Steve Webb
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Steve Webb, formerly Minister for Pensions, now partner at Lane Clark & Peacock. All tweets personal views. steve.webb@lcp.uk.com he/him
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Articles by Steve Webb
Why is the state pension taxed but Universal Credit payments are tax-free? Steve Webb replies
I should like to know why the state pension is being taxed when no other benefits are, even when they exceed the personal allowance threshold. I worked full time in hospitality for over 50 years – not the best-paid sector – but managed to save and invest modestly over the years. I deferred my state pension and continued to work for another three and a half years in order to boost the four-weekly payments, and am now having to pay tax on my income.
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Can I pay more into my pension to reduce my student loan repayments? Steve Webb replies
I have a student loan which I repay via my salary every month. However, I owe a lot and the accumulating interest means the balance is going up rather than down. I don't think I will pay it off before the balance is wiped after 30 years. Is it worth paying more into a pension to reduce student loan payments if you think you will never be able to pay off the loan? And what's the difference for a basic and higher rate taxpayer?
Can I pay more into my pension to reduce my student loan repayments? Steve Webb replies
I have a student loan which I repay via my salary every month. However, I owe a lot and the accumulating interest means the balance is going up rather than down. I don't think I will pay it off before the balance is wiped after 30 years. Is it worth paying more into a pension to reduce student loan payments if you think you will never be able to pay off the loan? And what's the difference for a basic and higher rate taxpayer?
How to pay for social care
The writer is a partner at LCP and was UK pensions minister from 2010 to 2015.
I am owed higher rate pension tax relief so why won't HMRC give me my payment? Steve Webb replies
I'm writing off the back of your research into unclaimed higher-rate pension tax relief. I've tried claiming this myself but have encountered problems with the process. I've monitored the process via the HMRC app and my claim went from 'received' to 'in progress' to 'done' but with no payment and no communication. When I called, I was told there'd been an error and it was being passed to a technical team, then it cycled back to 'done' again with nothing paid.
My husband suddenly died at 59 so will I get any of his state pension in future? Steve Webb replies
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My husband suddenly died at 59 will I get any of his state pension in the future? Steve Webb replies
My husband passed away suddenly three-and-a-half years ago at the age of 59. He worked for the NHS and retired at 55 as he had officers' mental health status. I received half of his works pension. I also worked for the NHS for approximately 35 years but three months before my husband passed away, I took redundancy as my health was not good. We planed to spend time together and thought we could manage financially on his works pension until he received his state pension.
Does our big age gap mean I might not inherit my husband's pension? Steve Webb replies
Steve Webb For Thisismoney.co.uk My husband and I have been together for almost 40 years, although there is a significant age difference between us. He is now in his early 90s and I in my late 60s, and the spectre of ill health is always worrying us. We have been trying to find out about his and my pensions. I have recently received my state pension, but only get around £540 a month as my last 10 to 12 working years were spent looking after my husband who had cancer twice.
I introduced the triple lock. This is why we still need it
The rise in pensioner poverty would have been much steeper without the triple lock - PA To listen to the discussion around the state pension triple lock, you would think that pensioners have never had it so good, and that the problem of pensioner poverty has been solved. But the reality now, and particularly in the coming decades, is very different. That’s why keeping on building up the state pension remains vital. Some, including The Telegraph’s David Blair, have called for this guarantee to go.
Does our big age gap mean I might not inherit my husband's pension? Steve Webb replies
My husband and I have been together for almost 40 years, although there is a significant age difference between us. He is now in his early 90s and I in my late 60s, and the spectre of ill health is always worrying us. We have been trying to find out about his and my pensions. I have recently received my state pension, but only get around £540 a month as my last 10 to 12 working years were spent looking after my husband who had cancer twice.
Does a 1978 rule change mean I'm owed a higher state pension? Steve Webb replies
I opted to pay a married woman's small National Insurance (NI) stamp in 1975 but then fell pregnant and had our son in December 1976. I didn't resume full-time working until February 1985 when I had to pay the full NI stamp. In those intervening years I have not been given credit on my NI record for Home Responsibilities Protection (HRP) for the years 1978 onwards when the system started.
Does a 1978 rule change mean I'm owed a higher state pension? Steve Webb replies
I opted to pay a married woman's small National Insurance (NI) stamp in 1975 but then fell pregnant and had our son in December 1976. I didn't resume full-time working until February 1985 when I had to pay the full NI stamp. In those intervening years I have not been given credit on my NI record for Home Responsibilities Protection (HRP) for the years 1978 onwards when the system started.
I expected to get my police pension at 55: Why was it delayed at the last minute? Steve Webb replies
I joined the police in 1999, and when I joined my retirement age to get the police pension was 55. I left in 2011 when my children came along and the pension was deferred. All my statements continued to indicate that the pension was still payable in 2027, when I reach 55. I have paperwork showing this. I recently requested an up-to-date statement and again it said age 55 and 2027. When I asked a few more questions about my lump sum the scheme noticed an error on their side.
