GET READY TO BEAT
THE ISA DEADLINE
Time to give your financial
future a boost?
ADULT SOCIAL CARE
CHARGING REFORM
What will the government’s proposals
mean for the social care system?
IT MAY BE TIME TO
INVEST YOUR CASH
Is your wealth protected from
the damaging e!ects of inflation?
NEW YEAR’S TAX
SAVING RESOLUTIONS
Make full use of your relevant tax planning opportunities
JANUARY/FEBRUARY 2022
Inside
this issue
JANUARY/FEBRUARY 2022
The content of the articles featured in this publication is for your general information and use only and is not intended
to address your particular requirements. Articles should not be relied upon in their entirety and shall not be deemed to
be, or constitute, advice. Although endeavours have been made to provide accurate and timely information, there can
be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in
the future. No individual or company should act upon such information without receiving appropriate professional advice
after a thorough examination of their particular situation. We cannot accept responsibility for any loss as a result of acts
or omissions taken in respect of any articles. Thresholds, percentage rates and tax legislation may change in subsequent
Finance Acts. Levels and bases of, and reliefs from, taxation are subject to change and their value depends on the
individual circumstances of the investor. The value of your investments can go down as well as up and you may get back
less than you invested. Past performance is not a reliable indicator of future results.
C O N T E N T S
04
CREATE A BETTER WORLD
TO LIVE AND RETIRE IN
Pension investments to harness a more
sustainable planet
05
TIME TO BRING YOUR
PENSIONS TOGETHER?
3.6 million Britons have lost track of their
pension savings
06
IMPROVE YOUR FINANCIAL LIFE
Setting a financial New Year’s resolution
you’ll actually keep
08
BEYOND PROFIT
How green is your pension?
09
GET READY TO BEAT THE ISA DEADLINE
Time to give your financial future a boost?
10
NEW YEAR’S TAX SAVING RESOLUTIONS
Make full use of your relevant tax
planning opportunities
12
IT MAY BE TIME TO INVEST YOUR CASH
Is your wealth protected from the
damaging e!ects of inflation?
Welcome to our latest edition. Inside, we look at New
Year’s tax saving resolutions to make sure you are fully
utilising your relevant tax planning opportunities. With the
tax year end (5 April) on the horizon, taking action now
may give you the opportunity to take advantage of any
remaining reliefs, allowances and exemptions. On page 10
we have provided some key tax and financial planning tips
to consider prior to the end of the tax year. Now is also the
perfect time to take a wider review of your circumstances
and plan for the year ahead.
Is it time to give your financial future a boost? Then
get ready to beat the ISA deadline. Savers and investors
have less than three months to use the £20,000 they
can put into their tax-e"cient Individual Savings Account
(ISA) before the end of the financial year on 5 April. With
interest rates still at very low levels, you might be looking at
investing for the potential to achieve a bigger return from
your savings. Read the full article on page 09.
The government has set out its vision for the future of
adult social care. On page 28 we explain the new plans
announced for adult social care reform in England. This
includes a lifetime cap on the amount anyone in England
will need to spend on their personal care, alongside a
more generous means test for local authority financial
support. We all want the best possible long-term care for
ourselves or our loved ones. Planning for the long term
can help ensure you have su"cient income to pay for any
care you, or an elderly relative, might need in later life.
Is your wealth protected from the damaging e!ects of
inflation? Many people underestimate the damaging e!ect
of low interest and high inflation on their cash savings. A
continued period of low interest rates on cash savings and
rising inflation could pose a real risk to savers in 2022,
even if the Bank of England (BoE) moves to increase
interest rates further in the coming months. Read the full
article on page 12.
A full list of the articles featured in this issue
appears opposite. 
TIME TO TAKE STOCK OF YOUR
CURRENT FINANCIAL POSITION?
You’ve probably made some New Year’s resolutions.
Now you need to figure out how to keep them.
Heading into 2022, it’s time to take stock of your
current financial position and to ensure its aligned
with your financial goals. Your goals and ambitions are
unique to you and we want to help you get there – to
discuss how we can help, please contact us.
02
INFORMATION IS BASED ON OUR
CURRENT UNDERSTANDING OF
TAXATION LEGISLATION AND
REGULATIONS. ANY LEVELS AND BASES
OF, AND RELIEFS FROM, TAXATION ARE
SUBJECT TO CHANGE.
THE VALUE OF INVESTMENTS MAY GO
DOWN AS WELL AS UP, AND YOU MAY
GET BACK LESS THAN YOU INVESTED.
03
C O N T E N T S
13
MIND THE PENSION GENDER GAP
Women are being urged to think about their long
term savings
14
THE IMPORTANCE OF FINANCIAL
PROTECTION
Millions battling with financial hardship,
relationship stress and sleepless nights
16
ACROSS THE GENERATIONS
Pandemic forces people to reassess
their finances
18
COULD EQUITY RELEASE
FUND YOUR FUTURE?
Freeing up funds or releasing money
tied up in your home
19
MISSING MIDLIFE WORKERS
Redundancy pushes over 50s out of
the workforce
20
WHAT’S YOUR MAGIC NUMBER?
Keeping up your current lifestyle and enjoying
your golden years
22
LIVE SUSTAINABLY: HOW TO BE A
CONSCIOUS CONSUMER  
The everyday choices we make all have impacts
on our planet
24
SAVING FOR A RAINY DAY
What’s the right emergency fund amount for you?
26
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
28
ADULT SOCIAL CARE CHARGING REFORM
What will the government’s proposals mean for
the social care system?
RETIREMENT
Almost two-thirds (64%) of UK pension
holders say that didn’t know their
pension could be invested in ways
to help fight climate change. One in six (17%)
of UK pension holders currently invest their
pension responsibly, but 41% say they would like
their pension to be invested responsibly, new
research has revealed[1].
COLLECTIVE POWER
Over three-quarters (77%) of UK adults class
themselves as ‘climate conscious’. Three out of
five (59%) UK adults are familiar with the term
‘responsible investment’, but only 26 per cent
actually know what it means and understand its
collective power to protect the planet. Men are
more likely to be familiar with the term ‘responsible
investment’ than women (69% vs 50%).
More than half (56%) of pension holders said
they would consider investing a portion of their
pension responsibly. Around a quarter (23%)
were willing for at least half their pension to
be invested responsibly, with one in ten (11%)
wanting between 90% and 100% of their pension
invested responsibly.
PROTECTING THE ENVIRONMENT
With over half (57%) of 18-24-year-olds wanting their
pension investments to harness a more sustainable
planet, compared to just over a quarter (29%) of
65-year-olds and over, it’s clear there is still more
that can be done to build a better understanding of
inter-generational financial resilience for the future.
Pension holders were also asked what criteria
they would like a responsibly invested pension
to consider, with climate change and protecting
the environment (42%) being highly rated. Social
factors such as health and safety (29%) and use
of plastic (28%) followed closely behind. The
research also found that more than half (53%) of
pension holders do not know how their pension
funds are invested. 
Source data:
[1] Royal London commissioned survey
by Opinium between 18 and 22 October
2021, with a sample of 2,000 nationally
representative UK adults.
04
DOING THE RIGHT THING FOR A
SUSTAINABLE FUTURE
Ethical investing has a positive impact on the
world while also aiming to make a profit. It also
means you receive a financial return without
sacrificing your social, moral or religious
principles. Many pension providers o!er ethical
funds for their investors – meaning you can save
for retirement with a clear conscience. Please
contact us for more information.
CREATE A BETTER WORLD
TO LIVE AND RETIRE IN
Pension investments to harness a more sustainable planet
Few people are aware of what their workplace pension invests in, let
alone how their pension provider incorporates Environmental, Social and
Governance (ESG) matters into the process.
/// Over three quarters (77%) of UK
adults class themselves as ‘climate
conscious.’ Three out of five (59%)
UK adults are familiar with the term
‘responsible investment,’ but only
26 per cent actually know what it
means and understand its collective
power to protect the planet
05
RETIREMENT
3.6 million Britons have lost track of their pension savings
The more old pensions you have, the easier it is to end up losing one.
Tracing pensions from years ago can be a hassle. Over 3.6 million Britons
admit they have no idea how many pensions they have and risk paying more
in fees than necessary, according to new research[1].
The number of workers with small
pension pots of under £1,000 has surged
dramatically in recent years, as auto
enrolment has allowed millions of people to
benefit from workplace pensions for the first time.
PAYING FEES TO MULTIPLE PROVIDERS
However, with the average employee now
changing jobs 11 times[2] in their working life,
people are increasingly building up many small
pots and are often losing track, misplacing
paperwork or forgetting about previous
schemes they are invested in.
The Pensions Policy Institute (PPI) predicts
the number of small pots will triple by 2035 to
27 million[3]. Although the government’s Pension
Dashboard will allow people to see all of their
pensions in one place when it comes into e!ect
in a few years’ time, it will not solve the problem
of savers paying fees to multiple providers
across all their pensions.
CONSOLIDATE SMALL PENSION POTS
While savers already have the option of
combining their pensions, one in ten (10%) have
no idea how to do this, while 12% say it’s just too
much hassle. As a result, more than two-fifths
(44%) say they’ve never bothered to track down
savings from a previous employer.
Almost three-quarters (72%) of Britons now
support the introduction of a new system that
would automatically consolidate small pension
pots as they move jobs, reinforcing strong
support from the industry for the change. This
would make it easier for people to manage and
keep track of their retirement savings, while
making the system more e"cient and e!ective
for the UK’s 33 million[4] pension holders.
