The Chancellor of the Exchequer, Jeremy Hunt, unveiled his 2023 Autumn Statement on Wednesday 22 November, alongside an updated economic forecast from the Office for Budget Responsibility. 

The Statement was centred around ‘growth’, with Mr Hunt leveraging increased tax receipts from a stronger-than-anticipated economy to fund 110 growth-promoting initiatives. Mr Hunt said the government had taken difficult decisions to put the economy back on track and halve inflation, but ‘the work is not done’. He said his priorities are to avoid big government spending and high taxes and instead cut taxes and ‘reward hard work’.

Among the highlights were significant changes aimed at enhancing earnings. Mr Hunt's drive to 'make work pay' materialised through reductions to National Insurance for both employees and the self-employed, coupled with an uplift in the National Living Wage.

Additionally, Mr Hunt announced the permanent establishment of the 'full expensing' capital allowance, reforms to the R&D tax credit and increased business rates support for smaller enterprises. These measures are expected to bolster innovation and provide much-needed relief for small businesses.

Welcome to our latest November/December 2023 edition. 

Articles featured in this issue:

Taxing times for 2023 

A year marked by several tax changes that impacted higher rate taxpayers

Strategies to minimise retirement tax

Many pensioners may face a lurking tax risk as the State Pension grows

Decoding auto-enrolment

Good news on the horizon for future retirees

A crucial decade: financial planning in your 50s

Maximising your earnings or laying down a robust financial plan

Journey to monetary autonomy

Optimising your finances and formulating an all-encompassing wealth plan for the future

‘Time in the market’, not ‘timing the market’

The allure of quick profits and instant gratification

Weathering the inflation storm

Is it time to diversify your portfolio?

High costs of private education

The significant decision of choosing a private school for children

Aspiring towards retirement

Why many people experience a mixed bag of emotions on the subject

A timely proposition

Considering gilts for your investment portfolio?

The Family Bank

Planning to aid the next generation

Mind the retirement gap

Crisis looming over today's youth

Financial planning

A personal journey tailored to your unique financial situation and aspirations

Positive impact on financial wellbeing

Improving your overall life satisfaction and happiness

Navigating multiple pensions

Simplifying financial management, lowering charges and increasing future funds

The reality of retirement

Are you sure your target retirement age aligns with your financial status?

Taking the first step

Introduction to investing for beginners

Inflation and your retirement income

Several strategies to lessen its impact on retirees

The gender divide

Reflecting on 75 years of State Pensions

Fixed-income investments

Providing significant value in a diversified investment portfolio

Immediate gains, long-term losses

The high price of halting pension contributions

Preserving wealth for future generations

Starting estate planning early and implementing it in stages is desirable

Will you make the right decisions around your pension pot?

Why defined contribution pensions are even more appealing for wealth transfer

Building a reliable income stream for your golden years

Make sure you maximise your retirement income through annuity shopping

Investment bonds

How bonds' structure and tax advantages can help you pass on wealth

Missing out on unclaimed money that could be in your pocket?

£1.3 billion pension tax relief unclaimed by pension savers over a five-year period

Saving for the next generation

Taking proactive steps in securing your child’s or grandchild’s financial future

Money and divorce

Untangling your finances and navigating the financial aspects of divorce

Pension drawdown

Greater flexibility in accessing your pension funds

Cost of care in later life

Choosing the best option for yourself or your loved ones

Retirement cash flow modelling

Assessing your current and projected wealth, income and expenses

Preparing the next generation to engage with their finances

How to help with money management and financial literacy 

Key traits for successful wealth-building

Developing an investment strategy tailored to your goals 

Macro trends impacting weddings in 2023

Main pressures are rising costs and unexpected expenses from suppliers

Retirement challenges faced by women

Nearly half of women aged 50-65 plan to continue working in some capacity after reaching the State Pension age

Do our later life dreams really become retirement reality? 

Taking the necessary steps towards a fulfilling retirement

Gap in knowledge and uptake of Power of Attorney

Protecting individuals and facilitating smoother decision-making processes

Millions may have to rethink their retirement plans

More than one in ten have mortgage debt in the final decade before they retire

How much will I need to live on in retirement?

