2022 may

Are you fed up with your nine to five routine? Do you dream of being able to relax and enjoy the things you love? Our latest magazine provides financial advice on deciding when to retire, how to fund your retirement, key tax chances, scams and more
About Tudor Franklin IFA

Tudor Franklin was established by Richard Meats and Bharat Chudasama, with a vision for a professional financial planning and advice service that can provide clear value to our clients at any stage in their financial life. With over 25 years joint experience advising clients on such matters as investments, pensions, inheritance tax planning and protection, we pride ourselves on being professional and delivering advice in a clear and understandable way.
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About Tudor Franklin IFA

pension RETIRE people TAX inancial money plan
TAX IN UNCERTAIN TIMES
Key !inancial changes that 
have a"ected millions of 
people from April
SCAMMERS’ ‘SOCIALLY 
ENGINEER’ VICTIMS
17% increase in suspicious or 
scam-related activity
RETIREMENT NEST EGG
Half of over-50s regret  
not saving into their  
pension earlier
FED UP WITH 
YOUR NINE!
TO!FIVE?
SIXTY THE MOST POPULAR  
AGE TO RETIRE EARLY 
MAY/JUNE 2022
Welcome to our latest edition. Are you fed up with 
your nine-to-!ive? There are many factors that can 
in!luence when someone decides to retire. For some, 
it may be based on health reasons, while others may 
want to take advantage of government bene!its or 
simply enjoy a more relaxed lifestyle. However, one 
of the most common factors that determines when 
people choose to retire is their age. On page 12 we 
look at what is the most popular age to retire early. 
New research reveals the key steps people have taken 
to embrace early retirement and examines the costs 
and bene!its of doing so.
Most taxpayers started to see their tax bills increase 
from April 2022. As we move into the new 2022/23 tax 
year, now is the time to review your tax a"airs to ensure 
that you have taken advantage of all reliefs available 
and have considered some planning opportunities to 
help reduce your tax liabilities. On page 06 we explain 
what changed at the beginning of the 2022/23 tax year, 
and what you need to be aware of.
Any of us can fall victim to a scam. Scams are 
increasingly common and many people are caught out. 
They can be very distressing, and the impact is often 
emotional as well as !inancial. If you’ve been the victim 
of a scam, remember that you’re not alone. Turn to page 
11 to read how increasingly scammers are relying on 
our psychological biases to trick us into handing over 
important data, !inancial information and our money.
The days of working for a single employer for your 
entire career and retiring with a comfortable pension 
are largely gone. The responsibility for accumulating 
a retirement nest egg now rests with individuals 
as opposed to their employers. Saving enough for 
retirement is challenging for many people, but an era 
of changing demographic trends, such as increased 
longevity and delayed marriage, can make this journey 
even more di#icult. Read the full article on page 24.
A full list of the articles featured in this issue  
appears opposite.
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.
INSIDE 
THIS ISSUE
MAY/JUNE  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. The Financial Conduct Authority does not regulate tax advice or Wills.
CONTENTS
04
MILLIONS OF MIDLIFERS  
ARE PROPPING UP THEIR FAMILIES
Impact on work, wealth and wellbeing 
putting further pressure on age group
05
PASSING ON WEALTH TO THE NEXT 
GENERATION
30 million parents want to leave wealth 
in their Will 
06
TAX IN UNCERTAIN TIMES
Key !inancial changes that have a"ected 
millions of people form April
07
MORE BRITONS INSURE THEIR 
HOMES THAN THEIR LIVES
Ensure your !inancial security for when 
you might need it most
08
DEALING WITH DIVORCE
Revolution to family law !inally removes 
the need for blame as a basis for divorce
09
GENDER PENSION GAP WIDENS
Women have lower pension pot sizes in 
every age bracket
10
FUTURE WEALTH
The average British child is worth  
just under £5,000 by the time they 
reach school
11
SCAMMERS ‘SOCIALLY  
ENGINEER’ VICTIMS
17% increase in suspicious or scam-
related activity
NEED FURTHER GUIDANCE TO HELP  
CHART YOUR PATH THROUGH LIFE?
 We know you’ll have di!ferent priorities for your 
wealth at di!ferent points in your life. Whatever 
your !inancial aims, we can help you achieve 
them. For more information or to discuss your 
situation, please contact us. We hope you enjoy 
reading this issue.
C O N T E N T S
12
FED UP WITH YOUR NINE!TO!FIVE?
Sixty the most popular age to retire early 
14
PRIVATE WEALTH
Millions struggle to understand their most 
important source of income in retirement
15
‘HOME IS MY PENSION’ GENERATION
22% rise in people using property to support 
their retirement
16
PROTECTING FAMILY WEALTH 
What will your legacy look like?
17
LOVE AND MONEY
Couples reveal they’re poles apart
18
BUILDING AN INVESTMENT PORTFOLIO
4 steps for future wealth creation in your mid-20s 
to mid-30s
20
HOW TO COPE WITH THE  
RISING COST OF LIVING
9 in 10 adults make stark spending decisions as 
anxiety runs high
22
WHERE THERE’S A WILL THERE’S A GEN ZER
20% of 18 to 24 year-olds emerge as Will makers
23
DISCUSSING INHERITANCE  
WITH YOUR HEIRS
More than half of UK adults haven’t discussed  
the subject
24
RETIREMENT NEST EGG
Nearly a half of over-50s regret not saving into 
their pension earlier
04  FINANCIAL PLANNING
IMPACT ON WORK, WEALTH AND WELLBEING 
PUTTING FURTHER PRESSURE ON AGE GROUP
The "inancial decisions made by individuals as they reach retirement could 
have signi"icant consequences on their "inances and standards of living. 
Midlifers (people aged 40 to 60) are facing a challenging backdrop, with rising 
in!lation and increasing energy bills putting further pressure on an age group 
that is already juggling multiple headwinds. 
Midlifers spend £10 billion a year in 
!inancial help for loved ones, while 
support costs have risen by £300 
annually over the last 15 years. According to new 
analysis[1], responsibility peaks at the age of 45, 
with midlifers having the greatest level of !inancial 
responsibility at this stage of their life. 
GREATER PRESSURE
Unpaid caring responsibility also becomes 
more common from the age of 58, meaning 
many 40$60-year-olds are struggling to juggle 
their responsibilities.
Many midlifers already feel the level of support 
they provide is unsustainable (10%). With in!lation 
set to continue to rise throughout 2022, energy 
prices reaching record highs and an increase to 
National Insurance, this support will be under 
even greater pressure[2].
FINANCIAL SUPPORT 
The study examined the unique challenges 
faced by those in midlife and the impact of 
these on people’s work, wealth and wellbeing. 
It !inds that millions of midlifers are propping 
up their families, with more than six million 
people aged 40 to 60 (33%) currently providing 
!inancial support or unpaid care to at least one 
loved one, on top of their job and other family 
commitments.
More than one in six (17%) people in midlife 
provide !inancial support to an adult in their 
life, such as an elderly parent or grown-up 
child, at a collective cost of £10.4 billion a year. 
Those supporting adult children will spend an 
average of £247 a month, whereas midlifers 
who provide !inancial support to an elderly 
parent or relative will spend an average 
of £282 a month, in addition to their own 
household expenses.
TIME PRESSURES
Alongside !inancial support, those aged 40 to 60 are 
also relied on to provide unpaid care (15%) to elderly 
relatives or childcare for grandchildren while also 
juggling their lives and careers. The average amount 
of time taken up by unpaid care is the equivalent to a 
part-time job, at nearly 15 hours a week.
As a result of these time pressures, one in four 
people in midlife (25%) get less than an hour to 
themselves in the average day and one in !ive 
(19%) spend no time on their !inancial wellbeing.
MIDLIFE SPENDING 
The !inancial and caring commitments required of 
people in midlife have already increased in recent 
years. Based on analysis of ONS data, spending in 
areas that includes support for other generations 
has increased by £300 in the last 15 years, placing 
further pressure on this age group[3].   
The COVID$19 pandemic has increased this 
further, with those in midlife spending more 
time and money supporting their loved ones. 
Just over half (52%) of 40$60-year-olds in the 
UK have seen their !inancial pressures grow, 
while 34% say that it has increased the time 
pressure they face. 
Source data:
[1] Opinium survey of 4,009 UK adults aged between 
40 and 60 years old in the UK was conducted between 
28 December and 6 January 2021
[2] Rising cost of living in the UK, House of 
Commons library
[3] Opinium analysed data from the ONS to 
look at the most relevant spending amongst 
households where the household reference 
person is closest to our midlife cohort (in this case 
50!64). The trends from the ONS Family Spending 
series indicates that spending on areas such as 
health and education, which are some of the main 
areas of spend for those providing care or "inancial 
support, is approximately £300 higher than it was 
for households where the household reference 
person is a midlifer compared to 15 years ago.
LOOKING TO GROW YOUR WEALTH?
Time to create a personal !inancial plan 
tailored to your needs and goals? We’ll 
work together to develop wealth-building 
strategies that focus on what’s important 
to you, your needs and those of your loved 
ones. To discuss your requirements, speak to 
us to !ind out how we can help you.
MILLIONS OF MIDLIFERS ARE 
PROPPING UP THEIR FAMILIES
30 MILLION PARENTS WANT TO LEAVE WEALTH IN THEIR WILL
Millions of Britons say they want to plan to pass on wealth to their children 
and grandchildren in a Will – but fewer than half have written one, according 
to new research[1]. Failing to plan to write a Will or complete estate planning 
could potentially lead to a signi!icant Inheritance Tax (commonly called IHT for 
short) bill being levied on a person’s estate when they die.
ANYTHING THAT ISN’T EXEMPT WILL BE TAXED 
IHT is a tax that may be paid on your estate 
(your money, possessions and your share 
of any property) when you die, reducing 
how much value will ultimately pass to your 
bene!iciaries. The starting point for IHT in the 
current 2022/23 tax year is £325,000. When 
the value of an estate exceeds this amount, 
anything that isn’t exempt will be taxed at 40%.