COMPARE THE FEATURES AND BENEFITS
Even if you have not had that many jobs, you
may still have a number of di!erent pensions
to keep track of. Pensions can be confusing,
but there is an alternative way to help keep on
top of them. Pension consolidation may allow
you to combine some or all of your defined
contribution pensions in one place.
Consolidating your pensions means fewer
statements to keep an eye on, along with fewer
and potentially lower management charges.
However, not all pension types can or should
be transferred. It’s important that you know and
compare the features and benefits of the plan(s)
you are thinking of transferring. It can be a complex
decision to work out whether you would be better
or worse o! combining your pensions, so it’s
essential to obtain professional financial advice. 
Source data:
[1] The research was carried out online by
Opinium across a total of 5,010 adults aged 18+.
Data is weighted to be representative of the GB
population. Fieldwork was carried out between
12–18 March 2021.
[2] https://assets.publishing.service.gov.
uk/government/uploads/system/uploads/
attachment_data/file/945319/s mall-pots-
working-group-report.pdf
[3] https://www.pensionspolicyinstitute.org.uk/
media/3545/20200723-deferred-members-final-
report-for-the- website.pdf
[4] Finder,Pension Statistics 2021
A PENSION IS A LONG-TERM INVESTMENT NOT
NORMALLY ACCESSIBLE UNTIL AGE 55 (57 FROM APRIL
2028 UNLESS PLAN HAS A PROTECTED PENSION AGE).
THE VALUE OF YOUR INVESTMENTS (AND ANY INCOME
FROM THEM) CAN GO DOWN AS WELL AS UP WHICH
WOULD HAVE AN IMPACT ON THE LEVEL OF PENSION
BENEFITS AVAILABLE. YOUR PENSION INCOME COULD
ALSO BE AFFECTED BY THE INTEREST RATES AT THE
TIME YOU TAKE YOUR BENEFITS.
THE TAX IMPLICATIONS OF PENSION
WITHDRAWALS WILL BE BASED ON YOUR INDIVIDUAL
CIRCUMSTANCES, TAX LEGISLATION AND REGULATION
WHICH ARE SUBJECT TO CHANGE IN THE FUTURE.
YOU SHOULD SEEK ADVICE TO UNDERSTAND YOUR
OPTIONS AT RETIREMENT.
HELPING YOU STAY ON TRACK
FOR THE FUTURE YOU WANT
Deciding whether to combine your pensions
can be a complex decision and is not for
everyone. Whether you want to consolidate
into an existing pension you have with us, or
you want to combine your existing pensions
in a new pension, we are here to help. Speak
to us today and make sure your plans are on
track for the future you want.
TIME TO BRING
YOUR PENSIONS TOGETHER?
06
Setting a financial New Year’s resolution you’ll actually keep
Heading into the New Year, it’s the perfect time to take stock of your
budget, liabilities and investments – and check them against your financial
goals. The New Year brings an opportunity to reflect on the past year and to
set new goals for the year ahead.
But before setting financial goals, it helps
to understand your financial priorities and
your overall plan to achieve the financial
life you want. Think about your financial plan,
and what you are hoping to accomplish, not
only this year, but in years to come. Think about
what you can do this year to help reach your
longer-term goals.
SECURE YOUR FINANCIAL FUTURE
Whatever situation you find yourself in, it’s
important to be realistic about your goals. We
all have di!erent financial goals and aspirations
in life. Yet often, these goals can seem out of
reach. In today’s complex financial environment
and with the challenges of the COVID-19
pandemic, achieving our financial goals may not
be that straightforward. This is where financial
planning is essential to help secure your
financial future.
The benefits of setting financial goals all
work together to boost your financial health.
You’ll gain more confidence in your money
management decisions and significantly
decrease money-related stress. If you want to
take control of your money and create more
security, you need to set some financial goals.
KEEP YOUR GOALS REALISTIC
A financial plan seeks to identify your financial
goals, prioritise them, and then outline the
exact steps that you need to take to achieve
your goals. Figuring out your objectives and
matching them with timelines are the keys to
setting financial goals. Your financial goals are
specific and unique to a number of factors
related to you, like your age, your interests, your
current financial situation and your aspirations.
Based on these, you need to develop your
goals and establish a plan to achieve them.
Any goal (let alone financial) without a clear
objective is nothing more than a pipe dream,
and this couldn’t be more true when setting
financial goals. However, it’s important to keep
your goals realistic as it will help you stay the
course and keep you motivated throughout
your journey until you get to your destination.
MONETARY VALUE TO THAT GOAL
You need to be crystal clear about why you are
doing what you’re doing. This could be planning
for your children’s education, your retirement,
that dream holiday or a property purchase.
Once the objective is clear, you need to
put a monetary value to that goal and the
time frame within which you want to achieve
it. The important point is to list all of your goal
objectives, however small they may be, that you
foresee in the future and put a value to them.
SHORT, MEDIUM AND LONG-TERM
Now you need to plan for where you want to
get to, which will likely involve looking at how
much you need to save and invest to achieve
your goals. The approach towards achieving
every financial goal will not be the same, which
is why you need to divide your goals into short,
medium and long-term time horizons.
As a rule of thumb, any financial goal which is
due within a five-year period should be considered
short-term. Medium-term goals are typically based
on a five-year to ten-year time horizon, and over
ten years, these goals are classed as long-term.
DEVELOPING A CLEAR PICTURE
This division of goals into short, medium and long-
term will help in choosing the right savings and
investments approach to help you achieve them,
IMPROVE YOUR FINANCIAL LIFE
FINANCIAL PLANNING
07
and it will also make them crystal clear. This will
involve looking at what large purchases you expect
to make, such as purchasing property or renovating
your home, as well as considering the later stages
of your life and when you’ll eventually retire.
Creating and implementing a comprehensive
financial plan will enable you to develop a clear
picture of your current financial situation by
reviewing your income, assets and liabilities. Other
elements to consider will typically include putting
in place a Will to protect your family, thinking
about how your family will manage without your
income should you fall ill or die prematurely, or
creating a more e"cient tax strategy.
ITERATIONS AS LIFE CHANGES
There is little point in setting goals and never
returning to them. You should expect to make
iterations as life changes. Set a formal yearly
review at the very least, to check you are on
track to meeting your goals.
We will help you to monitor your plan, making
adjustments as your goals, time frames or
circumstances change. Discussing your goals
with us is highly beneficial as we can provide
an objective third-party view, as well as the
expertise to help advise you with financial
planning issues.
FINALLY, MAKE SURE YOUR FINANCIAL
GOALS ARE SMART
Thinking about ‘SMART’ goals can help give
direction to your financial aspirations and make
those goals more achievable.
Specific – Rather than pledging to ‘save money’ or
‘reduce debt’, thoroughly analysing finances and
targeting specific areas for improvement could
boost your chances of reaching your end goal.
Measurable – Having benchmarks can help you
track your progress, letting you make changes
if you need to.
Attainable – Setting a realistic goal can help keep
your confidence up as you feel the achievement
of getting close to your desired result.
Relevant – Ensuring your goals are appropriate
to what you are trying to achieve can help you
avoid wasting time.
Time Sensitive – If you know when you want
to achieve your goal, this can allow you to pace
savings and ensure you put the right amount of
money aside. 
FINANCIAL PLANNING
/// Once the objective is clear, you need to put a
monetary value to that goal and the time frame
you want to achieve it by. The important point
is to list all of your goal objectives, however
small they may be, that you foresee in the
future and put a value to them.
BEEN PUTTING OFF PLANNING
FOR YOUR FUTURE?
For many people, the New Year often
brings around an opportunity for change.
We’re here to help you achieve your money
resolutions and plan for the financial future
you want. The start of 2022 is the ideal
time to review your financial situation.
To discuss your plans or for further
information, please contact us.
08
RETIREMENT
Devastating wildfires ripping through
several countries, the aftermath of
Storm Ida that caused unimaginable
flooding across the northeast of the US, storm
Arwen that brought disruption to the UK in
November and last August’s 7.2 magnitude
hurricane in Haiti – all are examples of natural
disasters due to climate change.
Increasingly more and more pension savers
are asking where their funds are invested. Many
people are no longer just concerned about getting
the best returns, they also want their money to be
used in a way that helps society and the planet.
CLIMATE RISKS
A survey finds that a third of pension schemes
have already set targets to reduce their exposure
to climate related risk[1]. 61% of schemes have
considered setting a target to reduce their
exposure to climate risks, but four in ten schemes
have yet to consider climate risk targets and 28%
say they will not be setting a target.
Of the 33% of schemes that have set or are
in the process of setting a target, half have
included an emissions-based target with the
majority (70%) of these being a ‘net zero’ target.
PENSIONS INDUSTRY
UK pension schemes are a massive influence
on the financial services industry, including how
the climate-related risks and opportunities are
identified, assessed and managed. This survey
shows that the pensions industry is rising to the
defining challenge of our age.
In another survey, two-thirds (67%) of
consumers surveyed believe that it is important
to consider Environmental, Social and Corporate
Governance (ESG) factors before investing, and
this figure rises to almost three in four (72%) for
those respondents with a pension[2].
RESPONSIBLE INVESTING
ESG is an evaluation of a firm’s collective
conscientiousness for social and environmental
factors. Interestingly, females are more likely
to consider ESG investing at 70.4% than males
at 63.9%, and its importance is broadly similar
across all age cohorts.
