Pareto Matters May 2021
Creating a roadmap for your future financial success
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.