TOP STORY: CASH ISAS BACK ON THE CHOPPING BLOCK

If reports in the Financial Times are to be believed, plans to reduce the cash ISA limit – the amount you can put into a tax-free cash ISA every year – are back on the table.

The chancellor has reportedly been meeting finance professionals to discuss cutting the allowance, possibly halving it from £20,000 to £10,000.

Why? Well, the chancellor is trying to get people to invest their money rather than saving it in cash. 

Again, why? Investing is good for the economy, and she feels that people’s savings are a resource that the government could tap into.

💡 What does this mean for you? We’re unlikely to hear the final plans until the upcoming Autumn Budget on November 26th.

Then, the chancellor may decide to cut the amount you can save each year into your cash ISA.

What that means is that if you want to max out your ISA allowance (£20k across ISAs per year), you’ll need to put some of it into a stocks and shares ISA instead of a cash ISA.

You can see our top picks for stocks and shares ISAs here.

GOING UP: STATE PENSION TO RISE MORE THAN EXPECTED

The state pension will rise by more than expected next year – going up by £574.60 instead of £562.

Why? That’s because the state pension rises each year through the ‘triple lock, which increases the payment in line with the highest of: September’s inflation rate, May-July’s wage growth data, or 2.5%.

This year, wage growth will be used. Previous data showed wage growth for May-July was 4.7%, but the ONS has now revised this to 4.8%.

So… Basically, if you or someone you know claims the state pension, next year’s payment will rise by a bumper £574,60, taking the full new state pension to £12,534.60.

That means now’s a good time to check that you’re getting as much state pension as you can. 

You might not get the full state pension if you don’t have enough years of national insurance contributions. This might happen if you take time off work, such as to raise kids or care for a relative.

But you may be able to get credits to top up your national insurance contributions, or you might be able to buy extra years. Visit the government website here to check.

TIP OF THE WEEK: GET FREE CASH FROM YOUR COUNCIL

Did you know that if you’re on a low income and claim benefits, you may be able to get free cash, vouchers or items from your council?

Each council gets a share of money from the government through the Household Support Fund. They can then distribute this money to residents on low incomes however they like. For example, Sheffield Council sends cash to residents to pay their energy bills.

Check with your local council to see what they offer and whether you’re eligible. You can find your local council here.

AN INTERVIEW WITH PENSIONS MINISTER: PENSION TRANSFERS UNDER SCRUTINY

There are a range of pension providers offering free cash to switch your pension to them – but if you’re thinking of doing so, it might be worth going for it now.

The finance regulator has raised concerns that these incentives are leading some savers to make rash decisions about their pensions – but pensions professionals argue that they are positive as they are engaging people with their finances.

In an interview with Investing Insiders this week, the pensions minister, Torsten Bell, did not rule out getting rid of switching incentives altogether and said the government is doing work on pension transfers right now.

When asked about potential reforms to pension transfer incentives, he said: “I don’t have anything to add on that at the moment, but there is a wider question about pension transfers.

“We are doing some work on this area to prevent bad outcomes for pension savers, and we hope to be able to say something about that in the near future.”

Interactive Investor is currently offering savers £200 to move their Self Invested Personal Pension over to them.

MILLIONS OF CIVIL SERVANTS ABLE TO RETIRE EARLIER

People who work for Local Government Pension Schemes (LGPS) will be able to get their pension cash at 55 – while most other workers will now not be able to access it until 57.

Changes are being made to the Normal Minimum Pension Age (NMPA) – the age you can access your pension money. From 2028, the age will broadly be changed from 55 to 57.

But this week, after much back and forth, the government confirmed that it has decided to let LGPS workers continue to access their pensions at 55.

What does that mean? If that’s you, you’ll be able to get access to your cash two years before most people. That could impact your whole retirement planning.

If you aren’t sure how this affects you, speak to a professional like a financial adviser. They can look at your circumstances and help you work out when you can afford to retire.

DEAL OF THE WEEK: GET 4.55% INTEREST

A new savings account by Marcus (Goldman Sachs) is offering 4.55% interest fixed for one year. Very unusually for a fixed rate, your cash isn’t locked in with this product – you can withdraw any time you wish, although you would be penalised with 90 days’ lost interest.

INVESTING INSIDERS FINANCIAL BOOK AWARDS 2025

Investing Insiders is launching a first-of-its-kind Financial Book Awards this autumn!

Whether you’ve read a book that’s transformed your finances or written one to help others, we want to hear from you. 

Awards will be given for the following categories:

  • Best for Personal Finance
  • Best for Budgeting
  • Best for Investing
  • Best for Pensions and Retirement
  • Best for Children’s Finances
  • Best for Small Businesses

Submissions will be judged by an expert panel of industry specialists, chaired by multi-award-winning financial journalist Moira O’Neill. 

Shortlisted entries will be announced by 9 November 2025 and winning submissions will be announced by 10 December 2025.

Authors of the winning titles for each category will receive an engraved trophy and be featured as our top pick for 2025!

To enter, simply complete the Investing Insiders Financial Book Awards 2025 submission form  

Your Questions Answered

We’re keen to answer any and all of your burning finance questions – drop us a message to hello@investinginsiders.co.uk and we may feature your query with our response in our next newsletter.

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