15/09/2014 Inside Out South


15/09/2014

Similar Content

Browse content similar to 15/09/2014. Check below for episodes and series from the same categories and more!

Transcript


LineFromTo

Tonight, we take an old bus to the bdach

:00:00.:00:00.

Find out how to ruin your retirement.

:00:00.:00:13.

'Well, no, because the monex is not coming out of the pension fund.'

:00:14.:00:18.

And film an ex`footballer on the run.

:00:19.:00:22.

How was it for you? A difficult one.

:00:23.:00:28.

I'm John Cuthill, and this hs Inside Out for the South of England.

:00:29.:00:43.

First tonight, a new survey for Inside Out

:00:44.:00:48.

has found that almost one in five of us don't trust pension comp`nies,

:00:49.:00:51.

and that just as many of us are looking to alternatives to secure

:00:52.:00:54.

our futures, such as investing in property.

:00:55.:00:57.

Well, we took a road trip to find out

:00:58.:00:59.

about the state of pensions across the South.

:01:00.:01:02.

Previous generations retired at 60, got on with the gardening, `nd were

:01:03.:01:14.

But with life expectancy continuing to rise, even if we retire later,

:01:15.:01:22.

These days, most of Britain's workers don't have

:01:23.:01:27.

a pension sorted, which could leave us relying entirely on the state.

:01:28.:01:31.

Or, like our 65`year`old bus and its 70`year`old driver Lervin,

:01:32.:01:35.

I enjoy it, and I'm a part of the busindss.

:01:36.:01:41.

It's a nice job, you meet nice people,

:01:42.:01:43.

I did invest into a pension, but it went down the pan.

:01:44.:01:52.

Today, we're on a trip to the seaside, and where bettdr to

:01:53.:01:56.

Half of our passengers on our 1949 Bedford bus are retired.

:01:57.:02:02.

The other half are pension refuseniks, a handful of Brhtain's

:02:03.:02:05.

13 million company employees who don't have a private pension.

:02:06.:02:09.

The government's rolling out a scheme to try and put that right.

:02:10.:02:14.

Are we ready? ALL: Yes! Let's go.

:02:15.:02:18.

Autoenrolment makes it a legal requirement for companies to sign

:02:19.:02:20.

up staff to a pension, but hf you earn less than ?10,000, you won t

:02:21.:02:25.

qualify, and anyone self`employed will have to sort themselves out.

:02:26.:02:29.

Here's a question for you. Hands up: Who has got a pension

:02:30.:02:35.

Saving up for a pension, putting money aside each month,

:02:36.:02:45.

I'm Adam Fox. I'm 27. I'm a senior colour technichan.

:02:46.:02:49.

I get paid ?500 a month at the moment with my training, so there's

:02:50.:02:53.

absolutely no extra funds there for pensions and things likd that.

:02:54.:02:57.

No. I'm Katie, I'm 26, I'm ` carer. I'm on ?6.50 an hour.

:02:58.:03:07.

I'm still doing my studying, so it's not beneficial to md to pay

:03:08.:03:11.

Hilda? Look what just came. What's that?

:03:12.:03:18.

It's your letter from the Qteen Is it? It is!

:03:19.:03:22.

Hilda's celebrating her 100th birthday today.

:03:23.:03:26.

These days, you're 44 times more likely to do the same than 60 years

:03:27.:03:29.

ago, which has prompted the government to make the most sweeping

:03:30.:03:32.

Hello there! Welcome aboard. Hi, Steve.

:03:33.:03:38.

Time to make room on the bus for Minister of State for Pdnsions

:03:39.:03:42.

Steve Webb, the man responshble for the radical reforms.

:03:43.:03:45.

The first thing we've got to do is get millions of people

:03:46.:03:48.

into a pension at all, parthcularly starting with young people,

:03:49.:03:50.

and then we've got to get pdople to build a basic minimum level.

:03:51.:03:53.

So, 8% of your salary, for most people, won't get xou

:03:54.:03:56.

It's a start, but we've got to build on that.

:03:57.:03:59.

Once you get a pension, then you're going to be nailed by chargds.

:04:00.:04:04.

In the past, too many people have been rhpped

:04:05.:04:08.

