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What happens to your pension when you die?

Let’s deal with the elephant in the room straightaway. Yes, this is an article about pensions and death; neither the most pleasant of topics. But, taken together, hugely important. One of the myths about pensions, which probably stops some people making contributions, is that the money will be lost on death. That isn’t the case, although there’s no denying that the rules are complex. So, please bear with us for a few minutes, and read on, because you probably have a pension and, well, you…
24th July 2017

State Pension Age to increase earlier than planned

The Government has announced a change in its plans for the State Pension Age, delaying it by a year for six million people. The plans will increase the State Pension Age to 68 for people currently aged between 39 and 47. The change will be phased in between 2037 and 2039, seven years early that had previously been proposed. The Government believes the change will reduce the cost of the State Pension by £74 billion by 2045/46. In an announcement today, David Gauke, the Secretary…
19th July 2017

Confusion over pension contribution cap resolved

The Government has moved to resolve the confusion over the amount some people can pay into their pension. Although, not everyone will be happy with the news. Announced in the Budget earlier this year, the change proposed a cut in the amount some people could pay in to their pension. Known as the Money Purchase Annual Allowance (MPAA), it caps the amount some people, who have already drawn money from their pension under the new Pension Freedom rules, can subsequently contribute. The Government proposed a…
18th July 2017

Surprise ‘triple lock’ U-turn announced as DUP signs deal with Conservatives

The Conservative party has scrapped a manifesto commitment to drop the State Pension ‘triple lock’, along with plans that would have seen the Winter Fuel Payment means-tested in the future. Announced earlier today, the news comes at the same time as a confidence and supply deal, with the Democratic Unionist Party (DUP). The DUP has agreed to back the Conservative Government on key votes. The ‘triple lock’ means the State Pension increases by whichever is the highest out of: The rate of inflation as measured…
26th June 2017

How many types of ISA can you name? (Clue: You will need more than the fingers on one hand!)

Individual Savings Accounts (ISAs) have come a long way over the past 18 years, to the extent that there are now multiple versions available. Knowing them all will not only come in useful at a future pub quiz, but could be very useful when it comes to your financial planning. With the maximum annual contribution now £20,000, there are more options than ever available to you, giving you plenty of tax-free places to keep your money. So, without further ado, here’s everything you need to…
23rd June 2017

The Queen’s speech: How will it affect your personal finances?

The 2017 Queen’s speech was delivered after a General Election that has left the Conservative party without a majority. This has forced Theresa May to drop many of the big manifesto promises. So, what stays? What has been cut? And how will your personal finances be affected? Brexit Unsurprisingly, Brexit dominated much of the Queen’s speech, with eight of the 27 bills being brought forward covering subjects such as: Repeal Bill: Introduced to convert EU law into UK law. Customs Bill: Ensures that the UK…
22nd June 2017

Six reasons why your house isn’t your pension!

Those people who know me (or who frankly take one look at my photo on our website) will soon realise I don’t have much hair. Part of the reason, aside from genetics, is that every time I hear someone say: “my house is my pension” I feel compelled to pull out a lump in frustration. I tend to hear it most often when house prices are rising. That means, over the past few years, I’ve heard it a lot. The Nationwide House Price Index shows…
16th June 2017

Seven ways to cut the Inheritance Tax paid when you die

Inheritance Tax (IHT) is a tax that raises more emotion than most. To some, paying tax on your assets after death, when taxes have been paid during your life to accumulate them, is just wrong. For others, Inheritance Tax is a way of redistributing wealth, avoiding privilege and power being passed from generation to generation. These differences were never starker than in June’s General Election; with the Conservatives promising to retain the status quo, whilst the Labour manifesto contained plans to push up Inheritance Tax…
9th June 2017

What’s the biggest threat to your investments? (Hint: it’s probably not what you think it is)

If we asked you what the biggest risk to your investments were, how would you answer: Inflation? Trump? Stock market crashes? War? Recessions? Brexit? Oil prices? Global warming? If you answered “yes” to any of those you would, we are afraid, be wrong. The answer is you. Ok, before you take offence, maybe not you, at least if you have listened to us, but investors generally, and more specifically the decisions they make. Markets, by their very nature, rise and fall in value. The natural…
16th May 2017

Eight things to do in the years before you retire

We all have different reasons for calling time on our working life, or at least slowing down. Maybe you want to see the world, experience new things or spend more time with the grandchildren. You might just have had enough of the 9-5 grind; it’s not only Dolly Parton who was looking for a change! Whatever the reason, retirement is probably the biggest financial decision of your life. It needs to be planned carefully, a process which should ideally start many years before you decide…
16th May 2017

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