While 51% of those with pensions would
like to increase their investment in companies
that are tackling climate change, some 70% of
those respondents acknowledged the need to
better understand the benefits of responsible
investing, highlighting the fact that there is an
onus on the industry participants to educate
consumers in this space.
INVESTMENT DECISION
More than half (53%) of those surveyed believe
that it is important that a company has a positive
record of social responsibility and good corporate
governance, rising to 60% of those with a pension.
The survey also explored the factors that
are important to consumers when considering
investing sustainably. Most respondents
(75%) indicated that they would need good
financial advice before making their investment
decision, rising to 78% for those with a pension.
PENSION SUSTAINABLY
Two-thirds (67%) said they would only invest their
pension sustainably if the returns were the same or
better (71% of pension holders), and 64% said they
would only consider doing so if they are not paying
higher fees and charges (68% for pension holders).
Some 51% of those pension holders surveyed
said they would like to increase their pension
savings into companies helping to combat climate
change, and only 20% of all respondents (17% of
those with a pension) said that investing sustainably
is more important than investment returns. 
Source data:
[1] The Association of Consulting Actuaries
2021 Pension trends survey was conducted
in the summer of 2021 and attracted 212
responses from employers of all sizes, running
over 400 di!erent schemes
[2] Aviva Life & Pensions Ireland DAC (Aviva),
research of the 1,200 people surveyed 20.08.21
A PENSION IS A LONG-TERM INVESTMENT NOT
NORMALLY ACCESSIBLE UNTIL AGE 55 (57 FROM APRIL
2028 UNLESS PLAN HAS A PROTECTED PENSION AGE).
THE VALUE OF YOUR INVESTMENTS (AND ANY INCOME
FROM THEM) CAN GO DOWN AS WELL AS UP WHICH
WOULD HAVE AN IMPACT ON THE LEVEL OF PENSION
BENEFITS AVAILABLE. YOUR PENSION INCOME COULD
ALSO BE AFFECTED BY THE INTEREST RATES AT THE
TIME YOU TAKE YOUR BENEFITS.
THE TAX IMPLICATIONS OF PENSION
WITHDRAWALS WILL BE BASED ON YOUR INDIVIDUAL
CIRCUMSTANCES, TAX LEGISLATION AND REGULATION
WHICH ARE SUBJECT TO CHANGE IN THE FUTURE.
YOU SHOULD SEEK ADVICE TO UNDERSTAND YOUR
OPTIONS AT RETIREMENT.
MAKE SURE YOU’RE INVESTING
IN THE FUTURE AS WELL AS
YOUR FUTURE
Do you want to align your financial goals with
your values? Your retirement savings could be
funding climate change. Investing in socially
responsible investments can help you to achieve
your goals while focussing on the environment,
social values and good governance. To discuss
your options or any retirement concerns you
may have, please contact us.
BEYOND PROFIT
How green is your pension?
The consequences of inaction on climate change are now impossible
to ignore. Every company has an impact on the world around us. And by
investing in them, so do we.
INVESTMENT
Time to give your financial future a boost?
Savers and investors have less than three months to use the £20,000 they
can put into their tax-e"cient Individual Savings Account (ISA) before the end
of the financial year on 5 April. The current tax year started on 6 April 2021 and
ends on 5 April 2022.
ISAs enable you to minimise the amount of tax
you pay on your hard-earned cash. Some ISAs
give you instant access to your money and can
be used to plan your finances for the short term.
On the other hand, if you have longer-term savings
goals, you can invest in an ISA for your future.
DON’T LOSE YOUR ISA ALLOWANCE
There is a limit you can pay into ISAs each
tax year and this is called your ISA ‘annual
allowance’. For the 2021/22 tax year, your ISA
annual allowance is £20,000 and you have until
midnight on 5 April 2022 to use this allowance. If
you don’t use your ISA allowance, you will lose it
as it cannot be carried forward.
However, you will have a new annual ISA
allowance available from 6 April 2022 in the
2022/23 tax year, so if you have already put
£20,000 into an ISA in the 2021/22 tax year, you
could put another £20,000 away on or after 6 April
2022. You can only pay into one of each type of
ISA in a tax year, within the ISA annual allowance.
ISA OPTIONS
CASH ISA
If you are a UK resident over the age of 18 (age 16
for a Cash ISA only), you can open one of each
type in a tax year, providing you don’t exceed the
annual allowance. Cash ISAs are suitable for your
short-term savings goals as they don’t invest in the
stock market but, with current low interest rates,
your savings won’t grow much and you might not
be keeping up with inflation. You might consider a
Cash ISA as your ‘emergency’ pot of money for any
unexpected expenses or a last-minute holiday.
STOCKS & SHARES ISA
This is a tax-e"cient investment that allows you to
invest your money in shares, government bonds
(gilts) and property with peace of mind that you
won’t pay any capital gains tax or income tax on
the proceeds. This type of ISA is more suitable for
your longer-term goals as it has the potential to out-
perform Cash ISAs over the medium to long term,
but with varying levels of risk.
The three main factors to consider when
choosing between a Cash ISA and a Stocks &
Shares ISA is the length of time you’ll be saving or
investing, your appetite for investment risk and the
impact of inflation over time.
INNOVATIVE FINANCE ISA
This is a type of investment account that allows you
to lend your money through peer-to-peer lending
platforms to receive tax-e"cient interest and
capital gains. You could be lending money to serve
personal loans, small business loans or property
loans, or a combination of these.
Interest rates can often be much more attractive
than Cash ISA rates, but peer-to-peer lending is
a higher-risk form of investing and your capital is
entirely at risk as there is no protection from the
Financial Services Compensation Scheme (FSCS).
LIFETIME ISA
If you are aged 18 to 39, and are looking to save for
your first home or for later life, you could consider a
Lifetime ISA. You can hold cash in a Lifetime ISA or
choose to invest it just as you would with a Stocks
& Shares ISA. You can put in up to £4,000 each
year up to and including the day before your 50th
birthday but remember that this £4,000 allowance
contributes to your full annual ISA allowance.
The government will pay a 25% bonus on your
contributions (£1 for every £4 you put in), up
to a maximum of £1,000 a year but you must be
aware that a charge of 25% will be applied to any
withdrawal if it is for any reason other than buying
your first home, at age 60 or if you are terminally ill.
JUNIOR ISA
A Cash or Stocks & Shares ISA account, or both,
can be opened for a child subject to the annual
Junior ISA (JISA) allowance which is £9,000 for
the 2021/22 tax year.
The account must be opened by the child’s
parent or guardian, but anyone can contribute
once the account has been opened. Savings in
a JISA account cannot be withdrawn until the
child reaches 18.
Any child owning a Child Trust Fund (CTF)
can’t hold a JISA unless the CTF funds are first
transferred to a JISA and the CTF closed. 
INFORMATION IS BASED ON OUR CURRENT
UNDERSTANDING OF TAXATION LEGISLATION AND
REGULATIONS. ANY LEVELS AND BASES OF, AND
RELIEFS FROM, TAXATION ARE SUBJECT TO CHANGE.
THE VALUE OF INVESTMENTS AND INCOME
FROM THEM MAY GO DOWN. YOU MAY NOT GET
BACK THE ORIGINAL AMOUNT INVESTED. PAST
PERFORMANCE IS NOT A RELIABLE INDICATOR OF
FUTURE PERFORMANCE.
GET READY TO BEAT THE ISA DEADLINE
READY TO MAKE THE MOST OF
YOUR ISA ALLOWANCE BEFORE
ITS TOO LATE?
With interest rates still at very low levels,
you might be looking at investing for the
potential to achieve a bigger return from
your savings. For more information about
how we can help you invest to enjoy a
brighter future – please contact us.
09
10
TAX PLANNING
NEW YEAR’S TAX
SAVING RESOLUTIONS
Make full use of your relevant tax planning opportunities
With the tax year end (5 April) on the horizon, taking action now may give
you the opportunity to take advantage of any remaining reliefs, allowances
and exemptions.
We have provided some key tax and
financial planning tips to consider
prior to the end of the tax year. Now
is also an ideal opportunity to take a wider
review of your circumstances and plan for the
year ahead.
CHECK YOUR PAYE TAX CODE
It’s important to check your tax code. Your tax
code is based on the amount of tax you should
be paying and the amount you can earn before
tax applies. The tax code is the identifier that
tells your employer how much tax should be
deducted from your salary each time you get
paid. If you have multiple employers or pension
providers, you may get more than one tax code.
If you’re on the wrong one, you could be paying
HM Revenue & Customs (HMRC) more than you
ought to be. On the other hand, you risk getting
penalised if you’re paying too little.
TRANSFER PART OF
YOUR PERSONAL ALLOWANCE
Married couples and registered civil partners
are permitted to share 10% of their personal
allowance between them. The unused
allowance of one partner can be used by
the other, meaning an overall combined tax
saving. The amount you can transfer is £1,260
for 2021/22 and a transfer is not permitted if
the recipient partner pays tax at a rate higher
than the basic rate of 20% (higher than the
intermediate rate of 21% for Scottish taxpayers).
CONTRIBUTE UP TO £9,000
INTO YOUR CHILD’S JUNIOR ISA
The fund builds up free of tax on investment
income and capital gains until your child
reaches age 18, when the funds can either
be withdrawn or rolled over into an adult ISA.
Relatives and friends can also contribute to your
child’s Junior ISA, as long as the £9,000 limit for
2021/22 is not breached.