These new workplace pensions will be different, because we're gohng to

:04:09.:04:12.

cap the charges, so from next April, more than 99p in the pound that you

:04:13.:04:15.

put into a pension will go into pension, not into charges, so

:04:16.:04:18.

they'll be the best value pdnsions, particularly because your fhrm's

:04:19.:04:21.

One of the best things you can invdst in.

:04:22.:04:25.

With a captive audience, Stdve Webb can't resist the opportunitx to

:04:26.:04:28.

So, tell me about your pensions experience.

:04:29.:04:32.

Do you think you're never going to have one?

:04:33.:04:36.

I do events and weddings and things like that.

:04:37.:04:40.

And I don't think the return that you'll get from

:04:41.:04:43.

Instead of a pension, he's opted for a buy`to`let.

:04:44.:04:50.

My property's going to rent out to students in Southampton.

:04:51.:04:54.

Really high student population there.

:04:55.:04:55.

And it's right in the centrd of town, so it's a wicked location,

:04:56.:04:59.

and it's always going to rent, no matter what.

:05:00.:05:02.

37`year`old Balvinder Singh has frozen his private pension,

:05:03.:05:06.

put off by the constantly increasing retirement age.

:05:07.:05:10.

I don't trust pensions, because I don't know how much I will

:05:11.:05:13.

get, and when I'm going to get that, because they keep increasing every

:05:14.:05:16.

day, and sometimes, they sax 60 65, now they say 70 years.

:05:17.:05:21.

I don't know that I'm going to live that time!

:05:22.:05:25.

From listening to people, I can understand why people may want

:05:26.:05:27.

to do things in addition to pension, but they should consider pension

:05:28.:05:30.

And for people that think it's too hard, there's always somethhng,

:05:31.:05:35.

a little something, that will make it easier for them, such as if they

:05:36.:05:38.

work for an employer, it cotld be the employer could contribute

:05:39.:05:41.

So ask the question, phone people like us at the Pensions Advhsory

:05:42.:05:45.

Service, and we can give people little hints to make it helpful

:05:46.:05:48.

But don't just rely on one source of income in retirement.

:05:49.:05:52.

Things are different on the retired side of the bus, where

:05:53.:06:04.

some have the sort of gold`plated final salary schemes that anyone

:06:05.:06:08.

who's signing up to a pension now will probably never get.

:06:09.:06:12.

I don't see myself as being in any way privileged.

:06:13.:06:16.

I see myself as having workdd in public service

:06:17.:06:19.

for a relatively reasonable salary, but the attraction

:06:20.:06:23.

of it was always the reason`ble pension at the end of the d`y.

:06:24.:06:27.

Pension, pretty good, reallx, because it's index`linked, `nd I

:06:28.:06:31.

know from year to year exactly what it is I'm probably going to get

:06:32.:06:36.

Yes, I ended up with a final salary scheme, which I'd

:06:37.:06:42.

been with the same company for 0 years, and was rewarded for that

:06:43.:06:47.

But not all pensioners are as fortunate.

:06:48.:06:56.

I'm 67, and I survive on a basic pension, which is about ?72 a week.

:06:57.:07:02.

I'm Reg. I'm 78, and my state pension is about ?640 a month.

:07:03.:07:10.

Plus, I have a private penshon, which is ?150 a month.

:07:11.:07:15.

Between them, that's an income of roughly ?13,000 a year.

:07:16.:07:19.

Recently, ?17,000 per household was quoted as the amount needed

:07:20.:07:23.

When you're young, you don't think about 40 years hence, do yot?

:07:24.:07:31.

It sort of creeps up on you until you suddenly get to about 45,

:07:32.:07:36.

Because I think if we did, we could get a bit depressed.

:07:37.:07:45.

Compared to men, three times as many women retire with no private

:07:46.:07:50.

I'm Lynne. I'm 58, and I run a B in Lee`on`the`Solent.

:07:51.:07:57.

I don't have a pension in my own right.

:07:58.:08:00.

I've worked all my life, but I didn't really think I'd need

:08:01.:08:03.

one, because my husband had quite a few pensions, but unfortunately,

:08:04.:08:06.

Lynne does get some of her late husband's naval pension,

:08:07.:08:11.

I get just below ?500 a month, which is a portion

:08:12.:08:16.

It's tough, because I've got to work now to get

:08:17.:08:22.

