Senior Partner Practice of
St. James's Place Wealth Management

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Take five

18 February 2016

With the tempo of pension reform likely to increase, there will be new traps to avoid, but five retirement planning fundamentals remain.

It’s almost a year since the biggest shake-up in UK pensions in a generation greatly increased flexibility over when – and how – benefits can be taken. Yet at a time when the new freedoms are still bedding in, further radical change could be just around the corner.

Reforms to pension tax relief could be enacted as soon as March, and the new tax year will see increased restrictions on wealthier investors wanting to save into a pension.  

Against this constantly shifting backdrop, financial advice will be the key to making informed choices. The following five ideas could be a good place to start for those who want to better understand the opportunities and traps in 2016.

 

The levels and bases of taxation, and reliefs from taxation, can change at any time and are generally dependent on individual circumstances. The value of an investment with St. James’s Place will be directly linked to the performance of the funds you select and the value can therefore go down as well as up. You may get back less than you invested.

 

1 Investor Pulse Survey, BlackRock, December 2015

2 Aegon Retirement Readiness Survey, May 2015

3 National Life Tables, United Kingdom, Office for National Statistics, March 2014

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