I'm sure my tax bill was bungled but HMRC insists its computer got it right: Steve Webb investigates
I am writing to you as I saw your column about someone being taxed because HMRC had deducted savings interest from their personal tax allowance. I was taxed £11.72 on dividend income because HMRC had deducted my savings interest from my personal tax allowance. If they hadn't deducted it, I would not have had to pay any tax. HMRC is adamant that its calculation is correct, even though my friend, who is an accountant, ran my figures through her firm's software and agreed with me that no tax was due.
My old employer says I lost my £8k pension pot after I left, is that true? Steve Webb replies
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My old employer says I lost my £8k pension pot after I left, is that true? Steve Webb replies
I worked for a company from around 2013 to 2015 and had a pension with around £8,000 in the pot. I left the company when my father died and went home to look after my mother. I would point out I had the same email address from 2009 to the current date. When Covid hit I had some time to chase up pensions and asked my former employer for nearly a year where my contributions were.
I paid extra contributions into my pension but the scheme denies they existed: Steve Webb replies
I worked for a building society between 1987 and 1994 and during my time there I paid into the final salary scheme. I also paid added voluntary contributions as well to boost my pension pot. I am now retired and have been receiving my pension from the scheme for around two years. Recently I contacted the current pension administrator to check if the amount that I have been receiving includes these added voluntary contributions, as there has never been any mention of them on any correspondence.
I paid extra contributions into my pension but the scheme denies they existed: Steve Webb replies
I worked for a building society between 1987 and 1994 and during my time there I paid into the final salary scheme. I also paid added voluntary contributions as well to boost my pension pot. I am now retired and have been receiving my pension from the scheme for around two years. Recently I contacted the current pension administrator to check if the amount that I have been receiving includes these added voluntary contributions, as there has never been any mention of them on any correspondence.
I'm still waiting for my civil service pension after almost two years: Steve Webb replies
Steve Webb For Thisismoney.co.uk I applied for my civil service pension in October 2024 ready to retire in April 2025 and I am still waiting for payment. What can I do? Steve Webb replies: Unfortunately, you are one of tens of thousands of civil servants who have been hit by a series of problems with the administration of the Civil Service Pension Scheme.
New HMRC figures show over 65s paying tax hits 10 million for first time
New figures published today by HMRC show that far more pensioners are now paying income tax than previously thought, and that the numbers paying tax have reached record levels. The number of over 65s paying tax has risen by more than 3 million in the five years since the tax threshold was frozen and has broken through the 10 million mark for the first time.
Why can people with no wages only save tiny sums into pensions? Steve Webb replies
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Why can people with no wages only save tiny sums into pensions? Steve Webb replies
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Why can people with no wages only save tiny sums into pensions? Steve Webb replies
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Why can the unemployed only save tiny sums into pensions?
I'm contacting you regarding an issue for those like myself who are not in employment, but who are contributing to a Self-Invested Personal Pension ( Sipp I left paid employment at the age of 50 in 2017 and since 2022 have been contributing to a Sipp. This year it dawned on me that the annual contribution limit of £2,880 plus £720 tax relief - totalling £3,600 - was limiting.
We're pensioners earning less than £1,000 in savings interest, are we over-taxed? STEVE WEBB replies
I have noticed that both my husband and I have had a deduction made to our tax codes for untaxed interest. We are both only in receipt of company pensions and are entitled to the standard rate of tax-free income so surely should be allowed £1,000 personal savings allowance. Interest received in both cases is less than this allowance. In my case I only receive £7,000 a year in pensions so this makes any deduction even stranger. Can you please advise if this is a common problem.
Steve Webb: Six things Andy Burnham must do to fix pensions
The next few weeks are likely to see a huge shake-up at the top of government, with new faces in most of the great Departments of State with Andy Burnham expected to take the role of prime minister. But often it is the changes in less high-profile parts of government that have the biggest impact on households. In particular, we are likely to see someone new responsible for pensions across the Department for Work and Pensions and the Treasury – the third such minister in just two years.
What JCK 2026 Revealed About Independent Jewelers | the Centurion
What JCK 2026 Revealed About Independent Jewelers | Boca Raton, FL--Las Vegas Jewelry Week has always been about more than product launches and order writing. The real value often comes from the conversations between appointments, where retailers speak candidly about what’s working, what’s changing, and what comes next.
My wife's NI number has changed after 50 years, will it affect her pension? Steve Webb replies
My wife is trying to take her state pension. For 50 years she has had the same national insurance number, now the DWP say that this is wrong and have sent her a new number. How can this be right as she has done all the usual things with her original number such as medical, voting, driving licence, passport and got married. They also don't recognise that she was a carer for her disabled brother for 14 years. We don't understand how this can happen.
