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The Meaningful Money Personal Finance Podcast

The Meaningful Money Personal Finance Podcast

By: Pete Matthew
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About this listen

 Pete Matthew discusses and explains all aspects of your personal finances in simple, everyday language. Personal finance, investing, insurance, pensions and getting financial advice can all seem daunting, but with the right knowledge and easy-to-follow action steps, Pete will help you to get your money matters in order. Each show is in two segments: Firstly, everything you need to KNOW, and secondly, everything you need to DO to move forward on the subject of that episode. This podcast will appeal to listeners of MoneyBox Live, Wake Up To Money, Listen to Lucy, Which? Money and The Property Podcast. To leave feedback or ask a question, go to http://meaningfulmoney.tv/askpete Archived episodes can be found at http://meaningfulmoney.tv/mmpodcastMeaningfulMoney Ltd Economics Personal Finance
Episodes
  • Listener Questions Episode 23 - Inheritance Tax

    Listener Questions Episode 23 - Inheritance Tax
    Aug 27 2025
    This week we have a bunch of questions on the subject of inheritance tax, trusts and estate planning. Fair to say, these stretched us quite a bit and we had some surprises as we researched the answers! Shownotes: https://meaningfulmoney.tv/QA23 01:45 Question 1 Hi Pete & Rodger Love the podcast as it has loads of useful information and you make it very simple (as it can be) and clear. Love how you bounce off each other and make it easy to listen to. My question is - I have a reasonably large SIPP that will if added to my house value push me well over the 1 million level. I see a lot of press articles about how it would be good to start reducing estates that are in this position to mitigate possible IHT. My stance is that I am only 60 married and feel that - 1. It’s too early to know what the new rules will look like 2. If I die before 75 and my SIPP goes to my wife she can pull whatever out tax free (currently) and gift some IHT free, as long as she lasts 7 years. 3. If my wife dies first I can do some gifting at that stage to reduce estate / possible house downsize to give large gift again with the 7 year IHT rule. Why do anything at this stage that would incur a tax charge? Your thoughts on this approach would be very much appreciated. Kind regards, Jules 07:08 Question 2 Gents, Outstanding podcast which I have listened to for years from overseas in the Middle East. The thing I like most is your consistent message about simplicity, being intentional and using low cost funds. Every season reinforces financial education and I never tire of listening to you. Thank you. I have a general question that I thought might possibly apply to other listeners regarding income drawdown ie should I use my pension pot or ISA money first? My situation is slightly complicated as my personal allowance will be used up by a DB pension. I will have a DB pension at age 55 (approx £30k) plus I have a DC pension pot plus an ISA. If I would like a retirement income (pre-tax) of say £60K (ie over the current 40% tax rate threshold), what is the most tax efficient way of drawing the income? I'm aware that in future my pension will be liable to IHT so in essence could take a 40% hit on death. Should I take all additional income from my ISA until that runs out or take money from the pension pot up to the 40% tax rate band (approx £50k) and use the ISA thereafter to save me paying 40% tax on any pension pot money? Are there any online calculators that can help as I guess it's partly just maths? Many thanks, Ian 13:48 Question 3 Dear Pete and Roger, My mum passed away over a decade ago and since then my dad has met a new partner. They live together and own their own home, split 60% (my dad), 40% (his partner). He has said a “trust” has been set up so that should one of them die, the other can live it for as long as they want before it is sold and the money passed to their children. With some research, I think he might just mean a “declaration of trust” but I am unsure. I just want to know if there is anything I should be aware in terms of inheritance tax to make sure his (and my mum’s) residence nil rate bands are still in place, as I remember you saying on a previous episode of the podcast that if a house is left “in trust”, it would wipe out the residents nil rate bands. The house is valued at approximately £725k and my dad’s assets (including his share of the house) would be about £850k. Thanks for sharing all your knowledge, really enjoy the podcast. Steven 21:40 Question 4 Hello Pete & Roger Listening to you both has completely turned my future retirement around! My trajectory is now very positive as I’m building a decent DC pot to supplement my DB pension several years before I qualify for state pension. That’s not just great financial progress, it’s the life enhancement of 4 additional years of retirement at a time when im most likely able to make the most of it! Complete game changer with some knowledge and commitment to build a better future. Now, a query on the definition of income from the perspective of the gifts from surplus income exemption from IHT…….. Does regular (quarterly) UFPLS withdrawals count as income for these purposes? I know these gifts need to be from income-they can’t be from capital withdrawals. However, when I take regular UFPLS withdrawals, am I taking capital withdrawals? I’m effectively selling down assets to get the UFPLS payments so really don’t know if this is income or capital withdrawal for gifting purposes. Keep up the fabulous work. Thanks, Duncan 24:20 Question 5 Hi There Pete and Rodger, Long time listener, first time caller - been listening to and recommending your podcast to friends, family and colleagues for some time now! Keep up the great work! My question relates to Inheritance tax and is a question my mother has been wrestling with for some time. Long story short, my parents emigrated to south Africa from Scotland in ...
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    41 mins
  • Listener Questions Episode 22: Financial Planning for Children

