remain intact.

Q I’ve got a final-salary pension through an old job. I’m in my late fifties and need access to the cash earlier than the scheme allows. Can I move it to a more flexible pension fund? A

Unless your final-salary pension is an unfunded public-sector scheme, it is highly likely you should be able to transfer. But whether it is in your best interest to do so or not is another matter.

You will need to seek specialist advice in this area to proceed. Make sure you understand what guaranteed and valuable benefits you may be giving up if you do decide to go ahead and transfer your