Individual Protection 2014 – deadline approaching

The change to the pension Lifetime Allowance (LTA) from £1.25m to £1m has been widely reported, as has the ability to be able to preserve a higher allowance either through Fixed or Individual Protection 2016.   These 2016 versions of protection,  sit alongside six other types of protection that have been accumulated since April 2006; […]

Deferred payment agreements introduced by The Care Act 2014

Since April 2015, deferred payment agreements have been available from all councils across England that enables people to use the value of their homes to help pay care home costs. Subject to eligibility, the local council will help to pay your care home bills on your behalf. This option allows the delay of repaying the […]

What’s better, a workplace pension or a Lifetime ISA?

For most people, a workplace pension where an employer offers a matching contribution is likely to be better. There are some ‘soft’ benefits of a Lifetime ISA (LISA), for example the availability of early access with penalties, but looking at the tax position, the options speak for themselves. LISA  Pension (BRT)   Pension(HRT)   Pension + Matching (BRT)  […]

2016-17 Allowances at a glance

  Income Tax Allowances Personal allowance   £11,000 Dividend allowance   £5,000 Savings rate band   £5,000 Personal savings allowance   £1,000 (£500 for higher rate tax payers, £0 for additional) Income tax bands and rates Effective rate Dividend rate Basic rate band £11,000 – £43,000 20% 7.5% Higher rate band I £43,000 – £150,000 40% 32.5% Loss of personal allowance […]

Hello Lifetime ISA, Goodbye Pensions…

The Lifetime ISA which was introduced in the Budget on March 16th 2016 is so niche as to be initially of very little interest to most people. Contributions are restricted to £4,000 per annum, applicants must be under 40 and will find their ISA savings are restricted until either they purchase a first home (capped at £450,000), reach the age of 60, or on payment of a tax penalty if they withdraw it earlier.

Making retirement more comfortable

Active members of defined benefit or final salary schemes are sadly a dying breed but for those fortunate enough to still be building pension benefits in this way there are a number of options to fund further benefit accrual.

The benefits of an holistic view of investment advice

Being a Financial Planner starts with building a long term financial plan to assist with the attainment of an individual’s lifetime goals. Investment management is an important part of our role, as is tax planning. We strongly believe that one the best investment outcomes cannot be achieved without an holistic view.

The pensions lifetime allowance should be a target, not a limit

The Lifetime Allowance (LTA) is the most tax efficient sum that can be accrued in a pension pot without further tax charges. For Money Purchase arrangements, and for lump sums from Final Salary Schemes it is simply the pound note value of benefits that are assessed, with Defined Benefits and other scheme pensions being assessed as 20x the pension payable.