    Listener Questions Episode 22: Financial Planning for Children
    Aug 20 2025
    This week, Pete and Roger answer your questions about investing and planning for children, including trusts, life insurance and how to keep tax low. Shownotes: https://meaningfulmoney.tv/QA22 01:35 Question 1 Hi, A friend recommended your podcast in mid-Dec and have already listened to the Financial Advice Process and Combining Pensions episodes (which were both 100% relevant) and working my way through the Q&A episodes. I have a question about share trading accounts for my children (14, 13 and 11). They are in a fortunate position where they all have JISA's (held at Hargreaves Lansdown) which I contribute to (max amount) and manage, without their knowledge. My wife and I also hold ISA's at HL as well, which we max out. I was taught to be a saver as a child, not an investor, and this is something I have learnt more about as I get older. Your recent Q&A podcasts mentioned a couple of times about looking forward and not back - there is nothing I can do about my historic saving, and wish this was invested rather than saved!! However, my children are a lot more savvy about investing, than I ever was at their age. The two oldest children play a game called Business Empire and are multi trillionaires, I'd like to teach them the benefits of investing in the real world, but that it might not be quite as easy as Business Empire! We have discussed setting up a separate trading accounts for the children, putting some money in (poss £3k / £5k) and the children then managing the investment decisions. I want to keep the accounts separate from their JISA, so they don't get visibility of their JISA. Preferably I own the account and login, and the children can then ask me the value or ask me to execute trades on their behalf, which they request. They will make all the investment decisions. I recognise that they could turn £3k / £5k into zero quite quickly! Let's hope that Business Empire teaches them something. The only way I have found to be able to set up trading accounts for the children is that I set up a Bear Trust for the children, which seems overly complicated for what I'm trying to achieve. Or I create an account at AJ Bell for one of the children in my name and find 2 other companies to set up trading accounts for the other children in my name. Or I create a SIPP for the children. So the question is, where / how can I set up a trading account for children, so they can get experience of investing and making their own investment decisions. Love the podcast, keep up the good work Thanks, Stuart 10:00 Question 2 Hello Pete and Roger, Really enjoying the podcast. The Q&A shows have been fantastic for hearing about other people’s financial conundrums and thinking about how to apply those lessons in my own situation. I have some questions about children’s savings that I hope will help others too. For context, my wife and I have a 12 year old daughter and 8 year old son. My son has a severe learning disability meaning he is unlikely to ever be able to manage his finances independently. I get a good salary from full time employment and pay additional rate tax, while my wife stopped working several years ago to care full time for our son. Question 1: Can you please interpret the rule: "if, in the tax year, the child gets more than £100 in interest from money given by a parent. The parent will have to pay tax on all the interest if it’s above their own Personal Savings Allowance? Both children get £60 a month paid into children’s cash savings accounts since they were babies - half from us and half from grandparents. Last year, my daughter got £300 of interest. My hope/assumption is that the rule applies per parent. Otherwise, given my personal savings allowance is £0 I would potentially owe £135 of tax on my daughter’s earnings having only contributed a quarter of the funds over 12 years. We’ve now moved the bulk of her savings into a stocks and shares JISA to avoid any tax hassle, but this wouldn’t be suitable for my son who will be unable to manage the account when he turns 18. Does it make a difference if the payments come from my wife’s solo bank account vs our joint account? Question 2: Related to the above, where do you start with financial planning for a child with learning disabilities? What are the big things we should consider? Will savings in my son’s name affect his entitlement to the benefits and care he will need as an adult? Any advice on finding and vetting a good financial advisor with expertise in this area, as I appreciate specific personal circumstances will have a big effect here? Thanks, David, in Leeds 19:52 Question 3 Hi Pete and Roger Thanks for all the content over the years, so glad I found your podcast in my late twenties so hopefully I can look back in years to come and thank you for helping set me on the right track financially. My question is a little general in the sense that I don’t know what I don’t know, but I’m wondering what things I may...
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    45 mins
  • Listener Questions, Episode 21