The tax year runs from 6 April to the following 
5 April. So, the tax year 2022/23 started on 6 April 
2022 and !inishes on 5 April 2023. 
RISING NUMBER OF PEOPLE COULD 
UNEXPECTEDLY FACE IHT BILLS
Recent rises in houses prices mean the 
estates of a rising number of people could 
unexpectedly face IHT bills. The research found 
that 30 million (88%) people with children say 
they plan to leave money to their children and/
or grandchildren in their Will but only 41% have 
written one. Twenty million (59%) parents do not 
currently have a Will.
Although over half (57%) of people with 
children are considering seeking professional 
!inancial advice about the best way to pass 
on wealth, only 13% have done so. More than 
half (56%) of people with children say they are 
considering writing wealth into trust  but only 12% 
have actually done so.
HOW PARENTS PLAN TO PASS ON WEALTH
Leaving it in a Will 88%
Bank transfer/cash 67%
Consulting !inancial adviser 57%
Writing wealth into trust 56%
Putting money into investment 53%

Putting money into a pension for their 
children 43%
MINIMISING THE AMOUNT OF  
IHT YOU COULD BE LIABLE FOR
The research identi!ied that mass a!!luent 
consumers – those with assets of between 
£100,000 and £500,000 excluding property 
– are more likely to have their a!fairs in place 
to pass on an inheritance. More than half 
(51%) of mass a!!luent parents have a Will in 
place. 20% of mass a!!luent parents have put 
money into an investment for their children or 
grandchildren (compared to 12% of all parents). 
17% of mass a#luent parents have obtained 
professional !inancial advice to discuss the best 
way to pass on wealth. And 13% of mass a#luent 
parents have written wealth into trust for their 
children. The average amount written into a trust 
was £184,000 while more than one in !ive (21%) 
wrote more than £250,000 into a trust. 
Source data:
[1] LV= surveyed 4,000 nationally representative 
UK adults (of which at least 500 were mass a#luent) 
via an online omnibus conducted by Opinium in 
December 2021. 
TAX TREATMENT DEPENDS ON THE 
INDIVIDUAL CIRCUMSTANCES AND MAY BE 
SUBJECT TO CHANGE IN FUTURE.
PASSING ON WEALTH TO 
THE NEXT GENERATION
HOW WILL I PASS ON  
MY ESTATE EFFICIENTLY?
Tax rules depend on individual circumstances 
and may change. You should always obtain 
professional !inancial advice for more 
information on tax. We provide all the elements 
you need to protect, grow and pass on your 
wealth. To discuss your plans or for further 
information, please contact us.
INHERITANCE TAX  05
KEY FINANCIAL CHANGES THAT HAVE 
AFFECTED MILLIONS OF PEOPLE FROM APRIL
Most taxpayers started to see their tax bills increase from April 2022. As 
we move into the new 2022/23 tax year, now is the time to review your tax 
a"airs to ensure that you have taken advantage of all reliefs available and have 
considered some planning opportunities to help reduce your tax liabilities.
Here’s what changed at the beginning of 
the 2022/23 tax year, and what you need 
to be aware of.
NATIONAL INSURANCE INCREASE
From 6 April, National Insurance increased by 
1.25%. That’s an increased cost of £255 for those 
earning £30,000, or £505 for those earning 
£50,000. The National Insurance threshold 
increased to £9,880 per year, meaning you don’t 
pay National Insurance if you earn below that 
level. This means you pay National Insurance at 
a rate of 13.25% on earnings between £9,880 and 
£50,270 per year, and 3.25% on earnings above 
£50,270 a year.
In July 2022, the National Insurance threshold 
will increase again so that you only start paying 
National Insurance on earnings above £12,570. 
This means the threshold will align with the 
personal allowance. You will pay National 
Insurance at a rate of 13.25% on earnings 
between £12,570 and £50,270 per year, and 3.25% 
on earnings above £50,270 a year.
There’s been a similar rise for employers’ 
National Insurance. One way to help to mitigate 
it is to consider salary sacri!ice schemes for 
pensions and other bene!its, which allow you to 
take some of your bene!its before your salary is 
paid, essentially avoiding National Insurance on 
these items.
STATE PENSION
State Pension payments increased by 3.1% to 
align with in!lation in the year to September 2021.
The full new State Pension increased to £185.15 
a week. Full basic State Pension payouts rise to 
£141.85 a week.
RISE IN DIVIDEND TAX RATES
The dividend tax rates vary depending on your 
income. Dividend tax is payable on earnings 
from dividends above £2,000 a year.  If you are 
a self-employed director of a company and pay 
yourself with a combination of tax and dividends, 
this will a"ect you too.
If you have shares outside of an Individual 
Savings Account (ISA) or pension, you may end up 
paying more tax on the income from them. From 
April 2022, the dividend tax rates increased by 
1.25%. This means the dividend tax rates are 8.75% 
for basic rate taxpayers; 33.75% for higher rate 
taxpayers; and 39.35% for additional rate taxpayers.
NATIONAL LIVING WAGE INCREASE
For those on lower incomes, and their employers, 
an increase in the National Living Wage of 6.6%. 
The living wage for workers over 23 increased 
to £9.50 an hour, while for under-18s and 
apprentices it is £4.81, £6.83 for 18$20-year-olds 
and £9.18 for 20$21-year-olds.
FROZEN THRESHOLDS
The Chancellor often uses a new tax year 
to update the thresholds for basic rate tax, 
higher rate tax, stamp duty and other taxes in 
line with in!lation. This year, nearly all will be 
frozen, meaning that most of us are worse o!f 
in real terms.
The personal allowance (the amount most 
of us can earn without paying tax) remains at 
£12,570, and the threshold for paying higher 
rate tax remains at £50,271. From earnings of 
£100,000, the personal allowance begins to be 
withdrawn, and the additional rate threshold 
remains at £150,000.
Freezing thresholds contributes to something 
called ‘!iscal drag’, which means that, as wages 
rise, more people are subject to higher rate tax 
because the threshold doesn’t keep pace with 
the rises.
HIGHER COUNCIL TAX
Councils were permitted to raise your tax rates by 
up to 3% from April, with prices up by a quarter 
in the past decade. Those in bands D and above 
receive a £150 tax rebate, aimed at dealing with 
higher energy prices, while those in bands E and 
below will have no recourse to this.
CHILD BENEFIT
Child Bene!it payments increased in line with 
in!lation of 3.1% in line with other bene!its. This 
means that parents will be able to receive £21.80 
a week for their eldest or only child and £14.45 a 
week for any additional children. This works out 
at £1,133.60 a year for one child, and £751.40 a 
year for subsequent children.
If one parent in your household earns more 
than £50,000, they have to start paying the Child 
Bene!it back through their tax return. Once they 
earn more than £60,000 they have to pay all the 
Child Bene!it back.
HIGHER ENERGY PRICES
Although the change in the energy cap is not 
pegged to the tax year, for most of us our energy 
bills will go up at roughly the same time. Unless 
you are on a !ixed rate for energy, the capped 
amount your provider can charge for energy 
increased by 54% from 1 April. 
TIME TO TAKE A FRESH LOOK  
AT YOUR FINANCES?
It can be di!!icult to stay on top of the key tax 
rates and allowances amid day-to-day living. 
With taxes increasing from April 2022, you 
need to consider what steps you can take 
from a tax planning perspective to maximise 
tax reliefs that are available in the 2022/23 
tax year. We look at your wealth and tax 
planning as a whole. To !ind out more, please 
contact us for more information.
TAX IN UNCERTAIN TIMES
06  TAX PLANNING
ENSURE YOUR FINANCIAL SECURITY FOR WHEN YOU MIGHT NEED IT MOST
There are a number of reasons why you might need life cover and critical 
illness cover. If you have dependents, then it is important to make sure 
that they will be !inancially secure if something happens to you. If you have a 
mortgage or other debts, then life cover can help to pay these o!f. 
Critical illness cover can provide you with a 
lump sum of money if you are diagnosed 
with a speci!ied serious illness, which can 
help to cover the cost of treatment and make sure 
that you and your family are !inancially secure.
NOT SO KEEN TO INSURE OUR OWN LIVES 
But, according to new research[1], only 32% of 
people in the UK have life insurance compared to 
64% who have taken out an insurance policy to 
cover their homes. Showing that there is still some 
truth in the old adage ‘An Englishman’s home is 
his castle’, it would seem some people place more 
importance on insuring their homes than their lives.
The !igures reveal that whilst we’re happy to protect 
our latest iPhone purchase (14%), our upcoming 
holiday from the unpredictability of COVID (21%) and 
our furry four-legged friends (19%), we’re not so keen to 
insure our own lives to protect our loved ones. 
RELUCTANT TO THINK ABOUT  
OUR OWN MORTALITY
Indeed, 66% of people aged over 35 do not have 
life insurance cover, and a further 84% do not 
have critical illness cover. Whilst 58% of people 
with pet insurance and 47% with mobile phone 
insurance have not taken out life insurance.
It is not unusual for people to be reluctant 
to think about their own mortality, especially 
younger people in their 30s and 40s. 
However, it is important for people during 
the accumulation phase of their lives, which 
is generally those under 50, to think about 
protecting their !inancial journey. 
TRANSFER RISK TO AN INSURANCE PROVIDER
Taking out life insurance and critical illness cover 
can help to transfer risk to an insurance provider. 
It is a way to help protect the journey towards 
meeting your !inancial goals.
Almost a !ifth of the respondents (19%) who 
have life insurance in place said they do not have, 
or they are not con!ident that they have, su#icient 
life insurance to pay o" their debts and provide for 
their dependents should the worst happen.
PROTECT YOUR FAMILY  
OR OTHER LOVED ONES
Less than half (45%) of those polled say their 
existing life insurance policy will cover their 
mortgage and only a quarter (24%) say it 
would cover their current salary. A further 15% 
say it will only cover the basic cost of living for 
their dependents, 4% realised that their current 
policy covers a previous salary which is lower 
than their current earnings, and 20% admit 
they simply don’t know how much their life 
insurance would cover.