Planning for your life after work to ensure a financially secure future

How to reduce the impact of inflation on retirement income

During periods of economic uncertainty, it's advisable to reassess your retirement plan

Professional financial advice – where’s the value?

Making more informed decisions about money leads to better financial health in the long run

How to find or trace a lost pension

Total value of lost pension pots £26.6 billion in 2022

Normal Minimum Pension Age update

Essential information for your retirement planning

10 reasons to get your tax return filed now

British workers overpay £8.2bn in tax due to wrong codes

Maximising your investments in your 50s

Time to evaluate whether you need to modify your objectives or saving strategies?

Responsible asset selection

Supporting responsible practices and contributing to a sustainable future

Getting retirement ready

Key steps to achieving a comfortable retirement

Tax relief matters

How to build a bigger pension pot

Building a diversified portfolio

What is it, and why is it important?

Are we entering an investment bond renaissance?

Exploring why they are an attractive option to mass-affluent investors

How to invest after retirement

Ensure your wealth is preserved for future generations

Protecting your children and securing their future

Our health, an invaluable asset, is often overlooked or taken for granted

Lump sum vs regular contributions!

Choosing the right pension payment strategy

Using your inheritance effectively

Making informed decisions about managing the funds wisely

The importance of understanding tax-free pension withdrawals

Many over-55s are unaware that they can access 25% of their pension pot tax-free

The Gender Pension Gap issue

73% of women make only minimum pension contributions, compared to 58% of men

Price of adulthood

Financial responsibilities increase significantly after 25

Saving for retirement

A decade-by-decade guide

Bonds vs equities

Where should income-seekers turn?

Should I delay my retirement?

Delaying retirement could boost your chances of a secure financial future

Investing mistakes to avoid

Errors can have long-lasting consequences, setting you back financially

Hidden impact of inflation on savings

A closer look at a financial understanding among Britons

Adjusting your investment portfolio with age

Is your asset allocation aligned with your risk tolerance?

Articles featured in this issue:

State Pension

How much has the 2023/24 State Pension increased by?

Early bird investors

Does the early bird get the ISA worm?

More people choosing semi-retirement for a variety of reasons

Two in five over-55s plan to gradually phase out working life before State Pension age

Pensions of significant value

Welcome but unexpected changes to pension tax

Giving while living

What will your legacy look like?

Spring Budget 2023

How the changes affect pensions and taxes

Professional financial advice matters

Making informed decisions about how best to allocate your resources

I have a Will, so why do I need a Lasting Power of Attorney?

Making decisions in relation to your financial affairs, health and welfare

Financial wellbeing

More than 24.5 million people are financially disengaged

Securing an income stream for the rest of your life

Deciding what to do with your pension fund can be a complex decision

Relying on an inheritance for future financial security

50% of British adults admit to having checked the value of their parents’ property

Retirement matters

Will you have enough funds to cover your desired lifestyle after you stop working?

Principles of growing your money

Investing could help you beat inflation and build a nest egg for the future

Want to help give the younger generation a boost?

One in 12 grandparents use property wealth to support grandchildren

Passing on assets tax-efficiently

How to ensure that your wealth is preserved for future generations

Mind the State Pension gap

Knowing how much you’ll receive is vital for planning your future finances

Combining drawdown with an annuity

Enjoying a comfortable and sustainable retirement income that gives you the best of both worlds

Think of life insurance like a safety net

Make sure your dependents would have the money they’d need if you were no longer around

Gender pension gap

Gap in pension benefits between men and women widens

Building up more tax-free money in your pension

Changes present significant opportunities for various individuals

Time to give annuities another chance?

Nearly one million pre-retirees considering annuities

The Chancellor said the OBR now forecasts the UK will not enter a technical recession this year. But despite narrowly avoiding recession, living standards are still predicted to fall by 6% within this fiscal year and the next. 

Key budget announcements included the abolishing of the Lifetime Allowance on tax-free pension contributions, which was previously set at £1,073,100. The tax-free annual pension allowance for pension pots will also rise from £40,000 to £60,000 from 6 April 2023.