To be honest, everybody's got to work now, till

:08:23.:08:32.

Joan's 93 and has been retired for 30 years.

:08:33.:08:34.

She think there's been a cultural shift towards spending now rather

:08:35.:08:37.

I don't think nowadays, people know how to save, young people.

:08:38.:08:43.

Because they've never had to save. It's a throwaway society.

:08:44.:08:49.

They've never had to make do and mend like we had to.

:08:50.:08:55.

As the Pensions Special rolls down the promenade, time for somd words

:08:56.:08:58.

of warning for those of us who might still have our heads in the sand.

:08:59.:09:02.

The majority of workers don't have pension savings.

:09:03.:09:06.

So anyone on that side of the bus, you're not alone.

:09:07.:09:10.

There's lots of people like you out there.

:09:11.:09:12.

However, the main message h`s to be, if you don't save for your later

:09:13.:09:19.

The state pension, certainlx for those who are relativelx young

:09:20.:09:26.

now, is changing dramatically, and from 2016 onwards, younger

:09:27.:09:32.

people will know that when they get to retirement, the state pension is

:09:33.:09:37.

Now, if you think you'd be happy living on ?20 a day for the rest

:09:38.:09:44.

of your life when you've re`ched retirement, fine.

:09:45.:09:47.

But if you think you might want more than ?20 a day, to have a ddcent

:09:48.:09:53.

lifestyle, then unless you do some saving now, you won't have `ny money

:09:54.:10:00.

So, it's all about being prdpared. Or is it?

:10:01.:10:06.

I was planning to start sorting out my pension at the age of around 40,

:10:07.:10:10.

which after today, I've realised is far too late.

:10:11.:10:13.

I think we're more like other business and livd

:10:14.:10:19.

for today, because you never know what's going to happen tomorrow

:10:20.:10:21.

My business is going good. Property's going well,

:10:22.:10:23.

so I'm quite happy with how things are going, I think.

:10:24.:10:26.

When it comes to keeping our heads above water when we retire, we're

:10:27.:10:34.

And I'd love to hear your thoughts on that issue.

:10:35.:10:46.

You can get in touch via the e`mail on the screen.

:10:47.:10:50.

Next, we go undercover to expose one of the biggest scams in the pensions

:10:51.:10:54.

industry, which is leaving lany of its victims penniless.

:10:55.:10:58.

When we take out a pension, it's all about securing our future,

:10:59.:11:09.

But what happens if I want to cash mine in before I'm 55?

:11:10.:11:17.

Well, according to some companies, age is no barrier.

:11:18.:11:22.

In fact, that's what they c`ll it ` Pension Liberation.

:11:23.:11:27.

When Geoff from Portsmouth needed to free up some cash, one scheme

:11:28.:11:32.

You're using your own money, you have all

:11:33.:11:37.

your pension plans that you put together into one pot, so, xeah

:11:38.:11:40.

what could be better than using your own money to pay off a lot

:11:41.:11:44.

of outstanding debts, and not having to pay it back, and no tax hssues?

:11:45.:11:48.

The scheme freed up ?21,000 in cash, but Geoff's relief was short`lived.

:11:49.:11:54.

First, the pensions regulator, and then the High Court,

:11:55.:11:57.

ruled he had taken what's c`lled an "unauthorised payment".

:11:58.:12:02.

Everything is now completely changed.

:12:03.:12:03.

They now want the money back, plus up to...

:12:04.:12:06.

We still don't know exactly how much.

:12:07.:12:08.

The great thing about pensions is that they are tax`efficient.

:12:09.:12:11.

In other words, we get tax relief on them to encourage us to save

:12:12.:12:14.

And if you try to cash yours in before you're 55, cutting those

:12:15.:12:23.

You'll have to pay up to 70$ of what you get back in tax.

:12:24.:12:28.

'You actually cannot take anything from your pension until age 55.

:12:29.:12:42.

Now, he might have to pay b`ck the taxman thousands of pounds.

:12:43.:12:52.

You just feel dead inside, and you can't do anything.

:12:53.:13:00.

It's just absolutely... You are left in limbo.

:13:01.:13:02.

But Geoff's not alone. Many of the people here

:13:03.:13:04.

Some, as they've told me, face financial ruin.

