News & Resources

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Lifetime Allowance

Breach may impact on more than a million workers

An estimated 1.25 million people are set to breach the current Lifetime Allowance (LTA) £1.03m lifetime limit for pension tax relief over the course of their working life, according to new research published[1].

The LTA is a limit on the amount of pension benefit that can be drawn from pension schemes – whether lump sums or retirement income – and can be paid without triggering an extra tax charge. It has … Read the rest

Pension freedoms

Over one million UK savers embrace relaxation of rules

The Government’s announcement on the relaxation of pension rules changed the investment landscape and pension freedoms show no sign of losing their popularity.

HM Revenue & Customs latest figures[1] on the flexible withdrawals from pensions shows that the number of savers who have embraced their freedoms now exceeds one million (1.04 million).

Individual withdrawals
A record-breaking sum of £7.83bn was withdrawn in 2018, up from £6.54bn in 2017. It is reported … Read the rest

Dreaming of escaping a working life for retirement?

Getting your date right will help your plans stay on target

Some people will have set their retirement date when they were in their 20s or 30s and a great deal will have changed since then, including their state pension age and perhaps their career plans.

It may seem like a finger in the air guess when you’re younger, but the date that you set for retirement on a pension plan does matter. It will often dictate how your money … Read the rest

Making plans for your retirement

Tailored to match your particular needs and aspirations

One of the most important stages in life which everybody has to save for is retirement. We work hard to enjoy our current lifestyle but are we doing enough to ensure that we can continue to enjoy it in our retirement? Many of us live for today, but saving into a private pension plan can help us retire sooner rather than later.

Pension plans are as individual as the people who invest … Read the rest

Protecting the value of your money

Don’t ignore the corrosive impact rising prices can have on your investments

Inflation is an economy-wide sustained trend of increasing prices from one year to the next. The rate of inflation is important as it represents the rate at which the real value of savings and an investment is eroded and the loss in spending power over time. Inflation also tells investors exactly how much of a return their investments need to make for them to maintain their standard of
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Preparing for your upcoming retirement

Considering the practicalities of fulfilling your desired lifestyle

If you are aiming to retire within the next five years, its time to get into the mindset of considering the practicalities of fulfilling your desired lifestyle and making plans.

You now have just 60 pay packets left until you retire. This is a time when you’ll need to obtain up-to-date pension forecasts and obtain professional financial advice to make sure your retirement plans are on track.

Are you ready to retire?Read the rest

Green light for new type of home loan

Product choice broadened in the later life lending sector

In an effort to broaden product choice in the later life lending sector, the Financial Conduct Authority now treats Retirement Interest Only (RIO) mortgages as standard mortgages, instead of being regulated under Equity Release rules. This factor, among others, has resulted in several lenders adding RIO mortgages to their offering.

These deals could help thousands of people who have an interest-only home loan that’s coming to an end, but don’t know … Read the rest

Do your numbers add up?

Tax-efficient ways to fund the next generation

It’s natural we may want to give younger members of our family a financial start in life. Especially when we hear about some students graduating with eye-watering levels of debt. If you are able to help your children or grandchildren without risking running out of money yourself, it’s important that you do so effectively.

The most obvious way is by funding university tuition fees and maintenance costs. By funding a student’s three-year course … Read the rest

Why do you want to invest?

Reaching specific life goals requires planning

If you don’t know where you want to go, you’ll find it tricky getting there! Investment goals cover everything from the old adage of saving for a rainy day to planning for a comfortable retirement.

Goal-based investing, which emphasises investing with the objective of reaching specific life goals – such as buying a house, saving for your child’s education, or building a nest egg for retirement – instead of comparing returns to a benchmark.… Read the rest

Retirement matters

Freedoms to gain accessing your pension pot

Changes to pension rules introduced in 2015 mean you’ve now greater access to your pension. It might seem like a far off prospect but knowing how you can access your pension pot can help you understand how best to build for the future you want.

Under government rules you have a range of choices for how you use your pension money if you have a defined contribution pension and are aged 55 or … Read the rest

Bank of Mum and Dad

Innovative products to be created for would-be home owners

The Building Societies Association (BSA) have recently published a raft of recommendations as to how the mortgage industry can support the Bank of Mum and Dad in their endeavours to help first-time buyers onto the property ladder.

They have called for more innovative products to be created to enable parents and grandparents to loan or gift money to family members who are would-be home owners. The BSA also wants building societies … Read the rest

Wealth creation

Spreading risk by accessing different types of assets

Investing for the long-term means persisting through market swings. History shows that when people invest and stay invested, they’re more likely to earn positive returns in the long run. When markets start to fluctuate, it may be tempting to make financial decisions in reaction to changes to your portfolio.

Investing in a pooled investment, also known as a collective investment scheme, provides investors to access investments through a fund, rather than buying … Read the rest

Why silence isn’t necessarily bliss

Over six million adults refuse to discuss their will with loved ones

Making a will is very important if you care what happens to your money and your belongings after you die, and most of us do. But have you tried to talk with your parents about their will? If that conversation isn’t happening, you’re not alone.

And it’s not only parents that are the only ones who are uncomfortable. Adult children may also be nervous about raising the topic … Read the rest

State pension

Half a million workers past pension age could be paying unnecessary tax

A significant number of people working past the state pension age could be paying unnecessary tax on their state pension, according to new research[1]. This is because they failed to take up the option of deferring their state pension until they stopped work. As a result, their entire state pension is being taxed, in some cases at 40%.

If they deferred taking their state pension they would also … Read the rest

Freetirees

Pension freedoms usher in a new generation

The introduction of pension freedoms has been a huge enabler for over 55s, allowing millions to draw income from their pensions flexibly. Pension freedoms offer the opportunity to transition into retirement by continuing to work with reduced hours beyond traditional retirement age.

This emerging trend enables you to choose a middle path, allowing for reduced working hours, more flexible quality leisure time, whilst also receiving your retirement benefits. Taking a phased approach to … Read the rest

Tracing a lost pension

Nearly £20 billion unclaimed money and growing

The scale of the UK’s lost pensions mountain has been exposed by the largest study yet on the subject[1]. The Pensions Policy Institute surveyed firms representing about 50% of the private defined contribution pensions market[2].

From this the Pensions Policy Institute found 800,000 lost pensions worth an estimated £9.7 billion. It estimates that, if scaled up to the whole market, there are collectively around 1.6 million pots worth £19.4 billion unclaimed – the … Read the rest

No guarantee can be given that the information provided is accurate in the present or the future. It is not intended to constitute either a statement of applicable law or financial advice, and responsibility cannot be accepted for any subsequent loss following activity or inactivity by any individual or organisation. Indeed, such information should NOT be acted upon without first receiving appropriate and specific professional advice.