Smart Money July/August

Welcome to our July/August edition of Smart Money.

When planning for retirement, it’s important to keep in mind that pension savings can be a critical part of your financial strategy and are essential for ensuring a comfortable retirement. Many people find pension rules confusing, but on page 03 of this Smart Money, we’ll look at what recent changes to these rules could mean for you.

On page 05, we explore a recent analysis of FCA figures. Since 2015, individuals aged 55 and over with defined contribution (DC) pension pots have had the freedom to decide how to manage their pensions. It is no longer compulsory for them to purchase an annuity (a guaranteed income for life). We look at how people have used this new freedom and the tax implications that have arisen as a result.

Nobody wants to consider what would happen if they became too ill to support their family. Financial protection could be essential to creating a secure future for your loved ones, but understanding what cover you may need can be confusing. Find out more on page 08 about the types of financial protection available and the financial impact these could have on you and your family.

On page 11, we look at ways to potentially reduce a Capital Gains Tax (CGT) liability, from using your annual exemption to saving in an Individual Savings Account (ISA). Cuts to the CGT exemption mean that arranging your investments as tax-efficiently as possible is more important than ever.

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Foster Denovo Private Wealth is a trading name of Foster Denovo Limited, which is authorised and regulated by the Financial Conduct Authority.

A pension is a long-term investment not normally accessible until age 55 (57 from April 2028 unless the plan has a protected pension age).

The value of your investments (and any income from them) can go down as well as up, which would have an impact on the level of pension benefits available.

Your pension income could also be affected by the interest rates at the time you take your benefits.

The Financial Conduct Authority doesn’t regulate trust planning and most forms of inheritance tax (IHT) planning.

Some IHT planning solutions put your money at risk, and you may get back less than you invested. IHT thresholds depend on individual circumstances and the law. tax and IHT rules may change in the future.

The tax treatment is dependent on individual circumstances and may be subject to change in future.