:13:05.:13:13.

It is why they have formed this support group.

:13:14.:13:15.

schemes were very, very, cr`fty very clever, very slick, very

:13:16.:13:19.

It has been devastating, thdre are numerous people who have sahd to me

:13:20.:13:29.

they sometimes feel that thd only way out of this misery is to commit

:13:30.:13:33.

For those of us stuck in a financial hole, freeing up our

:13:34.:13:41.

pension pot may seem like the light at the end of the tunnel, btt the

:13:42.:13:44.

people I have met so far sax they were kept in the dark about tax

:13:45.:13:49.

That is why I am doing my own research.

:13:50.:13:51.

I want to find out if companies are really telling

:13:52.:13:54.

I can cash my pension in early and not pay tax.

:13:55.:14:01.

So, we will start with the initial pension, 37,600.

:14:02.:14:05.

Now this company is going to take away a certain amount in feds.

:14:06.:14:09.

What you are left with his 25,8 2, which is 68% of your pension.

:14:10.:14:13.

But what it doesn't tell yot is that HMRC are going to also take

:14:14.:14:20.

a further 55%, minimum, which leaves you with

:14:21.:14:24.

That is a frightening thought, but are companies are setting out

:14:25.:14:31.

to mislead, or just being short on facts?

:14:32.:14:33.

I am hoping a few calls will help me to find out.

:14:34.:14:39.

We have chosen a selection of companies at random

:14:40.:14:41.

and I have asked pensions expert Richard Jacobs to listen in.

:14:42.:14:44.

I was wondering whether you guys could help...

:14:45.:14:48.

I'm pretending to be 48, so if I did cash in my penshon there

:14:49.:14:52.

You cannot take money out of your pension before 55.

:14:53.:14:57.

The first company knows the rules, OK, so you never know,

:14:58.:15:05.

Operation Scorpion might have something to do with that.

:15:06.:15:09.

It is what the police and pensions regulators are calling

:15:10.:15:11.

their crackdown on pension liberations comp`nies.

:15:12.:15:14.

Since it's been set up, it's investigated

:15:15.:15:16.

We've been making a few mord calls.

:15:17.:15:26.

I want to know what Richard thinks of them.

:15:27.:15:29.

I would just like you to listen to it and try and

:15:30.:15:32.

We have made it clear I am tnder 55, but need cash and fast.

:15:33.:15:55.

The money's generated at 20% of the valte

:15:56.:15:57.

and those monies will be pahd back to you through another channel.

:15:58.:16:01.

If you switch your pension fund you will receive 20% as a v`lue

:16:02.:16:04.

Whoever that business is, if money is coming out it h`s to

:16:05.:16:13.

There is no money magicked from somewhere.

:16:14.:16:15.

But that is pension liberathon, whatever names they put on ht.

:16:16.:16:19.

But he knows I am under 55, so I will have to pay tax, right?

:16:20.:16:24.

Well, no, because the money is not coming out of the pension ftnd.

:16:25.:16:27.

No tax for taking out your pension early?

:16:28.:16:30.

In fact, of the nine companhes we contacted online and on the phone,

:16:31.:16:37.

If there is tax due, HMRC h`s to apply it, that is the way

:16:38.:16:44.

If you have access to money from your pension pot that breaks

:16:45.:16:49.

the tax rules, we have to charge you the tax because you got a t`x relief

:16:50.:16:53.

A lesson the victims are le`rning the hard way.

:16:54.:17:01.

I'm not sleeping, giving evdrybody else a lot of grief at work and at

:17:02.:17:06.

Finally tonight, you have probably heard of the ice bucket challenge,

:17:07.:17:19.

But some people go the extr` mile, like Ince Saints player Francis

:17:20.:17:29.

Since I have retired from playing professional football, therd is

:17:30.:17:40.

always some sort of void, you know, you miss about thd game.

:17:41.:17:46.

Francis Benali is one of Southampton's most popul`r

:17:47.:17:48.

A fearless left back in his prime he was known

:17:49.:17:56.

I have always tried to keep in shape, keep fit.

:17:57.:18:01.

I thought, whilst the body hs still in a decent enough condition, it

:18:02.:18:04.

would be a shame to not really do something that could do somd good.

:18:05.:18:08.

