What is it you just don’t get about money? Beginners guide to pensions, energy, credit cards, return rights and far more

**Martin Lewis** (0:01)
So let me give you the two-minute basics on taking money out of a pension, then I'll tell you where to go for advice. I cannot marry a man who is not beating random chance on a mastermind quiz. Inheritance tax is something that far more people are scared of than is a practical reality. What a fascinating question. Want everyone listening to just take a moment in their head and picture a Swiss roll.
Hello, I'm Martin Lewis, and this is the cunningly named The Martin Lewis Podcast. I do wonder what that's gonna be about. And this is our Big Topic episode, where each week we lead on one main subject to help you save. Usually, most of it comes from my BBC Radio 5 live show with Adrian Chiles. But there's also bonus money-saving tips, tricks, and questions just for you. Lucky, lucky podcast listeners. Play the theme tune.

**Adrian Chiles** (1:04)
What have we got for us, Martin?

**Martin Lewis** (1:06)
We are throwing away the format today. We are doing a massive teller special. It's the I Don't Get Money special. It's the Back to Basics special. We asked listeners and people on my social media, what is the stuff about money that you just don't understand? And we're going to throw open the whole program to going through it. There are questions in on pensions, credit cards, savings, energy, annuities, power of attorney, and more, but it's all Back to Basics.
Right from the scratch, we're going to do it. But don't worry, Adrian, even though that's the entire program today, there's still a mastermind just for you.

**Adrian Chiles** (1:39)
Goodness, thank heavens for that.

**Martin Lewis** (1:41)
I know, and that is on their student loans and a bit of credit stuff. You'll find out.

**Adrian Chiles** (1:47)
Okay, do get in touch with us.

**Martin Lewis** (1:49)
I'm pleased with the set up today, by the way.

**Adrian Chiles** (1:51)
Okay.

**SPEAKER_3** (1:52)
I think I've written a good one.

**Adrian Chiles** (1:53)
Oh, you're giving it the big one. Look forward to hearing it.

**Martin Lewis** (1:55)
For fans of horror films, do have a listen later, and for fans of horror in general, listen to Adrian's answer.

**Adrian Chiles** (2:02)
Do get in touch, message 85058 WhatsApp 895 99693, or email martinlewispodcast at bbc.co.uk.
So, it's been a few weeks since we spoke. New PM has come in. I don't know whether you noticed. He's been talking a lot about the cost of it. Yeah, apparently so. Everton Farn, you've talked a lot about the cost of living, little tweaks here and there, which maybe aren't changing the world. Some people feel grateful for them. Others are saying it's too little and so on. What's your take on it?

**Martin Lewis** (2:41)
I actually am of the view that it is an important totem, but it is only a totem. I don't think any of this is going to have any great shakes to the actual financial situation of people in the country, but it is showing a sense of direction and a sense of what we're going to look after. And if you contrast the start of the Burnham administration, you know, you've had the 46 pounds Keteris Paribus, we'll explain that in a moment, off energy bills and two pound bus fares, the cap coming in, and you've now got the hospitality announcement today, trying to help hopefully smaller businesses in hospitality who are positive for our communities out there.
All of it is a totem saying, this is a signal of intent of the type of things I intend to do.
And so they're almost more important for the signal. If we contrast that to the first major activity in my area that the Starmer administration did, which was means test winter fuel payment and link it to a hideously underclaimed benefit. The form of means testing was what I objected to even more than the means testing itself. I didn't mind the means testing, I mind the form of means testing. That I think it is a signal of a real change of direction. And that's the most important thing. I should explain my Keteris Paribus, a little bit of Latin on Five Live. Why not? Keteris Paribus means all other things remaining equal.
So the cutting VAT of energy bills, for self electricity bills, I should be specific for six months from the 1st of October, is a reduction of 4.8% in everybody's bills. But those who are on the price cap, which is 60% of people were expecting to see a 5.1% increase in the price cap on the same date. So what the cutting bills will actually do is it will probably mean you don't see a rise, as opposed to your actual bills fall, which is why it is a saving if everything else were equal. But currently, it is looking very unlikely everything else will be equal. Those unfixed and other tariffs, where the price is locked in for a set period, they will see a direct saving of 4.8%.