These articles help you understand your financial needs and aspirations
Welcome to the December 2024 issue of our Quarterly Market Commentary.
Looking back over the last quarter, global equities faced a notable downturn in August, with the US economy at the centre of investor scrutiny. Mixed economic indicators, inflationary pressures, and global equity markets showed varied performance in late 2024, shaped by macroeconomic challenges and political events. The re-election of Donald Trump in the 5 November presidential vote brought political clarity to the United States, though economic uncertainty persisted. US equities fell in October due to lacklustre corporate earnings and concerns over Federal Reserve policy. Sharp declines in healthcare, materials, and real estate overshadowed strong gains in the financial and communication services sectors. The US economy, however, demonstrated resilience with an annualised Q3 growth rate of 3.1% and inflation easing to 2.2% in November from 2.4% in October.
Welcome to our latest issue. The amount of Inheritance Tax (IHT) paid by families has dramatically increased over the past decade, increasing from £3.1 billion in the 2012/13 tax year[1] to £7.5 billion in the 2023/24 tax year[2]. This rise is attributed to growing asset values and stagnant IHT thresholds, coupled with many families delaying their planning. On page 08, we look at how to maximise IHT allowances, strategic planning to reduce IHT, tax-efficient gifting and transfers, utilising pensions for IHT efficiency and additional strategies for reducing IHT.
How does pension consolidation work?
Pensions can be confusing, but there is an alternative way to help keep on top of them
Maximising returns
The power of reinvesting dividends for long-term growth
Stay focused on your retirement goals
Identifying any potential financial gaps and bridging these gaps before it's too late
Understanding the rising impact of Inheritance Tax
Exploring strategies to secure your family’s financial future
A safety net for uncertain times
How would you pay your bills if you couldn't work?
Have you had a retirement conversation?
Many people do not engage in crucial conversations regarding the lifestyle they envision
Who pays for long-term care?
Ensure you’re well placed to fund any future care needs
Building a diversified investment portfolio
Why it's imperative to consider your objectives and attitude towards investment risk
Enhancing your financial plans as you approach 50
Steps you can take now to influence your retirement and overall financial security significantly
Planning your path to a fulfilling retirement
Are your finances on the right track as you approach this new chapter?
How much financial security do you need for a happy retirement?
Financial status plays a significant role in retirement happiness
Is it time to evaluate your financial landscape?
Financial strategies are not immune to the impacts of life’s changes
Unlocking homeownership
Generous parents and grandparents are turning to their property wealth
Managing the menopause, a financial perspective
Often-overlooked financial implications during this transformative life stage
Balancing motherhood and financial security
Juggling responsibilities can often push long-term financial planning to the sidelines
Building a secure financial future together
How to prevent misunderstandings and lay the groundwork for mutual financial success
Combating inflation, the ‘silent thief’
Why retirement planning needs to account for longevity risk
Retirement readiness in your 50s
Now is the time to make sure you know how much you need to save
Understanding the gender pension gap
Why do women often find themselves disadvantaged in retirement?
Landscape of workplace pensions
Six in ten employees feel they are not saving enough for retirement
Navigating life events and inheritance
Research highlights a profound impact on financial security and life choices
The role of trusts
Providing timely financial support to your loved ones when they need it most
Welcome to our latest issue. On 30 October, Chancellor of the Exchequer Rachel Reeves will deliver the Autumn Budget Statement 2024. It will be a critical indicator of the government's approach to managing the economy, aiming to foster an environment conducive to sustainable growth. The outcomes of this Autumn Budget will have far-reaching implications, potentially influencing everything from tax rates and public services to business investment and consumer confidence. As such, it is a pivotal moment that will shape the economic landscape in the months and years ahead. On page 10, we look at what it could mean for your finances.
Could you have been underpaid the State Pension?
HMRC estimates that affected women could be owed an average of £5,000 each
Pension scams on the rise
Protect your savings! 7.3 million UK adults encountered an attempted scam in the past year
Navigating the complexities of inheritance
Should you consider estate planning and gifting for future generations?
Mastering financial planning
Essential tips for mothers balancing family and finances
Autumn Budget Statement 2024
What it could mean for your finances
Time to revisit your retirement plan?
Helping you feel more prepared for this stage of your life
The middle-aged squeeze
Juggling careers, family care and financial pressure amid rising costs and wealth transfers
The cost of early withdrawal from your pension
How retirees are impacting their financial future by accessing pension pots too soon
Rising demand for health cover
Grappling with a workforce sickness epidemic and long NHS waiting times
Building wealth and achieving financial goals
Aligning investments with risk tolerance and capacity
The future of retirement
Experiences of the past and potential future scenarios
The Great Unretirement
Contemplating a return to work after a significant absence or considering a phased return?
Sandwich generation
Two-thirds of people in the UK will care for a loved one at some point
Take your pension to the max
Do you have potential shortfalls and need to address these gaps?
Empowered savers
How to make future aspirations more attainable and less stressful
Shaping a sustainable future
The imperative of collective action and responsible investment
New study uncovers financial vulnerability in five million UK households
Delayed life milestones and lack of planning pose significant risks
Redundancy and your pension
Understanding your workplace pension options to navigate your next steps confidently
Have you secured your legacy?
The vital role of Wills in estate planning
Should you use your pension lump sum to pay off your mortgage?
