Posted by: dweitz May 14th, 2015
As the days are staying lighter for longer and the weather begins to warm up, we are also experiencing some major changes on the financial landscape post-Budget 2015: the start of a new financial year, ‘pensions freedom day’ and a General Election.
We now have the surprise results of the election where the British public have voted convincingly for the Conservatives to be given the mandate to continue their strategy for recovery. I’m sure most of you will feel some sympathy for the Liberal Democrats who rose to the occasion to provide stability in 2010 and who have been roundly punished for this. Most people will also be relieved that we do not have to go through weeks of bargaining to generate a viable government.
When the euphoria settles the momentous task facing the Conservatives will come to the fore. We have the EU referendum to contend with which will bring its own instability for business. Let’s hope that the British people rise to the occasion again and provide the result that we need.
We have added the latest edition of our magazine to the resources tab of the Ashlea website. A summary of its contents is provided below.
Most people now have more options when it comes to their retirement choices. But generally they’ll still want their pension income to last their lifetime – so careful planning is a must. Since 6 April, when Britain’s pension system underwent a seismic change (known as ‘pensions freedom day’), we’ve been asked many different questions by our clients about the breadth of the reforms and how they may affect them. On page 04, we provide answers to our top ten most frequently asked questions.
In his final Budget speech to parliament on 18 March, the Chancellor of the Exchequer, George Osborne, announced that Britain was ‘walking tall again’ after five years of austerity. We’ve provided our summary of the ten key announcements that could impact on your personal financial plans, both positively and negatively. Turn to page 10 to find out more.
Now that we’ve entered a new tax year, if you are already planning how you are going to fully utilise your current Individual Savings Account (ISA) tax-efficient allowance, it's not just about picking investments wisely – it's also important to make sure you hold them in the most suitable place. On page 06, we look at the top ten highest performing sectors over the previous decade.
In a survey by the National Association of Pension Funds (NAPF) of people aged 55-70 with private pensions, 47% who had a private pension were worried people would be mis-sold unsuitable products due to the new pension rules, 44% felt people might make bad financial decisions and two thirds (36%) were worried about pension scams. Read the full article on page 07.