The Next Round with Steph and Dom

steph and dom round 2

News & Insights

MoneyPlus Features Team

11th December 2014 at 2:45pm

To strip back the jargon around the pension changes coming next April, we sent TV’s Steph and Dom, to a traditional London pub to have a chat with some pub goers.

Watch our video below to see Steph and Dom have a chinwag with the locals over a tipple or two to hear what they have to say about the upcoming pension changes.

Steph and Dom Video (#ReadyWhenUAre)

Video Transcript

Steph

“So how much is your pension worth?”

Dom

“About £8!”

Steph

“How much of that do I get?”

Dom

“About £1!”

Narrator

“People are starting to talk about pensions and Steph and Dom are going to find out why.”

Steph

“Cheers everybody. Long life and hope it continues”

Narrator

“Pension rules are changing in April 2015 but everyone is a bit confused.”

Dom

“What are your biggest fears”

Guest #1

“It’s all a bit of a minefield. Your future’s ahead of you and you’ve got to choose wisely haven’t you.”

Steph

“I’m not even sure I’ve got a pension – I’m still only 12 in my head.”

Guest #2

“I’m not sure how it works exactly.”

Steph

“It’s scary because we don’t really understand it. God, what are we going to do then?”

Dom

“Well, you’re going to have to go on the game!”

Steph

“What, again!? It didn’t work out well the last time!”

Dom

“Yes it did – look at the house!”

Narrator

“Sounds like you’ll be able to access all of your pension earlier from 55.”

Guest #2

“And the 25% thing is good, the tax relief.  And if you’ve been intelligent enough to put your money away and save which obviously saving for your old age then surely you’re bright enough to spend it.

Guest #3

“I actually want to buy a kit car and relive my youth again in the South Coast just buzzing around.”

Steph

“And please tell me you’re going to get the goggles and the flappy ear things!”

Guest #3

“Oh definitely, and the leather hat.”

Guest #4

“Got a million and one things I could do with the money to be honest… 5 children for starters!”

Dom

“Are you confident that there’s going to be enough to keep you going for the rest of your life?”

Guest #3

“Yeah, I mean it is handy to keep something for a rainy day, that’s for sure.”

Narrator

“So, there’ll be more control and more flexibility”

Guest #4

“So, what are your plans for retirement?”

Steph

“Quite fancy a toy boy…”

Guest #4

“5 star gap year…”

Steph

“Bloody marvellous!”

Dom

“I’m not entirely sure probably along with most people what’s actually in my pot.”

Steph

“See that’s fascinating – why not?  A bit like a bank account, you want to know what’s in it all the time wouldn’t you?

I’ll retire, you work and I’ll go on holiday. This is working out well!”

Narrator

“And the 55% death tax is being scrapped”

Guest #4

“Will you be OK if he pops his cloggs?”

Steph

“I’ve got massive insurance on him!”

Dom

“There’s a slightly almondy flavour to the beer!”

Steph

“And so here we are, after 20 years, would you have done anything differently?  What would you do?”

Dom

“I’d have gone out with someone else!”

Narrator

“From the 6 April, your pension is your money.”

Guest #1

“I think it’s rather nice.  They’re treating us as grown ups for a change – that you can actually manage your own money”

Steph

“Rather than waiting and waiting and waiting, you know, it can actually happen now.”

Guest #5

“And there’ll be enough for the chair lift later!”

Narrator

“Seems like there’s a lot to think about”

Steph

“Well, that was a bit bonkers wasn’t it?”

Dom

“Yeah, I think we’ve learned a lot actually.

Steph

“Spending yet another afternoon in the pub with you darling”

Dom

“Terrible, isn’t it!? We better go…”

Steph

“I know – there’s another bar just across the road!”

You can find out what the pension changes mean for you in our Pension Changes Explained section.

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