Essential key considerations and potential pitfalls you need to know
The retirement gap
Why UK retirees are working seven years longer than planned
The rise of remote work and moving abroad
Becoming a UK expat can mark the start of an exciting chapter, but what about your pension?
Quarterly Market Commentary September 2024 - Investors reassess positions amidst high valuations and potential corrections in stock prices
Welcome to the September 2024 issue of our Quarterly Market Commentary.
Looking back over the last quarter, global equities faced a notable downturn in August, with the US economy at the centre of investor scrutiny. Mixed economic indicators, inflationary pressures, and interest rate fluctuations contributed to widespread market anxiety. Concerns about a potential US economic slowdown prompted sell-offs across various sectors as investors reassessed their positions amidst high valuations and potential corrections in stock prices.
UK equities experienced a turbulent August, initially buoyed by a Labour Party election victory that sparked optimism for economic recovery. However, this optimism was short-lived as broader economic concerns and geopolitical tensions significantly declined the FTSE 100. Despite a promising start, the UK market faced challenges due to adverse economic data and diminishing investor confidence.
The Eurozone displayed resilience in July, with gains led by the healthcare, utilities, and real estate sectors. However, August shifted sentiment as global market downturns and economic apprehensions impacted the region. Political uncertainties, such as France's inconclusive parliamentary elections, added to the Eurozone's economic challenges and growth prospects.
In the US, August's downturn overshadowed July's initial market gains. Despite the Federal Reserve's potential rate cut and improved inflation data, concerns about a recession and political shifts, including President Biden's withdrawal from the presidential race, affected market dynamics. Investors recalibrated their expectations in response to these complex economic and political factors.
Japan's market experienced significant volatility, with the yen's appreciation impacting exporters and equity sectors. The Bank of Japan's rate hike supported the yen, while small-cap and value investments demonstrated resilience. Economic concerns contributed to further market fluctuations in August, highlighting the need for strategic diversification in investment portfolios.
Emerging markets showed resilience in July, benefiting from a weaker dollar and potential US rate cuts. However, challenges in China and Taiwan, along with currency depreciation in Turkey and interest rate delays in Poland, tempered gains. By August, increased volatility and geopolitical uncertainties reshaped the emerging market landscape, demanding adaptable investment strategies. Meanwhile, global bonds enjoyed a positive July, driven by dropping yields and central bank actions, though they faced renewed challenges in August due to economic concerns.
Welcome to our latest issue. Nobody wants to consider what would happen if they became too ill to support their family financially. Financial protection is essential to creating a secure future for your loved ones, but understanding what cover you may need can be confusing. On page 10, we discuss whether you have considered the implications financially if you or someone in your family were unable to earn money, became ill or were to die prematurely. It’s not something we like to think about, but if you have left regular employment and are now either retired or have become self-employed, then any previous protection you received from an employer becomes your responsibility.
Articles featured in this issue:
Retirement matters
Making the right decisions today could boost your retirement pot and make the future a whole lot brighter
Caring for grandchildren
How it can help you boost your State Pension
Britain’s biggest pension taxpayers
How to make sure you avoid becoming one
Placing assets into a Trust
Ensuring your legacy is managed according to your wishes long into the future
Financial protection
Ensuring a secure future for you and your loved ones
Ways to reduce a Capital Gains Tax liability
How will you ensure more of your money will go towards your future?
Investing a lump sum
Received an inheritance, windfall, or proceeds from a business or property sale? But what next?
How much do I need to save for retirement?
Ensure your money works effectively to enjoy retirement on your own terms
The importance of drafting a Will
Protect your family from uncertainty and potential conflicts
Quarter of retirees financially struggling despite paying off mortgage
Urgent need for effective financial strategies and support systems to ensure a dignified and secure retirement
Financial planning conversations you need to have
Protecting your legacy and boosting your children’s financial security
Young women and retirement
How much income will you need for a comfortable retirement?
State Pension awareness
What payments can you expect to receive from the government later in life?
Changing retirement trends
Why the concept of a 'hard stop' retirement is becoming less prevalent
Learning from the retired
Balancing financial security with mental wellbeing
Retirement experience among over-55s
Money, or lack thereof, a significant driver of overall retirement satisfaction
Building financial confidence in children
Sharing values and encouraging children to formulate their own
Many Britons unaware of incorrect tax codes
What you need to know to avoid discrepancies and potential financial strain
Retirees supporting family and friends financially
Nearly 40% support grown-up children, a spouse or partner, a parent, an elderly relative or a friend
Downsizing in later life
Research highlights what people consider before making the decision
Minimise Inheritance Tax
Allow your loved ones to benefit more from your accumulated wealth
Only two-fifths of Britons know how to boost their pension
How much money will you have for retirement, where is it invested and what are you being charged?
Welcome to our latest issue. As we embark on the new tax year, on page 08, we consider why reviewing your pension savings strategy presents an opportune moment, setting a solid foundation for future financial stability. Early attention to your private pension at the onset of the fiscal year is not just about cultivating beneficial saving habits; it's also about ensuring you take advantage of the benefits and allowances available to you.
