Potential “deadly sins” of pension switching. Things to check carefully when thinking about consolidating your personal pensions
If you have been working for a while the chances are you have changed employer during your career and as a result you have built up a number of money purchase pension “pots”. More than a few different pensions can be difficult and time-consuming to keep track of. What to do with those pots depends […]
IHT Left Unchanged by 2023 Autumn Statement
In the world of personal finance, few topics stir as much interest and debate as inheritance tax (IHT). Given its significant impact on estate planning and wealth transfer, the Autumn Statement 2023 was eagerly anticipated, with many expecting major reforms to IHT. However, the Chancellor of the Exchequer’s decision to leave IHT untouched has been […]
Wingate Distinguished in FTAdviser’s Top 100 Financial Advisory Firms of 2023
A benchmark of quality and client service We are pleased to announce that Wingate has secured a position in FTAdviser’s “Top 100 Financial Advisers” of 2023. This recognition serves as a testament to our ongoing commitment to delivering high-quality financial advice. The criteria: a reflection of the pinnacle of industry success FTAdviser, in conjunction with […]
Add a little more to your retirement pot
Most people will be aware of the tax incentives around paying into a pension such as income tax relief on contributions, tax free growth on the fund and a tax-free lump sum and replacement income in retirement. Many pension providers will bring a shutter down on pension contributions post age 75 as tax relief is […]
Where to allocate capital over the long term? Cash or the financial markets
Following the financial markets volatility of 2022, many people have wanted to seek out safer returns and, with numerous hikes in the base rate of interest, this is understandable. However, is this really in someone’s best interest? There is, of course, no “one size fits all” answer but some considerations to keep in mind are: […]
Question: Why save into a pension? Answer: Money for nothing
The recent changes to both the Annual Allowance and the Lifetime Allowance means that pension saving should be attractive for just about everyone and when saving for retirement, a pension will in most cases provide better net returns than an ISA, purely based on the tax mechanics. In no cases will it provide a worse […]
Can I Rely on Advice and Information I’ve Obtained from HMRC?
Her Majesty’s Revenue and Customs (HMRC) recently updated its position statement regarding the reliability of the guidance it offers to taxpayers. This pivotal update highlights the circumstances when taxpayers can depend on publicly available guidance from HMRC, whether obtained directly or via the HMRC website. The updated guidance introduces an element of accountability for HMRC […]
Understanding Lifetime Allowance Changes: Impact on Death Benefits and Pensions – Budget 2023 Update
Retirement planning can often be a complex and daunting process, with numerous factors to consider and regulations to navigate. One of the key elements that many individuals historically had to take into account is the Lifetime Allowance (LTA) charge, which determines the maximum amount of pension savings a person can accumulate throughout their lifetime without […]
Financial Planning Wisdom from David Copperfield: Wilkins Micawber’s Timeless Advice for a Happier, Debt-Free Life
In the Charles Dickens’s novel David Copperfield, Wilkins Micawber drops a gem about financial planning that has stood the test of time. “Annual income twenty pounds, annual expenditure nineteen and six, result happiness. Annual income twenty pounds, annual expenditure twenty-pound ought and six, result misery.” In the quote, Micawber is essentially saying that it’s better […]
Summer is coming… things to do for free, now the sun is out!
The increases in the cost of living over the last 18 months (inflation) is making it difficult for many people to afford to do the things they enjoy. This could include holidays, eating out, cinema, the gym, etc. This is particularly true if you have a family where you may be adding up the costs […]