Franny will be attempting to run from Newcastle to Southampton,

:18:09.:18:11.

stopping at every Premiershhp football ground in the country.

:18:12.:18:15.

Over the next 21 days he will cover nearly 1000 miles,

:18:16.:18:19.

I know I am not going to brdeze through this, there will be some

:18:20.:18:27.

really tough days and dark loments, I am sure, and I will be running

:18:28.:18:30.

around 40`45 miles every single day for the three weeks.

:18:31.:18:36.

Franny's motivation is simple ` to raise as much money

:18:37.:18:39.

as he can for Cancer Research, a charity close to his heart.

:18:40.:18:51.

We have been affected by cancer as a family.

:18:52.:18:53.

My mum has been affected, mx wife, both her grandfathers died

:18:54.:18:56.

It is something that has totched probably most families in

:18:57.:18:59.

It is the opening morning of the challenge in Newcastle.

:19:00.:19:06.

Worrying for Franny and his physio, Kelly, he is carrying

:19:07.:19:09.

Franny just had a little bit of fluid behind his knee that he has

:19:10.:19:17.

had previously, so we are going to control that, more than anything,

:19:18.:19:20.

What chance have I got runnhng 000 miles when I can't even get

:19:21.:19:33.

That is a thick ex`footballdr for you, isn't it?

:19:34.:19:37.

The point of departure, and the first stadium

:19:38.:19:46.

of the challenge is St James' Park, home of Newcastle United.

:19:47.:19:55.

Seeing him off is his old Southampton pal,

:19:56.:19:57.

I cycled down to London a fdw years ago, cycling was hard enough, one of

:19:58.:20:02.

For him to be running from here to Southampton with

:20:03.:20:12.

a few stops at every ground, he is going to need a lot of stpport,

:20:13.:20:16.

It is for a great cause and I wish him luck ` he will need it

:20:17.:20:24.

Hundreds of miles of A roads, B roads and country tracks lid ahead.

:20:25.:20:32.

Friends and family will be running with Franny along the way,

:20:33.:20:41.

as well as a few players, stpporters and staff from Cancer Research.

:20:42.:20:44.

Six and a half miles at this point, just easing into it nicely.

:20:45.:20:47.

All of the support team is here perfect.

:20:48.:20:50.

A couple of hours later, Franny arrives at Sunderland,

:20:51.:20:55.

It is great, you know, nice to get to the stadium.

:20:56.:21:03.

Really tough day today, the mileage, I find it difficult in my ldgs.

:21:04.:21:23.

My legs are really sore and fatigued, but I think it felt

:21:24.:21:34.

worse this evening, whilst getting some treatment at the moment,

:21:35.:21:36.

It is day two, we have an up and over the

:21:37.:21:56.

Yorkshire Moors, no clubs today to hit, but absolutely amazing views.

:21:57.:21:59.

Running a little bit better today, but still tight in there.

:22:00.:22:01.

Day five, and Franny meets up with another old

:22:02.:22:12.

friend, former Saints strikdr James Beattie, as he arrives at Btrnley.

:22:13.:22:20.

With over 200 miles covered, time for a nice warm `

:22:21.:22:25.

After taking in all the big four Northwest teams, Franny runs

:22:26.:22:50.

I'm really delighted the dax is over, I am in quite a bit of pain in

:22:51.:23:01.

I'm going to dashstraight to the accommodation where we are

:23:02.:23:09.

tonight and start getting some physio and treatment.

:23:10.:23:11.

The next morning, Franny is back on the road

:23:12.:23:14.

Along the way he is supportdd by his son, Luke, daughter, Kenzie,

:23:15.:23:24.

But as he clocked up runs across the Midlands, they bdcome

:23:25.:23:32.

And halfway through the challenge on the Welsh border,

:23:33.:23:41.

emotions start to show as Franny speaks to his daughter, Kenzie. Dad,

:23:42.:23:44.

It is a tough moment for Fr`nny s son, Luke.

:23:45.:24:03.

Seeing him cry like that, having never seen him cry

:24:04.:24:05.

He has obviously been physically tired for the last two weeks.

:24:06.:24:11.

Emotionally it is starting to really take its toll now.

:24:12.:24:15.

He is like a kid at the momdnt, trying to make him eat, force him.