TAX-FREE SAVINGS AND
DIVIDEND ALLOWANCES
For 2021/22, savings income of up to £1,000 is
exempt for basic rate taxpayers, with a £500
exemption for higher rate taxpayers. The
tax-free dividend allowance is £2,000 for all
taxpayers. Married couples and registered civil
partners could save tax by ensuring that each
person has enough of the right type of income
to make use of these tax-free allowances.
INDIVIDUAL SAVINGS ACCOUNTS (ISAS)
You can put the entire amount into a Cash ISA,
a Stocks & Shares ISA, an Innovative Finance
ISA, or any combination of the three (or up to
£4,000 out of the overall £20,000 allowance
into a lifetime ISA if aged between 18 to 39).
Usually when you invest, you have to pay tax
on any income or capital gains you earn from
your investments. But with an ISA, provided you
stick to the rules on how much you can pay in,
all capital gains and income made from your
investments won’t be taxed. Every tax year
you have an ISA allowance, which is currently
£20,000 for the 2021/22 tax year.
UTILISE ANY CAPITAL LOSES
If you realise capital gains and losses in the
same tax year, the losses are o!set against
the gains before the capital gains tax exempt
amount (£12,300 in 2021/22) is deducted.
Capital losses will be wasted if gains would
otherwise be covered by your exempt amount.
Consider postponing a sale that will generate a
loss until the following tax year, or alternatively
realising more gains in the current year.
MAXIMISE PENSION CONTRIBUTIONS
The annual allowance for 2021/22 is £40,000.
To avoid an annual allowance tax charge, the
pension contributions made by yourself, and
by your employer on your behalf, must be
covered by your available annual allowance. If
you haven’t used all your allowances in the last
three tax years, it might be possible to pay more
into your pension plan by ‘carrying forward’
whatever allowance is left to make the most of
the tax relief on o!er, though bear in mind that
your own personal tax-relievable contribution
amount is still capped at 100% of your earnings.
However, di!erent rules apply if you’ve already
started to take money flexibly out of your
pension plan and you’re a!ected by the Money
Purchase Annual Allowance, or if your income
when added to your employer’s payments are
more than £240,000 and your income less your
own contributions is over £200,000.
PAY PENSION CONTRIBUTIONS TO SAVE NICS
If you pay pension contributions out of your
salary, both you and your employer have to pay
11
National Insurance Contributions (NICs) on that
salary. When your employer pays a contribution
directly into your pension scheme, the employer
receives tax relief for the contribution and there
are no NICs to pay – a saving for both you and
your employer. You could arrange with your
employer to cover the cost of the contributions
by foregoing part of your salary or bonus. You
must agree in writing to adjust your salary before
you become entitled to that salary or bonus and
before the revised pension contributions are
paid for this arrangement to be tax-e!ective,
although pension contributions are not caught by
the clampdown on salary sacrifice arrangements.
MAKE A WILL AND REVIEW IT
If you die without making a Will, your assets will
be divided between your relatives according
to the intestacy rules. Your surviving spouse
or registered civil partner may only receive
a portion of your estate, and Inheritance Tax
will be due at 40% on anything else above
£325,000 (up to £500,000 if the Residence Nil
Rate Band is available).
LEAVE SOME OF YOUR ESTATE TO CHARITY
Where you leave at least 10% of your net estate
to charities, as well as the gift to charity being
free from Inheritance Tax, the Inheritance Tax
on your remainder estate is charged at 36%
instead of 40%. The exact calculation of your
net estate is quite complicated, so it’s important
to receive professional advice when drawing up
or amending your Will.
MAKE REGULAR IHT-FREE GIFTS
As long as you establish a pattern of gifts
that can be shown to be covered by your net
income, without reducing either your capital
assets or your normal standard of living,
these gifts will be free of Inheritance Tax. The
recipients of the gifts need not be the same
people each year.
USE THE IHT MARRIAGE EXEMPTION
If your son or daughter is about to marry, you
and your spouse can each give them £5,000
in consideration of the marriage, and the gift
will be free of Inheritance Tax. The marriage
exemption can also be combined with your
£3,000 a year Inheritance Tax exemption to
allow you to make larger exempt gifts. You can
make an Inheritance Tax-free gift of £2,500
for a grandchild’s wedding. Registered civil
partnerships attract the same exemptions.
Make IHT-free gifts each tax year
These gifts are free of Inheritance Tax and, if
you forget to make your £3,000 gift one year,
you can catch up in the next tax year by giving
a total of £6,000 but you can only carry forward
the £3,000 allowance for one tax year and must
fully use the current year’s allowance as well.
Remember, you and your spouse or registered
civil partner can each give £3,000 out of your
capital every tax year, in addition to gifts you
make out of your regular income. 
INFORMATION IS BASED ON OUR CURRENT
UNDERSTANDING OF TAXATION LEGISLATION AND
REGULATIONS. ANY LEVELS AND BASES OF, AND
RELIEFS FROM, TAXATION ARE SUBJECT TO CHANGE.
THE VALUE OF INVESTMENTS AND INCOME
FROM THEM MAY GO DOWN. YOU MAY NOT GET
BACK THE ORIGINAL AMOUNT INVESTED. PAST
PERFORMANCE IS NOT A RELIABLE INDICATOR OF
FUTURE PERFORMANCE.
DO I NEED PERSONAL TAX ADVICE?
It is crucial that year-end tax planning
reviews are undertaken as soon as possible,
as you will need time to consider all the
options available. Many of the allowances
and reliefs cannot be applied retrospectively
after 5 April 2022. We can provide a
comprehensive review, tailored to your
individual needs and circumstances. Don’t
delay, please contact us if you require
further information.
TAX PLANNING
/// Have you maximised your
pension contributions? The
annual allowance for 2021/22
is £40,000. To avoid an annual
allowance tax charge, the
pension contributions made
by yourself, and by your
employer on your behalf, must
be covered by your available
annual allowance.
12
INVESTMENT
CONCERNED ABOUT HOW
INFLATION IMPACTS ON
YOUR SAVINGS?
After years of staying relatively low, it looks
like inflation is on the up. So what does
that mean for your money? To discuss how
to mitigate the impact of inflation on your
financial plans, please contact us – we look
forward to hearing from you.
IT MAY BE TIME TO
INVEST YOUR CASH
Is your wealth protected from the damaging e!ects of inflation?
Many people underestimate the damaging e%ect of low interest and high inflation
on their cash savings. A continued period of low interest rates on cash savings and
rising inflation could pose a real risk to savers in 2022, even if the Bank of England
(BoE) moves to increase interest rates further in the coming months.
Savers with large amounts of money sitting
in cash should not be lulled into a false
sense of security if interest rates creep up,
because of the threat of higher inflation throughout
2022. The damaging e!ects of high and rising
inflation will likely more than wipe out any uplift a
higher interest rate will give to the value of cash
savings. Currently, 8.6 million consumers hold over
£10k of investable assets in cash[1].
INTEREST ‘BASE RATE’ INCREASE
Inflation is expected to average over 4% this
year, peaking at over 5%[2]. The BoE may look to
dampen the e!ects of soaring prices by further
increasing the interest ‘base rate’. While this
may o!er some relief if passed on to savers, the
average easy access savings account is currently
sitting at just 0.19%[3] and any upward change is
expected to be small.
As the economy continues to recover from the
COVID-19 pandemic last year, we are experiencing
a sharp rise in the cost of living. During a period
of high inflation people will notice a dramatic
decrease in their purchasing power over time,
particularly if their wages don’t keep pace or if they
have savings in cash.
DAMAGING HIGH INFLATION
The threat of inflation this year and beyond could
far outweigh any small changes in interest rates for
those with large amounts of money in cash savings.
Following many years of low inflation, people may
have forgotten how damaging high inflation can be.
But in the coming months and years, savers should
think carefully about where they put any additional
cash that is not needed in the short term.
For money beyond your emergency fund,
you may want to consider investing, which
o!ers the potential for inflation-beating returns.
If appropriate to your particular situation,
you should be prepared to take some risk to
preserve the value of your money if inflation
continues to eat away at the value of your cash
in savings accounts. We are best placed to
recommend the best investment option based
on your attitude to risk. 
Source data:
[1] https://www.fca.org.uk/publications/corporate-
documents/consumer-investments-strategy
[2] https://obr.uk/overview-of-the-october-2021-
economic-and-fiscal-outlook/
[3] https://moneyfacts.co.uk/news/savings/
savings-rates-continue-to-rise/
INFORMATION IS BASED ON OUR CURRENT
UNDERSTANDING OF TAXATION LEGISLATION AND
REGULATIONS. ANY LEVELS AND BASES OF, AND
RELIEFS FROM, TAXATION ARE SUBJECT TO CHANGE.
THE VALUE OF INVESTMENTS AND INCOME
FROM THEM MAY GO DOWN. YOU MAY NOT GET
BACK THE ORIGINAL AMOUNT INVESTED. PAST
PERFORMANCE IS NOT A RELIABLE INDICATOR OF
FUTURE PERFORMANCE.
13
Women are being urged to think about their long term savings
Imagine reaching retirement age and discovering that, despite years of
saving, you don’t have enough money to get by. Worse still, suppose you’re
unable to pay for the right kind of care in your old age.
MIND THE PENSION GENDER GAP
RETIREMENT
If you and your partner separate or your
spouse dies unexpectedly – will you
have su"cient funds to see you through
retirement? Now, all of these might sound like
worst-case scenarios but, unfortunately, for
women right across the UK one or more of
them could become a reality.
