{"id":457143,"date":"2025-09-28T05:40:16","date_gmt":"2025-09-28T05:40:16","guid":{"rendered":"https:\/\/www.europesays.com\/uk\/457143\/"},"modified":"2025-09-28T05:40:16","modified_gmt":"2025-09-28T05:40:16","slug":"state-pensioners-urged-to-move-their-money-before-letter-arrives-from-hmrc","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/uk\/457143\/","title":{"rendered":"State pensioners urged to ‘move their money’ before letter arrives from HMRC"},"content":{"rendered":"

It comes as the Triple Lock from the Department for Work and Pensions (DWP) promises to hike payments to a new level next year.\"StateState pensioners urged to ‘move their money’ before letter arrives from HMRC<\/p>\n

State pensioners are being urged to withdraw their money and open up a new one in the form of an ISA. It comes as the Triple Lock from the Department for Work and Pensions (DWP<\/a>) promises to hike payments to a new level next year.<\/p>\n

An inflationary increase in April could see pensioners dragged closer to the threshold where they are taxed by HMRC. But investing in ISAs could make state pensioners exempt.<\/p>\n

If they swapped their savings or current accounts for varying form of ISAs, and kept within the \u00a320,000 limit, they wouldn’t face the wrath of HMRC, personal finance experts say.<\/p>\n

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SJP advised: “Since you don\u2019t pay tax on the interest from a Cash ISA or gains and dividends from a Stocks and Shares ISA, you don\u2019t need to declare them on your tax return.<\/p>\n

“You keep any interest or returns you earn. You can invest a maximum of \u00a320,000 per tax year in an ISA or combination of ISAs, so you could put half in a Cash ISA and half in a Stocks and Shares ISA depending on your need and goals.”<\/p>\n

Depositing money into an Individual Savings Account (ISA) can enable you to make tax-free withdrawals as the funds from the account are not included in your taxable income calculation. This applies to Cash ISAs, Stocks and Shares ISAs, among others.<\/p>\n

SJP said: “Unlike pensions, ISAs have no age restrictions to access your money (except Junior ISAs which cannot be accessed until age 18).<\/p>\n

“That flexibility means you can have cash ready for rainy day emergencies, as well as for other goals you might be saving for, like a summer holiday or new car.<\/p>\n

“Using a combination of pensions and ISAs is a smart way to plan for money you might need in the short-term, and savings you might need in later life.”<\/p>\n","protected":false},"excerpt":{"rendered":"It comes as the Triple Lock from the Department for Work and Pensions (DWP) promises to hike payments…\n","protected":false},"author":2,"featured_media":457144,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3093],"tags":[51,1267,474,1016,2499,16,15],"class_list":{"0":"post-457143","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-personal-finance","8":"tag-business","9":"tag-dwp","10":"tag-finance","11":"tag-hmrc","12":"tag-personal-finance","13":"tag-uk","14":"tag-united-kingdom"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@uk\/115280322804529262","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/457143","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/comments?post=457143"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/457143\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media\/457144"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media?parent=457143"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/categories?post=457143"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/tags?post=457143"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}