Working parents in England are to receive 30 hours of free childcare per week, though this won't be fully implemented until 2025. It will be phased in for households where the parent or parents work: April 2024: Eligible two-year-olds will get 15 hours of free childcare per week; September 2024: Eligible children between nine months and two years will get 15 hours; and September 2025: Eligible children between nine months and three years will get 30 hours.

Fuel duty has been frozen again whilst help with energy bills will remain for an extra three months and disabled people can apply for up to 50,000 places on a new voluntary employment scheme funded by the government. The Chancellor also confirmed that Corporation Tax will rise from 19% to 25% in April.

What does the Spring Budget Statement 2023 mean for you, your family and business?

In our guide to the Spring Budget Statement 2023, we look at the key announcements from Jeremy Hunt's speech. If you require any further assistance or would like to discuss your situation, please contact us

Articles featured in this issue:

Goals don't just happen, you have to plan for them

How professional financial advice benefits both you and your family

Rising prices can wipe years off retirement pots

How to protect your pension income against inflationary pressures

Wealth succession

Making the right preparation for future generations

Show me the money

Britons not researching their investments because it’s ‘time consuming’ and ‘complicated’

Time to retire?

Planning your finances to be sustainable for the long term is key

Critical illness cover, your questions answered

Protecting against the financial impact that a serious illness can cause 

Retirement planning

Your wealth. Your legacy

Giving retirement a second thought?

Over a third of over-55s think they will work beyond their State Pension age

Financial security and freedom

Rising prices add almost 20% to ‘minimum’ cost of retirement

Thinking about divorcing?

Protecting your assets and preparing you for going forward on your own

Cost of living crisis

Almost one in three over-55s’ mortgage repayment plans derailed

Financial bliss!

Money and finances are a common source of disagreement and stress

Cost averaging your investments

Reducing the risk of investing in volatile markets

Insurance that works while you can’t

2.5 million Britons lose at least £23,126 a year due to long-term illness

Retirement planning for every life stage

Alleviate any fear and uncertainty you might have about your financial future

Overwhelmed by your pension? 

Almost half of UK consumers find pensions information daunting 

Protecting income

7% of self-employed workers would choose to carry on working through illness or injury

Financial jargon

7 out of 10 adults are puzzled by financial matters lingo

Future wealth

Ready to start investing for your grandchild’s future?

Drawdown, annuities or both?

Make sure your retirement strategy meets your needs and goals

Articles featured in this issue:

Chancellor retains State Pension triple lock

State Pension is set for a record-breaking increase from April 2023

Don't miss the ISA deadline 

Use your tax-efficient allowance or lose it forever! 

‘Phased retirement’

Pre-retirees starting their plans but will rising living costs halt their plans?

No ‘one-size-fits-all’ protection solution

Helping you feel confident your family’s finances are secure

Menopause in the workplace

Unique retirement planning challenges women face

Taxing times

Time for a tax health check?

Time to get your retirement plans in motion?

Three in five Britons feel stressed about later life planning

Tracing old and lost pensions

Nearly half of pension holders have lost track of some of their pension pots

Millennials willing to forgo inheritance

Harder to support bigger financial commitments of older generation parents

Feeling the pinch

Women more vulnerable to cost of living crisis

Perfect storm

Major long-term ramifications for financial health and wellbeing

Show me the money

Choosing an investment style that best suits your needs

Ins and outs of CGT

Ways to potentially reduce your Capital Gains Tax liability

Planning to meet your goals

How advice can boost your financial wellbeing

What sort of lifestyle will you be able to afford?

How inflation could be impacting on your retirement plans

Impacts of climate change

Nearly two-thirds of people in the UK more concerned about climate change

Understanding pensions

A topic high up on the recruitment radar

Time to talk

Discussing Wills and trusts with adult children or dependents

Insurance that works while you can’t

Would you be able to carry on paying the bills using statutory sick pay or your savings?

