DEAR TRICIA

money@mirror.co.uk Need some practical financial advice? YOUR MONEY Editor Tricia Phillips and her team can help

QWill my wife continue to receive my works pension should something happen to me? She would struggle without it as she only gets a small state pension. Usually, a spouse’s benefit is a feature of a works or occupational pension scheme. Typically, the benefit is 50% of the payment you receive after any guaranteed full payment period.

AQI’m really confused about pensions. What’s the difference between a final salary and defined

contribution pension. How do I know which I have through my job? Final salary is a guaranteed income based on your average earnings nearing retirement, and the number of years you have been a member of the scheme. A defined contribution scheme is where you build up a pot of money and purchase the income of your choice at retirement – the amount you build up depends on how the fund performs over the years and there are no guarantees. You will need to

Acontact your works pension scheme to find out exactly what you have.

QIs it true the Lifetime ISA is going to be stopped? A friend told me this and I’m wondering where else I can save for my retirement. I’m self-employed. There were rumblings of the LISA being withdrawn and the Treasury Select Committee called for it to be ditched. But the Government recently said the LISA was a popular way to save and a key part of its strategy for supporting savers at all

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