What is Drawdown?

The Pension Planner At retirement, Auto enrolment, Front page posts, News & Views, Saving for retirement, Tax & Estate planning

What exactly is a Drawdown Pension Drawdown is a method of attaining greater flexibility using pension capital. When you move your cash into drawdown, you are permitted to take 25% as a lump sum payment, and that is free from tax. The remainder carries on being an investment, with taxable income capable of being drawn directly from your pension any time you choose. The tax-free lump sum payment has to be taken at the beginning, but because you don’t need to move your entire pension immediately, numerous lump sums could possibly be taken. An additional attractive function of drawdown is …

The Pension PlannerWhat is Drawdown?

Brexit and my Property Investments

The Pension Planner At retirement, Front page posts, Inflation, Investment planning, Saving for retirement, Tax & Estate planning

Property Post Brexit Many believed ahead of the EU referendum a vote to exit could have an adverse impact on property markets. Given that Brexit is about to turn into a reality, it has transferred into fear amongst many who have an interest in property, and that might make the forecasted negativity a self-fulfilling prophecy. But is Brexit actually a reason to be concerned should you have money in property, or is there really little to be worried about? Reports in the news report that people who sold property prior to the referendum result are pleased they did, as they’ve …

The Pension PlannerBrexit and my Property Investments

Husband and wife.. Financial Face Off!

The Pension Planner At retirement, Auto enrolment, Front page posts, Investment planning, News & Views, Saving for retirement, Tax & Estate planning

Work out your financial plan together A report from worldwide research company LIMRA, that compared the financial processes of both males and females, found there are key differences between the two both in their strategies of financial planning as well as in their decision-making process.   In relation to sharing personal financial choices, over sixty-six per cent of the female participants stated they shared responsibility to arrive at a conclusion with their husband or wife, when compared with just 46% of males. However, only 3 in 10 women were the principle financial decision-maker in homes valued over $1 million US …

The Pension PlannerHusband and wife.. Financial Face Off!

The Importance of a Will

The Pension Planner At retirement, Front page posts, Investment planning, Saving for retirement, Tax & Estate planning

Wills are important Even though putting a will in place is generally known as the best way to leave details regarding your inheritance, the number of individuals who don’t have one is astonishingly high. Charity based will-writing scheme, Will Aid, found that 53% of individuals in the United Kingdom don’t possess a will. The reason why are varied: some view creating a will as something to complete once they grow older, others simply don’t realise why possessing a will is really essential.   Even though you may have discussed with your loved ones the way you would like your assets …

The Pension PlannerThe Importance of a Will

Understanding your partners Finances

The Pension Planner At retirement, Front page posts, Investment planning, News & Views, Saving for retirement, Tax & Estate planning

Research conducted recently by Experian of more than one thousand US couples has shown that the vast majority of spouses did not have any real understanding of their other half’s financial situation until they were married. Nearly one third confessed to being surprised by the things they learned once they saw their partner’s bank.   36% of participants said they understood nothing regarding how their partner spent their cash, one out of three were not aware of the balance of a partners remaining student loan, and one out of four did not know their partner’s salary. These figures become all …

The Pension PlannerUnderstanding your partners Finances

Buy to Let in 2016

The Pension Planner Front page posts, Inflation, Investment planning, News & Views, Saving for retirement, Tax & Estate planning

Can “Buy to Let” still make a return worth having? The buy-to-let marketplace seen considerable changes in 2016, possibly the most significant is the rise in stamp duty on any property you possess apart from your main home. What this implies for anyone contemplating investing their cash in buy to let property is that it might not provide the same type of solid investment that property has typically been. The rise in stamp duty will mean that any buy-to-let property currently gets a 3% surcharge; a substantial increment from the prior rate. E.g.., within the previous system, had you been …

The Pension PlannerBuy to Let in 2016

Offshore Accounts, what are they?

The Pension Planner Front page posts, Inflation, Investment planning, News & Views, Tax & Estate planning

Offshore Accounts The Panama Papers which were leaked through offshore lawyers Mossack Fonseca has forced offshore funds back in to public attention. But yet, whilst the media tracks those that are identified to be profiting by such funds, there’s been little discussion of exactly what an offshore fund really is. True to its name, an offshore fund is an investment fund which is structured within offshore locations such as the Caymans, Jersey as well as British Virgin Islands. Whilst these funds, and offshore companies, have been put in place for a series of purposes, its key target is of course make …

The Pension PlannerOffshore Accounts, what are they?

George provides a few surprises.

The Pension Planner At retirement, Auto enrolment, Front page posts, Investment planning, News & Views, Saving for retirement, Tax & Estate planning

Say whatever you like about our Chancellor – he’s pretty good at providing a few surprises. We had all been ready to see big changes in pension tax relief, and perhaps the creation of a brand new ‘pension ISA’ . Then, suddenly, that was cancelled and now we were told to no longer expect anything like that. And so the big release ended up… Well… a ‘Pension ISA’? Well, it’s not a pension ISA it’s a Lifetime ISA, however the principle is in fact the same. Pensions as we all know them are currently safe, however a new type of …

The Pension PlannerGeorge provides a few surprises.

Seven suggestions made to the government during the consultation on pension taxation

The Pension Planner At retirement, Auto enrolment, Front page posts, Investment planning, News & Views, Saving for retirement, Tax & Estate planning

The Government has now finished consultation considering how pension taxation could possibly work going forward.  George Osborne, says he expects to disclose the findings as well as the direction he is intending to take in the March Budget. But could there be a way to have an advance glance at the situation? What’s the Chancellor thoughts and just what might his final decision be in? Whilst there aren’t any certainties regarding this, Scottish Widows has highlighted several key ingredients it feels may make the system a success. These ideas could possibly make it into the consultation, so it’s this type …

The Pension PlannerSeven suggestions made to the government during the consultation on pension taxation

Dividend Tax Changes

The Pension Planner Front page posts, Investment planning, News & Views, Tax & Estate planning

The Treasury disclosed in July how the dividend tax credit will be substituted with a tax-free allowance of 5k of dividend income for every taxpayer, this comes into force from April next year. The Chancellor said the move will “simplify dividend taxation”. But could this be the beginning of increased taxation of dividends?  Smaller companies will most likely have to review the way they remunerate directors, but will the necessity for these reviews rise in years to come? Baker Tilley examined any possible future changes and stated that there may be ‘uncomfortable knock-on effects – particularly for high-earners’ as result …

The Pension PlannerDividend Tax Changes