Articles featured in this issue:

Working 9 to 5

More over 65s are still working than six years ago

Pension saving revolution

Auto-enrolment: celebrating a decade that has encouraged a culture of saving 

Investing for positive change

More investors align investments with personal values

Passing wealth down through the generations

Millions of retirees help out in cost of living crisis

Don’t abandon pension contributions as prices rise

Savers could miss out on thousands of pounds in retirement

Spotting an investment scam

How scammers are getting more convincing

Pensioners’ incomes

What is the average UK retirement income? 

How to maximise the value of pension savings

Mistakes to avoid when you’re aiming to build your pension pot

Doing the right thing for the planet

Four in five looking to change jobs demand green pensions

Balancing risk and returns

Bonds can play a key part in building an investment portfolio

Leaving a tax-efficient legacy

Considering the rule of seven when making financial gifts

Shrinking safety nets

More people set to dip into emergency funds

Increasing financial support for millennials 

Cost of living crisis drives early inheritance gifting

Preparing your finances for retirement 

Could market volatility and inflation mean you have to delay retirement?

Solving investor challenges

How to take less risk when investing

Reluctant to return

Millions want to stick with lockdown lifestyle changes

Navigating the higher rate tax freeze

Minimising the impact on your personal finances

Great wealth transfer 

Preparing both ‘the family’ and ‘the money’ for the transition of wealth to the next generation

Cash may not be king

Deciding whether to withdraw cash from your pension pot

Putting life on hold

Cost-of-living crisis delays homeownership, having children and retirement

Are you saving enough for retirement? 

One in six over-55s have no pension savings yet

Bringing pensions together

What to consider if you have multiple pension pots

How to protect you and your family’s future 

What kind of protection insurance do you need?

Inheritance Tax receipts reach £6.1bn

What if I could make my wealth more tax-efficient?

Bridging the gender pensions gap

Women left with half the pension pot, no matter the job

Unretirement

More over-50s returning to work amid cost-of-living crisis

Cost-of-living crisis

Britons cutting back on food and entertainment to keep cars on the road

Funding the lifestyle you want

Get your retirement plans in motion

It’s good to talk

More young adults are more engaged about money with their parents than past generations

A healthier approach to retirement wealth

Pension schemes have a critical role to play in the transition to a net zero economy

Health, wealth and happiness of a nation

Overall wellbeing still not close to being back to levels seen pre-COVID

Ten tips for first-time investors

Ready to get started on your investment journey?

When should I stop working?

How to tell whether you’re ready to retire

Never too early to plan ahead

Pension savers struggling to save enough for their later years

Bank of grandma and grandad 

Older generation using the wealth held in their property to help younger generations

Mind the retirement gap

Four out of five workers not saving at levels which are likely to deliver an acceptable standard of living in old age

Reevaluating the role of work

Preparing your finances for a career break 

Self-employed extremely vulnerable to loss of income

81% aren’t seeking financial advice

Later life and financial wellbeing

More than one-million over-60s are rethinking later life plans

Pension booster 

Mistakes to avoid when you’re aiming to build your pot

Articles featured in this issue:

Rising cost of living crisis 

3 tips to maintain your financial wellbeing

Managing the impact on your pension

Just two out of five have planned for inflation in retirement

Self-employed vulnerable to financial shocks 

New research highlights that 81% aren’t seeking financial advice

Midlifers set to be impacted twice by the cost of living

Financial planning essential to help balance priorities

Show me the money

How to invest your money and avoid costly mistakes

Cost of ‘saver inaction’

Millions of savers think inflation will leave them better off

Inflation eating your savings?

How to benefit from tax reliefs in the current financial year

Tips for a healthy pension as you approach retirement

What really important retirement questions should you be asking?

What are the signs you’re really ready to retire?

No one-size-fits-all answer to this question

How to reduce Inheritance Tax by leaving a gift

Planning for your wealth preservation and the eventual transfer of that wealth

What does inflation mean for me and my money?

How to protect and grow your wealth over time

Recession-proof your finances

10 practical steps to ensure your money is working hard for you

Wealth vs health

More than half ignore medical advice and work despite poor health due to financial worries

Pension poverty after divorce

Ensuring an equal division of all the assets within the matrimonial pot

How much will you need to retire? 