Britons procrastinate on making a Will
Research identifies that over half of adults do not have a Will
Looming pension pitfall
£50 billion of hard-earned pension funds could be in jeopardy
Costs of later-life care
Establishing a thorough wealth strategy is key to ensuring financial readiness
Changes to Individual Savings Accounts in 2024
Why savers and investors now have a more flexible approach
Enhancing pension contributions for a brighter future
New tax year, new you? Maximise your pension savings this new tax year
Navigating Inheritance Tax
How to pass on assets to the next generation to secure their future for tomorrow
Rising trend of unretirement
14% of those aged over 55 have found themselves re-entering the workforce
Prudence of perseverance in investing
Maintaining an investment stance centred on the potential for long-term growth
Enhancing retirement through lump sum contributions
Contributing additional amounts to your pension stands to benefit you significantly in the long term
Understanding pension uncertainties
Survey highlights prevailing uncertainty among those on the cusp of retirement
Generational wealth perspectives
Whether through property, pensions or a blend of both, informed decision-making is crucial
New pension tax framework
Pivotal shift changes you need to know commenced from 6 April 2024
Troubling trend amongst UK workers
Prevailing issue of presenteeism highlights a need for a transformation in workplace culture
Unveiling the core principles of investing
Timeless beacons guide investors through periods of market volatility towards financial prosperity
Mind over matter
How behavioural investing can shape financial futures
Strategic reinvestment of State Pension increases
When transferring into a personal pension may make sense
Unique insight into the current attitudes towards pension investment
Prevailing concern among savers regarding their capability to make informed investment decisions
Employee preferences in Workplace Pension selection
Complex landscape of employee preferences, confidence and skills
Overcoming the gender investment disparity
Critical insights to empower women to take the reins of their financial destinies
UK retirees confronting pension shortfalls
Many regret not having commenced their savings journey earlier in their careers
Reliance on Defined Benefit pensions among over-50s
Diverse avenues through which individuals plan to supplement their retirement income
As we approach the end of the current tax year on 5 April 2024, it's an opportune moment to examine both your personal and business finances to ensure they are structured to optimise your tax efficiency. Despite the ongoing freeze on many tax rates and thresholds, numerous strategies remain for efficiently organising your financial matters.
Articles featured in this issue:
Planning for an early retirement
Living life to the fullest and accomplishing long-held dreams
Wealth accumulation
Valuable insights that can impact an investment strategy
Adjusting your pension plans
How could the normal minimum pension age change affect your plans?
What will your legacy look like?
Effective Inheritance Tax planning is a careful balancing act
Pre-year-end tax planning
Tax-saving actions to take before the deadline
Managing your finances as a couple
Discussing finances may feel uncomfortable, but it is crucial to maintain a healthy relationship
Harnessing the power of Green Pensions
One of our most potent tools in making substantial strides towards net zero
Protecting yourself from investment scams
If something sounds too good to be true, it probably is
Navigating through divorce
Safeguarding your future financial stability and preserving your wealth
The 'Bank of Family'
A £38 billion lifeline for modern parents
Young visionaries eye early retirement
The power of small changes can lead to a path to significant returns
Pension puzzle
Research highlights the gender disparity in financial engagement
The gift of giving
Distributing assets or cash without contributing to your estate's overall value for Inheritance Tax purposes
Jeopardising financial stability
Protecting you and your family’s financial future
The impact of disability on financial planning
Report highlights retirement savings must be inclusive for everyone
Health consciousness divide
Why prevention is better than cure
Postponing retirement
An increasingly growing trend in Britain
Unpredictability of financial climates
Strategic diversification of your investments can be your first line of defence
Life’s complicated. Getting life insurance shouldn’t be
Make sure your loved ones are looked after should the worst happen
Proactive retirement planning
A growing trend among mid-lifers prioritising their future financial stability
Age is not just a number
The impact of an increased lifespan on your retirement finances
The £26 billion lost pension maze
Unclaimed pensions could mean thousands of pounds added to your retirement fund
Welcome to the first issue for 2024. The tax landscape has witnessed considerable changes, making the situation more challenging for taxpayers and investors alike. As we near the end of the 2023/24 tax year on 5 April, every taxpayer should understand the importance of this date and consider their tax position. Don’t leave it to chance and miss the deadline. On page 06, we’ve provided some planning tips to consider and discuss with us.
National Insurance Contributions (NICs)
Significant reforms and rates cut for millions of workers
Changes to the State Pension
‘Triple Lock’ to increase by 8.5% from 6 April 2024
Tax-saving measures
What actions to review before the 2023/24 year-end?
Balancing profit and planet
Striving to use impact to boost investment returns
Time to SIPP into financial freedom?
‘I want to take charge of my retirement savings’
Succession planning, a family affair
A delicate process that requires clear communication and effective planning
Treasure trove
£26.6 billion in forgotten pensions
A tax-efficient, flexible method for future planning
Time is running out to use your 2023/24 ISA allowance
Financial road map for 2024
How to devise a robust plan for wealth accumulation and protection
Securing retirement
The art of de-risking
Charting your financial future
Tackling retirement anxieties requires understanding your current financial resources
Time to kickstart your retirement plans?
How to get your retirement plans in motion
Make the most of your wealth
Opening up a world of possibilities for your future
Gender pension gap
The potential barrier to reaching the same savings levels as men
Heightened interest rates increase demand for annuities
What will you do with your hard-earned pension pot at retirement?