EARNING TRENDS
Women are still behind men when it comes
to retirement savings. The ‘Women and
Retirement’ report[1] has found that if current
work and earning trends continue, young
women today will need to save an average
of £185,000 more during their working life to
enjoy the same retirement income as men.
The colossal gender pension gap is made
up of a savings shortfall, plus the need to
fund a longer retirement because women on
average live longer than men. This also leads
to higher care costs. Many women will naturally
take time o! to start a family – resulting in gaps
in their work history.
And even if women remain in the
workforce, some still tend to earn less than
men, on average.
VULNERABLE SITUATION
21% of women surveyed said they plan to rely
at least partly on their partner’s income in
retirement. However, this can leave women in
a particularly vulnerable situation should they
separate from their partner.
Right now, it’s rare for divorce settlements to
account for pension assets, which means that
women could end up in particularly unstable
financial situations following divorce.
FUNDING RETIREMENT
Also, women tend to live longer than men
– two to three years, on average. Indeed,
this continued rise in longevity means that a
25-year-old man today can expect to live to
86, while a woman can live to 89.
And while rising longevity is of course a
good thing, it does raise specific challenges –
especially when it comes to funding retirement
and old age.
LIVING LONGER
Together with living longer, women are also
more likely to need care when they’re older. In
fact, of the 6 million people in the UK over the
age of 60 currently living with a disability, 3.5
million of them are women.
And those women who do need care spend
on average a year longer in care homes than
men. Right now, the average cost of care is
£679 per week, which means women would
need an extra £35,000 during retirement for
residential care costs.
Moreover, as women can expect to live two
to three years longer than men, they would
also need around £50,000 for their retirement
– bringing the total amount needed to match a
man’s retirement income to £185,000. 
Source data:
[1] Scottish Widows 2021 ‘Women and
Retirement’ report – research carried out online
by YouGov Plc across a total of 5,059 adults aged
18+. Data weighted to be representative of the GB
population. Fieldwork was carried out between
23 March and 3 April 2021 through an online
survey. 5,059 interviews were carried out. The
sampling criteria were based on four key metrics:
age, gender, region and social grade.
A PENSION IS A LONG-TERM INVESTMENT NOT NORMALLY
ACCESSIBLE UNTIL AGE 55 (57 FROM APRIL 2028 UNLESS
PLAN HAS A PROTECTED PENSION AGE). THE VALUE OF
YOUR INVESTMENTS (AND ANY INCOME FROM THEM)
CAN GO DOWN AS WELL AS UP WHICH WOULD HAVE AN
IMPACT ON THE LEVEL OF PENSION BENEFITS AVAILABLE.
YOUR PENSION INCOME COULD ALSO BE AFFECTED BY THE
INTEREST RATES AT THE TIME YOU TAKE YOUR BENEFITS.
THE TAX IMPLICATIONS OF PENSION
WITHDRAWALS WILL BE BASED ON YOUR INDIVIDUAL
CIRCUMSTANCES, TAX LEGISLATION AND REGULATION
WHICH ARE SUBJECT TO CHANGE IN THE FUTURE. YOU
SHOULD SEEK ADVICE TO UNDERSTAND YOUR OPTIONS
AT RETIREMENT.
CONCERNED ABOUT THE
PENSION GAP?
As a women, your pension is a key part of your
retirement planning. How much you put away
now, how you invest for the future and how you
choose to access your pension once you’ve
stopped working, are all key considerations
for anyone hoping to enjoy a long and happy
retirement. If you have any concerns or
questions about your retirement plans, please
contact us for more information.
FINANCIAL PROTECTION
14
THE IMPORTANCE OF
FINANCIAL PROTECTION
Millions battling with financial hardship,
relationship stress and sleepless nights
Fear, worry and stress are normal responses to perceived or real threats, and at times
when we are faced with uncertainty or the unknown. So it is normal and understandable
that people are experiencing fear in the context of the COVID-19 pandemic.
FINANCIAL PROTECTION
The pandemic and the resulting economic
impact have negatively a!ected many
people’s mental health. Nearly half of UK
adults (47%) have experienced mental health
challenges during the pandemic, with millions
battling with financial hardship, relationship
stress and sleepless nights.
LIFE INSURANCE OR CRITICAL ILLNESS COVER
New research reveals that only a small
proportion of people notify their insurer of a
mental health condition in the mistaken belief
that it will a!ect their ability to take out life
insurance or critical illness cover. This means
they might not have adequate cover or access
to support provided by their insurer.
Three in ten (30%) people report that they
currently have a mental health condition or have
experienced this previously. However, only four
in ten 44% have informed their insurer. There
remains confusion around what can, or should,
be said to an insurer when it comes to physical
and mental health.
INELIGIBLE FOR PROTECTION COVER
Of those who did not disclose a mental health
condition, nearly two-fifths (37%) thought their
provider would only be interested in physical illness.
Over a quarter (26%) felt it was personal and so
would rather not share their condition with their
provider. Almost one in five (18%) worried they would
not qualify for a policy or would be charged more.
Contrary to these misconceptions, declaring
a mental health condition does not necessarily
mean higher premiums and it is unlikely to
mean someone is ineligible for protection cover.
Being open with an insurer means those with
mental health conditions are more likely to
receive the right support.
GETTING THE RIGHT SUPPORT
Some people are confused about how mental
health conditions a!ect their critical illness cover
or life insurance, which prevents them from
getting the right support. Insurers aren’t trying to
catch people out – they are there to help.
The challenges of the last 20 months have
highlighted the value of protection policies for
families and individuals in di"cult times. 
Source data:
[1] Research carried out online by Opinium
Research across a total of 2,002 UK adults
(Booster sample of 502 self-employed workers
and 1,015 Renters. Fieldwork was carried out
between 21 and 27 October).
15
COULD YOU AND YOUR FAMILY FACE
SIGNIFICANT FINANCIAL HARDSHIP?
Personal protection is a key part of any
successful financial plan. Without adequate
protection, you and your family could face
significant financial hardship if you or your
partner died unexpectedly or you couldn’t
work due to an accident or illness. Having
personal protection means that you do not
have to worry about money during a di"cult
time. To find out more, please contact us.
/// New research reveals that only a
small proportion of people notify their
insurer of a mental health condition in
the mistaken belief that it will a!ect
their ability to take out life insurance
or critical illness cover.
FINANCIAL PLANNING
16
ACROSS THE
GENERATIONS
Pandemic forces people to reassess their finances
The COVID-19 pandemic has a%ected every part of our lives and continues
to have a widespread impact across all aspects of financial life. This includes
retirement plans. Life in lockdown prompted many people to adjust their priorities,
for example, to move nearer to family, take staggered retirement or retire earlier.
Over the past twenty months,
life has looked and felt very different
for many of us. A lot of what was
previously taken for granted
and routine has been challenged and
changed in unanticipated ways. The
pandemic has also forced many people to
reassess their finances, access their pension
pots and bring forward or change their
retirement plans.
POLARISING IMPACT OF THE PANDEMIC
More than half (54%) of UK adults say the impact
of the COVID-19 pandemic has a!ected their
plans to retire, according to new research[1]. The
findings lay bare the polarising impact of the
pandemic and its stop-start e!ect on people’s
future plans.
While some people envisage retiring
earlier and have gained confidence about
living comfortably once they retire, nearly
one in five (18%) feel less secure about their
financial future, peaking at more than one in
four (27%) aged 35 to 44.
LOCKDOWNS USED TO SAVE
MORE FOR RETIREMENT
Across the generations, the 35 to 44 age
group are the most likely (68%) to have felt
some impact on their retirement plans from
the pandemic. This has been positive for
some, including one in ten who used the
lockdowns to save more for their retirement.
But almost one in six people (14%) aged
between 35 and 44 anticipate their retirement
date may be pushed back, while 16% have lost
confidence in their ability to live comfortably
once they have retired.
PEOPLE QUESTIONING
WHAT’S IMPORTANT IN LIFE
The findings show nearly three in five (59%)
people feel the pandemic has made them
question what’s important in life, while half said
it has changed their priorities. However, the
research reveals a nation polarised when it
comes to deciding its own destiny.
While 41% say the pandemic has made
them feel they can take more control of their
priorities, the same proportion (41%) say they
have less control than they did before.
SUSPENDED OR CANCELLED
A PLANNED LIFE EVENT
When it comes to their finances, more than two in
five UK adults (41%) say life during COVID-19 has
encouraged them to build more long-term savings.
People aged between 35 and 44 are most likely to
feel compelled to save more for their futures (54%),
followed by 51% of those aged 25 to 34.
However, 27% overall say they feel less
comfortable about coping with unforeseen
events than they did before the pandemic. This
includes 29% of those aged 44 to 54 and 24% of
over-55s. The findings also show more than half
(53%) of UK adults have suspended or cancelled
a planned life event during the pandemic.
SEEKING TO PROGRESS
FUTURE AMBITIONS MORE QUICKLY
Among those a!ected, almost one in six (16%)
have held back from starting a new job; 13%
have postponed buying a new house; 12% have
thought twice about starting a new business;
one in ten (10%) have pressed pause on trying
for a baby; and the same (10%) have postponed
getting married.
Despite more than half (54%) of people
feeling that life has been ‘put on hold’ during
the pandemic, many are now seeking to
progress more quickly with their future
ambitions. Among this group, 19% are fast-
tracking a move to a new job; 13% will start a
new business; and 13% are trying for a baby.