I've reached a dead end finding an old pension, what can I do? Steve Webb replies
I am trying to track my various pensions and would like some advice. My contributions from September 1999 to April 2001 have gone missing. I'd worked at my old employer from 1997 to 2001 and paid pension contributions throughout. My employer changed its pension provider in mid-1999, but the new scheme says it has no records of me. And it is hard to sort things out now because my old employer does not have employment records from that period.
I've reached a dead end finding an old pension, what can I do? Steve Webb replies
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New FOI reveals ‘nearly 3 million workers’ expected to cut back on pension saving following salary sacrifice changes
A Freedom of Information (FOI) request to HMRC by LCP Partner Steve Webb has revealed that more than 2.8m workers are expected to cut back on pension saving once new restrictions on salary sacrifice come into force in 2029. This comes in the month when the Government’s Pensions Commission estimated that around 15 million people of working age are under-saving for retirement even before this new policy comes into force.
Will my Lloyds final salary pension be hit by inheritance tax?
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Will my Lloyds final salary pension be hit by inheritance tax?
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Why has ReAssure given me three different values for my pension? Steve Webb wins back £63,000
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Why has ReAssure given me three different values for my pension? Steve Webb wins back £63,000
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Why has ReAssure given me three different values for my pension? Steve Webb wins £63,000 for reader
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Why has ReAssure given me three different values for my pension? Steve Webb wins £63,000 for reader
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My state pension will be higher than my wife's
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My state pension will be higher than my wife's
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Why are my pension contributions ignored when Universal Credit is calculated? Steve Webb replies
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Tony Blair’s state pension plan is bewildering in its complexity
The former prime minister is backing a complete overhaul of the state pension system – but his ideas are simply not viable - Dan Kitwood/Getty Images The proposals by the Tony Blair Institute for radical reform of the state pension system are well-intentioned, but – in several ways – would be a complete disaster. For starters, they would involve a shocking degree of intrusion into our private lives.
Steve Webb: Making the most of salary sacrifice while it lasts
Now that the legislation to implement the planned cuts to salary sacrifice has completed its way through Parliament, advisers have a window of less than three years to make the most of the existing arrangements. Under changes announced in the 2025 Budget, employee pension contributions in excess of £2,000 that are currently delivered by salary sacrifice will be subject to both employee and employer NI contributions with effect from 2029.
Delay to National Insurance credit system for mothers ‘deeply frustrating’
Today’s Government announcement of a delay in a scheme to protect the state pension records of mothers has been condemned as ‘deeply frustrating’ by LCP partner Steve Webb. The issue relates to the impact of the introduction of the High Income Child Benefit Charge in 2013. For some parents – mostly mothers – it was still possible to claim Child Benefit but if they or a partner was on a high income they could face a tax bill which wiped out the value of the Child Benefit.
Ministers urged to beware unwise interventions in domestic pension fund investment drive
The UK Government wants to see UK pension schemes investing more in the UK economy, particularly in areas such as infrastructure, hi-tech businesses and start-ups.
‘Energy bill surge set to hit elderly pensioners hardest’ - LCP
New analysis of household spending patterns shows that the expected surge in household energy bills is likely to hit elderly pensioners the hardest. Each year, the Government carries out a survey of household spending patterns in order to help construct the inflation figures. The latest ‘Living Costs and Food Survey’ provides data for 2023/24 and shows that the share of household spending going on gas, electricity and other fuel averaged around 6.5% in that year.
Pensions IHT change could trigger ‘exodus of large DC pots’
There are growing signs that the Budget 2024 decision to include unspent pension pots in the scope of Inheritance Tax (IHT) is leading to larger pension pots being run down by those seeking to reduce potential IHT bills, according to LCP partner Steve Webb. Under the change, due to be implemented in April 2027, the value of unspent DC pots (as well as certain DB death benefits such as ‘death in deferment’ lump sums) will be added to the value of the estate when IHT is worked out.
Pension admin is too often done poorly or 'on the cheap', says Steve Webb
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Steve Webb: Why the Pensions Dashboard could be a bombshell
A bombshell will soon be launched into the normally still waters of pensions. And, in my view, financial advisers will have a key role to play in determining whether this upheaval results in good or bad outcomes for consumers. By October 2026, virtually all pension schemes must connect their data to the Pensions Dashboard. Tens of millions of records have already been connected.
New OBR figures show millions more workers at risk of losing out following Budget changes to ‘salary sacrifice’ for pensions
Analysis published today (5th Feb) by the OBR, in response to a request from LCP partner Steve Webb, has revealed that the scale of losses from the Budget changes to salary sacrifice could be much wider than previously expected. Under the Budget changes, from 2029/30, any employee pensions contributions in excess of £2,000 paid by salary sacrifice will be subject to employer and employee National Insurance Contributions. The policy is expected to raise £4.8bn in 2029/30.
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