The forgotten task on Britons' to-do list
Financial pitfalls that could easily have been avoided
Investing after retirement
Preserving wealth for your future lifestyle
The power of prevention
An effective financial plan acts as your protective shield
It’s good to talk
How to navigate financial conversations with your family
£32 billion hole in UK savings pots
Rise in living costs forcing many people to dip into their financial reserves
Bridging the pension generation gap
Urgency for younger generations to access improved financial education
Our detailed Guide to Autumn Statement 2023 looks at these key announcements.
The Chancellor of the Exchequer, Jeremy Hunt, unveiled his 2023 Autumn Statement on Wednesday 22 November, alongside an updated economic forecast from the Office for Budget Responsibility.
The Statement was centred around ‘growth’, with Mr Hunt leveraging increased tax receipts from a stronger-than-anticipated economy to fund 110 growth-promoting initiatives. Mr Hunt said the government had taken difficult decisions to put the economy back on track and halve inflation, but ‘the work is not done’. He said his priorities are to avoid big government spending and high taxes and instead cut taxes and ‘reward hard work’.
Among the highlights were significant changes aimed at enhancing earnings. Mr Hunt's drive to 'make work pay' materialised through reductions to National Insurance for both employees and the self-employed, coupled with an uplift in the National Living Wage.
Additionally, Mr Hunt announced the permanent establishment of the 'full expensing' capital allowance, reforms to the R&D tax credit and increased business rates support for smaller enterprises. These measures are expected to bolster innovation and provide much-needed relief for small businesses.
Welcome to our November/December 2023 edition. As you sail into your 50s, it becomes pivotal to consider your financial strategy. Life has likely found a steady rhythm by now. Children have probably taken flight, becoming financially self-sufficient, and the idea of reducing work hours or even retiring completely starts to surface. Each person's life journey is unique and has different resources and challenges. However, there are shared goals and steps that one can take during this stage. On page 09, we consider how knowing where to begin can be daunting, whether you aim to maximise your earnings or lay down a robust financial plan.
Welcome to our latest November/December 2023 edition.
Articles featured in this issue:
Taxing times for 2023
A year marked by several tax changes that impacted higher rate taxpayers
Strategies to minimise retirement tax
Many pensioners may face a lurking tax risk as the State Pension grows
Decoding auto-enrolment
Good news on the horizon for future retirees
A crucial decade: financial planning in your 50s
Maximising your earnings or laying down a robust financial plan
Journey to monetary autonomy
Optimising your finances and formulating an all-encompassing wealth plan for the future
‘Time in the market’, not ‘timing the market’
The allure of quick profits and instant gratification
Weathering the inflation storm
Is it time to diversify your portfolio?
High costs of private education
The significant decision of choosing a private school for children
Aspiring towards retirement
Why many people experience a mixed bag of emotions on the subject
A timely proposition
Considering gilts for your investment portfolio?
The Family Bank
Planning to aid the next generation
Mind the retirement gap
Crisis looming over today's youth
Financial planning
A personal journey tailored to your unique financial situation and aspirations
Positive impact on financial wellbeing
Improving your overall life satisfaction and happiness
Navigating multiple pensions
Simplifying financial management, lowering charges and increasing future funds
The reality of retirement
Are you sure your target retirement age aligns with your financial status?
Taking the first step
Introduction to investing for beginners
Inflation and your retirement income
Several strategies to lessen its impact on retirees
The gender divide
Reflecting on 75 years of State Pensions
Fixed-income investments
Providing significant value in a diversified investment portfolio
Immediate gains, long-term losses
The high price of halting pension contributions
Welcome to our September/October 2023 edition. In this issue, we look at investment bonds and explain how they offer several benefits that some investors may be missing out on, which have become even more beneficial due to recent changes in tax regulations. This follows last November’s Budget and the Chancellor’s decision to reduce the Capital Gains Tax (CGT) Allowance from £12,000 to £6,000 this year and to £3,000 in April 2024. This is likely to increase the appeal of investment bonds for some investors who want to minimise Inheritance Tax (IHT) liabilities when passing on wealth.
Preserving wealth for future generations
Starting estate planning early and implementing it in stages is desirable
Will you make the right decisions around your pension pot?
Why defined contribution pensions are even more appealing for wealth transfer
Building a reliable income stream for your golden years
Make sure you maximise your retirement income through annuity shopping
Investment bonds
How bonds' structure and tax advantages can help you pass on wealth
Missing out on unclaimed money that could be in your pocket?
£1.3 billion pension tax relief unclaimed by pension savers over a five-year period
Saving for the next generation
Taking proactive steps in securing your child’s or grandchild’s financial future
Money and divorce
Untangling your finances and navigating the financial aspects of divorce
Pension drawdown
Greater flexibility in accessing your pension funds
Cost of care in later life
Choosing the best option for yourself or your loved ones
Retirement cash flow modelling
Assessing your current and projected wealth, income and expenses
Preparing the next generation to engage with their finances
How to help with money management and financial literacy
Key traits for successful wealth-building
Developing an investment strategy tailored to your goals
Macro trends impacting weddings in 2023
Main pressures are rising costs and unexpected expenses from suppliers
Retirement challenges faced by women
Nearly half of women aged 50-65 plan to continue working in some capacity after reaching the State Pension age
Do our later life dreams really become retirement reality?
