We are all aware that with the improvements in public health, lifestyle, and medical advances that more and more people are living longer.
In the last decade the number of male semi-supercentenarians, being people aged 105 and over has more than doubled, whilst female semi-supercentenarians have increased by half.
Whenever you invest you always have in mind why you are investing and what you wish that money to deliver to you.
For people saving for their first home, using a Lifetime ISA can reap huge rewards, as it is a Cash or Investment ISA that benefits from the Government topping up the amount saved by a further 20%.
The Financial Conduct Authority continues its campaign to highlight the risks of scammers to the UK’s population. It seems that many victims of this crime have had their life savings taken away from them after the scammer has spent considerable time developing a relationship with them and building trust so when they finally mention a pension transfer, they haven’t been suspicious.
The Triple-Lock Guarantee currently promises that basic state pension payments will increase each year at the higher of inflation, wages or 2.5%.
With inflation as measured by CPI being just 0.6% in the second quarter of 2020 and forecast as being up to 2% by the final quarter of 2021, it would be likely that the 2.5% minimum would apply…if it hadn’t been for the bashing the current economy is experiencing.
In 2010, 1.5 million people were members of Personal Pension Plans in the UK.
Today, a staggering 35 million people have a personal pension.
Parliament has recognised the gallantry of Soldiers since Napoleonic times and provided exemption from Inheritance Tax firstly for soldiers killed in the line of duty, but this has since been extended to cover all armed forces as well as for deaths resulting from health issues that were caused by the service they made to their country rather than actual ‘death in service’.
There has been an unexpected cost of moving home – the loss of a pension. Around £19.4 billion lays in ‘lost’ pension pots
According to Legal and General the ‘Bank of Mum and Dad’ lent their children £6 billion in the UK last year.
For any of you that either have made, or have considered making gifts to your family, you will be aware how important it is to document these gifts as records would be called upon in the event of your death, however, it is also really important to document any loans.
The coronavirus crisis has transformed the fiscal landscape in the UK. Britain was on course for a budget deficit of £55 billion in the next tax year, but now borrowing could be as much as £200 billion as the government pledges to support our work force.
As you all know we have been advised to stay at home and do our best to keep everyone safe.
We wish to provide the best service we can to our clients during these times, and I would like you to know how we have planned to continue working on your behalf, adapted, to the current situation.
In 2017 we first heard that the £215 flat probate fee for all estates over £5,000 was to be dramatically increased.
Initially this was going to be as high as £20,000 for estates worth over £2 million, a 9,200 percent increase. The proposed fees were then lowered, with tiered fees of between £250 and £5,000 depending upon the estates value.
Its been calculated by Aegon that if a 22 year old has the prescribed personal and employer contributions paid in to their workplace pension scheme from now until retirement, they will have £106,500 less in their pension pots than they need to live as they are accustomed to.
