News & Resources

Pension shortfall exposure

Signs you are not financially ready to retire

Those potentially most exposed to a pension shortfall are not people just entering the workforce, most of whom presume they will work until their 70s and will receive limited support from the state. Those most at risk of enduring a more frugal older age are those currently in their 40s and 50s who grew up assuming that the pensions system their parents enjoyed – generous income and retirement in their mid-60s –
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Pensioner wealth

Income gap between the wealthiest and poorest pensioners is growing

The members of Britain’s baby boomer generation who are now entering retirement have been called ‘the richest generation in history’. But the income gap between the wealthiest and poorest pensioners is growing, with those in the top pension income band now having an average weekly income of almost £1,000.

Government figures on pensioner wealth show that the average weekly income for the wealthiest pensioners has grown faster over the past … Read the rest

Economically active

Why longevity also brings with it some unique financial challenges

Statistics clearly show that Britons are living longer. While a long life can be a good thing, longevity also brings with it some unique financial challenges. Our ageing population is drastically altering the economic landscape of the UK, the latest figures from the Office for National Statistics (ONS) have indicated.

According to the ONS, nearly a quarter of the UK population (24%) will be 65 or older by 2042, and … Read the rest

What’s important to you?

Reaching those milestones starts with setting clear financial goals

We all have dreams for the future, and many of those dreams require money and planning to make them become a reality. Reaching those milestones starts with setting clear financial goals. Making decisions with a clear endpoint in mind can make it easier to achieve financial security and allow you to enjoy your life to the full, so we’ve put together this brief rundown to help you get closer to your
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Planning for every eventuality

Responding to situations rather than reacting to them

As the saying goes, ‘People don’t plan to fail, but they do fail to plan.’ To enable you to achieve want you want to, whether that’s trying to lose weight, getting fitter or securing that promotion, having a plan and being prepared for every eventuality is a great way to help move you closer towards your goals.

You can do almost anything when you feel confident about your finances. So how confident … Read the rest

Looking at the bigger picture

Creating plans of action to ensure you reach your financial goals

To be prepared for the road ahead, it’s critical to think about having a plan. For many people it’s not clear where their money will come from when they no longer receive a salary. And that can be stressful. When you add in the pressures of today’s bills and basic living costs, not to mention the nice things like holidays, the thought of the future can seem a bit
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For richer, for poorer

Divorced Britons regret splitting after new financial pressures hit home

The pain of regret after divorce can be long-lasting, especially when you consider the life-long impact divorce has on your children, your finances and your emotions. All the problems, the arguing, the unhappiness, it is all over now that the divorce is final. Right? Not always.

Thousands of people who go through a divorce or separation each year regret the split because of new financial pressures they’ve faced being single, … Read the rest

Give a triple boost to your children

Don’t miss out on this little-known tax rule

For those parents who have spare cash, putting money into their children’s pension will boost the retirement prospects of their offspring. The money will be topped up by the addition of tax relief and could also earn their children a tax refund if they are higher-rate taxpayers and reduce the penalty they face if they are a higher earner receiving child benefit.

Under current rules, there is nothing to stop a parent … Read the rest

Taxing times

‘Top 5’ list of planning areas

Making sure you use up any allowances you are entitled to is the first step to reducing the amount of tax you may be liable to pay. We’ve provided our ‘Top 5’ list of planning areas to consider before 5 April 2020, the end of the 2019/20 tax year. The rates given are correct for the 2019/20 tax year.

1. Your ISA allowance: don’t wait to use it
There are many different types of … Read the rest

Smart investments

Should I invest into a pension or an ISA?

Investors looking for tax-efficient ways to build a nest egg for retirement often look to both Individual Savings Accounts (ISAs) and pensions. Tax-efficiency is a key consideration when investing because it can make a considerable difference to your wealth and quality of life.

However, the type of investment and tax-efficiency is a common dilemma faced by many people. Which is better – an ISA or a pension? In truth, there’s a … Read the rest

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
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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

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.