Taking the necessary steps towards a fulfilling retirement
Gap in knowledge and uptake of Power of Attorney
Protecting individuals and facilitating smoother decision-making processes
Millions may have to rethink their retirement plans
More than one in ten have mortgage debt in the final decade before they retire
How much will I need to live on in retirement?
Planning for your life after work to ensure a financially secure future
How to reduce the impact of inflation on retirement income
During periods of economic uncertainty, it's advisable to reassess your retirement plan
Professional financial advice – where’s the value?
Making more informed decisions about money leads to better financial health in the long run
How to find or trace a lost pension
Total value of lost pension pots £26.6 billion in 2022
In this issue, a comfortable retirement is a common financial goal, and contributing to a pension is essential to achieving it. Although retirement may appear distant at the moment, there's much to consider. Let us assist you in navigating this crucial life milestone. By planning ahead and making smart decisions about your savings, you can ensure a stable and enjoyable retirement. On page 12, we consider what steps will help you get pension retirement ready.
Normal Minimum Pension Age update
Essential information for your retirement planning
10 reasons to get your tax return filed now
British workers overpay £8.2bn in tax due to wrong codes
Maximising your investments in your 50s
Time to evaluate whether you need to modify your objectives or saving strategies?
Responsible asset selection
Supporting responsible practices and contributing to a sustainable future
Getting retirement ready
Key steps to achieving a comfortable retirement
Tax relief matters
How to build a bigger pension pot
Building a diversified portfolio
What is it, and why is it important?
Are we entering an investment bond renaissance?
Exploring why they are an attractive option to mass-affluent investors
How to invest after retirement
Ensure your wealth is preserved for future generations
Protecting your children and securing their future
Our health, an invaluable asset, is often overlooked or taken for granted
Lump sum vs regular contributions!
Choosing the right pension payment strategy
Using your inheritance effectively
Making informed decisions about managing the funds wisely
The importance of understanding tax-free pension withdrawals
Many over-55s are unaware that they can access 25% of their pension pot tax-free
The Gender Pension Gap issue
73% of women make only minimum pension contributions, compared to 58% of men
Price of adulthood
Financial responsibilities increase significantly after 25
Saving for retirement
A decade-by-decade guide
Bonds vs equities
Where should income-seekers turn?
Should I delay my retirement?
Delaying retirement could boost your chances of a secure financial future
Investing mistakes to avoid
Errors can have long-lasting consequences, setting you back financially
Hidden impact of inflation on savings
A closer look at a financial understanding among Britons
Adjusting your investment portfolio with age
Is your asset allocation aligned with your risk tolerance?
In this issue, Chancellor Jeremy Hunt's first proper Budget 2023, on Wednesday 15 March, brought some welcome but unexpected changes to pension tax, the most significant of which was the abolition of the pension Lifetime Allowance (LTA) charge. Britons can now expect significant changes that will affect their retirement savings. On page 10 we consider how these changes could impact on your pension and secure your retirement plans.
Articles featured in this issue:
State Pension
How much has the 2023/24 State Pension increased by?
Early bird investors
Does the early bird get the ISA worm?
More people choosing semi-retirement for a variety of reasons
Two in five over-55s plan to gradually phase out working life before State Pension age
Pensions of significant value
Welcome but unexpected changes to pension tax
Giving while living
What will your legacy look like?
Spring Budget 2023
How the changes affect pensions and taxes
Professional financial advice matters
Making informed decisions about how best to allocate your resources
I have a Will, so why do I need a Lasting Power of Attorney?
Making decisions in relation to your financial affairs, health and welfare
Financial wellbeing
More than 24.5 million people are financially disengaged
Securing an income stream for the rest of your life
Deciding what to do with your pension fund can be a complex decision
Relying on an inheritance for future financial security
50% of British adults admit to having checked the value of their parents’ property
Retirement matters
Will you have enough funds to cover your desired lifestyle after you stop working?
Principles of growing your money
Investing could help you beat inflation and build a nest egg for the future
Want to help give the younger generation a boost?
One in 12 grandparents use property wealth to support grandchildren
Passing on assets tax-efficiently
How to ensure that your wealth is preserved for future generations
Mind the State Pension gap
Knowing how much you’ll receive is vital for planning your future finances
Combining drawdown with an annuity
Enjoying a comfortable and sustainable retirement income that gives you the best of both worlds
Think of life insurance like a safety net
Make sure your dependents would have the money they’d need if you were no longer around
Gender pension gap
Gap in pension benefits between men and women widens
Building up more tax-free money in your pension
Changes present significant opportunities for various individuals
Time to give annuities another chance?
Nearly one million pre-retirees considering annuities
Guide to the Spring Budget Statement 2023
On Wednesday 15 March, Jeremy Hunt, the Chancellor of the Exchequer, addressed the Commons to deliver the Spring Budget 2023, with an aim to bring people back into the workforce. Mr Hunt commented that the Office for Budget Responsibility (OBR) expects inflation to fall from 10.7% to 2.9% by the end of 2023.
The Chancellor said the OBR now forecasts the UK will not enter a technical recession this year. But despite narrowly avoiding recession, living standards are still predicted to fall by 6% within this fiscal year and the next.
Key budget announcements included the abolishing of the Lifetime Allowance on tax-free pension contributions, which was previously set at £1,073,100. The tax-free annual pension allowance for pension pots will also rise from £40,000 to £60,000 from 6 April 2023.