:24:16.:24:24.

But he cannot stomach anythhng, he won't touch anything mord than

:24:25.:24:27.

a bit of fruit and yoghurt, really, so it is difficult.

:24:28.:24:30.

The next day, Franny is just about on his feet, but he is still

:24:31.:24:48.

His physiotherapist, Kelly, is worried.

:24:49.:24:50.

Just don't feel great at all, you know?

:24:51.:24:54.

I know, but you haven't eatdn anything substantial since

:24:55.:24:54.

If we were doing it, what would you be telling us?

:24:55.:25:02.

I would be saying the same thing I know.

:25:03.:25:09.

He could not stomach is meal, struggled to get him to eat

:25:10.:25:17.

breakfast this morning and obviously it is affecting his energy levels.

:25:18.:25:21.

His body is burning what is not there, so the long`term restlts will

:25:22.:25:24.

be that it starts to burn mtscle, which is what we want to avoid.

:25:25.:25:28.

Franny gets back on the road, but by the end of the day he is exhausted.

:25:29.:25:32.

My weight has dropped, and the fact I have not been eating and

:25:33.:25:35.

I'm not replacing the calories I am burning, so..

:25:36.:25:49.

Now finally taking on more food he moves on from Wales

:25:50.:25:55.

across to London, ticking off all six of the capital stadium.

:25:56.:26:02.

across to London, ticking off all six of the capital stadia.

:26:03.:26:04.

838 miles and 21 days in, the final leg takes him to his home

:26:05.:26:08.

Southampton. We love you, Franny, or, Franny, we love you!

:26:09.:26:41.

The amount of fans that came out is incredible.

:26:42.:26:50.

I cannot physically put it into words.

:26:51.:26:53.

Franny has raised over ?100,000 for Cancer Research UK,

:26:54.:27:02.

and he is now due well earndd rest with his, Karen.

:27:03.:27:08.

and he is now due well earndd rest with his wife, Karen.

:27:09.:27:11.

He is incredible, to have done what he has done.

:27:12.:27:13.

I don't know how he got up dvery day, feeling how he was,

:27:14.:27:17.

running through pain, and did that every single d`y.

:27:18.:27:19.

I think there will be a timd to reflect upon this and comprdhend

:27:20.:27:26.

what has happened, but I am sure I will look back with fondness when my

:27:27.:27:32.

Well done, Franny Benali, great effort.

:27:33.:27:45.

I am all out of puff, you whll have to come back next time, 7:30pm,

:27:46.:27:49.

Next week, we will be following the parking

:27:50.:27:55.

enforcers on the trail of fraudsters who abuse the rights of Portsmouth's

:27:56.:27:58.

Why is there a disabled badge on your car?

:27:59.:28:02.

On the 27th of January, 2014, Inside Out broadcast

:28:03.:28:20.

an item related to nationwide gritting services Limited.

:28:21.:28:25.

The programme suggested that NGS's facility at Southampton docks was

:28:26.:28:36.

unsafe, with electrical equhpment that gave electrical shocks to two

:28:37.:28:39.

workers at the site and that there were no facilities for thesd workers

:28:40.:28:42.

The programme also suggested two workers were paid

:28:43.:28:46.

below the minimum wage, but that NGS produced false documents after

:28:47.:28:48.

We accept these allegations were false

:28:49.:28:52.

We apologise to NGS for publishing these allegations.

:28:53.:29:03.

Hello, I'm Ellie Crisell with your 90 second update.

:29:04.:29:05.

There's no return if you decide to leave the UK.

:29:06.:29:08.

David Cameron's message to Scotland ahead of this week's vote over

:29:09.:29:11.

The Yes campaign's Alex Salmond has branded claims that prices

:29:12.:29:15.

Two British tourists have been murdered on a beach in Thailand

:29:16.:29:21.

Police said 24-year-old David Miller and Hannah Witheridge, who's 23

:29:22.:29:25.

He's the child cancer specialist who's admitted abusing young boys

:29:26.:29:30.

Dr Myles Bradbury worked at Addenbrookes in Cambridge.

:29:31.:29:35.

He pleaded guilty to 25 sexual offences.

:29:36.:29:38.

It's because the company can't afford to keep

:29:39.:29:47.

Download Subtitles

SRT

ASS