July – August 2016 Magazine

Inside this Issue

Welcome to our latest issue. At the time of going to print, the outcome of the EU Referendum – to decide whether Britain should leave or remain in the European Union – had not been announced so we’re unable to offer our commentary in this issue, but we’ll assess the outcome and the impact on your financial plans in the next issue.

‘Will I be able to afford the retirement lifestyle I want?’ is a question that many people ask but struggle to figure out. We consider the ways to assess your likely income in retirement and how much you need to put away now to enjoy the kind of lifestyle you want in later life. Funding a comfortable retirement will be the biggest financial priority for many people, yet some people spend more time planning their holiday than their own retirement – perhaps because planning for retirement seems too complicated to think about?

If you’ve accumulated numerous workplace pensions over the years from different employers, it can be difficult to keep track of how they are performing. The process of bringing all your pensions together is called ‘consolidation’. It is often referred to as a transfer. If you have more than one pension pot, you might want to consider consolidating all of your pots into one for simplicity. You may also benefit from lower charges by doing this.

Deciding what to do with your pension savings is an important step we will all have to take. Following changes introduced in April 2015, we look at how you now have more choice and flexibility than ever before over how and when you can take money from your pension pot. These changes give you freedom over how you can use your pension pot(s) if you’re 55 or over and have a pension based on how much has been paid into your pot (a defined contribution scheme).

• LACK OF PREPARATION FOR THE UNEXPECTED
  A quarter of us could only afford to pay household bills for a maximum of three months
• ADVENT OF CROWDFUNDING
  Innovation in both finance and technology
• MANAGING YOUR RETIREMENT SAVINGS
  Consolidating your separate pensions into one single pension wrapper
• WHY NOW IS THE TIME TO REVIEW YOUR PENSION
  Taking an active interest in your retirement savings

INFORMATION IS BASED ON OUR CURRENT UNDERSTANDING OF TAXATION LEGISLATION AND REGULATIONS. ANY LEVELS AND BASES OF, AND RELIEFS FROM, TAXATION ARE SUBJECT TO CHANGE.*

THE VALUE OF INVESTMENTS AND INCOME FROM THEM MAY GO DOWN. YOU MAY NOT GET BACK THE ORIGINAL AMOUNT INVESTED.*

PAST PERFORMANCE IS NOT A RELIABLE INDICATOR OF FUTURE PERFORMANCE.

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