22
Aug
2019
0

3 tips to get the best Final Salary pension advice

Figures reported in the FT show that whilst the value of pensions transferred reduced last year, it still amounted to a whopping £33 billion. It’s also widely predicted that most of those transfers were out of Final Salary (also known as Defined Benefit) schemes. But, towards the end of 2018 the FCA found that only 49% of advice given to transfer out of a Final Salary pension was suitable. If you have a Final Salary pension, you too might be tempted to accept a seemingly generous cash-equivalent transfer value. However, forfeiting a lifetime of guaranteed retirement income is, in the words of Megan Butler, Executive Director at the FCA; “one of the most complex financial decisions a consumer may have...
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8
Aug
2019
0

Who wants to be an ISA millionaire?!

Do you remember the former Army Major Charles Ingram on ‘Who wants to be a millionaire’? He correctly answered the million-pound question, but instead won a 20-month suspended prison sentence and a bill for thousands in legal fees! There could, however, be an easier way to make a million… No ‘lifelines’ necessary, no coughing accomplice in the audience – you could be an ISA millionaire. First, a quick reminder of the basics. An ISA (Individual Savings Account) is a tax-free savings wrapper, free of Capital Gains Tax on growth and Income Tax on withdrawals. ISAs have been around for 20 years now, first introduced with an annual contribution limit of £7,000. But that cap has generously increased over the past...
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19
Jul
2019
0

Six reasons why you don’t want a financial planner

1. I don’t need advice, yet You might think you’re too young to speak with a financial planner. But, you really shouldn’t put it off. No matter the current value of your savings, getting some advice and help as early as possible can make a big difference to future financial security, all thanks to the impact of compound growth. For example, if you are saving just £100 per month towards retirement with an assumed average growth rate of 5% p.a. then; 10 years saving gives a final balance of £15,593 which is a 30% total growth 20 years and the final balance is £41,275 giving an impressive 72% growth Saving over 40 years the final balance is £153,238 which is...
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21
Jun
2019
0

Beer, Brexit and the silent wealth killer

Don’t worry, this isn’t a Brexit heavy post, but it is relevant. You’ll see why shortly. The silent wealth killer? Well, that’s the unseen force in wealth building; inflation. It’s silent as rates usually evolve so slowly, banks don’t warn you about it and neither does the regulator, the Financial Conduct Authority (FCA). Unlike the immediate effect and visibility of market gains, investment risk and taxation, the current rate of inflation attracts very little attention in the UK. But, it can have a significant and direct impact on your future financial security. Figures from the Office for National Statistics (ONS) show that the rate of inflation for May 2019is 1.9% (the Government’s target), meaning prices are 1.9% higher than a...
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31
May
2019
0

Should I invest in property or a pension?

It’s a question financial planners hear regularly, often after someone inherits money or gets a windfall. The thing is, the question isn’t always directed our way. It could be a casual conversation between friends in a coffee shop. But, it’s a big question, and despite property being a go-to option for previous generations, the consideration really requires some professional advice. We Brits have been obsessed with owning bricks and mortar for decades. But, pension options and flexibility have come a long way recently. For a number of reasons, which we’ll outline shortly, the tide is also changing for some Buy to Let investors. But first, let’s discuss one of the nation’s favourite subjects… House prices Across the UK price increases...
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25
Apr
2019
0

24 hours in A&E and an epiphany

We can all get complacent over our health, whether we consider ourselves to be in good shape or otherwise. Having worked as a personal trainer, completed numerous triathlons, regularly open water swim and cycle, not to mention scurrying around after a 3-year-old toddler! – I consider myself to be in pretty good shape. But, every now and then, we’re brutally reminded that we are not invincible! A few weeks ago, I grazed my left elbow, which alone is hardly blog worthy. But, a week and a half later it had become swollen, painful and I began to feel very unwell. After visiting the GP, I quickly found myself being taken to hospital. My arm was potentially septic and by the...
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