    Listener Questions, Episode 21
    Aug 6 2025
    This week, we’re covering redundancy sacrifice into a pension, cash ISA allowance reductions, evening up finances between spouses and much more - it’s another MM Q&A! Shownotes: https://meaningfulmoney.tv/QA21 00:55 Question 1 Dear Pete & Roger, My question regards Redundancy Sacrifice into a personal pension (SIPP). In tax year 2024/25, I had "relevant UK earnings" of £44,000. I contributed the full amount (inclusive of tax relief) to my SIPP; as a Personal Contribution this used up 100% of my Annual Allowance. In addition, I received a £20,000 tax-free lump sum Redundancy Payment. Because it was below £30,000, it did not constitute "relevant UK earnings", as such, I requested it be paid directly into my SIPP via "Redundancy Sacrifice". (My understanding is that it would be treated as an Employer Contribution, not benefit from tax relief and, therefore, not limited by my Annual Allowance - please correct me if wrong). However, due to an administrative error, it was paid to me. Subsequently, I transferred it to my pension provider, together with the necessary paperwork (completed Employer Contribution form and Settlement Agreement detailing the source of funds). My pension provider has rejected the transfer designating it as a Personal Contribution because it was made from my personal bank account. Q. Does HMRC require Redundancy Payments be paid from business bank accounts? My understanding is that the rules are different from normal Salary / Bonus Sacrifice. (Disclaimer: I understand that in answering my question you are not providing financial advice). Kind regards, Ross 07:00 Question 2 Hi, There’s increasing headlines that Rachel Reeves might be planning reforms to reduce cash ISA allowances from 20k to 4k. My understanding is that this will only affect new ISA’s so for me and my wife we can continue to invest 20k per year maximum. Is this assumption correct? My main question though is planning for my kids. If they don’t yet have any ISA open - what is the best way to start them off to hold onto the 20k annual allowance for potentially accessing cash <5 yrs away i.e. for a car etc (so not S&S ISA)? They both have money put away for when they’re 18 but our plan was to encourage them use some of this for a LISA then put some away in the best cash ISA available for short term requirements. Eldest son will be 18 in 1year whilst youngest is 18 in just over 3yrs. Thanks for considering my question. Stuart 11:43 Question 3 Hi Pete, I found you from the podcast you did with Damien on Making Money. I really enjoyed listing to your view on money. My question is: I’m a stay at home Mum (age 42) to my children (12 & 14). I have 20 years NI contributions but have no plans to restart work. I aim to pay volunteer contributions to help build up to a full state pension. I do not have any pension myself. My husband is a 40% tax payer and has been paying into his pension for the past 20 years. We want to start saving extra to either have my own pension pot (perhaps save in a S&S isa for the next 20-25yrs) or would we be better off putting more money into my husbands pension? We’re happy to share the pot as it were. Or is there another option I haven’t thought about? Many thanks, Louise 15:13 Question 4 Hi both, Loving the podcast, only recently came across it but have been an avid watcher of Pete’s YouTube videos for years now. I am 33 and a higher rate tax payer. I have spent the last 3 years getting my house in order with my finances and wanted to get your thoughts on what else you think I could be doing to maximise my tax efficient savings. I contribute £1600 to my stocks and shares ISA each month, which I have fortunately been able to max out for the past two years (currently valued at £47k). I have £40k tied up in premium bonds, this is mainly to avoid going over my PSA allowance and also where I am keeping money for a house deposit that I am planning to use in the next 2/3 years. I have combined my workplace pensions and contribute 5% through salary sacrifice, with my employer paying in 7%. The pot currently sits at £31k (roughly adding £750 per month), but I feel I could be adding to this more aggressively whilst I don’t have commitments of a mortgage or children. Also if I wanted to consider retiring at 55, realistically how much more do you think I will have to contribute to my pension each month? Cheers Ryan 19:10 Question 5 Hi Pete & Roger, Firstly, thank you for all of your fantastic work over the years. It has completely transformed my financial life. I’ve been investigating trusts and have discovered what a wonderful mind-boggling world they are. I have a number of questions in relation to discretionary trusts and hope that this doesn’t cause other listeners to glaze over. Question 1: let’s assume you make an initial transfer into a trust, for say £325k. If you then survive 7 years, is the full nil-rate band available to your beneficiaries ...
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    36 mins
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