Research conducted by Saga has confirmed that one in seven UK retirees accessed their pension pots without advice, which represents more than £3.2 billion having been drawn as a lump sum from pensions. Retirees have accessed approximately £23.6 billion in total since the pension freedom rules were introduced in April 2015.
What to do with the spare change in your pocket?
Savers over-taxed since Pension freedoms
Social Media Users fall Victim to Investment Fraud
One Social Media Platform in particular is being warned of investment scams being promoted on their sites with victims losing a total of £3 million since October 2018. Action Fraud issued the warning, after receiving 356 reports of fraud targeting Instagram Users, reporting the average loss to be £8,900.
Planning for your Future
Later life planning, have you planned for it?
As we gradually age, become more wiser and enjoy a well earned rest from working, our attention turns to later life and how to ensure we receive appropriate support and care should it be required. According to Alzheimer’s Research UK’s 2015 analysis report 1 in 3 people born in the UK from 2015 will develop dementia, which is a worrying statistic.
Have You Made The Most Of Your Tax Allowances?
The tax year end is fast approaching and you only have until 5 April to make the most of your allowances in the current year before they are lost. If you have not yet considered investing in an ISA, maximising Pension contributions or made use of your Personal Allowance and Capital Gains Tax Allowance, now is the time to do so before it is too late.
Planning for Early Retirement
The Rise in Equity Release
Our Weekly Column
Figures released by the Equity Release Council (which represents 95% of the equity release market) show that older homeowners unlocked £3.94 billion of property wealth in 2018 up 29% year on year. The market saw 46,000 new customers in 2018, an increase of 25% on 2017. The number of returning pension drawdown customers was also up 27% in 2018.
Don’t let a scammer enjoy your retirement
Our Weekly Column
Sadly, we still live in a world where there are people who do take advantage of the vulnerable for their own financial gain. Our financial regulator the Financial Conduct Authority (FCA) who monitor ourselves and over 58,000 financial services firms and financial markets in the UK, confirm that they have seen a five-fold rise in the number of people seeking advice about pension scams, since the launch of their recent collaboration with the Pensions Regulator. Victims of pensions scams according to the Financial Reporter have lost an average of £91,000 each to fraudsters.