Whether it’s to protect your family or other 
loved ones, it is important to take professional 
advice and make a plan, which can be reviewed 
regularly, to ensure that the people that matter 
to you are taken care of and that your !inancial 
goals can be achieved. 
Source data:
[1] The research of 1,000 nationally 
representative UK adults was commissioned by 
Find Out Now in November 2021 on behalf of 
Brewin Dolphin.
MAKE SURE YOUR LOVED  
ONES ARE LOOKED AFTER,  
SHOULD THE WORST HAPPEN
We’re here to help you protect your loved 
ones today, so you don’t have to worry about 
tomorrow. To discuss your plans or for further 
information, please contact us.
MORE BRITONS INSURE THEIR 
HOMES THAN THEIR LIVES
PROTECTION  07
REVOLUTION IN FAMILY LAW FINALLY REMOVES 
THE NEED FOR BLAME AS A BASIS FOR DIVORCE
No one enters into marriage expecting it to end in divorce. However, 
for many couples, divorce is the sad reality. If you are facing divorce, it is 
important to know that you are not alone. Each year, thousands of people go 
through the divorce process.
While divorce can be a di#icult and 
emotionally charged time, there 
are things you can do to make the 
process go more smoothly when important 
decisions need to be made. Keeping a level head 
to negotiate a fair !inancial settlement is vital.
NO!FAULT DIVORCE REMOVING  
THE NEED FOR BLAME
From 6 April 2022 no-fault divorce came into e"ect in 
England and Wales. This is a long-awaited revolution 
to family law, !inally removing the need for blame as 
a basis for divorce. Now the only ground for divorce 
is that the marriage has ‘irretrievably broken down’.
This means the law no longer requires 
blame to be apportioned, neither is there any 
requirement to !it your particular circumstances 
into one of the !ive facts that you previously had 
to prove, i.e. there is no need to cite behaviour 
or adultery nor wait for the minimum two-year 
separation period.
MORE AMICABLE RESOLUTIONS FOR PARTIES
In addition, further crucial changes are that 
the respondent to the divorce is now unable 
to contest the divorce (the limited grounds 
to challenge a divorce relate to jurisdictional 
grounds or validity of marriage).
If you and the other party both agree the 
marriage has broken down irretrievably, then a 
joint application for divorce can now be made. 
IF YOU FIND YOURSELF IN THIS SITUATION, 
HERE ARE 5 POINTS TO CONSIDER
1. SEEK PROFESSIONAL  
ADVICE IMMEDIATELY
Seek legal and separate !inancial advice 
immediately. Your professional !inancial adviser 
can help you draw up a list of joint and personal 
assets and valuations, so any legal advice you 
seek is based on accurate information. This can 
make an appointment with your solicitor more 
time and cost e"ective.
You’ll need to draw up a list of assets e.g. !irst 
or second homes, pension pots, investments, 
value of any businesses etc., checking when they 
were purchased and !inding out if they should fall 
into the category of marital assets. In addition, list 
all your outgoings both joint and individual. 
2. CANCEL ALL SHARED FINANCES
Cancel any !inancial commitments that might 
be in a joint name immediately. The more 
unscrupulous partner could take advantage 
otherwise and saddle you with debt you are 
liable for. So cancel credit cards, joint accounts, 
personal loans and even overdrafts if possible 
and set up afresh in your own name.
3. TIMING IS EVERYTHING
Although it may be the last thing on your mind, 
choosing the right time of year to divorce could 
signi!icantly impact on the !inancial outcome for 
each individual. When a marriage or registered 
civil partnership breaks down, it is likely that tax 
will not be at the top of the agenda. 
Your tax position refers to the amount of Income 
Tax and Capital Gains Tax you’ll need to pay. During 
the divorce process, there is a window of time where 
a spousal exemption applies and then drops o". 
4. SPLITTING PENSIONS
When it comes to pensions, !inding a way to 
achieve a clean break so you are not tethered 
to your partner forever is key. What can be 
divided depends on where in the UK you are 
divorcing. In England, Wales and Northern 
Ireland the total value of the pensions you have 
each built up is taken into account, excluding 
the basic State Pension.
In Scotland, only the value of the pensions 
you have both built up during your marriage 
or registered civil partnership is considered. 
Normally, anything built up before you married or 
after your ‘date of separation’ does not count.
There are two main ways of dealing with 
pensions at divorce that apply across the UK.
1. Pension sharing is often the favoured way of 
dividing a retirement fund because it achieves a 
‘clean break’. This involves couples splitting one 
or more pensions. The aim is to ensure that the 
future incomes of both spouses are equalised. 
Your professional !inancial adviser will be able to 
help you implement any pension sharing order 
after the splitting process is complete.
2. The second option, pension o"setting, sees 
pension rights balanced against other assets, 
such as the home. Typically, if one spouse has a 
pension fund worth £500,000 and the couple 
jointly own a property worth £500,000, one 
may keep the property and the other keep the 
pension – though things are rarely that simple, so 
professional advice is key.
5. BUDGET FOR YOUR FUTURE
Whatever happens, your life is going to be very 
di"erent once the divorce is complete so it’s 
important to budget for the future life you want 
to live. Obtaining a copy of your credit report is 
a good start, so you know what your standing 
is, especially as many people will need to think 
about a new mortgage after divorce. A credit 
report will also highlight any joint lending you 
might be liable for. 
FINANCIAL PLANNING FOR DIVORCE # 
WHAT DO YOU NEED TO KNOW?
Obtaining professional !inancial advice can be 
invaluable in guiding you through the myriad 
!inancial decisions from valuing and splitting 
pensions, !inancial disclosure and income 
planning, to valuing investments, managing tax 
and implementing court decisions to get your 
!inances back on a sound footing. To discuss 
your options, please contact us.
DEALING 
WITH 
DIVORCE
08 FINANCIAL PLANNING
WOMEN HAVE LOWER PENSION  
POT SIZES IN EVERY AGE BRACKET
The staggering impact of the gender pension gap has been revealed in new 
research[1] which shows that women have lower pension pot sizes in every age 
bracket, with the situation signi!icantly deteriorating as they approach retirement. 
Worryingly, women on average retire with less than half the income of men.
GENDER PENSION GAP BY  
PENSION CONTRIBUTIONS
Age 
Gap in pension contributions
20$24 
13%
25$29 
16%
30$34 
15%
35$39 
18%
40$44 
23%
45$49 
29%
50$54 
35%
55$59 
40%
60$64 
45%
65$69 
49%
REDUCTION IN CONTRIBUTIONS  
PAID INTO PENSIONS
The amount paid in contributions has a big 
impact on what is received at retirement and 
the di"erence between men’s and women’s 
contribution rates is stark. For most people, the 
e"ect of working part-time means a reduction in 
contributions paid into their pension. 
If a person opts to reduce their full-time 
working hours to three days a week, they might 
expect their pay and their pension contributions 
to reduce by 40%. However, because of auto-
enrolment (AE) thresholds, the impact could be 
greater than that.
GOOD FINANCIAL PLANNING
A person earning £30,000 opting to reduce 
their hours by 40% would see their pay 
reduce by 40%. However, because of the lower 
qualifying earnings threshold (LET) under AE, 
their pension contributions would reduce to 
around 50% of their full-time value. A worker 
earning £20,000 would see their pension 
contributions reduce by over 58%. 
Pension contributions are unlikely to be a 
deciding factor when considering whether to 
work part-time. What is important is that people 
understand the long-term impact on their 
pension when they are making that decision. This 
is crucial to good !inancial planning. 
UPPING PENSION CONTRIBUTIONS
Some people might consider upping their 
pension contributions, but this would have to be 
carefully balanced against disposable income. 
Another option some parents may consider is 
sharing the caring responsibilities to help spread 
the long-term !inancial impact.               
One signi!icant change to help women in this 
position would be to remove the LET. It has the 
potential for the biggest impact on closing the 
gender pension gap and has been promised by 
government for the ‘mid-2020s’.
HOW TO HELP CLOSE THE  
GENDER PENSION GAP

If you are working part-time and are 
automatically enrolled into a workplace 
pension scheme, consider increasing your 
monthly contributions, if it is a!fordable.

If you earn less than £10,000 per year, 
speak to your employer about your 
options for joining your company  
pension scheme.

If you are thinking about reducing your 
working hours to help balance family life, 
you might want to consider whether it 
is better for you or your partner to work 
part-time. As part of those considerations, 
you might want to look at which of you gets 
higher employer pension contributions.
When it comes to saving into a pension, 
starting early allows a small contribution to 
build up over time.

For those in a long-term relationship, have a 
stake in your !inances. Should divorce ever 
come into the picture, keep pensions at the 
forefront of your mind when splitting assets.
Check your National Insurance record to see 
if you will get the full State Pension amount 
when you retire. You need a total of 35 years 
of National Insurance contributions, or, in 
some cases, you can apply for credits. If it 
looks like you might be short, you might 
have the option to pay to !ill in the gaps.
Apply for Child Bene!it even if your overall 
household income means you need to pay 
it back through a high-income Child Bene!it 
charge. If you are not working while looking 
after a child you get State Pension credits 
automatically until your youngest child is 12 
years old as long as you are claiming Child 
Bene!it. If you do not claim Child Bene!it you 
do not receive the credits.

Talk to your employer about the policies  
they o"er.
Source data:
[1] Aviva Workplace Pension Data: Percentage 
di$erence in mean total contributions paid in 
January 2022, men versus women, by age group, 
based on a sample of 2,073,000 workplace pension 
plans receiving contributions in the month. 
TIME TO BOOST YOUR  
RETIREMENT SAVINGS?
Whatever retirement means to you, we’re 
here to help you establish a !inancial plan for 
the lifestyle you want. To ensure your plans 
stay on track or for more information, please 
contact us.
