DEAR TRICIA
Need some practical financial advice? YOUR MONEY Editor Tricia Phillips and her team can help
Q My uncle died 10 years ago, but I’ve now found some Premium Bonds in his name. I’ve been told I need to send an original certified copy of his will and death certificate if I want to do anything with these bonds, but I don’t have either. Is there another way around this problem?
A Unfortunately, there is no way around this issue. You would need to provide evidence of the death and of any beneficiary to make a transfer or claim any winnings.
I suppose it all depends on how many premium bonds there are and whether you think it’s worthwhile.
Q I’ve just booked a summer holiday to Spain. I’m confused about whether I need insurance or not. I have an EHIC. Are these still valid with Brexit?
A The European Health Insurance Card is issued free of charge and gives access to medical care in EU member countries – but only at the same level as locals, which often doesn’t provide free care like our NHS. It is not an alternative to travel insurance. You need both to ensure you are fully covered for travel within the EU.
Q We are in our 80s. I receive a small state pension and my husband receives the full state pension. What would happen if I were widowed, as I would struggle to exist on my small amount?
A As you reached your state pension age before April 6, 2016, some of your husband’s state pension entitlements may pass to you. I suggest you contact the Pension Advisory Service (pensionsadvisoryservice.org.uk or 0800 011 3797) who can give you more details.
Q My daughter works 20 hours a week and receives a bit of help with her council rent. She recently received a gift from work for long service and money from a company share save scheme. The council
have checked her bank statement via HMRC and now say she owes them money. Is this money classed as income?
A Any cash awarded to an employee for long service counts as part of their earnings. You do not have to pay tax or NI on any profit made under Save As You Earn share schemes approved by HMRC, but there are limits on how much savings you can have before certain benefits such as housing benefit can be affected. Less than £6,000 does not affect claims for benefits, while between £6,000 and £16,000 will make a difference to the amount of help someone gets.
Q I’m thinking of taking out one of these pre-paid funeral plans. I’m only in my early 60s so I hope it will be something that won’t be needed for a good few years to come. Is cash safe in these plans?
A There is a big push to regulate the pre-paid funeral plan market, as currently the industry is not subject to Financial Conduct Authority regulation. There is a voluntary regulator, the Funeral Planning Authority, which gives some assurance that its members are managing their business responsibly and protecting client money. Where firms put customer money into life insurance funds, there is some limited Financial Service Compensation Scheme coverage – but there is no protection for plans where the cash is put into trusts.