Spectator money

Little-known rules regarding ‘death-in-service’ payouts from workplace pension schemes could see grieving families hit by shock five-figure tax bills. That’s according to Royal London which says millions of employees are at risk of exceeding the pension lifetime allowance because of their death-in-service benefits. As a result, it’s calling for a change in the rules. Many company pension schemes offer workers’ families a lump sum ‘death-in-service’ payment of up to four times the employee’s annual salary if they die while employed by the firm. But a little-known caveat of this payment is that it can count against the £1 million lifetime allowance limit for tax-relieved pension contributions. For example, say you

Going through a loved one’s photos, books, music collection and possessions after they’ve passed away can be an emotional process. But with any luck, the deceased will have left a will detailing what should happen to smaller possessions such as childhood toys and their record collection, as well as major assets like property or investments. But not many people think about what will happen to their digital assets when they die. We live our lives online these days and future generations won’t remember a time when this wasn’t the case. As well as using social media sites such as Facebook, Twitter and Instagram, we also buy digital music and video

When the sun shineth…go shopping. That’s what we did in our droves during April, boosting retail sales by 4 per cent compared to the same month last year. According to the Office for National Statistics (ONS), anecdotal evidence from retailers suggests that good weather contributed to growth in sales, which increased by 2.3 per cent in the three months to April compared to a 1.4 per cent decline in the first quarter. And there’s the fact that Easter also fell in April this year, prompting sales of furniture, golf equipment and motorbike accessories. Analysts were cheered by the data, which was beyond their expectations, but said the real test lies ahead. Michael Baxter, economics commentator

Ah, Chelsea. Or in my case, ah, Tatton. It’s that time of year again when the Royal Horticultural Society revs up for its slew of annual flower shows, allowing us green-fingered enthusiasts the chance to seek out the lesser-spotted Titchmarsh and the perennially pleasing Monty Don. It’s also a good time to do an inventory of our own gardens, not least the garden shed. You might not know it, but that building at the bottom of the lawn could be harbouring a shed-load of uninsured valuables. While a fair few sheds are home to nothing more than old pots, bits of string and rusty shovels, many are full of items that thieves

All publicity is good publicity, right? Wrong. The United Airlines controversy last month showed just how quickly poor crisis management can decimate company shares. And we financial journalists know as soon as we mention our job titles when making a customer complaint, we usually receive a positive outcome, such is the corporate terror triggered by a whiff of bad press. But now the internet is making it possible for anyone to kick up a stink in a most public fashion. Recent research from comparison site Gocompare found that UK companies have paid out £65 million in compensation to customers who took to social media to complain about services and products.

I am immensely cheered by the news that one of the worst perpetrators of cold calling has been fined a record amount for making almost 100 million nuisance calls. The Information Commissioner’s Office (ICO) has issued its highest ever penalty of £400,000 to Keurboom Communications after more than 1,000 people complained about recorded – also known as automated – calls. The calls, made over an 18 month period, related to a wide range of subjects, including all the old chestnuts of road traffic accident claims and PPI compensation. Some people received repeat calls, sometimes on the same day and during unsociable hours. The company also hid its identity, making it harder

As I watched the water creep across the kitchen floor, powerless to prevent a mini tsunami, I had an inkling of how it must feel to be the victim of flooding or burst pipes. By the third time the water invaded my kitchen, I was at the end of my tether. It later transpired that the base of my washing machine had broken in two (apparently not an uncommon occurrence) hence the folly of replacing the washers and hoping for the best. While this was a problem fixable with a mop, a packet of kitchen roll and a new appliance, it brought to mind the multitude of horror stories told

Aaron Lennon. Prince Harry. Jayne-Anne Gadhia, chief executive of Virgin Money. Each of these high profile people’s mental health has been in the spotlight in recent weeks and, thankfully, most of the public response has been sympathetic. But each has also faced a dark undercurrent of criticism that they’re not entitled to struggle with their mental health because they’re rich. The most prominent example was the coverage of footballer Aaron Lennon’s detention under the Mental Health Act. Some newspapers thought it fair to headline on his £55,000-a-week income, as if this ought to have made him immune to mental illness. But it wasn’t just the news media who told this

For every hard-working individual who has built up a pension pot to fund their retirement, there is a criminal trying to scam their way into stealing some of it for themselves. Pension funds are often the second largest source of wealth behind home purchases and, as a result, are a tempting target. Sadly, scams are not new to pensions. These are two of the most common forms. Pension liberation The victim is under the minimum age at which benefits can be drawn legitimately (age 55) and is promised access to their funds early, albeit subject to hefty charges. Investment scam The unsuspecting target is persuaded that current, legitimate, regulated pensions