GENDER PENSION 
GAP WIDENS
RETIREMENT  09
THE AVERAGE BRITISH CHILD IS WORTH JUST 
UNDER £5,000 BY THE TIME THEY REACH SCHOOL
When we talk about the Bank of Mum and Dad, we are e"ectively talking 
about handing money over to your children. There are many reasons why your 
descendants might look to you for !inancial support, and many routes you could 
take in funding them, if you so choose.
All children, regardless of means, bene!it 
from learning simple concepts like saving 
to attain goals and operating within a 
budget. That can start with pocket money for 
non-essentials and mature into allowing teenage 
children to manage their own clothing budget or 
take control of a portion of the family’s charitable 
donations. You may even want to allow older 
teens to allocate and manage a small portfolio for 
exposure to investments.
CHILDREN’S KEY LIFE MOMENTS 
A nationwide survey[1] of parents has revealed 
the wealth that average British children have 
accumulated by the time they reach adulthood, 
with the average UK child having amassed just 
under £5,000 by the time they reach school at 
the age of !ive, just over £10,000 by the age of 18 
and £12,000 by the time of their 21st birthday.
The majority of UK parents surveyed said they 
began saving for their children’s key life moments 
when they were !ive years old, with 27% saying 
they started before their child reached their !irst 
birthday and 15% even admitting they began 
before their child was even conceived!
MAKING THEIR OWN MONEY 
The !indings revealed that £125 a month was 
the average amount that parents put aside for 
their child’s future each month. 39% of those 
who responded said they feel it is the duty of 
every parent to save for their children, whilst 55% 
believe it is their duty but admit they can struggle 
with the obligation.
One in 20 (6%) insist their children should 
make their own money and their own way in life, 
without assistance from their parents.
BEST POSSIBLE START IN LIFE
Everyone wants to do right by their child but 
we appreciate it’s not always easy. Instead of 
large presents on birthdays or at Christmas, 
consider using part of the budget to save for 
their future.
The majority of parents want to give their 
child the best possible start in life, but what 
are the best ways to invest for children? Some 
ways of passing money on to your children can 
start very early, including putting money into 
a Junior Individual Savings Account (JISA) for 
your child. 
HELPING THE YOUNGER GENERATION 
The current annual allowance for contributions 
is £9,000 (tax year 2022/23), meaning that if you 
start paying into a JISA when your child is young, 
they could !ind themselves with a sizeable sum of 
money by the age of 18.
Focusing on later life stages, some parents 
might also consider contributing to their children’s 
pension pots. Covering school fees and other 
expenses for grandchildren is another possible 
way to help out younger generations !inancially. 
But with house prices at historically high levels, the 
most common ‘Bank of Mum and Dad’ queries we 
receive concern helping the younger generation 
onto the property ladder. 
THE VALUE OF INVESTMENTS CAN FALL AS 
WELL AS RISE AND YOU COULD GET BACK LESS 
THAN YOU INVEST. IF YOU’RE NOT SURE ABOUT 
INVESTING, SEEK PROFESSIONAL ADVICE.
Source data:
[1] The research of 1,500 parents with 
dependents currently living at home with their 
parents, was commissioned by Perspectus Global 
in March 2021 on behalf of Brewin Dolphin.
BUILDING UP A SAVINGS POT
Putting money aside for a child is a great way 
to prepare them for their future, and can also 
teach valuable lessons about their managing 
their !inances. To discuss how we could help 
you make their savings work harder, please 
contact us for more information.
FUTURE WEALTH
10  SAVINGS
17% INCREASE IN SUSPICIOUS OR SCAM$RELATED ACTIVITY
Any of us can fall victim to a scam. Scams are increasingly common and many 
people are caught out. They can be very distressing, and the impact is often 
emotional as well as !inancial. If you’ve been the victim of a scam, remember that 
you’re not alone
Increasingly, scammers are relying on our 
psychological biases to trick us into handing 
over important data, !inancial information 
and our money. There are a growing number of 
scams that are harder to identify, with scammers 
using increasingly complex psychological tactics 
to ‘socially engineer’ their victims into handing 
over personal data or money. 
Would-be investors are vulnerable to 
manipulation from scammers when put under 
time pressure, promised greater returns on 
investments or contacted by what they think 
is an authority !igure. Research highlights the 
psychological tricks that scammers use, as data 
shows a 17% rise in reported scams[1]. The data 
highlights that almost three-quarters of Britons 
have seen an increase in suspicious activity and 
of those who were scammed nearly four in ten 
(39%) didn’t report it.
Criminals carrying out scams usually apply 
pressure tactics, illusions of scarcity or pretending 
to be a trusted authority to ‘socially engineer’ 
their victims. The !indings come as consumer 
polling shows that seven in ten Britons claim to 
have seen an increase in suspicious or scam-
related activity, but almost a third of respondents 
(31%) admit they wouldn’t know what to do if they 
found themselves in that position.
PURCHASE SCAMS
Purchase scams, where people buy goods online 
which don’t exist or never arrive, accounted 
for over half (53%) of reported scams – with an 
average value of £980.
Scammers create a perceived scarcity and 
therefore ‘value’ in what they are selling to 
motivate consumers to act quickly and not 
rely on their better judgment. This might be 
advertising something as a ‘one-time o"er’, a 
limited edition price or availability, or rushing us 
into buying something that ‘has’ to be bought 
now – even if you’ve never seen the product in 
real life.
You should never be rushed; it’s always 
important to take the time to check before 
proceeding with a purchase. If it’s a big-ticket item 
like a car, unless you’re buying directly through 
a well-known brand, it’s good practice to see it in 
person before spending any money.
IMPERSONATION SCAMS
Over two-thirds of Britons (64%) would be more 
likely to comply with a request if they believed it 
was coming from an institution they knew, such 
as their bank, the police or even the NHS.
It’s not surprising, therefore, that scammers 
exploit this insight. In these situations, scammers 
will harness that sense of authority to instil fear 
in their victims – perhaps suggesting their bank 
account has been compromised, a payment is 
overdue or that they will be !ined if they do not 
pay the full amount. Psychologically, many of us 
will take these at face-value if they’re coming from 
what we believe to be a reputable institution.
Real phone calls from a bank will never ask 
customers to do things like share their PIN/
security information or to transfer money to a 
‘safe account’.
INVESTMENT SCAMS
Investment scams often account for the highest 
average value type of scam, which is why they’re 
such enticing options for fraudsters – with £15,788 
lost on average to these types of scams in the 
last quarter.
Investing should generally be a very measured 
activity and people who are looking to invest 
their money will often do a lot of research before 
making their decision, or at least ask for a second 
opinion. However, scammers are experts at 
exploiting the fact that people want to grow their 
assets, and that we can sometimes put our better 
judgement aside for a high return opportunity.
Worryingly, this is re!lected in the research, with 
three in ten (32%) admitting they would be willing 
to go with an investment or savings provider they’d 
never heard of if they thought the returns would 
be higher than those of their existing provider. A 
further !ifth (21%) stated they were unsure, indicating 
they could potentially be convinced.
Check the Financial Conduct Authority 
(FCA) website and its warning list (https://www.
fca.org.uk/scamsmart/warning-list) for cloned 
companies to make sure you’re dealing with a 
genuine company. If you have any suspicions, 
talk to someone you trust and don’t ignore 
your concerns. It’s important to ask questions 
and make sure you feel comfortable in the 
choices you are making – and remember, if 
the returns seem too good to be true, they 
probably are. 
Source data:
[1] Barclays data on reported scams from 
October 2021 – December 2021. Mortar Research 
study of 2,002 participants, January 2022.
WE’RE HERE TO HELP YOU
If you would like to speak to us about any 
concerns you may have, we’re here to listen 
to you. To !ind out more or to discuss your 
situation, please contact us.
SCAMMERS ‘SOCIALLY  
ENGINEER’ VICTIMS
PROTECTION  11
12  RETIREMENT
FED UP WITH 
YOUR NINE$
TO$FIVE?
SIXTY THE MOST POPULAR AGE TO RETIRE EARLY 
There are many factors that can in"luence when someone decides to retire. For 
some, it may be based on health reasons, while others may want to take advantage of 
government bene!its or simply enjoy a more relaxed lifestyle. However, one of the most 
common factors that determines when people choose to retire is their age.
///  WHEN I T  COMES TO THEIR 
HEALTH AND WELLBEING, 
MORE THAN HALF REPORT 
THAT EARLY RETIREMENT 
HAS DELIVERED A BOOST TO 
THEIR MENTAL WELLBEING 
!57% "  AN D HALF !50% "  SAY 
THEIR PHYSICAL WELLBEING 
IMPROVED. #1 $
RETIREMENT  13
So, what is the most popular age to retire 
early? Sixty is the most popular age to 
retire early, according to new research[1] 
which reveals the key steps people have taken 
to embrace early retirement and examines the 
costs and bene!its of doing so.
WANTING TO ENJOY MORE FREEDOM 
One in four (25%) are planning to celebrate their 
60th birthday by leaving work behind. With the 
State Pension age currently standing at 66, the 
!indings show one in six (17%) people who have 
taken early retirement did so when they were 
60, making it the most common age to make an 
early exit from working life. 
This is also the most popular target age for 
people who intend to retire early in the years 
ahead, with one in four (25%) planning to celebrate 
their 60th birthday by leaving work behind. The 
desire to retire early is primarily driven by ‘wanting 
to enjoy more freedom while still being physically 
!it and well enough to enjoy it.’
EMBRACING A NEW LIFESTYLE
Nearly one in three people (32%) who have 
retired early or plan to do so gave this reason for 
embracing a new lifestyle. Financial security is the 
second most common factor prompting people 
to embrace retirement. More than one in four 
(26%) early retirees say their decision was a result 
of ‘being in a !inancially stable position’ so they 
can a"ord not to work.
The in!luence of money matters is also visible 
in people’s choice of early retirement age. One in 
!ive (20%) people targeting early retirement have 
set their sights on 55 to make the transition from 
working life. This is likely to be in!luenced by their 
ability to access their pension savings from this age.