MAKING LIFE-CHANGING
FINANCIAL DECISIONS
It’s always important to think ahead to
retirement and plan for the future, and even
more so now that we have to deal with the
impact on our finances due to the coronavirus
crisis. It’s important not to rush into making life-
changing financial decisions before obtaining
professional financial advice first.
Making the right investment decisions
can help you increase your financial security
and provide income that you can use to live
comfortably after you stop working. If you don’t
have an income strategy or are unsure of what
it is, now is the time to talk to us. 
Source data:
[1] Research carried from Aviva,
24 November 2021
17
FINANCIAL PLANNING
TIME TO REVIEW YOUR PENSION
AND RETIREMENT PLANS?
When was the last time you reviewed your
pension? Do you know how much you’ve put
aside for your retirement and do you know how
well those investments are performing? We
will ensure you are making the best informed
decisions for your situation and retirement
plans. To discuss how we can help you, please
contact us.
/// While some people envisage retiring earlier and
have gained confidence about living comfortably
once they retire, nearly one in five (18%) feel less
secure about their financial future, peaking at more
than one in four (27%) aged 35 to 44.
RETIREMENT
18
UNLOCKING CASH FROM YOUR
HOME AND ENJOY A MORE
COMFORTABLE RETIREMENT
Needing an extra financial boost in
retirement is becoming more and more
common. Releasing equity from your property
is a big decision. We understand that and
we’re here to support you.To find out more,
please contact us for more information.
COULD EQUITY RELEASE
FUND YOUR FUTURE?
Freeing up funds or releasing money tied up in your home
For some people, using their home in the future to fund their retirement is likely
to become more commonplace, whether that’s by downsizing to free up funds or
releasing money tied up in their home through products like lifetime mortgages.
Homeowners could release some of the
equity from their property to top up their
retirement savings, through a process
known as ‘equity release’. Using equity release
for retirement income isn’t an equal replacement
for pension savings, but if you’ve got a shortfall,
then releasing money from your home may help
you reach your retirement goals.
HOME VALUE
Analysis has highlighted that homeowners in
53% of areas in England & Wales could access
more from the value of their home than is
saved in the average pension pot (£61,930)[1] by
using equity release, according to analysis and
based on median local house price data from
the O"ce for National Statistics (ONS)[2].
Homeowners in England and Wales could
release on average £72,988 worth of equity
from their homes, an average increase of
£14,000 in just five years due to a 24% increase
in median house price values since 2016.
PRICE GROWTH
Ongoing house price growth has led many
homeowners to consider the role their
property might play in their long-term financial
planning. One in seven pre-retired over-50s
(16%) plan to use their property wealth to
boost their finances via products like lifetime
mortgages, a type of equity release, or via
downsizing. However, an additional 13% said
a significant increase in the value of their
property could also persuade them to do so.
In recent years, we have seen house prices
increase to the extent that they will have
become the most significant asset available
to many UK homeowners. The average UK
property price has hit a new record high of
£272,992, with growth now at 15-year high[3]. 
Source data:
[1] Refers to an average pension pot of a
pre-retired person over 50. Opinium survey
of 2,160 UK over-50s in the UK who have not
retired between the 9 and 13 August 2021
[2] O"ce for National Statistics, House
price statistics for small areas in England and
Wales: year ending March 2021, Nov 2021
[3] The Halifax House Price Index (IHS
Markit), November 2021
THINK CAREFULLY BEFORE SECURING
OTHER DEBTS AGAINST YOUR HOME. YOUR
MORTGAGE IS SECURED ON YOUR HOME, WHICH
YOU COULD LOSE IF YOU DO NOT KEEP UP YOUR
MORTGAGE PAYMENTS.
EQUITY RELEASE MAY INVOLVE A HOME
REVERSION PLAN OR LIFETIME MORTGAGE WHICH
IS SECURED AGAINST YOUR PROPERTY. TO
UNDERSTAND THE FEATURES AND RISKS, ASK FOR
A PERSONALISED ILLUSTRATION.
EQUITY RELEASE REQUIRES PAYING OFF ANY
OUTSTANDING MORTGAGE. EQUITY RELEASED,
PLUS ACCRUED INTEREST, TO BE REPAID UPON
DEATH OR MOVING INTO LONG-TERM CARE.
EQUITY RELEASE WILL AFFECT THE AMOUNT OF
INHERITANCE YOU CAN LEAVE AND MAY AFFECT
YOUR ENTITLEMENT TO MEANS-TESTED BENEFITS
NOW OR IN THE FUTURE.
CHECK THAT THIS MORTGAGE WILL MEET YOUR
NEEDS IF YOU WANT TO MOVE OR SELL YOUR
HOME OR YOU WANT YOUR FAMILY TO INHERIT IT.
IF YOU ARE IN ANY DOUBT, SEEK PROFESSIONAL
FINANCIAL ADVICE.
Redundancy pushes over 50s out of the workforce
The economic fallout from the coronavirus pandemic has made Britain’s
workforce smaller, with a sharp rise in early retirement among older workers
MISSING MIDLIFE WORKERS
19
RETIREMENT
The disappearance of the older worker
presents a serious challenge to
employers. Not only are they the fastest-
growing employee population but they also
have a wealth of experience that UK employers
will miss out on if this trend continues.
AGE DIVERSITY
As we all adjust to new ways of working in the
wake of COVID-19, where ‘retirement’ will be
di!erent for many people, it’s crucial that older
workers are not forgotten. But more than one in
ten (11%) over-50s have disappeared from the
workforce in the past five years as a result of being
made redundant, according to new research[1].
Among the 177,000 over-50s made
redundant on an annual basis during this
timeframe, 20,000 are estimated to have left
the workforce. The ‘Working Late’[1] report,
which looks at the experiences of the over-
50s, raises concerns about the impact of
redundancy and employment-related changes
on the age diversity of the UK workforce.
CONTRIBUTING FACTOR
Among the over-50s experiencing
redundancy in the past five years, nearly
two-thirds (62%) felt that their age was a
contributing factor in this decision. The study
shows that older workers have been 17%
more likely to face redundancy than younger
workers on average[2].
Despite a higher redundancy rate, according
to data from the O"ce for National Statistics
(ONS) Labour Force Survey, unemployment rates
for over-50s tend to be lower than for the rest of
the working population.
MADE REDUNDANT
In part, this is likely impacted by the number of
people who leave the workforce once being
made redundant. The report found that 2,000
of the 15,000 over-50s made redundant each
month on average over the last five years are
estimated to have left the workforce.
More than a third (39%) of older workers
who were made redundant in the past five
years have had to change their retirement
plans. This was also the case for those who
experienced a reduction in their working
hours (34%) or had their salary reduced
(33%). Meanwhile, 15% of those being placed
on furlough since the start of the COVID-19
pandemic decided to change their retirement
date as a result.

RETIREMENT SAVINGS
The resultant impact of redundancy on
retirement savings is significant. Older workers
who have been made redundant are expected
to save £29,000 less for retirement than the
average employee aged 50 and over.
According to the findings, the gap between
estimated annual retirement income and
the minimum level of income required for a
comfortable lifestyle reduces by 18%, or £1,900
annually, for those who have been made
redundant, compared to those who have not.
ADDITIONAL FUNDS
For employees over 50 who have experienced
one or more of reduced hours (9%), a salary
cut (7%), furlough (12%) or redundancy (8%), an
annual reduction of £3,100 is estimated.
The government’s planned investment of
additional funds to get over-50s back into work is
a step in the right direction, but there is much more
to be done to promote an age-diverse workforce.
We are living and working longer than ever before
and the reality is, many of us will be relying on
working longer to save for retirement. 
Source data:
[1] Legal & General Retail Retirement (LGRR)
and the Centre for Economics and Business
Research (Cebr) – Over-50s in the labour market
2021 primary sources: Opinium survey of 2,000
over-50s in the UK, ONS Labour Force Survey
and ONS Wealth and Assets Survey.
[2] From 2007 to Q2 of 2021, the average
redundancy among under 50s has been 0.5%,
compared to 0.6% among the over 50s. Since
the year following the start of the pandemic,
the average rates have risen to 0.7% and 0.8%,
respectively. This contrasts with the experiences
of the last economic crisis in 2008-09, when
the redundancy rates among under 50s (0.9%)
exceeded that among over 50s (0.8%).
ITS GOOD TO TALK
Retirement should be an exciting milestone
that you look forward to. But that doesn’t
mean concerns aren’t present as you plan
for and live a retired life. To discuss how we
could help with your needs and financial
journey, please contact us.
RETIREMENT
20
SIGNIFICANT FINANCIAL
DECISIONS MAGNIFY YOUR
NEED FOR QUALITY ADVICE
Obtaining professional financial advice is
important to consider your options and
ensure you achieve the retirement you want.
We recognise that increasingly complex and
significant financial decisions magnify your
need for quality advice. To discuss how we
can help with your plans, please call us.
WHAT’S YOUR
MAGIC NUMBER?
Keeping up your current lifestyle and enjoying your golden years
People planning for retirement should think hard about what they want to
do when they eventually stop work. It is helpful to have a good idea of the
lifestyle you want, how much it will cost and how you are going to pay for it.
With so much going on in your life –
from family and work to pursuing
your passions – retirement planning
may not have been your priority. But now you
want to make sure your pension and overall
financial situation will allow you to keep up your
current lifestyle and enjoy your golden years.
