Divorcees may need to take action to protect benefits following pension reforms

An unintended consequence of the pension reforms is that any divorcee with a pension earmarking order may need to act fast to protect their benefits. Any earmarking order that provides the ex-spouse with a fixed percentage of the pension income in retirement should be checked to ensure benefits are protected now that the member no longer needs to take their pension as an income and can instead take all the cash out as a lump sum.

UK PLCs most widely held by investment companies

Which UK companies have investment company managers been favouring? With the UK in the spotlight, the Association of Investment Companies (AIC) has published details of which UK companies are held by the highest number of investment companies in their top holdings.

More than one in ten would use parents’ pension on mortgage deposit

More than one in ten (12%) 20-35 year olds are prepared to ask their parents to access pension savings to help pay for a mortgage deposit, research from Old Mutual Wealth[1] shows. But only half as many over 55s are willing to use their pension to help children or grandchildren buy a home.

UK parents spend £28 billion on nation’s under-fives each year

UK parents spend around £35,000 on their children by the time they reach their fifth birthday, according to research released by Aviva. This adds up to a total of more than £28 billion[1] spent on the nation’s 4 million under-fives each year.

Two-thirds of people aged 55 and over believe financial advice should be compulsory at retirement

Two-thirds (65%) of people aged 55 and over who are not yet retired believe that it should be compulsory to receive financial advice at retirement according to findings from Retirement Advantage.

It’s never been more important to plan whom you’d like to inherit them

Your pension is your life savings you’ve built up to give you the retirement you want. Since new pension rules came into effect from 6 April this year, pensions have become more flexible – including a cut in tax when a pension is passed on.

How to give them a financial head start in life as they grow up in the modern world

Anyone with children knows there will be lots of demands on the household finances, but when it comes to long-term saving, perhaps for university or a first home, even a small sum can give your child a financial head start in life over a long period of time. With this in mind, the Association of Investment Companies (AIC) has taken a look at long-term investment company performance, and what to consider when investing for children.

Over-50s retrain for later life retirement funding

Nearly two thirds of over-50s workers would consider retraining so they could work longer in retirement, research from MetLife[1] shows.

Inside the minds of savers and investors

Now in its third edition, the latest BlackRock Investor Pulse survey takes an in-depth look at Britons’ attitude to money and provides a fascinating insight into the minds of savers and investors.

Planning your finances in advance should help you ensure that when you die, everything you own goes where you want it to. Making a Will is the first step in ensuring that your estate is shared out exactly as you want it to be.

If there’s no valid Will

When you die, your estate has to be distributed one way or another. If you have a Will, your executors have to gain a Grant of Probate in England and Wales or Northern Ireland (a Grant of Confirmation in Scotland). If there’s no valid Will, or the named executors in the Will are unwilling or unable to carry out their duties, a Grant of Letters of Administration is needed. This is known as ‘dying intestate’.

Helping you control and protect your assets

One of the most effective ways you can manage your estate planning is through setting up a trust. The structures into which you can transfer your assets can have lasting consequences for you and your family, so it is important that you obtain professional advice, as the right structures can protect assets and give your family lasting benefits.

Different trust solutions to managing your wealth

We can advise you on a range of different trust solutions, each designed with a particular purpose in mind. Some types of trust are treated differently for Inheritance Tax purposes.

Funding a potential Inheritance Tax liability

After taking the appropriate steps to put in place an Inheritance Tax planning strategy, if there is still the potential likelihood of a liability on your estate, or if you have made gifts which have created a potential liability for the recipients if you die within seven years, we can help you review how you could fund this liability in the most efficient way.

Start planning today to spare your family from a potential Inheritance Tax bill tomorrow

1. The main ways to avoid Inheritance Tax are to spend your money while you are alive or give it away.