‘TOO TAXING AND STRESSFUL’ 
Other key factors encouraging people to seek 
early retirement include reassessing their 
priorities and what’s important to them in life 
(23%), wishing to spend more time with family 
(20%) or !inding they are either ‘tired and 
bored’ of working (19%) or !ind it ‘too taxing and 
stressful’ (19%).
The research suggests the impacts of early 
retirement are wide-ranging and broadly positive 
in many areas of life. Most notably, more than two 
in three (68%) people who have retired early say 
their happiness improved as a result. In terms 
of the world around them, 44% of early retirees 
say their family relationships improved and 34% 
reported improvements in their friendships.
BOOST TO MENTAL WELLBEING 
When it comes to their health and wellbeing, more 
than half report that early retirement has delivered 
a boost to their mental wellbeing (57%) and half 
(50%) say their physical wellbeing improved.
However, the !indings suggest these bene!its 
come at a cost, with nearly half of early retirees 
!inding their !inances worsening as a result (47%). 
Women are the most likely to have felt a 
negative !inancial impact from retiring early (50% 
vs. 44% of men). Across both genders, only 22% 
feel they have bene!ited !inancially from their 
decision to retire early.
STEPPING STONE TO RETIRING EARLY
Among those people who have retired early, 
one in three (32%) identify having a de!ined 
bene!it (!inal salary) pension among the main 
measures that enabled them to take retirement 
into their own hands. This suggests the concept 
of early retirement may get harder for younger 
generations to achieve, with the majority of the 
private sector workforce now saving into de!ined 
contribution pension schemes.
However, the !indings suggest that people 
can still take positive steps to make an early 
retirement possible. Paying o" your mortgage 
(30%) is identi!ied as the second most common 
stepping stone to retiring early, while almost 
three in ten early retirees (29%) say saving little 
and often was one of their main strategies. 
Nearly one in !ive (19%) say they also saved extra 
whenever they received a pay rise or a bonus 
during their working life.
THE MAIN MEASURES ENABLING PEOPLE 
TO RETIRE EARLY OR THINK ABOUT 
RETIRING EARLY
32% – Having a de!ined bene!it (!inal salary) pension
30% – Paying o" one’s mortgage
29% – Saving little and often
19% - Saving extra whenever receiving  
a pay rise or bonus
16% – Receiving a redundancy payout
14% – Receiving an inheritance
WANTING A NEW SENSE OF PURPOSE
Among those who take early retirement, the 
research also reveals there is a small contingent 
who have returned to work (17%) or envisage 
themselves doing so in the future (15%). Over 
one in four (27%) cite the reason for returning 
to work is because they ‘wanted a new sense of 
purpose’, making this the most frequent driver, 
followed by ‘missing the company and social 
interactions with colleagues’ (26%). However, 
a similar number (24%) of early retirees !ind 
themselves heading back to work having 
experienced !inancial issues.
While happiness soars in retirement, many 
people !ind their !inances take the strain 
when they retire early and money worries 
are one of the biggest factors resulting in 
people returning to work. If you aspire to retire 
early, it’s vital you plan your !inances to be 
sustainable for the long-term. 
Source data:
[1] https://www.aviva.com/newsroom/news-
releases/2021/12/sixty-the-most-popular-age-to-
retire-early/
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.
WHAT DO YOU NEED TO  
DO TO RETIRE EARLY?
 The dream of an early retirement is very much 
alive and kicking, but there are many factors 
to consider along the way and the current 
uncertainty about the future does not make this 
an easy decision. For further information or to 
discuss your requirements, please contact us.
14  RETIREMENT
MILLIONS STRUGGLE TO UNDERSTAND THEIR MOST 
IMPORTANT SOURCE OF INCOME IN RETIREMENT
Saving money for retirement is important because you’ll need a nest egg 
when you’re no longer working. The best way to guarantee an income when 
you’re in your golden years is to save and invest as much as you can now while 
you are still working.
For the majority of people, pensions 
represent our biggest single source of 
private wealth and a record number are 
saving more money in occupational de!ined 
contribution pensions. In short, pensions are 
more important to more of us than ever before. 
PENSION LANDSCAPE 
However, despite these record highs, pensions 
remain a mystery to most. Worryingly, 
new research reveals a widespread lack of 
understanding among savers. 
The annual study of the pension landscape from 
The Pensions Regulator reports record membership 
of occupational de!ined contribution pensions, at 23.4 
million[1]. This is up from 21.7 million last year.
BIGGEST DRIVER 
This adds to other recent data highlighting 
the importance of pensions for millions. In 
early January, data from the O#ice for National 
Statistics[2] reported that individuals in the UK 
hold a record £15.2 trillion of private wealth and 
pensions represent the largest proportion of this 
!igure at £6.4 trillion. This exceeds £5.5 trillion in 
property and £3.3 trillion in other assets, including 
around £2 trillion in cash. 
The need to close the gap between pension 
participation and understanding is now critical. 
Overall, auto-enrolment has been the biggest 
driver of participation into pension saving over 
the last decade. When it was introduced in 2012, 
only four in ten (39%) private sector workers were 
actively saving for their retirement. This !igure is 
now more than 70%. 
CONFLICTING RELATIONSHIP 
However, it is risky to assume that this 
participation rate has driven clearer 
understanding. Despite a signi!icant increase in 
participation rates, the proportion of adults who 
agree they ‘understand enough about pensions’[3] 
has only increased by one percent point in the 
last ten years (from 43% to 44%).  
Other research[4] has found a con!licting 
relationship between value and understanding 
of various elements of ‘wealth’. Seven out of 
ten (69%) Britons can con!idently estimate the 
current value of their cash savings and two in !ive 
of them (41%) are very con!ident. This ‘con!ident’ 
!igure rises to three quarters (75%) of those aged 
55+. Cash savings represent around 12% of total 
private wealth in the UK.
‘VERY UNCONFIDENT’ 
More than half (53%) of those surveyed could 
also estimate the value of their property quite 
accurately. This !igure rises to 61% of those who 
are retired. Property represents around 36% of 
total private wealth in the UK.
However, despite pensions potentially being 
their biggest combined asset, only 39% of people 
could con!idently estimate the value of their 
pension pot. One in ten people surveyed were 
‘very uncon!ident’ about estimating the current 
value of their pension savings. Pensions represent 
about 42% of total private wealth in the UK.
PENSION PARTICIPATION 
The need to close the gap between pension 
participation and understanding is now critical. 
Over the next century it is estimated that the 
pensioner population in the UK will increase from 
12 million to 20 million, meaning that more than 
one in four people will be pensioners.
Automatic enrolment has brought pension 
savings to millions. And the pension freedoms 
have given us unprecedented choice in how 
we can use that money when we reach age 55. 
But we risk sleepwalking into our retirement if 
we don’t understand how much we have in our 
pension pots, what those savings might look like 
as retirement income and how long we need that 
money to last. 
Source data:
[1] DC trust: scheme return data 2021 to 2022 
| The Pensions Regulator (Memberships do not 
equate with individuals. One individual can have 
multiple memberships. The "igure of 23.4 million 
excludes ‘micro’ occupation DC schemes with 
fewer than 12 members).
[2] O#ice for National Statistics
[3] Survey by Unbiased and Opinium of 2,000 
non-retired UK adults in June–July 2020
[4] Aviva Research was conducted between 5%7 
January 2022 by Censuswide. Surveyed 2,000 
UK respondents (national representative sample). 
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.
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.
FREEDOM TO ENJOY  
RETIREMENT WHEN IT COMES
If you’re thinking about retirement, we can help 
make your money work for you. Whatever 
retirement looks like for you, it’s important to 
review your situation and make plans now so 
that you have the freedom to enjoy the time 
when it comes, however you choose to !ill it. To 
!ind out more, please contact us.
PRIVATE WEALTH
RETIREMENT  15
22% RISE IN PEOPLE USING PROPERTY TO SUPPORT THEIR RETIREMENT
The signi"icant increase in property prices in recent years has likely shifted 
many people’s expectations of the role property wealth will eventually play in 
supporting their retirement. With people spending longer in retirement, one of 
the challenges that many need to overcome is how to fund it and how to meet the 
!inancial demands they may face in later life, such as the cost of long-term care. 
Failure to save enough for old age is forcing 
more people to use their property to 
provide income. Research shows so-called 
‘Hippies’, or the ‘Home is my Pension’ generation, 
is increasing at a signi!icant rate. 22% of people are 
planning ahead for their retirement and expect to 
use the value of their home[1]. The !indings indicate 
that a third of all people who aren’t currently 
retired (35%) own a property but have less than 
£10,000 saved in their pension pot.
HOLDING NO PENSIONS SAVINGS 
Worryingly, a further 22% of people hold no pensions 
savings at all. The signi!icant number of small or 
empty pots, coupled with the 24% increase in median 
house price values in England and Wales since 2016[2], 
could be driving more people to consider using their 
property wealth to fund their retirement.
Property is often the largest asset someone has 
when they reach retirement, especially if they have 
lived there for quite a while, and will often signi!icantly 
outweigh any pensions savings they have. 
ACCESSING PROPERTY WEALTH 
Based on current house prices in England and 
Wales, the average homeowner could access 
over £72,988 in equity release, for instance[3]. 
People who aren’t currently retired expect to 
downsize their property (10%), sell their property 
(9%) or access equity via a lifetime mortgage 
(6%) to help fund their later life.
While many people looking ahead to 
retirement are hoping to access property 
wealth, there are a signi!icant number of retired 
homeowners who could also bene!it from 
considering the role their property might play in 
funding their lifestyle. 
MAIN SOURCE OF INCOME 
Nearly two-thirds of people over 65 (70%) are 
dependent on the State Pension as their main 
source of income and are also homeowners. 
The !indings show there are a large number of 
people currently in retirement who may be on a 
limited income and could bene!it from the likely 
increases in the value of their home. 
