Pension Lifetime Allowance

Do you need to take action to avoid risking additional tax charges in retirement?

When it comes to your pension, you might assume that the more that you can save into it, the better. But that’s not always the case. Once your pension savings reach a certain level, you may need to take action to avoid risking additional tax charges in retirement.

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Plan the perfect retirement

Creating a comfortable, secure retirement takes care and forethought

If you’re 10 to 15 years from retirement, you’re probably starting to think more about how you’ll spend your life after work. You might be contemplating travelling more, dedicating more time to your passions, or enjoying more free time with your family.

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COVID-19 fallout

24% of the UK population feel financially worse off than before the pandemic

During he past year and a half we’ve experienced a stock market collapse, soaring unemployment, millions deferring their mortgage payments – and paradoxically, a booming housing market, plus bulging savings accounts.

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Evolution of ESG investing

Changing face of consumer ethics and behaviours

The coronavirus (COVID-19) pandemic has prompted a desire to move into ethical and sustainable investing for more than half (51%) of advised UK adults, according a new report[1]. And while the trend is common across the generations, it’s Millennials who are leading the charge.

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Money’s too tight to mention

Looking to retire from work, not a paycheck?

When it comes to retirement insecurity, one concern dominates all others, the fear of running out of money during retirement and with people living longer than ever before, it’s a very valid concern.

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Pension freedoms

Looking for a wider choice of investment options?

Saving for your retirement is one of the longest and biggest financial commitments you will ever make. Imagine you’re retiring today. Have you thought about how you’re going to financially support yourself (and potentially your family too) with your current pension savings? The pension freedoms introduced in 2015 provide even more of an incentive to look again at your retirement savings.

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Keeping wealth in the family

Inheritance Tax receipts reach £5.32 billion in 2020/21

Inheritance Tax is a tax on an estate (the property, money and possessions) of someone who’s died. Inheritance Tax receipts in the United Kingdom amounted to approximately £5.32 billion in 2020/21, compared with £5.36 billion pounds in the previous financial year, which was a peak for this provided time period[1].

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Making suitable plans

Organise how much you could leave for the people you care about

Inheritance Tax can cost families thousands of pounds but there are various ways to legally avoid paying this tax. Without making suitable plans, your loved ones could face a tax bill of 40% on the value of everything you own above a certain threshold.

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Increased net worth and rising mortality rates

The earlier you put plans in place the more options you may have

With careful planning it may be possible to reduce significantly the need for your estate to pay Inheritance Tax. We spend a lifetime generating wealth and assets but not many of us ensure that it will be passed to the next generation – our children, grandchildren, nieces, nephews, and so on. Intergenerational wealth transfer is the passage of wealth from one family generation to the next.

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More families subject to Inheritance Tax

Balancing your plan with other financial priorities is key

Making provision for Inheritance Tax needs to be balance the plan with your other financial priorities is key. Effective estate preservation planning could save a family a potential Inheritance Tax bill amounting to hundreds of thousands of pounds.

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