The more enthusiastic you are about retiring,
the more likely you are to develop a robust
retirement plan.
DIY APPROACH TO RETIREMENT
Obtaining professional financial advice is key
to ensuring you achieve the retirement you
want. But 8 million people are planning a DIY
approach to retirement and many don’t know
how to avoid running out of money, avoiding
a big tax bill or leaving an inheritance, new
research has highlighted[1].
Millions of people don’t understand their
retirement options when they stop work. More
than a third (35%) of pension holders admit they
know nothing about the product options at
retirement and the pros and cons of each option.
PRODUCT OPTIONS AT RETIREMENT
And more than one in five (22%) of those
planning to retire in the next five years know
nothing about the product options at retirement.
And they don’t understand some of the big
risks in retirement. Worryingly, 35% of pension
holders know nothing about how stock market
falls can a!ect retirement savings.
Of those surveyed, 34% commented they
don’t know how to ensure they will not run out
of money in retirement. Half of people with a
pension over £100,000 didn’t know a good
amount about how to take money from their
pension in a tax-e"cient way.
TAKING PROFESSIONAL FINANCIAL ADVICE
Only 34% of married people understand how
to ensure their spouse will be left with enough
pension if they die. Although people are unclear
about their options, worryingly many are not
considering taking professional financial advice.
Only 39% of pension holders are planning
on taking financial advice when they retire,
with 31% planning to DIY their retirement. Only
half (52%) of mass a#uent people – those with
assets of between £100,000 and £500,000
excluding property – are planning to take
professional financial advice.
SERIES OF BIG DECISIONS TO MAKE
The top occasions where mass a#uent consumers
feel that people should seek professional financial
advice are: choosing to invest a large lump sum
(43%), Inheritance Tax planning (44%) and deciding
how to access a pension (40%).
People have a series of big decisions to make
as they approach the end of their working life and
each one can make a huge di!erence to their
retirement. For example, should you drawdown
your pension in one go or over a period of time?
Should you take your 25% tax-free cash or leave
the money in your pension fund to grow? Should
you buy an annuity to guarantee an income for the
rest of your life or go for drawdown? These are
questions your professional financial adviser will
help answer.
 
MAKING BIG FINANCIAL DECISIONS
Obtaining advice compensates for the emotional
biases people have when they make big financial
decisions. A DIY approach to managing large
pension funds at retirement is fraught with risk.
People can easily buy the wrong products,
incur unnecessary tax bills or simply exhaust their
retirement funds too quickly, whereas an adviser
will provide an impartial, cool-headed approach
to their client’s finances and o!er solutions that
the client will not even have considered.  
Source data:
[1] The LV= Wealth and Wellbeing Monitor is
a quarterly survey of 4,000+ consumers which
examines their attitudes to spending, saving
and retirement. The Monitor also surveys the
attitudes of mass a#uent consumers, those
with assets of between £100,000 and £500,000
excluding property, who are a key target market
for financial advisers. LV= surveyed 4,000+
nationally representative UK adults via an online
omnibus conducted by Opinium in June  2021.  
A PENSION IS A LONG-TERM INVESTMENT NOT
NORMALLY ACCESSIBLE UNTIL AGE 55 (57 FROM APRIL
2028 UNLESS PLAN HAS A PROTECTED PENSION AGE).
THE VALUE OF YOUR INVESTMENTS (AND ANY INCOME
FROM THEM) CAN GO DOWN AS WELL AS UP WHICH
WOULD HAVE AN IMPACT ON THE LEVEL OF PENSION
BENEFITS AVAILABLE. YOUR PENSION INCOME COULD
ALSO BE AFFECTED BY THE INTEREST RATES AT THE
TIME YOU TAKE YOUR BENEFITS.
THE TAX IMPLICATIONS OF PENSION
WITHDRAWALS WILL BE BASED ON YOUR INDIVIDUAL
CIRCUMSTANCES, TAX LEGISLATION AND REGULATION
WHICH ARE SUBJECT TO CHANGE IN THE FUTURE.
YOU SHOULD SEEK ADVICE TO UNDERSTAND YOUR
OPTIONS AT RETIREMENT.
21
RETIREMENT
/// Millions of people don’t
understand their retirement
options when they stop work.
More than a third (35%) of
pension holders admit they
know nothing about the product
options at retirement and the
pros and cons of each option.
FINANCIAL PLANNING
22
LIVE SUSTAINABLY:
HOW TO BE A
CONSCIOUS
CONSUMER  
The everyday choices we make all
have impacts on our planet
Our changing climate is making it harder to live in many parts of the
world, often a!ecting some of the most disadvantaged communities.
People are starting to realise that change is imminent and necessary.
LOOKING TO MAKE A POSITIVE
CONTRIBUTION TO THE SOCIETY
OR ENVIRONMENT?
If you are seeking to make a positive
contribution to society or the environment
you have a range of options to consider. We
will listen and take the time to understand
your personal financial goals, whether it’s
working out when you can retire, how to
minimise Inheritance Tax or getting the most
out of your savings and investments. To find
out more, please contact us.
Every little thing we do daily has an
impact on the planet, from our dietary
choices to the cars we drive. The
good news is that every small change to
our lifestyle can contribute to having a less
negative impact on the environment.
POSITIVELY IMPACT SOCIETY
New research has highlighted that many UK
adults admit they would live more sustainably
if it was more a!ordable[1]. Seven in ten (71%)
UK adults surveyed say they would live more
sustainably if they knew it wouldn’t cost them
any more money.
Those surveyed as part of the in-depth
study, which looks at the conscious decisions
individuals make to positively impact society,
found that three in five (61%) UK adults say they
do spend money on goods or services that
they know are ethical or sustainable. Of these,
43% can put a price tag on how much they are
spending, which is on average of £51.90 per
month – the equivalent of £622.80 per year.
MORE SUSTAINABLE CHOICES
Almost a quarter (23%) say they spend up to
£50 per month per person. While one in five
(20%) say they spend more than £50, and
one in ten (10%) spend more than £100 every
month. When asked whether living consciously
should cost more money, or whether
individuals should be incentivised or rewarded
to live in this way, more than a fifth (22%) felt
they should be rewarded and/or incentivised.
More than a quarter (28%) believe
everything is expensive enough. And one in
five (19%) simply can’t a!ord to pay any more.
One in five (21%) think we should all pay to
protect the planet for future generations,
while 9% admitted they would be happy to
pay a higher price for goods and services if it
meant more sustainable choices and products
would be available.
MAKE ETHICAL PURCHASES
Those aged between 25 and 35 are more
likely to make ethical purchases despite it
being more expensive, compared to any
other age group. While those aged 55 to 64
are the least likely (15% vs 3%). Those who
earn a larger income are also more likely to
make ethical purchases, with 48% of those
earning more than £100k happy to spend
more on sustainable brands in comparison to
5% of those earning less than £20k.
When it comes to parents, there are also
interesting patterns, with those who have
children under 18 spending £91.70 per
month per person more to make sustainable
choices. This is in comparison to parents with
children over 18, who spend an extra £21.20.
SUPPORT THE PLANET
In the UK, billions of pounds are held in pensions
and savings. Looking more closely and asking
where your savings are being invested, and
what they are supporting, can go a long way to
ensuring you’re investing responsibly.
Doing this could help if you want to do
more to support the planet and make a
positive impact, without it having to cost you
the earth. 
Source data:
[1] Pru, part of M&G plc, ‘Power of Sustainable
Living’ report – research was carried by Opinium
among a UK representative sample of 2,000
consumers – UK adults spend £51.90 per month.
Multiplied by 12 months is £622.80 –
13 November 21.
23
FINANCIAL PLANNING
/// New research has
highlighted many UK
adults admit they would
live more sustainably if
it was more a!ordable[1].
Seven in ten (71%) UK
adults surveyed say
they would live more
sustainably if they knew
it wouldn’t cost them any
more money.
SAVING
24
SAVING FOR
A RAINY DAY
What’s the right emergency fund amount for you?
An emergency fund is money
you put aside to cover a financial
shock. This could be losing
your job, or a large, unexpected
expense. Building an emergency
fund can help prevent your
needing to borrow money or make
di"cult financial decisions in those
moments, by giving you savings to
fall back on.
Worryingly, one of the things
the COVID-19 pandemic has
demonstrated is that anyone could
find themselves in financial di"culties. But
three out of ten (30%) working people in the
UK could only manage for up to a month
financially if they had to rely on their savings to
cover their outgoings, research reveals[1].
FINANCIAL WELLBEING
A quarter (26%) of workers said they had
less than £500 in savings. The results also
highlighted that the issue a!ects younger
people most severely, with 40% of 18-to-34-
year-olds in work unable to manage more
than a month if they found themselves without
their salary.
The COVID-19 pandemic has intensified
issues around financial wellbeing in the
working population. As well as one-fifth (21%)
admitting to saving nothing on a monthly
basis, more than one in ten (15%) have
increased the amount of debt they have over
the previous 12 months, and a quarter (26%)
have had to borrow from family or friends
during the period.
UNEXPECTED BILLS
Almost half of working Britons (49%) said they
feel stressed about their financial situation.
This doesn’t just cause problems with meeting
unexpected bills or dealing with a loss of income
due to sickness or unemployment.
Money worries can a!ect all aspects of
people’s lives, which is why it is important
for people to build a healthy savings pot and
improve their financial wellbeing to protect
themselves from any sudden and unexpected
changes to their situation. There’s also clear
evidence that low financial resilience can also
have an impact on mental health.