Source data:
[1] Opinium survey of 4,000 UK adults 
between the 31 October and 3 November 2021
[2] O#ice for National Statistics, House price 
statistics for small areas in England and Wales: 
year ending March 2021, Nov 2021
[3] Legal & General customers accessed, on 
average, 24.5% of the value of their home through 
equity release, putting the expected amount that 
can be accessed across England and Wales at 
£72,988: O#ice for National Statistics, House price 
statistics for small areas in England and Wales: 
year ending March 2021, Nov 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$TERM CARE. 
EQUITY RELEASE WILL AFFECT THE AMOUNT 
OF INHERITANCE YOU CAN LEAVE AND MAY 
AFFECT YOUR ENTITLEMENT TO MEANS-
TESTED BENEFITS NOW OR IN THE FUTURE.
CHECK THAT THIS MORTGAGE WILL MEET 
YOUR NEEDS IF YOU WANT TO MOVE OR SELL 
YOUR HOME OR YOU WANT YOUR FAMILY TO 
INHERIT IT. 
IF YOU ARE IN ANY DOUBT, SEEK 
PROFESSIONAL FINANCIAL ADVICE.
DO YOU NEED HELP  
PLANNING FOR YOUR RETIREMENT?
It’s never too early to start thinking about 
how you plan to fund retirement, and to seek 
the appropriate advice to get your a!fairs in 
order. To !ind out more, please contact us.
‘HOME IS MY  
PENSION’ GENERATION
16  ESTATE PLANNING
WHAT WILL YOUR LEGACY LOOK LIKE?
Estate planning is about putting your a$airs in order, to help make the lives 
of your loved ones easier. It can help to protect your estate for your bene!iciaries 
and reduce the impact of Inheritance Tax (commonly called IHT for short).
IHT is something many of us don’t know 
enough about. Simply because we don’t think 
we need to.
FIVE KEY POINTS TO CONSIDER # TAX YEAR 
2022/23
1) IHT DOESN’T JUST AFFECT THE WEALTHY
Traditionally, only the wealthiest in society were 
a"ected by IHT. But rising property prices means 
more and more people are now facing it.
It all comes down to the value of your overall 
estate upon your death. If it’s worth more than 
your personal nil-rate band (NRB), anything 
above could be liable to IHT at up to 40%. (If 
you’re single or divorced, the NRB is £325,000 
and if you’re married, in a registered civil 
partnership or widowed, it’s up to £650,000).
2) THERE’S ALSO THE RESIDENCE  
NIL!RATE BAND (RNRB) # BUT NOT 
EVERYONE CAN BENEFIT
If you’re wondering what the RNRB is, this can 
be used alongside your usual NRB – and was 
introduced to help more people reduce their IHT 
liability. Every UK adult has a RNRB of £175,000.
But the rules can be more complex than 
many people realise. Amongst the restrictions, 
you can only use this allowance if it relates to a 
property you have lived in, and passed to a direct 
descendant (such as your child or grandchild – 
not a friend, niece or nephew).
3) YOUR ESTATE ISN’T JUST YOUR HOME
Your savings and investments, car and any 
rental properties form a part of your estate. Not 
forgetting any jewellery you have, household 
furniture or expensive paintings (minus any 
liabilities, like an unpaid mortgage).
After working out the value of your belongings, 
you may be surprised by how much your estate 
comes to. It could be worth a lot more than you think. 
It’s also important to bear in mind that these assets 
could increase or decrease in value in the future.
4) ANNUAL REVENUE IS EXPECTED  
TO KEEP CLIMBING
The latest IHT !igures should be a ‘wake-up call’ 
for families to think carefully about their tax 
planning. IHT receipts in the United Kingdom 
amounted to approximately £5.32 billion in the 
!inancial year 2020/21[1].
5) YOU COULD DO SOMETHING ABOUT IT
There are plenty of perfectly legal steps you 
can take to protect your family’s wealth from 
the taxman. The IHT solutions include annual 
exemptions, allowances, direct gifts and trusts.
Of course, there are many di"erent options to 
choose from – so it’s important you !ind one that’s 
right for you. With this in mind, and the fact that 
IHT can be a complex subject, you should always 
obtain professional !inancial advice to guide you 
through the complexities – and help you put 
suitable plans in place. 
Source data:
[1] https://www.statista.com/statistics/284325/
united-kingdom-hmrc-tax-receipts-inheritance-tax/
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.
WORRIED ABOUT INHERITANCE  
TAX EATING INTO YOUR ESTATE? 
How can you leave a tax-e!!icient legacy? 
We’ll help you leave more to those you love 
most. Although it’s not nice to think about, 
getting your a!fairs in order for when you 
pass away can bring real peace of mind 
as you get older. To !ind out more, please 
contact us to discuss your requirements.
PROTECTING FAMILY WEALTH 
FINANCIAL PLANNING  17
COUPLES REVEAL THEY’RE POLES APART
Most couples hate talking about money and "ind it a hard subject to discuss. 
However, while it may not seem like the most romantic topic, if you don’t talk about 
what you each want from your !inances and how to manage your money, it’s likely 
to result in more friction and arguments. 
Talking about !inances with your loved 
ones often leads to heated words. In fact, 
according to research[1] money is the most 
common cause of arguments between couples, 
with 62% of those who argue with their partner 
disagreeing over money. Couples !ind it easier 
talking about childcare, sex or even household 
chores than money.
MOST FRICTION
Couples quarrel about most aspects of their 
!inances, from how much they earn to their 
levels of debt, but it’s what their other half 
spends that causes the most friction. There are 
also fundamental di"erences when it comes to 
expectations of each other and how they view 
their partner’s behaviour. A third (33%) of couples 
confess not seeing eye to eye, admitting that 
when it comes to spending and saving, they’re 
simply incompatible. 
Attitudes towards money also stir up strong 
emotions, with couples taking a dim view of their 
other half. One in four (24%) couples consider their 
partner irresponsible with money. A !ifth (20%) of 
people who don’t think their partner is responsible 
with money keep a secret savings pot.
SOME COMPROMISE
And when it comes to managing money jointly, 
three quarters of couples (76%) decide to keep 
some or all their banking separate from their 
partner. Around a third (35%) keep all their money 
in separate accounts, while just 24% of couples 
hold everything in a joint account.
Because we don’t tend to talk about money, 
one partner can assume that their way of 
managing their money is the ‘right’ way, and 
not understand why the other doesn’t take the 
same view. So, the key to a more harmonious 
relationship is to talk about your !inances and 
agree a way that works for both of you, even if it 
involves some compromise.
BETTER CONTROL 
It’s also important not to let !inancial concerns 
simmer beneath the surface. Being more 
open with one another about money and 
!inancial goals will also help couples to build a 
!inancially secure future. Facing uncomfortable 
conversations can help ensure a better 
relationship with money and each other.
Set time aside to talk about your !inances 
properly, as it may help both of you gain better 
control of your spending. It may feel a bit odd at 
!irst, but it should reduce stress and friction in the 
long term. Set some short-term goals (money 
in a savings account so you can pay for any 
emergencies), but don’t ignore long-term goals as 
well (paying o" your mortgage, when you want 
to retire, etc).
HOUSEHOLD BILLS
Agree how you will split household bills. This is 
particularly important if one of you earns more 
than the other. Some people automatically assume 
it will be 50:50, no matter how big the pay gap, so 
it’s worth clarifying before the bills mount up.
Be open about any debts you have, especially 
if you have a joint bank account or joint loans. 
As soon as you take out a joint loan, mortgage 
or current account with an overdraft facility, your 
credit rating will a"ect your partner’s and vice 
versa – even if you’re applying for credit in one 
name only. 
MANAGE MONEY
So, if you’re hiding debt from your partner, not 
only could it a"ect your relationship, but it could 
also a"ect your ability to get a mortgage, car 
!inance or even a pay-monthly phone contract. It 
may be a hard conversation to start, but tackling 
these issues together might also take a weight o" 
your mind.
Decide how you’d like to manage your money. 
In relationships, tasks can sometimes be divided 
without couples realising. You don’t necessarily 
have to make every single decision together – 
although you can if that suits you – but make 
sure you’re both involved.
MORE TRANSPARENCY 
Decide whether you want to keep your money 
separate or pool it in joint accounts. There are pros 
and cons to each approach. If you have a joint 
account there’s more transparency about your 
!inances, but the bank can pursue either of you for 
the full amount of any debt or overdraft, regardless 
of who ran up the debt or used the overdraft.
Keep talking. Your circumstances may change 
or you may feel like you want di"erent things from 
your !inances – and your life. So, keep talking about 
money and try to address any issues early on, 
before they become big problems. 
Source data:
[1] Royal London commissioned a survey by 
Opinium between 21%25 January 2022 with a 
sample of 2,000 nationally representative UK 
adults (1,351 in a relationship).
TIME TO DO MORE WITH YOUR MONEY?
If you’d like to learn more about how we 
could help you plan your !inances for the 
future or for more information, please 
contact us.
LOVE AND MONEY
18  INVE STMENT
4 STEPS FOR FUTURE WEALTH CREATION 
IN YOUR MID$20S TO MID$30S
Investing can be challenging for anyone, but for those in their 
mid-20s to mid-30s, it can be especially daunting to build a portfolio 
– especially while paying o" student loans, credit card debt and 
establishing some savings.
BUILDING AN 
INVESTMENT 
PORTFOLIO
INVESTMENT  19
The reality is that people should start 
saving and investing as early as possible. 
The growth of savings and the power of 
compounding gives an enormous head start to 
those who can put money aside and invest in 
the early stages of their lives and careers – and 
building an investment portfolio is one proven 
way to grow money and wealth. 
A FEW BASIC PRINCIPLES 
One thing to consider before launching into 
the following steps is whether you have 
accessible emergency savings for a rainy day 
– such as three to six months’ worth of living 
expenses. If you do, then now you can start to 
consider how to build your future wealth.
There are many di"erent ways to build an 
investment portfolio. However, there are a few 
basic principles that you should keep in mind, no 
matter what approach you take.