Working parents in England are to receive 30 hours of free childcare per week, though this won't be fully implemented until 2025. It will be phased in for households where the parent or parents work: April 2024: Eligible two-year-olds will get 15 hours of free childcare per week; September 2024: Eligible children between nine months and two years will get 15 hours; and September 2025: Eligible children between nine months and three years will get 30 hours.
Fuel duty has been frozen again whilst help with energy bills will remain for an extra three months and disabled people can apply for up to 50,000 places on a new voluntary employment scheme funded by the government. The Chancellor also confirmed that Corporation Tax will rise from 19% to 25% in April.
What does the Spring Budget Statement 2023 mean for you, your family and business?
In our guide to the Spring Budget Statement 2023, we look at the key announcements from Jeremy Hunt's speech. If you require any further assistance or would like to discuss your situation, please contact us
In this issue, financial planning can be a daunting and uncomfortable conversation for many, but thankfully attitudes towards talking about money are changing. Wealth succession should be an integral part of your financial plan as early as possible – because the right preparation now can have positive long-term impacts on future generations. On page 06, before you start this process, we consider the questions you need to ask.
Articles featured in this issue:
Goals don't just happen, you have to plan for them
How professional financial advice benefits both you and your family
Rising prices can wipe years off retirement pots
How to protect your pension income against inflationary pressures
Wealth succession
Making the right preparation for future generations
Show me the money
Britons not researching their investments because it’s ‘time consuming’ and ‘complicated’
Time to retire?
Planning your finances to be sustainable for the long term is key
Critical illness cover, your questions answered
Protecting against the financial impact that a serious illness can cause
Retirement planning
Your wealth. Your legacy
Giving retirement a second thought?
Over a third of over-55s think they will work beyond their State Pension age
Financial security and freedom
Rising prices add almost 20% to ‘minimum’ cost of retirement
Thinking about divorcing?
Protecting your assets and preparing you for going forward on your own
Cost of living crisis
Almost one in three over-55s’ mortgage repayment plans derailed
Financial bliss!
Money and finances are a common source of disagreement and stress
Cost averaging your investments
Reducing the risk of investing in volatile markets
Insurance that works while you can’t
2.5 million Britons lose at least £23,126 a year due to long-term illness
Retirement planning for every life stage
Alleviate any fear and uncertainty you might have about your financial future
Overwhelmed by your pension?
Almost half of UK consumers find pensions information daunting
Protecting income
7% of self-employed workers would choose to carry on working through illness or injury
Financial jargon
7 out of 10 adults are puzzled by financial matters lingo
Future wealth
Ready to start investing for your grandchild’s future?
Drawdown, annuities or both?
Make sure your retirement strategy meets your needs and goals
With the current tax year having begun on 6 April 2022, the clock is ticking and it is important to utilise all the tax reliefs and allowances available to you before 5 April 2023 in order to minimise any potential liabilities. On page 08, we look at the way personal tax planning should be at the top of your agenda as the end of the current tax year is not too far away. Taking action now may give you the opportunity to take advantage of any remaining reliefs, allowances and exemptions.
Articles featured in this issue:
Chancellor retains State Pension triple lock
State Pension is set for a record-breaking increase from April 2023
Don't miss the ISA deadline
Use your tax-efficient allowance or lose it forever!
‘Phased retirement’
Pre-retirees starting their plans but will rising living costs halt their plans?
No ‘one-size-fits-all’ protection solution
Helping you feel confident your family’s finances are secure
Menopause in the workplace
Unique retirement planning challenges women face
Taxing times
Time for a tax health check?
Time to get your retirement plans in motion?
Three in five Britons feel stressed about later life planning
Tracing old and lost pensions
Nearly half of pension holders have lost track of some of their pension pots
Millennials willing to forgo inheritance
Harder to support bigger financial commitments of older generation parents
Feeling the pinch
Women more vulnerable to cost of living crisis
Perfect storm
Major long-term ramifications for financial health and wellbeing
Show me the money
Choosing an investment style that best suits your needs
Ins and outs of CGT
Ways to potentially reduce your Capital Gains Tax liability
Planning to meet your goals
How advice can boost your financial wellbeing
What sort of lifestyle will you be able to afford?
How inflation could be impacting on your retirement plans
Impacts of climate change
Nearly two-thirds of people in the UK more concerned about climate change
Understanding pensions
A topic high up on the recruitment radar
Time to talk
Discussing Wills and trusts with adult children or dependents
Insurance that works while you can’t
Would you be able to carry on paying the bills using statutory sick pay or your savings?
As the cost of living continues to soar, with inflation reaching a 40-year high, the impact on household finances is taking its toll. But it is essential to try to maintain a savings habit even in the current climate. In our latest Newsletter we look at the impact breaks in pension contributions could mean to savers by missing out on thousands of pounds in future that will mean less income during retirement.
Articles featured in this issue:
Working 9 to 5
More over 65s are still working than six years ago
Pension saving revolution
Auto-enrolment: celebrating a decade that has encouraged a culture of saving
Investing for positive change
More investors align investments with personal values
Passing wealth down through the generations
Millions of retirees help out in cost of living crisis
Don’t abandon pension contributions as prices rise
Savers could miss out on thousands of pounds in retirement
Spotting an investment scam
How scammers are getting more convincing
Pensioners’ incomes
What is the average UK retirement income?
