DEAR TRICIA

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

Q I’ve taken cash out of my pension to help keep on top of bills. I’m in my late 50s and still working. I was then told I can’t continue to save into my retirement fund. Is this correct?

A You can still continue to save for your retirement but the amount may be reduced. If you’ve taken just the tax-free lump sum and no income, the amount you can pay is unaffected. If you cashed in a total pot or moved your savings into income drawdown and have taken some income as well as your tax-free cash, you can still pay in but the total amount will be capped at £4,000 each year.

Q I am planning to retire this year. I think I may have an old pension plan from a past employer but I can’t find any paperwork. What can I do?

A The Government’s free Pension Tracing Service can help you to track down lost or forgotten savings pots at gov.uk/find-pension-contact-details.

Q I was looking around to find a better rate on my savings and an advert popped up offering 12% aer on a bond.

It sounds a lot when I’m currently getting 0.5%. What do you think?

A No one is offering that sort of return. Be wary as there are a lot of crooks impersonating legitimate firms. Contact out of the blue like this is a bad sign. Always check a firm or individual is FCA registered at register.fca.org.uk. Q I need to send a ‘certified’ copy of my marriage certificate to a financial firm so I can change my name. Who needs to certify the copy and will this cost me?

A

It is usually a professional such as a lawyer, accountant or financial adviser but double check with the financial firm to find out who they will accept. If you are already a client of one of these professionals they probably won’t charge you.

Q Is it usual to pay for financial advice when considering moving a final-salary pension pot?

A

If the transfer value is more than £30,000 you must take regulated advice before you can transfer. This is

to protect you and ensure you realise the pros and cons of transferring, such as knowing any guaranteed income you may be giving up.

Q

Do Help to Buy ISAs still exist? My daughter is about to start saving for a house deposit.

A

Applications for the Help to Buy ISA closed last November. These accounts have been replaced by the Lifetime ISA, which lets you save for a house deposit and retirement and offers a 25% bonus to savings. It can be opened by anyone aged 18 to 39. You can keep saving into one until the age of 50. Money can withdrawn when you buy a home or turn 60, otherwise you pay a fee which recoups the Government bonus.