Monthly Archives: March 2015

NISA Countdown

Posted on March 3, 2015 by - Investment, News

Time is running out if you want to make the most of your tax-efficient savings allowance

If you are keen to take advantage of the New Individual Savings Account (NISA) allowance, now increased to £15,000, and make the most of your tax-efficient savings, time is running out. You only have until 5 April to fully utilise your 2014/15 NISA allowance, after which it will be lost forever. (more…)

Wealth attraction

Posted on March 3, 2015 by - Investment, News

Legally minimising or mitigating taxation on current and future tax liabilities before 6 April 2015

Tax planning is a very complex area covering many forms of tax. No one likes paying more tax than they legally have to, but one of the challenges of wealth is the high taxation it attracts. For some individuals the need for specialist professional advice has never been greater. With the current tax year end rapidly approaching, we’ve provided some tax planning areas for you to consider before 6 April 2015. (more…)

New landscape for later-life planning

Posted on March 3, 2015 by - News, Retirement

Making informed decisions about how to best use your savings and manage your income in retirement

More than one in four Britons (27%) expect to come under pressure to lend their family money from unlocked retirement pots when the new pension freedoms are introduced from 6 April this year, according to latest research from the Centre for the Modern Family. (more…)

Maximising your income levels in retirement

Posted on March 3, 2015 by - News, Retirement

Why having a target in mind clearly makes a difference to fund this stage of your life

A recently published report has highlighted the positive impact planning and professional financial advice can have on income levels in our retirement. The first Retirement Income Uncovered report from Old Mutual Wealth found that retirees who hadn’t set themselves an income target to aim for in retirement had an average income of £17,500 per year. However, those who saw a financial adviser at least once have an average income in retirement of £20,800. (more…)

Pension freedoms – what could they mean to you?

Posted on March 3, 2015 by - News, Retirement

Accessing your pension safely, without unnecessary costs and a potential tax bill

With the biggest pension reforms in a lifetime rapidly approaching on 6 April, are you ready for how these reforms could potentially affect you, whether now or in the future? The wide media coverage that followed the 2014 Budget announcements talked of pensions in the future being used as bank accounts and new pension freedoms leading to long waiting lists for Lamborghinis. (more…)

‘Midlife crisis’

Posted on March 3, 2015 by - News, Retirement

Baby boomers are some of the least prepared for retirement

A recent survey has revealed the concerning fact that 40% of baby boomers, those aged 55 to 74, have not started to save specifically for retirement yet, despite two-thirds of respondents understanding the State Pension will not be sufficient. (more…)

Income withdrawal

Posted on March 3, 2015 by - News, Retirement

Interim rules from 27 March 2014

Unlike a conventional personal pension, which is used to build up a pension fund until a chosen retirement age is reached, income drawdown is used to pay an income once someone decides to retire or semi-retire. The remainder of their fund remains invested, rather than using it to buy an annuity. (more…)

Tax-free lump sum on death

Posted on March 3, 2015 by - News, Retirement

Freedom to pass on an unused defined contribution pension

People with defined contribution pension savings will no longer have to worry about their pension savings being taxed at 55% on death. Commencing from 6 April 2015, individuals will have the freedom to pass on their unused defined contribution pension to any nominated beneficiary when they die, rather than paying the 55% tax charge which currently applies to pensions passed on at death. (more…)

Cashing in pension benefits

Posted on March 3, 2015 by - News, Retirement

New system to encourage further pension saving

Currently someone in income drawdown cannot receive tax relief on future contributions. To encourage further pension saving under the new system: (more…)

Retirement products

Posted on March 3, 2015 by - News, Retirement

Tax rules amended to allow greater innovation

The tax rules will also be amended to allow innovation in retirement products. This is happening in a number of ways: (more…)