During the Spring Budget the Chancellor announced several changes to pensions including increasing the Annual Allowance and the Money Purchase Annual Allowance. The changes, the most significant since pensions freedoms in 2015, have largely been met with positivity, bringing greater flexibility and opportunity. Some higher-paid workers faced additional tax bills as a result of building […]
Category archives: Pensions & Retirement
Transferring wealth in the way you want
With the coming years set to see record flows of assets pass down the generations, the thorny issue of wealth transfer has inevitably become an increasingly important financial topic. Seeking professional advice is a crucial step that can ease any inheritance planning anxieties and facilitate the transfer of assets in the way that you want. […]
Offsetting fiscal drag
The gradual reduction of disposable income due to inflation and changes in tax brackets, or frozen tax allowances, will weigh on your finances, causing ‘fiscal drag.’ By implementing various strategies, you can potentially reduce the impact of fiscal drag on your investments and increase your chances of achieving your long-term financial goals. The worst thing […]
On the trail of unpaid IHT
HMRC has set up a new specialist team to target estates of wealthy deceased individuals in order to check whether a greater Inheritance Tax (IHT) liability may have been due than originally calculated by estate executors. This clampdown has seen record amounts of unpaid tax being clawed back by HMRC with levels expected to rise […]
Money – In the news
Digital pound likely this decade The Treasury and the Bank of England have started consultations on a potential digital pound, or central bank digital currency (CBDC), that could be used by households and businesses instead of cash for everyday payments in-store and online. Chancellor Jeremy Hunt said, “We want to investigate what is possible first, […]
Wealth – In the news
Land driving surge in UK’s net worth Recent data from the Office for National Statistics (ONS)1 shows that the UK’s net worth rose by £1trn in 2021, to total £11.8trn, the largest annual increase on record (9.2%). This rise can be attributed to the increasing value of land, accounting for over 60% of net worth. […]
Over 50 and re-joining the workforce? Remember your pension
It’s estimated that the number of people aged 50 to 64 who are economically inactive sits at 3.6 million, which is 300,000 higher than pre-pandemic1. There is no doubt that the UK’s economic growth will, in part, be reliant on getting the over-50s back into work. If you retired early but are now having second […]
The best (retirement) gift for your child?
With the cost of children’s birthday presents and parties often totalling hundreds of pounds – could there be a better way to provide for your child or grandchild? Investing in a pension for your child can provide numerous long-term benefits and go some way to helping them secure a financially stable future. Setting up a […]
Rising prices adding to retirement costs
It can be difficult to understand what funds you’ll need to finance the retirement you dream about and how this compares to your projected pensions income. It’s even harder to keep track when the cost of living is spiralling. Setting standards The Pensions and Lifetime Savings Association (PLSA) developed its Retirement Living Standards1 to help […]
Starting early in the new tax year
A new tax year has begun and with it comes the chance to start your tax planning early, but why rush when there’s almost a year to go? Here are a few reasons: Why not get the new tax year off to the best start – get in touch. 1Vanguard, 2023 The value of investments […]