Quarter of savers approaching retirement at risk of not having an ‘adequate pension’

Starting a family

What steps to take to prepare financially

How to improve your financial health

General principles to help you attain specific goals

Articles featured in this issue:

Getting ready to retire?

Bolstering your retirement lifestyle as you approach retirement 

Invest your way out of inflation

Why now is the time to make sure you protect your wealth

Looking to build a bigger pension?

Don’t miss the deadline to give your pension savings a boost

Improving your financial health

Staying on track to achieving specific financial goals

How much do I need to save to retire?

Questions to help you live your best life in later life

‘Time is money’

5 principles of investing everyone should know

Pension freedoms

You work, you save and then you retire

Investment choices

Behavioural patterns shaping our way of investing, for better or worse

Cost-of-living crunch

Savers still recognise the importance of long-term planning

Disrupting social plans leads to savings surge

Britons saved almost £4bn as a result of the Omicron variant

‘Job for life’ a thing of the past

Most Millennials and Gen Z have two or more pension pots

Roadmap for investors

Increased confidence portfolios will perform well in 2022

Will I be able to retire when I want to?

Financial planning and advice for the ‘unretired'

Inheritance Tax

What will your legacy look like?

How confident are you about your retirement?

Hopes, fears and aspirations of people approaching and in retirement

Smart money habits

Best practice, smart money habits

Extending the scope of the trust register

Deadline for non-taxable trust registrations announced

Unlocking cash from the value of your home

Homeowners release a record-breaking £4.4bn in property wealth

Identifying any tax planning opportunities

Check your PAYE tax code

Transfer part of your personal allowance

Contribtue up to £9,000 into your Child's Junior ISA

Utilise Capital Losses

Maximise Pension Contributions

Pay Pension Contributions to save NICs

Make a Will

Leave some of your estate to charity

Make regular IHT Free Gifts

Use the IHT Marriage Exemption

On the 24 February the Russian President, Vladimir Putin, ordered a military invasion against Ukraine. A war that many considered unthinkable had begun. Russia’s invasion of Ukraine has sent shockwaves through pretty much every asset class across the globe.

But if you are a long-term investor the best course of action for most individual investors is to keep calm and carry on.

Selling into a falling market is the opposite of what successful investors do. Equally important is the fact that no one knows what Russia’s invasion of Ukraine ultimately means for everything from energy prices to monetary policy. And then there’s the case that, historically speaking, stocks tend to recover quickly after being derailed by international turmoil.

Adult social care charging reform

What will the government’s proposals mean for the social care system?

Improve your financial life

Setting a financial New Year’s resolution you’ll actually keep

Beyond profit

How green is your pension?

Get ready to beat the ISA deadline

Time to give your financial future a boost?

New Year’s tax saving resolutions

Make full use of your relevant tax planning opportunities

Time to bring your pensions together?

3.6 million Britons have lost track of their pension savings

It may be time to invest your cash

Is your wealth protected from the damaging effects of inflation?

How much income will you receive from your State Pension?

Knowing what to expect can be an important part of planning for life after work

Create a better world to live and retire in

Pension investments to harness a more sustainable planet

The importance of financial protection 

Millions battling with financial hardship, relationship stress and sleepless nights

Across the generations

Pandemic forces people to reassess their finances

Mind the pension gender gap

Women are being urged to think about their long-term savings

Could equity release fund your future?

Freeing up funds or releasing money tied up in your home

Missing midlife workers

Redundancy pushes over-50s out of the workforce

What’s your magic number?

Keeping up your current lifestyle and enjoying your golden years

Live sustainably: how to be a conscious consumer  

The everyday choices we make all have impacts on our planet

Saving for a rainy day

What’s the right emergency fund amount for you?

What matters to you?

What you want your wealth to achieve will be unique. It may involve your family, your business and other interests - as well as the social or environmental causes you are passionate about. We can help you achieve the financial future you want for you and your family – please contact us.