Financial Planning

The Chancellor announced the Autumn Statement on 22nd November, Shaun Davison and James Shipp give their initial reaction.

For owner-managers of incorporated businesses, making employer pension contributions can be an extremely tax-efficient way of withdrawing cash from a business, says Scott Hansell of Lovewell Blake Financial Planning.

Yesterday, you were busy working and today you are retired, what’s next?

Taking a midlife gap year can transform your life, but it needs careful planning.

During the Spring Budget 2023 the Government announced the removal of the Lifetime Allowance (LTA) and in the 2023/2024 tax year we have seen the LTA Tax Charge being abolished.

We are living in a world where it is not unusual for both individuals and groups to actively look for ways to reduce our impact on the environment. For example, ‘Just Stop Oil’ has carried out a series of high-profile protests, including recently disrupting play at Wimbledon and Lords.

The Charity Commission’s document aimed at charity trustees which gives guidance on investing charity money has been significantly updated.

A leading firm of financial planners is giving people the chance to take a closer look at their retirement plans as part of Pension Awareness Week, which runs from 11^th-15^th September.

For some, retirement might feel miles off, but the sooner you can start saving for it, the better.

Retirement has a habit of creeping up on you whilst you are busy getting on with your life, to the extent that we barely give it consideration until it is almost upon us.

High-profile protests by Just Stop Oil activists are making the headlines – but are they influencing investors, asks Andrew Spaxman of Lovewell Blake Financial Planning.

Soaring rates are bringing annuities back into fashion, says Richard Ince of Lovewell Blake Financial Planning.

The 2023 Spring Budget introduced a number of key changes to pension legislation, and in particular changes to the Lifetime Allowance.

With the rising cost of living, protecting your income has become increasingly important. So, what would you do if you were unable to work due to a long-term illness or injury and your income dropped, or worse, stopped?

Yesterday, The Bank of England (BoE) revealed a 0.50% point interest rate rise – its ninth consecutive increase, as it looks to maintain its battle against inflation. The decision to raise the bank rate to 3.5% means it is at its highest level for 14 years.

National Savings and Investments (NS&I) have announced another increase to their Premium Bond customers, who are set to get a welcome New Year boost, with an increase to the prize fund rate from 2.20% to 3.00%.

Workers have saved more than £114 billion into their pension pots since pensions automatic enrolment was implemented ten years ago, according to data published by the Department for Work and Pensions (DWP).

Those approaching retirement and worried about market volatility affecting their pension pots don’t need to panic, says Chris Egmore of Lovewell Blake Financial Planning.

The COP27 summit in Egypt is making more investors think about the ethics of their portfolio, say Andrew Spaxman and Louise Daniels of Lovewell Blake Financial Planning.

The Bank of England has raised the base rate of interest by 0.75%, to 3% - the single biggest hike in 33 years, and have said that the UK is already in recession.

National Pension Tracing Day, 30th October 2022.

National Savings and Investments (NS&I) have announced that from 1 October 2022 there will be millions of pounds added to Premium Bond prizes. NS&I will increase the prize fund rate from 1.40% to 2.20%, adding an expected £76million to the prize fund.

We are seeing a lot of negative headlines regarding the financial markets, and it is natural to worry about your investments; however, history tells us that it is better to stay invested during these times, and not to sell out.

Cash savers are quietly celebrating, as a ‘rates war’ has broken out in the savings market - meaning savers are now getting a much better return on their money than what they were a year ago.

For most, the State Pension forms the foundation of their retirement planning.

Interest rates in the UK are on an upwards trajectory with the latest 0.50% increase culminating in a current base rate of 1.75%.

Last week, the Bank of England raised interest rates by 0.50% to 1.75%, the biggest hike in 27 years, as it tries to battle rising inflation.

2022 will be an important year for members of the NHS Pension Scheme to complete a ‘health-check’ of their membership.

Firstly, that’s a great question. The simple answer is that you can retire when you have adequate wealth to do so. This can be a mixture of pensions, savings, investments, and property.

Following our articles in December and February, the Bank of England (BoE) has responded to the likelihood that the war in Ukraine will push inflation to around 10% in autumn by raising interest rates to a level last seen in March 2020, before the COVID-19 pandemic took hold.

It’s never too early to start teaching young people about money, says Trazer Farnese of Lovewell Blake Financial Planning.

The first Review of State Pension age was undertaken in 2017 but the government has now launched a second pension age state review, which will consider whether the increase to age 68 should be brought forward to 2037-39.

For pensions, the Lifetime Allowance (LTA) is the overall limit of pension funds a member can accrue during their lifetime, and which will benefit from favourable tax treatment before an LTA tax charge applies.

Over the last few days, tension has intensified between Russia and Ukraine. We wanted to take some time to position what’s happening between the two countries and what this could mean for investors.

In conjunction with Matthew Harrington, financial adviser for Lovewell Blake Financial Planning.

Following our article in December the Bank of England (BoE) has tightened the squeeze on household finances with its first back-to-back interest rate rise since 2004, as the central bank forecast inflation will increase to north of 7% in April.

Diversification is of paramount importance in investment success, and one way to achieve it is by buying ‘Exchange Traded Funds’, or ETFs

The Financial Conduct Authority (FCA) is set to introduce a new consumer duty to better protect users of financial services.