How to maximise the value of pension savings
Mistakes to avoid when you’re aiming to build your pension pot
Doing the right thing for the planet
Four in five looking to change jobs demand green pensions
Balancing risk and returns
Bonds can play a key part in building an investment portfolio
Leaving a tax-efficient legacy
Considering the rule of seven when making financial gifts
Shrinking safety nets
More people set to dip into emergency funds
Increasing financial support for millennials
Cost of living crisis drives early inheritance gifting
Preparing your finances for retirement
Could market volatility and inflation mean you have to delay retirement?
Solving investor challenges
How to take less risk when investing
Reluctant to return
Millions want to stick with lockdown lifestyle changes
Welcome to our latest edition. Rising living costs have been so significant in recent months that most UK households will have noticed a squeeze on their monthly budgets. Not only does this have a direct impact on people’s lifestyles, even though they are making every effort to cut back, but it has a knock-on effect on their lifelong goals such as owning a home or retiring comfortably. On page 05 new research highlights millions of people across the UK fear that the long-term impact of today’s rising living costs could see their life goals delayed or even missed altogether.
Navigating the higher rate tax freeze
Minimising the impact on your personal finances
Great wealth transfer
Preparing both ‘the family’ and ‘the money’ for the transition of wealth to the next generation
Cash may not be king
Deciding whether to withdraw cash from your pension pot
Putting life on hold
Cost-of-living crisis delays homeownership, having children and retirement
Are you saving enough for retirement?
One in six over-55s have no pension savings yet
Bringing pensions together
What to consider if you have multiple pension pots
How to protect you and your family’s future
What kind of protection insurance do you need?
Inheritance Tax receipts reach £6.1bn
What if I could make my wealth more tax-efficient?
Bridging the gender pensions gap
Women left with half the pension pot, no matter the job
Unretirement
More over-50s returning to work amid cost-of-living crisis
Cost-of-living crisis
Britons cutting back on food and entertainment to keep cars on the road
Funding the lifestyle you want
Get your retirement plans in motion
It’s good to talk
More young adults are more engaged about money with their parents than past generations
A healthier approach to retirement wealth
Pension schemes have a critical role to play in the transition to a net zero economy
Health, wealth and happiness of a nation
Overall wellbeing still not close to being back to levels seen pre-COVID
Ten tips for first-time investors
Ready to get started on your investment journey?
When should I stop working?
How to tell whether you’re ready to retire
Never too early to plan ahead
Pension savers struggling to save enough for their later years
Bank of grandma and grandad
Older generation using the wealth held in their property to help younger generations
Mind the retirement gap
Four out of five workers not saving at levels which are likely to deliver an acceptable standard of living in old age
Reevaluating the role of work
Preparing your finances for a career break
Self-employed extremely vulnerable to loss of income
81% aren’t seeking financial advice
Later life and financial wellbeing
More than one-million over-60s are rethinking later life plans
Pension booster
Mistakes to avoid when you’re aiming to build your pot
Welcome to our latest edition. It’s not surprising that the world of investing can seem complex, especially in the current global economic climate. Investors face an endless supply of market news, many investment choices and often-changing market conditions. There are a number of key principles that every investor should follow with the aim of building an effective long-term strategy designed to achieve their financial goals.
Articles featured in this issue:
Rising cost of living crisis
3 tips to maintain your financial wellbeing
Managing the impact on your pension
Just two out of five have planned for inflation in retirement
Self-employed vulnerable to financial shocks
New research highlights that 81% aren’t seeking financial advice
Midlifers set to be impacted twice by the cost of living
Financial planning essential to help balance priorities
Show me the money
How to invest your money and avoid costly mistakes
Cost of ‘saver inaction’
Millions of savers think inflation will leave them better off
Inflation eating your savings?
How to benefit from tax reliefs in the current financial year
Tips for a healthy pension as you approach retirement
What really important retirement questions should you be asking?
What are the signs you’re really ready to retire?
No one-size-fits-all answer to this question
How to reduce Inheritance Tax by leaving a gift
Planning for your wealth preservation and the eventual transfer of that wealth
What does inflation mean for me and my money?
How to protect and grow your wealth over time
Recession-proof your finances
10 practical steps to ensure your money is working hard for you
Wealth vs health
More than half ignore medical advice and work despite poor health due to financial worries
Pension poverty after divorce
Ensuring an equal division of all the assets within the matrimonial pot
How much will you need to retire?
Quarter of savers approaching retirement at risk of not having an ‘adequate pension’
Starting a family
What steps to take to prepare financially
How to improve your financial health
General principles to help you attain specific goals
Welcome to our latest edition. Are you fed up with your nine-to-five? There are many factors that can influence when someone decides to retire. For some, it may be based on health reasons, while others may want to take advantage of government benefits or simply enjoy a more relaxed lifestyle. However, one of the most common factors that determines when people choose to retire is their age. On page 10 we look at what is the most popular age to retire early. New research reveals the key steps people have taken to embrace early retirement and examines the costs and benefits of doing so.
Welcome to our March/April 2022 magazine. Inside, we look at why now is the time to make sure you protect your wealth. The word ‘inflation’ had barely featured in the market’s vocabulary in the last three decades until it suddenly started to come back with a vengeance in 2021. As higher inflation looks set to persist throughout 2022, on page 09 we consider why finding ways to generate a return on investments greater than inflation will be a key investment theme – otherwise your wealth falls in real terms.
