News & Resources

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

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

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

New tax year

The key changes you need to know

You want to pay the minimum amount of tax legally possible. We want that for you, too. The 2019/20 tax year started on 6 April and in general taxpayers will have more money in their pocket after increases to allowances came into force, but there are a few losers, in particular those selling shares and buy-to-let landlords.

Increases to the tax-free personal allowance announced in last year’s Budget have now also come into … Read the rest

Breaking up is hard to do!

How much money will you will need to live on later in life?

Divorce is undoubtedly one of the most difficult subjects to talk about. When relationships come to an end, there are so many things to consider – children, home and support are naturally the first things you would focus on. In fact, when you begin the process of separating a shared life, the sheer number of things to deal with can seem very daunting. And the cost of
Read the rest

The time is now

A much needed boost to the nation’s savings

A million more women in their 20s could be saving adequately for retirement if they were able to access emergency cash from their pension, according to new research[1]. The latest Women & Retirement report highlights that the current lack of flexibility in pensions is a barrier to saving and that introducing the ability to access funds for unexpected bills could provide a much-needed boost to the nation’s savings.

Age bracket
Four in … Read the rest

Double whammy

New social phenomenon – the ‘sandwich generation’

In recent years, a growing realisation has formed that we’re in the middle of a new social phenomenon – the ‘sandwich generation’. The term ‘sandwich generation’ is often used to refer to those who care for both sick, disabled or older relatives and dependent children.

With an ageing population and many people starting families later in life, ‘sandwich caring’ responsibilities are on the rise. However, new research from the Office for National Statistics … Read the rest

Emergency cash

Boosting women’s pension savings

A million more women in their 20s could be saving adequately for retirement if they were able to access emergency cash from their pension, according to a new report[1].

The latest Women & Retirement report highlights that the current lack of flexibility in pensions is a barrier to saving and that introducing the ability to access funds for unexpected bills could provide a much needed boost to the nation’s savings.

Access to money in emergencies
Four … Read the rest

Wealth sharing between generations

Redefining how millennials become more financially secure

Millennials are set to redefine how wealth is shared between generations, according to new research[1]. Contrary to expectation, it is not millennials (aged 18–34) who appear to be under the greatest financial strain, with 44% saying they are ‘comfortable’ financially. In fact, the research shows they are trying to do the right thing.

Three quarters (73%) are putting money into savings, and as a generation they are saving the highest proportion of their … Read the rest

Investing in your child’s future

Without planning ahead, the cost can be a huge money sink

While many parents value the standard of education offered by independent schools or universities, the costs can be daunting. However, with careful planning, it may be possible to avoid a huge outstanding student loan or tax burden.

A good education will give your children or grandchildren the best start in life. With more parents choosing to opt out of state schools and educate their children privately, plus some children … Read the rest

Cash stash

Study exposes a whole host of financial secrets

It’s bad news for romantics, according to the latest annual research[1] into the retirement aspirations and financial planning of UK couples aged 40 and over. This identifies that nearly one in three couples (31%) have secret savings or investments that they have deliberately started without telling their partner or spouse. And it’s not just a few pounds, as 7% admit to hiding savings of over £50,000.

Individuals who have not formally tied … Read the rest

Tips to minimise the tax you pay

Have you utilised all your year-end tax planning deadline opportunities?

As we near the 2017/18 tax year end on 5 April, if appropriate to your particular situation, we’ve provided some tax planning tips to help you maximise the use of your various tax allowances and minimise the tax you pay.

We take a personal approach to your tax needs. Informed by our detailed knowledge of your affairs, we explore some of the best options which you could consider to help … Read the rest

Average age of divorce at an all-time-high

Forecasting the long-term effects of the settlement

The financial ramifications of a divorce can be devastating. The average age of divorce has reached an all-time high at 45 years and 11 months for men and 43 years and six months for women, according to data released from ONS[1].

Obtaining professional financial advice is essential during a divorce, as it will set you on the right path towards a more secure future. This process is like to be a reality check … Read the rest

That shrinking feeling

Don’t let your portfolio wealth simply drain away

Millions of Britons could see their savings shrink because they don’t know how to shield them from rising inflation. The findings are according to research by YouGov for Zurich, which found more than a third (37%) of people aged 18 to 65-plus are in the dark over ways to grow their savings enough to at least keep up with rising prices.

There are a number of different factors that may create inflationary … Read the rest

Brexit triggers saving

Current affairs have a significant impact on how people feel about the economy

People who feel pessimistic about the UK economy or their own personal finances are more likely to plan to save more over the next 12 months to ensure they have a financial safety net, according to a Zurich survey of over 4,000 adults across the UK.

The findings suggest that current affairs have a significant impact on how people feel about the economy, with the two sides … Read the rest

Untying the knot

 

Divorcees twice as likely to have no savings

A daunting part of a separation or divorce for most couples is sorting out the finances. Financial disputes can be a major stumbling block in the divorce process and could take longer than the divorce itself.

This is the business side of divorce, and it may be the most important financial event of your life. The choices and decisions that you make will have an important influence on your financial well-being … 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.