The Bank of England (BoE) has raised interest rates for the first time since the start of the coronavirus pandemic, despite growing concern over the ‘Omicron’ variant.

The NHS Pension Scheme is designed to offer significant value in retirement to people who have chosen to dedicate part, or all, of their careers to serving the public through the NHS.

The results of the Charity Commission 2021 Covid-19 Survey indicated that 49% of charities have lost income from fundraising activities, whilst 35% have lost income from trading and other income sources.

In 2012, due to concern that the UK population weren’t taking adequate measures to save for their retirement, the Government took the radical measure of introducing auto-enrolment.

As the COP26 summit gets underway, the world’s attention is focussed on what action we must all take to secure the planet for future generations.

Following the implementation of the EU Fifth Anti-Money Laundering Directive (5AMLD), there is a requirement for certain trusts to be registered on a central government list. This is called the Trust Registration Service (TRS), and when it was initially introduced in 2018, many non-tax paying trusts were exempt from registering.

Pension Freedoms was introduced in April 2015 and significantly changed the landscape of pensions and retirement. Ever since its introduction, there remains some misconceptions about what this really means, and the practical implications it has for individuals.

A growing number of investors are seeking ways to invest tax-efficiently in places other than their pensions and ISAs, usually because they have already fully used their ISA allowances, and significant pension contributions have compounded over the years.

Taxpayers in the UK face an increase in taxation from April 2022 to fund long awaited reforms in social care and additional support for the NHS.

Many of us could be caught out by Inheritance Tax (IHT). Contrary to popular belief, you do not need to be mega-rich to owe HMRC a chunk of money when you die. I think most of us would prefer as much as possible to go to our loved ones, rather than HMRC.

According to the latest figures from Action Fraud the average loss from pension scams has reached £50,949 this year.

In 2020, the state pension age officially increased to 66; however, recently there has been several news articles and commentary around the government’s triple lock promise and that this could mean an 8% increase in the state pension from April 2022.

Pension tax relief can seem like an alien concept, but it pays to understand what it is and how you can make the most of it, up to certain limits.

Employers that push staff into making unsuitable defined benefit transfers should beware the “Financial Conduct Authority’s (FCA’s) gaze”, a director at the regulator warns.

As we enter a new tax year, many people will be wondering how they can make their savings work harder for them, with interest rates at historically low levels.

A pension scheme is a savings plan to help you put money aside for later life. It has favourable tax treatments when compared to other forms of savings.

I don’t know how many of us thought that we’d still be adhering to so many restrictions after all this time, but here we are, over a year on and the pandemic is still having a big impact on all of us.

Covid savers should be making the most of their pensions allowances, says Sharon Mattheus of Lovewell Blake Financial Planning.

What do I need to do?

Following the Government’s consultation into public sector pension scheme reforms, they have now published their response, here, outlining their proposals for changes to schemes over the coming years.

The simple answer is that you can retire when you have adequate wealth to do so.

Following our article in October, where we advised that the State Pension had officially increased to age 66, we wanted to take this opportunity to position further changes announced around private pension access – that were shared in September.

A Bury St Edmunds based financial adviser has been named as one of the UK’s most influential businesswomen by a leading business publication, carrying off the title of UK Financial Adviser of the Year.

Financial planners and advisers Lovewell Blake Financial Planning, which for the past three years has been listed as one of the Top 100 Financial Planners in the UK by the Financial Times, has appointed Sharon Mattheus as a Financial Adviser.

The difference between a perceived attitude to risk and actual capacity for loss can often be confused.

An East Anglian firm of financial planners has been named as one of the UK’s Top financial advisers by the Financial Times for the third year running – achieving a rating of 28^th in the country, up from 72^nd in 2019.

Returns for those holding money in cash savings accounts took another fall a fortnight ago, when the government-backed savings provider slashed their interest rates.

Financial planners and advisers Lovewell Blake Financial Planning, which for the past two years has been listed as one of the Top 100 Financial Planners in the UK by the Financial Times, has appointed Richard Ince as a financial adviser.

In short, it depends where and how you are invested. Since the markets saw a dramatic fall in March, it has been a bit of a choppy ride in general.

A tracker fund is a simple way of investing your money in company shares, bonds, and other assets.

Stock markets have been volatile to say the least over the last few months, and in our opinion, will remain so until the Coronavirus pandemic is brought under control and the economic fallout assessed.

It is fair to say that 2020 has been quite an extraordinary year in many ways, presenting new challenges for people from all walks of life.

You may have already seen in the financial press, news of the recent rise of ESG (Environmental, Social and Governance) and Ethical Investing.

In March, the Bank of England unveiled its second interest rate cut in under two weeks, as part of a number of measures the central bank and UK government rolled out to help mitigate the economic impact of the Coronavirus.

The COVID-19 pandemic has introduced a number of challenges for business owners to deal with to ensure the survival of their companies.

Whether you are investing in funds purely for growth, or if your portfolio consists of funds which pay out a natural income to you, it is likely that dividends will play a big part in performance.

An East Anglian firm of financial planners has been named as one of the UK’s Top financial advisers by the Financial Times for the second year running.

An East Anglian firm of financial planners has been named as one of the UK’s Top 20 financial advisers by the Financial Times.