Blog
The State Pension is as close to a guaranteed source of income as you can get. If you have paid enough National Insurance for 35 years, you will receive the full amount, which is currently £203.85 per week or £10,600 per year. This amount will likely continue rising due to the triple lock guarantee, which
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A common question from clients pertains to the importance of setting goals in financial planning. The answer is that goals play a pivotal role in financial planning. Goals provide direction to financial planning. Individuals and families need to establish precise financial objectives to determine their priorities and aspirations. These objectives may vary, from immediate ones,
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When providing investment advice, we may discuss the idea of home bias and its potential impact. Home bias describes the tendency for investors to put a larger portion of their portfolio into assets within their own country, like stocks and bonds. For example, a UK investor with a home bias would have a higher percentage
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Budgeting is often associated with financial planning, but did you know that it can also have significant benefits for your mental health? While it may seem surprising, taking control of your finances and creating a budget can help reduce stress and anxiety, improve your self-esteem, and lead to overall better mental well-being. Here are some
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One of the two limits on how much you can put into your pension each tax year is the “Annual Allowance”. This limit was £40,000, but the government increased this to £60,000 in the Spring Budget. There has been a rule that this limit is reduced if your income is too high. If your income
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We have updated our guide to actions that could be taken to minimise taxes here. For our clients, some of the key ones are making full use of the ISA and Pension allowances. The only thing we would advise against doing now is disturbing invested assets to make use of these allowances. An example of
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Many business owners have used their pension funds to buy the properties where their businesses operate. But now, people who don’t own a business are interested in purchasing a commercial property using their pensions. However, it’s important to remember that commercial property values can go up and down, and many factors can affect them. It’s
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The government has removed the limit they had on the amount of money you can save in your pension over your lifetime. This was called the Lifetime Allowance (LTA); exceeding it meant paying a tax charge. This has opened up different opportunities for different clients. Should I restart contributions? If you have stopped contributing to
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If you have a defined contribution (DC) pension in the UK, it’s essential to understand what happens to your pension savings after you die. The good news is that the rules for distributing DC pension benefits after death are relatively simple. Can I control who gets my pension money when I die? When you die,
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Lifetime allowance abolished From April 2023, the Lifetime Allowance (LTA) is going away. This means that people can save as much as they want in pensions for their lifetime. There is still a limit on how much tax-free cash you can take out. You can take out up to 25% of your pension savings tax-free,
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