DEAR TRICIA

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

Q

At the moment I am earning from part-time work and pension income. However, I turn 65 next year and will be retiring. Will I still receive my personal tax allowance when I stop working and just receive pension income?

A

You certainly will. Everybody is entitled to this tax-free allowance which currently stands at £11,500 before you pay any income tax.

Q

I’m thinking of taking out an equity release plan on my home to give me a bit more cash during my retirement. Will this affect the pension credit I get?

A

As pension credit tops up individuals on low income, this could affect how much you get. £1 of pension credit is deducted for every £500 or part £500 of savings or investments over £10,000. Make sure you get professional advice before taking out an equity release plan so you know where you stand.

Q

Is my EHIC card still valid now that we have come out of Europe? I’m going on holiday in August and wondered if it was worth taking it with me.

A

Yes it is still valid and everyone who goes to Europe should have an EHIC to ensure they get the right access to healthcare. Although the government has triggered Article 50 and negotiations to leave Europe are under way, it will be approximately another two years until we actually leave. Also, the EHIC may still be valid once we do leave, depending on what is agreed between the UK and Europe in the interim.

Q

My ex-partner had an additional credit card on my account. We have split up recently and he has built up £500 worth of debt on it and is refusing to give me the money to clear this. Do I have to pay it?

A

Unfortunately, you do. As the card is in your name you are responsible for all legitimate transactions that are carried out on the account. If you have not already done so you need to remove him from the account and have the additional card cancelled asap.

Q

l worked for a company from 1979 to 1986. Please could you tell me if I have any pension to claim – I’m now 56? I’ve sent them a letter and an email but heard nothing.

A

Sorry I couldn’t tell you as I don’t know if you were in a pension scheme at that time. But contact the Government’s pension tracing service which has a database of more than 320,000 pension scheme administrators for help tracking down lost/forgotten pension pots. Visit gov.uk/find-pensioncontact-details or call 0345 600 2537.

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 money@mirror.co.uk marked “advice”