STEP 1
First, every investor needs to ask 
themselves the same basic questions before 
getting started. You need to have a clear 
understanding of your investment goals. What 
are you trying to achieve? Are you looking for 
growth or income? How much risk are you 
willing to take on? You might be investing to 
have enough money for retirement, which 
could be decades away. But equally you could 
have shorter-term goals, too, like starting a 
family or buying a larger home.
With a clear goal in mind, you can create 
a realistic plan for achieving your objectives 
within a certain time frame. Choosing the right 
investing strategy matters when shaping your 
!inancial plan and a goals-based approach 
o!fers a new take on growing wealth. Goals-
based investing focuses on reaching life’s 
goals versus trying to get high returns on your 
investment portfolio.
STEP 2
Once you know your goals, you can start to 
identify the right assets to help you reach 
them. Asset allocation is all about deciding 
how much of your money you choose to  
put into di!ferent types of investments. 
The main types of assets people rely on 
for investing are shares, bonds, cash and 
commercial property.
How you allocate across these di!ferent 
assets will be largely down to not only what 
you want to achieve, but also how long 
your investment time horizon is. If you’re 
comfortable with more risk and you want a 
greater chance of stronger growth, you might 
allocate more money into shares. But if you 
are looking for more consistent returns, then 
government and corporate bonds could be the 
way to go.
STEP 3
You also need to think about how you are 
going to diversify your portfolio. One of the 
golden rules of investing is to spread your 
money across a range of di!ferent asset classes. 
This will help to reduce risk and ensure that 
you are not too heavily exposed to any one 
particular area. 
This approach means that if one or more 
of your investments rise you will bene!it 
but, if they fall, there should be a degree of 
protection because, hopefully, some of your 
other holdings in di!ferent asset classes will be 
going up in value. So the most obvious reason 
to spread your investments around is that it 
reduces volatility and lessens the impact of 
any one share or asset class performing badly.
STEP 4
Finally, you need to review your portfolio 
regularly. It allows you to stay up-to-date on 
the performance of your investments. This is 
important information to have so that you can 
make informed decisions about whether or not 
to continue investing in certain assets. 
Additionally, reviewing your portfolio helps 
you to identify any changes that you may need 
to make in order to reach your !inancial goals. 
Things change. Life happens. A divorce, an 
inheritance, helping out loved ones or a change 
in income could all have a signi!icant impact 
on your !inancial situation. Ultimately, reviewing 
your investment portfolio on a regular basis is 
crucial to helping you to make sound investment 
decisions and stay on track to reach your 
!inancial goals. 
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.
WHICH WEALTH CREATION  
STRATEGY IS RIGHT FOR YOU?
So you want to start investing, building future 
wealth and creating your portfolio. To discuss 
how we can help and the options available to 
you, please contact us for more information.
20  FINANCIAL PLANNING
NINE IN TEN ADULTS MAKE STARK SPENDING 
DECISIONS AS ANXIETY RUNS HIGH
The pressure of spiralling living costs is a major concern among many UK 
households, with the vast majority looking to make signi!icant lifestyle changes 
in response to price rises. 
According to new research
[1], 95% of adults 
in the UK say they are worried about the 
anticipated rise in the cost of living in 
2022. Women are the most worried, with a third 
(33%) mentioning they are extremely worried 
compared to a !ifth (22%) of men.
COST OF LIVING INCREASES
The expense most UK households are concerned 
about is the rise in energy bills (92%), with three 
in ten (29%) being extremely worried about this, 
followed by food shopping (87%). Cost hikes to 
phone and internet contracts, which typically 
increase by the more than the Consumer Price 
Index (CPI) rate, concerns 84% of UK adults.
The level and speed of price rises means 
nine out of ten of us (89%) are looking to make 
changes to pay for the cost of living increases. 
Worryingly, the option for a !ifth (21%) of people 
is to borrow their way out of trouble, with 7% 
admitting they simply don’t know how they’ll 
cover increases and 5% of workers saying 
they are considering taking out a short-term 
(payday) loan.
CUT BACK ON COSTS 
Two-thirds (66%) of people say they will change 
their food shopping habits, with half of these 
saying they’ll reduce the amount of food they 
buy. Other solutions to cut back on costs include 
reaching for the thermostat and reducing the 
length of time the central heating is on (46%), 
turning o" the heating in unoccupied rooms 
(36%) and nearly a !ifth (17%) taking the drastic 
action of turning the heating o" altogether. As 
part of the cutting-back regime, half (48%) of 
fulltime workers feel they’ll be forced to reduce or 
stop saving altogether.
On top of rising costs, National Insurance 
contribution rates increased from April, just 
as energy bills rise more steeply, which will 
dramatically a"ect take-home pay. For an individual 
on a salary of £50,000, that will mean an extra 
deduction of £464 a year, or £214 for someone 
earning £30,000. Worryingly, a !ifth of workers 
(20%) say they are not aware of these changes, and 
two-!ifths (43%) say whilst they are aware, they are 
not prepared for the changes to start.
ANXIOUS ABOUT FINANCES
Just as families in the UK felt they’d seen the 
worst of the !inancial impact of COVID, they’re 
facing a dramatic rise in their household 
bills. People are having to make di!!icult 
choices in an attempt to reduce the impact 
of rising energy bills, higher in!lation, tax 
hikes and potential interest rate increases. 
Understandably, this has made many people 
anxious about their !inances, but it’s also 
testing their !inancial resilience.
Household bills are rising steeply, with the 
cost of !illing up the car at the pumps having 
reached eye-watering levels, leaving families up 
and down the country worried about their ability 
to make ends meet. Concern is so widespread 
that families who, on the face of it, would be 
considered !inancially comfortable and even 
those with six-!igure incomes are deeply worried.
10 WAYS TO HELP MANAGE YOUR FINANCES
1. SAVE MONEY ON YOUR ENERGY BILLS
If you’re !inding it hard to pay your energy bills, 
contact your provider as they should help you 
with ways to pay and don’t be afraid to ask for help 
from a debt advice charity if you’re struggling.
Switching your energy supplier used to be a 
good way of saving money on your household 
bills, but with energy prices soaring, you’re 
probably better o" staying on the standard tari" 
with your existing supplier once your !ixed tari" 
comes to an end. Some suppliers aren’t taking on 
new customers, and that way you’re protected 
by the energy price cap. The government-backed 
website – Simple Energy Advice – has tips on how 
to keep your energy bills down.
2. SAVE MONEY ON PETROL
Try using a fuel price checker site to check that 
you’re always getting your fuel for the cheapest 
price possible. Other ways to save include: driving 
at a lower speed and avoiding accelerating and 
braking quickly if you can; making sure your tyres 
are at the right pressure; and taking out anything 
heavy in the car that you don’t need to carry.
3. FOOD BILLS
Grocery bills can make up a big proportion of 
your household spending so it makes sense 
to look for savings. Plan your meals for a week 
and then write your shopping list – this will 
help you avoid buying unnecessary items. 
Consider changing to a cheaper supermarket 
or to di"erent brands if you prefer a particular 
supermarket.
4. WATER BILLS
You can’t switch water suppliers but there are 
steps you can take to keep your bills down. 
Check if you’d save money by switching to a 
water meter. You can use the Consumer Council 
for Water’s calculator. If you’re on certain bene!its 
HOW TO COPE WITH THE 
RISING COST OF LIVING
FINANCIAL PLANNING  21
and have a large family or someone with a 
particular medical condition, you may qualify for 
the WaterSure scheme, which caps water bills. 
Meanwhile, if you’re on a low income or receiving 
bene!its, check what additional assistance your 
water company o"ers.
5. COUNCIL TAX
Depending on your circumstances and who is 
living with you, you may qualify for a Council 
Tax discount. For example, you can get a 25% 
discount if you’re the only adult living in the 
property. Find out what discounts are o"ered by 
your local council at GOV.UK.
If you’re on a low income or certain bene!its 
you may be able to get a Council Tax Reduction. 
Your bill could be reduced by up to 100%. There’s 
a di"erent scheme in Northern Ireland.
6. CHECK IF YOU’RE ENTITLED  
TO STATE BENEFITS
Billions of pounds of state bene!its go unclaimed 
each year, and you could be missing out. The 
national charity Turn2us has a free and con!idential 
bene!its calculator on its website (https://bene!its-
calculator.turn2us.org.uk/), which can help you work 
out which means-tested bene!its you’re entitled to. 
It also has a grant search tool (https://grants-search.
turn2us.org.uk/) for information on grants you may 
be able to apply for.
7. FIND OUT WHERE YOUR MONEY’S GOING
Start by !inding out where your money’s being 
spent. It sounds obvious, but we may not realise 
exactly how much we’re spending each month 
– and what we’re spending it on – until it’s laid out 
in front of us.
Review your last three bank statements and 
credit card bills (or check online) and spend 
some time going through them, highlighting 
any areas where you think you’re spending 
money unnecessarily or spending too much. This 
could be on anything from a top of the range 
broadband package that you don’t need, to a 
mobile phone contract where you’re paying for 
data you don’t use.
Every month money is wasted on unused 
subscriptions, with the most common wasted 
money on gym memberships. A !ifth (19%) of 
UK adults said they planned on cancelling TV 
subscriptions (e.g. Net!lix, Amazon Prime). Even 
magazine subscriptions of a few pounds a month 
are money down the drain if you don’t have time 
to read the magazine. Take a few minutes and 
cancel any subscriptions you don’t really use to 
save yourself a bit of cash.
8. DRAW UP A BUDGET
Drawing up a weekly or monthly budget will help 
you get your !inances under control. It’s just a list of 
money you have coming in and what you spend 
and it doesn’t have to take long to set up. There 
are plenty of templates online to get you started. 
Alternatively, budgeting apps can also be used to 
plan what you want to spend and keep track of it.
9. SEE IF YOU CAN PAY LESS INTEREST
If you owe money on an expensive credit card, 
it may be worth considering whether you can 
transfer the balance to a credit card charging 0% 
interest. Although these cards are interest free, 
you will normally be charged a balance transfer 
fee of between 1 and 3% of the amount you 
transfer. Because you won’t be charged interest 
on your balance, more of your money can go to 
repay what you owe.
