Back

Pareto Matters May 2021

May 2021

by Jennifer Macafarlane

Creating a roadmap for your future financial success

Downoad PDF

Welcome to our May/June 2021 edition of Pareto Matters.

It’s always a good time to consider financial planning, but even more so at the start of a new tax year, when you have a fresh set of annual allowances to take advantage of. Tax rules and regulations continually change so it’s important to stay up-to-date. On page 06, we look at why now is the perfect opportunity to take advantage of these and align them with your goals.

The government has confirmed its plans to increase the minimum pension age at which benefits under registered pension schemes can generally be accessed, without a tax penalty. This will rise from age 55 to age 57 from 6 April 2028. On page 03 we explain why this announcement may have an impact on the timing for taking your pension benefits.

The next generation. You might be considering how you can help your grandchildren when it matters most. On page 09, find out how sharing your wealth during your lifetime can make a big difference. This may be by helping younger generations who are dealing with rising house prices and university fees.

If you’ve been diligently saving into a pension throughout your working life, you should be entitled to feel confident about your retirement. But, unfortunately, the best savers sometimes find themselves breaching their pension lifetime allowance. This leads to additional tax that erodes savings. Turn to page 12 to find out more.

 


The content in this publication is for your general information and use only and is not intended to address your particular requirements. Articles should not be relied upon in their entirety and shall not be deemed to be, or constitute, advice. Although endeavours have been made to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No individual or company should act upon such information without receiving appropriate professional advice after a thorough examination of their particular situation. We cannot accept responsibility for any loss as a result of acts or omissions taken in respect of any articles. Thresholds, percentage rates and tax legislation may change in subsequent Finance Acts. Levels and bases of, and reliefs from, taxation are subject to change and their value depends on the individual circumstances of the investor. The value of your investments can go down as well as up and you may get back less than you invested. Past performance is not a reliable indicator of future results.
Back