Automatic Enrolment: Why it probably won’t give you enough income to retire

My FutureThere’s no doubt that, on the face of it, Automatic Enrolment has been a success, with six million new workers now contributing to a pension and 95% of employers complying with the new rules (Source: BBC, July 2016). However, scratch below the surface and the picture isn’t quite as rosy. A number of factors affect the size of your pension pot, and consequently the income it will provide. These include: The amount you contribute The length of time you pay in for The amount taken out in charges and fees The ...

Budget 2016: The headlines

Budget 2016 150pxGeorge Osborne stood up today just after 12.30 to deliver his 8th Budget as Chancellor. With the EU referendum looming large and increasing nervousness that much of the developed world is facing an economic downturn, many experts predicted a relatively quiet Budget. Was this the case? Read on to find out. Mr Osborne started bullishly, suggesting he would report on a very positive economic outlook for the UK, which was growing at a faster rate than other developed economies, and is on course for a budget surplus. However, he quickly turned to the “headwinds” ...

Q & A: Everything you need to know about Help to Buy ISAs

Everything you need to know about Help to Buy ISAsAlmost everyone seems to be in agreement, getting on the housing ladder if you’re a first time buyer is harder than ever. A combination of rising house prices and stricter mortgage lending criteria is making life extremely tough for many first time buyers, even after the launch of various Government incentives, such as Help to Buy. So the news in last week’s Budget that a new Help to Buy ISA (Individual Savings Account) will be launched later in the year is a boost ...

Retirement: 600,000 people set to raid their pensions, 7 reasons why they should be careful

600,000 people set to raid their pensions, 7 reasons why they should be carefulThe Government has revealed it expects 130,000 each year to take advantage of the new ‘Pension Flexibility’ rules and raid their pension pot. At the same time they also have shown how much the Government’s coffers will also benefit. According to new figures the new measures will raise £4 billion in additional tax receipts over the next five years. The new rules have been broadly welcomed by most people. But if you are one of the 600,000 people planning ...