FINANCIAL DIFFICULTIES
If you have money set aside for emergencies,
you’re far less likely to experience financial
di"culties or have to borrow at a high interest
rate if things go wrong or your circumstances
change. Knowing you’ve got some money you
can access is essential.
Typically, you should aim to have enough
money in your emergency fund to cover your
expenses for at least three to six months.
Saving regularly is a good way to build up an
/// Almost half of working
Britons (49%) said they
feel stressed about
their financial situation.
This doesn’t just cause
problems with meeting
unexpected bills or
dealing with a loss of
income due to sickness
or unemployment.
HOW MUCH SHOULD YOU SAVE?
How much you need, and what an ‘emergency’
is, will depend on your situation. It’s best to split
your savings, so you’re keeping some to hand
for emergencies and putting the rest where it
can work harder for you. To find out how we
could help, please contact us.
emergency fund. You’ll find that if you get into
the habit of saving each month your savings will
soon mount up.

ILLNESS OR INJURY
If you are also worried an illness or injury could
leave you without enough to pay bills, there are
ways to protect your income. To protect you
and your family comprehensively, you should
consider insurance – especially if your employer
does not have an occupational sick-pay scheme.
The four most common types of insurance
that protect your income are income protection
insurance, critical illness cover, life insurance and
payment protection insurance. 
Source data:
[1] Yorkshire Building Society research, 06 July 21
25
SAVING
26
Knowing what to expect can be an important
part of planning for life after work
How much do you think you’ll need to fund your retirement? Of course, the answer
to that question will depend on what you want to do when you stop work. Worriedly
almost half of non-retirees (46%) are unable to identify how much annually they believe
retirees receive from their state pension according to a survey[1].
HOW MUCH INCOME
WILL YOU RECEIVE FROM
YOUR STATE PENSION?
RETIREMENT
27
RETIREMENT
Only 53% knew that retirees receive
around £9,000 per year from their State
Pension, with those aged 55 and over
being more likely to identify correctly how much
retirees receive (70%), compared to only 40% of
those aged between 18 and 34.
SAVING IN A PENSION
The survey also showed that over half of non-
retirees with a pension are worried that they are not
saving enough for their retirement (56%), with only
one in five (21%) confident that the amount they are
saving in a pension is enough to let them live the
lifestyle they want when they stop working.
In fact, three-quarters (75%) of non-retirees say
they believe they could save extra into their pension
to boost their pension savings, with the average
additional contribution being £68 per month.
ADDITIONAL CONTRIBUTIONS
One in six (17%) say they could only pay in less
than £25, just over a quarter (26%) say they could
pay in £25 to £50 in additional contributions,
while a further quarter (25%) say they could pay in
between £51 and £200 in additional contributions.
Seven per cent say they could pay in more than
£201 per month in additional contributions.
Most people in the UK who work or undertake
caring responsibilities will be eligible for a full
State Pension if they have worked and paid
National Insurance contributions or been a carer
for 35 years. In 2021/22, the full level of the
new State Pension is currently £179.60 a week
(£9,339.20 a year).
RELY ON THE STATE PENSION
But the research finds that the majority of the
public (78%) do not know how much new retirees
with a full State Pension will receive. As could be
expected, older people and those who are retired
tend to have the highest awareness, with almost
half (46%) of those aged 65 and over and two in
five retirees (43%) saying they are aware how much
retirees will receive from a full State Pension.
However, even among these groups, many
are unaware of the amount that retirees receive
(54% of those 65+ and 57% of those who say
they are retired). When asked if savers plan to
rely on the State Pension come retirement, just
over a third (36%) said that they expect to rely
on it as their main source of income, especially
those aged between 55 and 64 (49%). However,
one in five said that they remain unsure what
they will rely on in retirement (18%).
ADEQUATE INCOME IN RETIREMENT
Furthermore, younger people (those aged
between 18 and 34) and those with other types
of pension are less likely to say they will rely on
the State Pension as their main source of income
(26% and 31% respectively).
For many people, the best way to provide
an adequate income in retirement is to save
gradually throughout their entire working life and
save what they can a!ord. However, depending
on their financial circumstances, some may prefer
to save less when they are younger and more
when they are older, especially if they expect to
receive an inheritance before they retire.
OPTIONS TO ADD TO YOUR NEST EGG
Unfortunately, many of us struggle to put enough
into our pension pot during our working lives
because the costs of buying a house, raising a
family and covering day-to-day living expenses
eat into disposable income.
The earlier you start retirement planning,
the better. However, with the demands of
managing a busy working and personal life,
this is something that can understandably be
neglected. But it’s never too late to think about
saving for retirement – even if you are planning
to give up work in just a few years’ time, you will
have options to add to your nest egg. 
Source data:
[1] Pensions and Lifetime Savings Association
(PLSA) – a total of 2,075 people took part in the
nationally representative survey, carried out by
Yonder Consulting. The survey took place between 25
August and 26 August 2021.
A PENSION IS A LONG-TERM INVESTMENT NOT
NORMALLY ACCESSIBLE UNTIL AGE 55 (57 FROM APRIL
2028 UNLESS PLAN HAS A PROTECTED PENSION AGE).
THE VALUE OF YOUR INVESTMENTS (AND ANY INCOME
FROM THEM) CAN GO DOWN AS WELL AS UP WHICH
WOULD HAVE AN IMPACT ON THE LEVEL OF PENSION
BENEFITS AVAILABLE. YOUR PENSION INCOME COULD
ALSO BE AFFECTED BY THE INTEREST RATES AT THE
TIME YOU TAKE YOUR BENEFITS.
THE TAX IMPLICATIONS OF
PENSION WITHDRAWALS WILL BE BASED ON
YOUR INDIVIDUAL CIRCUMSTANCES, TAX
LEGISLATION AND REGULATION WHICH ARE
SUBJECT TO CHANGE IN THE FUTURE. YOU
SHOULD SEEK ADVICE TO UNDERSTAND YOUR
OPTIONS AT RETIREMENT.
LEFT YOUR PENSION UNTIL
THE LAST MOMENT?
Retirement need not be at a fixed time. A
growing number of people are opting to phase
their retirement, whether by reducing working
hours at their existing job, by moving to a new
part-time job or by starting their own business.
To find out more about how we can help you
plan for the retirement you want, please speak
to us – we look forward to hearing from you.
/// Only 53% knew that retirees receive
around £9,000 per year from their state
pension with those aged 55 and over being
more likely to identify correctly how much
retirees receive (70%), compared to only
40% of those aged between 18 to 34.
Published by Goldmine Media Limited
Basepoint Business & Innovation Centre, 110 Butterfield Green Road, Luton, LU2 8DL.
Content copyright protected by Goldmine Media Limited 2022. Unauthorised duplication or distribution is strictly forbidden. 
What will the government’s proposals mean for the social care system?
The government has set out its vision for the future of adult social care. New
plans were announced on 7 September 2021 for adult social care reform in
England. This included a lifetime cap on the amount anyone in England will need
to spend on their personal care, alongside a more generous means test for local
authority financial support.
From October 2023, the government will
introduce a new £86,000 cap on the
amount anyone in England will need to
spend on their personal care over their lifetime.
In addition, the upper capital limit (UCL), the point
at which people become eligible to receive some
financial support from their local authority, will rise
to £100,000 from the current £23,250.
MEANS-TESTED SUPPORT
As a result, people with less than £100,000
of chargeable assets will not be required to
contribute more than 20% of these assets
per year. The UCL of £100,000 will apply
universally, irrespective of the circumstances
or setting in which an individual receives care.
The lower capital limit (LCL), the threshold
below which people will not have to pay
anything for their care from their assets, will
increase to £20,000 from £14,250.
To allow people receiving means-tested
support to keep more of their own income,
the government will unfreeze the Minimum
Income Guarantee (MIG) for those receiving
care in their own homes and Personal
Expenses Allowance (PEA) for care home
residents, so that from April this year they
will both rise in line with inflation.
PEOPLE IN CARE HOMES
The cap will not cover the daily living costs
(DLCs) for people in care homes, and people
will remain responsible for their daily living
costs throughout their care journey, including
after they reach the cap. For simplicity,
these costs will be set at a national, notional
amount of £200 per week.
DLCs are a notional amount to reflect that
a proportion of residential care fees are not
directly linked to personal care, for example,
rent, food and utility bills, and would have
had to be paid wherever someone lives.
KEEPING INCOME AND ASSETS
This is in line with the Commission on Funding
of Care and Support’s 2011 recommendation.
The £200 level is £30 less than a proposal set
out in 2015, ensuring people get to keep more
of their income and assets.
At this stage, it is too early to say what the
end result may be for the proposed adult
social care reform in England. As the bill now
moves forward to public consultation this
year, we’ll be watching closely and will be
providing further updates to ensure you are
kept fully up to date. 
GET FINANCIAL ADVICE ON HOW
TO FUND YOUR LONG-TERM CARE
We all want the best possible long-term care
for ourselves or our loved ones. Planning
for the long term can help ensure you have
su"cient income to pay for any care you, or
an elderly relative, might need in later life.
Speak to us to find out how we can help you.
ADULT SOCIAL CARE
CHARGING REFORM
/// From October 2023, the
government will introduce a
new £86,000 cap on the amount
anyone in England will need to
spend on their personal care
over their lifetime.
SOCIAL CARE