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Time to kickstart your retirement plans?

How to get your retirement plans in motion

Retirement signifies a well-deserved achievement, a significant turning point in life. It should be a period of anticipation and joy, an opportunity to indulge in activities that bring happiness and contentment. Currently, retirement is marked by increased flexibility in accessing your pension savings. While this offers many choices, it also gives rise to numerous queries.

National Insurance Contributions (NICs)

Significant reforms and rates cut for millions of workers

National Insurance is a cornerstone of the welfare and benefits system. As a citizen, your contributions will likely play a significant role in funding state provisions such as pensions, maternity leave, and bereavement support. If you’re over 16, under the state pension age, and either employed or self-employed, chances are you’re making National Insurance Contributions (NICs).

Changes to the State Pension

‘Triple Lock’ to increase by 8.5% from 6 April 2024

The State Pension is set to increase commencing on 6 April 2024 due to a mechanism known as the ‘Triple Lock’. Chancellor Jeremy Hunt has announced an increase of 8.5%, which pensioners will welcome.

Time to SIPP into financial freedom?

‘I want to take charge of my retirement savings’

A Self-Invested Personal Pension (SIPP) is more than just a pension. It’s a gateway to financial freedom, offering you an unparalleled level of control. With a SIPP, you are at the helm of your investment decisions, determining how your money is invested and your pension pot grows. Whether you make regular contributions or occasional lump-sum deposits, even a modest start can significantly impact your retirement nest egg.

Tax-saving measures

What actions to review before the 2023/24 year-end?

Have you recently evaluated your personal tax situation? Is your tax structure optimised for efficiency? As we approach the end of the tax year on April 5, 2024, it presents an ideal opportunity to assess and leverage the various allowances and reliefs available to enhance your tax profile. Allocating time for this review can provide valuable insight into potential opportunities for you and your family.

Balancing profit and planet

Striving to use impact to boost investment returns

ESG (Environmental, Social, and Governance) investing, a socially responsible investing approach, seeks to harmonise financial returns with a company’s environmental impact, stakeholder relationships, and global footprint. Our planet faces numerous challenges, from climate change to a rapidly growing and ageing population.

A tax-efficient, flexible method for future planning

Time is running out to use your 2023/24 ISA allowance

Investing in an Individual Savings Account (ISA) is a tax-efficient, flexible method for future planning. One of the most attractive features of an ISA is its tax benefits – it’s immune to both Income Tax and Capital Gains Tax on any growth within the fund or on income you withdraw. This makes contributing to an ISA an intelligent decision for those looking to grow their wealth while minimising tax liabilities.

Succession planning, a family affair

A delicate process that requires clear communication and effective planning

Transferring wealth within a family is a delicate process that requires clear communication and effective planning. Otherwise, it could lead to a potentially large tax bill and bad feelings in the family.

Financial road map for 2024

How to devise a robust plan for wealth accumulation and protection

Understanding your financial situation is crucial to achieving both short-term and
long-term objectives. With a detailed insight into your finances, you can maximise your assets and devise a robust plan for wealth accumulation and protection.

Securing retirement

The art of de-risking

For many individuals, their pension investments are allocated to funds. These could be funds selected by their pension provider or ones they’ve chosen independently. Traditionally, retirement planning has centred around investing in shares-based funds during one’s younger years. As retirement approaches, the strategy typically shifts to de-risking the portfolio, diversifying into bonds, cash, and shares.