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Pension and Retirement Planning

In this current climate of high inflation, low interest rates and volatile market conditions, it is more important now than ever to make sure we are making the most of our hard earned cash. There are things we can all do to ensure our pension savings are working as hard as possible for us, and that we take advantage of the tax breaks available.

In this month’s blog we look at pensions and retirement planning and taking you through the steps of ensuring your goals and plans for the later years are given the best chance possible of being achieved.

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Socially Responsible Investment

The world of investment is changing, especially where it is no longer possible to ignore statements from our own UK Government making it clear that change is happening.

The Climate Change Act 2008 committed the UK to an 80% reduction in carbon emissions relative to the levels in 1990, to be achieved by 2050. In June 2019, secondary legislation was passed that extended that target to “at least 100%”.

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Pension Freedoms

April 2015 saw the introduction of pension freedoms. So, what does this actually mean for people who are looking to access their pension pot?

Prior to April 2015 the options available for the majority of people were very limited and in most cases an annuity would be the only option, offering a lack of flexibility and a poor deal especially with interest rates being at rock bottom.

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ISAs – 21 years on

This April, ISAs celebrate their 21st birthday. So, I thought it would be a good idea to remind you how good an investment vehicle they can be, just before the end of this tax year.

Statistics suggest ISAs have become a huge hit with savers. The value of adult ISAs stand at over £600 billion, shared between around 22 million account holders. They have also proved popular with successive Chancellors as a means of encouraging the saving habit with the annual subscription limit having almost trebled since launch.

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What risk are you taking with your money?

With so much uncertainty out there, people are quite rightly thinking about every decision made. Sometimes even holding back on non-essential expenditure in order to keep savings or build on savings just in case.

These decisions are all based on you weighing up the pros of buying that TV vs the risk that you may need the money soon. This simple decision has lots of moving parts to it and is affected by your past decisions and experiences, as well as other considerations. You are assessing risk.

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