Articles featured in this issue:
Getting ready to retire?
Bolstering your retirement lifestyle as you approach retirement
Invest your way out of inflation
Why now is the time to make sure you protect your wealth
Looking to build a bigger pension?
Don’t miss the deadline to give your pension savings a boost
Improving your financial health
Staying on track to achieving specific financial goals
How much do I need to save to retire?
Questions to help you live your best life in later life
‘Time is money’
5 principles of investing everyone should know
Pension freedoms
You work, you save and then you retire
Investment choices
Behavioural patterns shaping our way of investing, for better or worse
Cost-of-living crunch
Savers still recognise the importance of long-term planning
Disrupting social plans leads to savings surge
Britons saved almost £4bn as a result of the Omicron variant
‘Job for life’ a thing of the past
Most Millennials and Gen Z have two or more pension pots
Roadmap for investors
Increased confidence portfolios will perform well in 2022
Will I be able to retire when I want to?
Financial planning and advice for the ‘unretired'
Inheritance Tax
What will your legacy look like?
How confident are you about your retirement?
Hopes, fears and aspirations of people approaching and in retirement
Smart money habits
Best practice, smart money habits
Extending the scope of the trust register
Deadline for non-taxable trust registrations announced
Unlocking cash from the value of your home
Homeowners release a record-breaking £4.4bn in property wealth
Protect yourself, your family and your future
As another tax year end approaches, it’s important to finalise your 2021/22 tax planning to reduce your obligations wherever possible.
The current tax year started on 6 April 2021 and ends on 5 April 2022.
Reviewing your tax affairs now will enable you to make the most of any allowable deductions and strategies available to minimise or mitigate a potential tax burden.
Identifying any tax planning opportunities
Check your PAYE tax code
Transfer part of your personal allowance
Contribtue up to £9,000 into your Child's Junior ISA
Utilise Capital Losses
Maximise Pension Contributions
Pay Pension Contributions to save NICs
Make a Will
Leave some of your estate to charity
Make regular IHT Free Gifts
Use the IHT Marriage Exemption
UKRAINE - RUSSIA CRISIS
Why investors should take a long-term perspective and not panic
On the 24 February the Russian President, Vladimir Putin, ordered a military invasion against Ukraine. A war that many considered unthinkable had begun. Russia’s invasion of Ukraine has sent shockwaves through pretty much every asset class across the globe.
But if you are a long-term investor the best course of action for most individual investors is to keep calm and carry on.
Selling into a falling market is the opposite of what successful investors do. Equally important is the fact that no one knows what Russia’s invasion of Ukraine ultimately means for everything from energy prices to monetary policy. And then there’s the case that, historically speaking, stocks tend to recover quickly after being derailed by international turmoil.
Welcome to our latest edition. Inside, we look at New Year’s tax saving resolutions to make sure you are fully utilising your relevant tax planning opportunities. With the tax year end (5 April) on the horizon, taking action now may give you the opportunity to take advantage of any remaining reliefs, allowances and exemptions. On page 08 we have provided some key tax and financial planning tips to consider prior to the end of the tax year. Now is also the perfect time to take a wider review of your circumstances and plan for the year ahead.
Adult social care charging reform
What will the government’s proposals mean for the social care system?
Improve your financial life
Setting a financial New Year’s resolution you’ll actually keep
Beyond profit
How green is your pension?
Get ready to beat the ISA deadline
Time to give your financial future a boost?
New Year’s tax saving resolutions
Make full use of your relevant tax planning opportunities
Time to bring your pensions together?
3.6 million Britons have lost track of their pension savings
It may be time to invest your cash
Is your wealth protected from the damaging effects of inflation?
How much income will you receive from your State Pension?
Knowing what to expect can be an important part of planning for life after work
Create a better world to live and retire in
Pension investments to harness a more sustainable planet
The importance of financial protection
Millions battling with financial hardship, relationship stress and sleepless nights
Across the generations
Pandemic forces people to reassess their finances
Mind the pension gender gap
Women are being urged to think about their long-term savings
Could equity release fund your future?
Freeing up funds or releasing money tied up in your home
Missing midlife workers
Redundancy pushes over-50s out of the workforce
What’s your magic number?
Keeping up your current lifestyle and enjoying your golden years
Live sustainably: how to be a conscious consumer
The everyday choices we make all have impacts on our planet
Saving for a rainy day
What’s the right emergency fund amount for you?
What matters to you?
What you want your wealth to achieve will be unique. It may involve your family, your business and other interests - as well as the social or environmental causes you are passionate about. We can help you achieve the financial future you want for you and your family – please contact us.
Disclaimer: Any advice provided to you by City Capital Financial Planning LLP (CCFP) will be strictly an individual arrangement between yourself and CCFP. Bar Council will not be liable for that advice under any circumstance. It is up to you as an individual to be satisfied that the advice you receive is appropriate for you given your particular circumstances.
City Capital Financial Planning LLP is an Appointed Representative of ValidPath Limited which is authorised and regulated by the Financial Conduct Authority under FRN 197107.
The information and content of this website is subject to the UK regulatory regime and is intended for UK consumers only. The FCA does not regulate some forms of mortgages and tax planning advice.
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