The pension annual allowance trap

Latest HMRC figures show that the annual allowance continues to help fill its depleted coffers. The annual allowance is an important number in the pension world. It sets the maximum tax-efficient amount of total contributions in a tax year – from any source – that can be made to pension schemes for your benefit. If…

Read More

Placing a cost on retirement

How much income do you need for a comfortable retirement? New research has put a post-pandemic price on the answer. One traditional way to answer the question of how much income you will need in retirement is to fix the amount as a percentage of pay. For example, when final salary pension schemes were more…

Read More

The Autumn Budget – taxed and spent

autumn Budget 2021 review - Jackson Toms

After already increasing taxes by £42 billion a year in 2021, the main focus of Chancellor Rishi Sunak’s Autumn Budget was on spending. The first Autumn Budget in three years – and Mr Sunak’s third in less than 20 months – featured no significant increases in tax. The task of raising extra revenue had already…

Read More

Are you holding too much cash?

The Financial Conduct Authority (FCA) says many savers may have too much cash and face the risk of wealth erosion. As the regulator for personal financial products, the FCA is rightly concerned about financial scams and savers who are encouraged to choose inappropriate high-risk investments. Both are serious issues: The FCA says that 23,378 consumers…

Read More