Great article on BBC website, reminding us how important pension contributions are. Do you want to be enduring or enjoying retirement? The sooner you act, the better the prospects are likely to be. Dont leave it too late!
Here is a link to our Pensions calculator
Contact us to start planning for an enjoyable retirement
I am sure we all know someone who is currently, or has been in the past, affected by Cancer. Although the likelihood of developing cancer is now higher (presumably down to better detection rates amongst other things) the latest statistics also show that there is a dramatic increase in survival rates.
The lifetime risk of developing cancer is now around 1 in 2.5 (40.3% for men and 38.8% for women), according to Cancer Research, based on 2008 data. Although cancer is often a disease of older ages, incidence under age 65 is still 1 in 4 (25.7% for men and 24.4% for women).
Incidence is also expected to rise from 298,000 in 2007 to 432,000 by 2030, mainly because of our ageing population.
However, Macmillan Cancer Support reports that the median survival period for cancer sufferers is up almost sixfold in the past 40 years – from 13 months in 1971/2 to 69 months in 2007.
In other words, most people diagnosed with cancer will now survive for more than five years and more people are living with cancer than dying of it.
Whilst there is no cure for cancer, there are certainly ways of ensuring that at a time when you least need to worry about finances. You can have the peace of mind knowing that a lump sum and/or a regular income are available to you through a Critical Illness policy or Income Protection Plan, or indeed the cost of care and trestment could be funded through a Private Medical Insurance plan.
With these increased survival rates, having the necesary cover in place is now more relevant than ever. Please contact us and we can explain the options in more detail
You will have seen the recent furore over Public sector pensions and the proposed ‘reforms’. The reality is, that even after the changes and even with some people having to contribute more, that these Final Salary pensions are still very much at the gold plated end of the spectrum.
Yes, some people will have to pay a bit more, but that is because life expectancy is continuing to increase and so more money is needed to fund the increased longevity. The reality for everyone else, not fortunate enough to be an active member of a Final Salary pension scheme, is that we have to fund this additional cost ourselves.
What this debate should remind people who are funding their own retriement provision, or are thinking of doing so, is the need to continually review the level of funding, the fund selection, your anticipated retirement age, your expected lump sum and pension options, and the type of pension contract that you currently have, to name but a few. In short, you need ongoing advice.
So if you have an existing pension or are thinking about starting a pension, then make one of your New Year resolutions to get some professional advice
The National Employment Savings Trust, or NEST as it is known, is the latest version of what is going to be introduced by the Government over the coming years (phasing in depending on the size of the company) as a way of encouraging employees to contribute towards a retirement scheme.
What is clear, is that advice is required for both employer and employee, and that is where we can help. There are very good reasons as an employer why you should be talking to us in 2012 about this (last opportunity to have the cost of advice factored into the contract), so please contact us for further information and advice.
Click here for Employers guide
Click here for Employees guide
Following on from the recent statement by the Chancellor, our summary of the changes can be found by following this link to our website
Work and pensions secretary Iain Duncan Smith has confirmed the state pension age will increase to 67 earlier than planned.
The retirement age was due to rise to 67 in 2036 and to 68 by 2046 but Duncan Smith (pictured) said the timescale, set out by the previous government, was ‘too slow’. Sources told The Observer the state pension age is likely to hit 67 in 2026.
‘People are living longer but they’re still retiring at the same age, so the purpose now is too look at that, and we’re reviewing that to see what might be reasonable, but always giving them good warning about what happens.’
Despite plans to speed up the increase in the retirement age, women may be given longer to prepare for the increase in their pension age to 65, due to happen in 2018, and another rise in 2020 to 66. Many, including independent pensions expert Ros Altmann, have argued the quick increase in women’s pension age to 66 is unfair.
She said: ‘Bringing forward the increase to 67 by 2026 will however allow the government to undo its terribly unfair plans that were hastily announced in the Pensions Bill. Having promised in the coalition agreement that it would not increase state pension age beyond age 65 before 2020, it went back on that promise and announced increases for some women in their late fifties and they have not had enough time to prepare.
Source: New Model Adviser 12th September
It is hard to believe how volatile the markets have been this year, and so far there seems no sign of that fading. The majority of the uncertainty relates to the Greek, and wider Eurozone debt problems.
This graph of the FTSE 100 over the last month visually demonstrates the volatility;
High inflation means ISA limits will increase to £11,280 from next April, the Treasury has announced.
The Office for National Statistics today published inflation figures for 2011, measured from September, with the consumer prices index (CPI) hitting a record 5.2%. This means the inflation linked ISA limit will rise from £10,680 to £11,280.
Junior ISAs will be available from 01 November 2011 with a limit of £3,600 for each eligible child.
This is good news for savers and Investors, and now means that a couple can shelter £22,560 between them every year into ISA’s from 6th April 2012 onwards. This really is a useful strategy and very complementory to Pension savings. Remember that all future income from an ISA is tax free and so can prove to be a highly welcome and tax-efficient source of income in retirement.
Here at Pembroke we run an Income portfolio on our Wealth Management service. Speak to us if you would like more information.
Today sees the launch of the new Childrens ISA which enables parents, grandparents et al to help young savers to build a decent Tax free ‘pot’ that they can get their grubby hands on from the age of 18.
For further information, click here and you will be 
taken to the Jump Savings website which has further details.
Please speak to us if you have any questions at all about this.
Although the latest Consumer Prices Index (C.P.I.) figure has fallen to 5%, what this means for you as a saver or someone seeking Income, is quite a stark reality. In order to achieve a ‘real’ return (in other words a retrun that is above inflation as measured by CPI) this is what your deposit or investment has to yield on an annual basis;
Basic rate tax payer = 6.25%
High rate tax payer = 8.33%
Extra high rate tax payer = 10%
On the basis that the ‘best’ one year deposits are currently offering just over 3% as a gross rate, it is fair to say that you need to look elsewhere for higher returns.
If you are worried about falling income from your savings, speak to us today