These cards aren’t right for everyone, and it’s 
important to make sure you can pay o" your 
balance by the time the 0% interest deal runs 
out. It may also a"ect your credit score, especially 
if you do it multiple times.
10. GET HELP WITH UNMANAGEABLE DEBTS
If you are struggling to pay for the essentials, you 
are using one credit card to pay o" another or 
your debts are causing you worry, then contact 
a debt advice charity, such as StepChange. They 
will be able to give you help with your debts, free 
of charge. 
Source data:
[1] Royal London commissioned a survey by 
Opinium between 25 February and 1 March 2022 
with a sample of 4,001 nationally representative 
UK adults.
NEED HELP TO MAKE THE  
MOST OF YOUR MONEY?
Rising in!lation and increases in taxes are 
set to leave millions worse o!f in 2022. 
We’re here to  help you review your current 
!inancial situation and answer any questions 
you may be concerned about.
22  ESTATE PLANNING
20% OF 18$24$YEAR$OLDS EMERGE AS WILL MAKERS
As many as a "ifth (20%) of young Gen Z adults aged 18 to 24 say they have already made a Will[1]. 
Getting their a"airs in order at such an early age compares favourably relative to the UK adult population 
overall, where just four in ten (40%) people have made a Will.
It would appear that Gen Z is also ahead of 
the game as just 21% of their Generation Y 
contemporaries (those aged between 25 
and 40), and 32% of Generation X (those aged 
between 41 and 56) have made a Will.
SILENT GENERATION 
Unsurprisingly, it’s the older generations that 
lead the way as these age groups are likely to 
have gone through life changes warranting 
estate planning, such as starting a family, buying 
property, caring for older family or planning their 
own retirement. Among the Silent generation 
(75+ years old), 82% have a will, as do 65% of UK 
Baby Boomers (57 to 75 years old).
While it may be an uncomfortable subject to 
think about, creating a Will is an important part 
of !inancial wellbeing and planning for the future. 
It can provide peace of mind that loved ones are 
supported after you die, and also helps ensure 
your assets are dealt with in the way that you 
want. It’s promising that so many young people 
have already put a Will in place and are mindful 
of the long !inancial journey they have ahead.
CIRCUMSTANCES CHANGE
Irrespective of your life stage, making a Will 
at any age is important to help improve your 
!inancial wellbeing. As you move through life, 
circumstances change, as do the potential 
risks and complications when you pass 
away, so it’s wise to update or create a new 
Will after big life moments such as getting 
married, starting a family or buying a new 
property.  And, if you are saving into a 
pension remember to update your bene!iciary 
nomination too, as they’re not covered by the 
rules governing Wills.
The research also found that men and 
higher earners are more likely to have their 
a!fairs in order. More than two-!ifths (44%) have 
a Will, compared to 37% of females. 61% of 
those earning £70k+ per year and half (54%) of 
those earning between £40k and £70k have a 
Will, compared to just 35% of those earning less 
than £20k, and 41% of those earning between 
£20k and £40k.
FINANCIAL PRESSURES 
Surprisingly, also highlighted in the research 
was the fact that that the pandemic has not 
necessarily driven people to create a Will, 
with just 4% of those whose !inancial plans or 
approach to savings have been impacted by 
COVID making a Will.
Two-thirds (65%) of Gen Z adults want to be 
able to leave an inheritance, although many are 
conscious of the !inancial pressures they may 
face later in life that could hinder their ability to 
pass on assets. A quarter (25%) already expect 
to be paying for long-term care for a loved one 
in retirement, and 25% also expect to help their 
parents/in-laws !inancially. 
Source data:
[1] Boxclever conducted research among 4,896 
UK adults. The research is nationally representative 
of UK adult population in terms of age, gender, 
region, with 578 people falling into Generation Z. 
Quantitative "ieldwork was conducted between 16–
23 July 2021. Qualitative "ieldwork was conducted 
between 3%11 August 2021.
IT’S GOOD TO TALK
When it comes to your future, putting in 
place the right plan is essential for your future 
wellbeing. To discuss how we could help you, 
please contact us for more information.
WHERE THERE’S A WILL 
THERE’S A GEN ZER
PROTECTION  23
MORE THAN HALF OF UK ADULTS HAVEN’T DISCUSSED THE SUBJECT
With wealth for millennials set to double in the next 20 years, it’s time to get 
over the awkwardness and have the conversation now. One of the main reasons 
why people don’t discuss their inheritance wishes is that they assume estate 
planning is not for them. That it is only necessary if you are very wealthy. 
MOST OF US WOULD LIKE TO LEAVE A LEGACY
But nothing could be further from the truth. Most 
of us would like to leave a legacy and if you want 
to ensure your wishes are followed, obtaining 
professional advice and planning is essential, 
whatever your circumstances. 
New research[1] has highlighted 58% of 
UK adults admit they have never discussed 
inheritance matters with their loved ones – with 
the reluctance to do so equally split between 
men and women. The !indings revealed that the 
main reason people shy away from it is because 
they don’t believe they have enough assets to 
consider it worthwhile (18%).
GETTING OLDER IS THE MAIN PROMPT FOR 
THINKING ABOUT SUCH MATTERS
However, for nearly half the population (49%), 
getting older is the main prompt for thinking about 
such matters. Other life events that have pushed 
people to confront it are: the birth of a child or 
the death of a parent (both 7%), followed by the 
COVID$19 pandemic or a health scare (both 4%).
And there are certain people who hold the 
key to unlocking these conversations, with 54% 
saying their partner is the preferred person to talk 
to, followed by 22% who feel most comfortable 
chatting things through with their children. 
Worryingly, only 2% say they have discussed it 
with a solicitor and only 1% have done so with a 
professional !inancial adviser.
READY TO START A CONVERSATION ABOUT 
INHERITANCE?
THE IMPORTANCE OF AN UP!TO!DATE WILL
Making a Will provides a good reason to have 
a multi-generational family meeting about your 
inheritance wishes. Having an up-to-date Will is 
important for both you and your family. The truth 
is that having an out-of-date Will is as problematic 
as having no Will at all. 
Once you have an up-to-date Will, talking it 
through with your professional !inancial adviser, they 
can then recommend a plan about how to approach 
your inheritance goals. Also remember, failing to 
prepare your children for what they may inherit can 
hinder their ability to handle money wisely. 
TAKE ADVANTAGE OF THE GIFT ALLOWANCE
You can give away £3,000 each year and this 
will not be subject to Inheritance Tax (commonly 
called IHT for short). In addition, parents can gift 
£5,000 to each child as a wedding gift, while 
grandparents can give £2,500. 
Gifting money regularly throughout the year 
can be a great way to !inancially help loved ones 
and can also reduce your IHT liability. Some 
people will !ind it hard asking for money, so try 
and speak to your children and grandchildren 
to !ind out if you can help them with something 
speci!ic, such as a new car or school fees.
LET LIFE EVENTS HELP YOU START A 
CONVERSATION
Life events, like a birth, adoption, marriage or a 
family bereavement can make people evaluate 
their own plans. Use these opportunities as a way 
of talking to relatives about how you would like to 
pass on your wealth.
TALK ABOUT LATER LIFE CARE
Many people are worried about how they will 
pay for social care when they get older. As a 
result, people may be starting to plan for this 
earlier than previous generations. It’s important 
to talk to your family about the care you want 
so they stay true to your wishes. This could 
be an ideal time to introduce the subject of 
inheritance, as estate planning and later life care 
go hand in hand.
TALK ABOUT FAMILY HEIRLOOMS
If you !ind it hard to approach the subject of 
estate planning with your family then a good 
place to start could be talking about family 
heirlooms. People enjoy hearing stories about 
older relatives, even if they never had the 
chance to meet them. Talking about items 
that are important to you or were important to 
other family members can be a great way to 
start a conversation about estate planning. 
Source data:
[1] The research of 3,000 nationally 
representative UK adults was commissioned by 
Find Out Now in November 2021 on behalf of 
Brewin Dolphin.
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.
LET’S TALK ABOUT  
INHERITANCE MATTERS! 
Some people !ind the idea of discussing 
inheritance uncomfortable and wrongly 
assume that planning in advance is 
complicated, but if you don’t discuss things 
before it’s too late the situation can become 
much more thorny in the future, particularly 
if there is a blended family or if there is 
anything unexpected in the Will. For more 
information about how we can help you, 
please contact us.
DISCUSSING INHERITANCE  
WITH YOUR HEIRS
RETIREMENT NEST EGG
NEARLY A HALF OF OVER$50S REGRET NOT SAVING INTO THEIR PENSION EARLIER
The days of working for a single employer for your entire career and retiring 
with a comfortable pension are largely gone. The responsibility for accumulating 
a retirement nest egg now rests with individuals as opposed to their employers.
Saving enough for retirement is challenging 
for many people, but an era of changing 
demographic trends, such as increased 
longevity and delayed marriage, can make this 
journey even more di#icult.
NOT FINANCIALLY STABLE  
ENOUGH TO CONTRIBUTE
New research[1] into the attitudes of the over-50s 
towards their pension has uncovered that nearly a half 
(49%) regret not saving into their pension earlier, and 
almost two-thirds (64%) wish they had contributed 
more into their retirement savings at an earlier stage.
Just over a quarter (26%) stated that they only 
started paying into their pension after they turned 30 
years old, primarily because they did not feel !inancially 
stable enough to contribute any sooner (51%).  Many, 
understandably, prioritised raising children (42%) and 
paying o" their mortgages (40%) before putting any 
surplus cash into their pension. However, a third put 
leisure/holidays (32%), clothing (21%) and their pets 
(10%) before their retirement income.  
‘MODERATE’ STANDARD OF  
LIVING IN RETIREMENT
Almost four in ten (39%) people over the age of 
50  believe that an income of between £10,000 
and £20,000 per annum in retirement will be 
enough to live ‘comfortably’. This is despite !igures 
announced stating that £20,800 per annum 
will only provide an individual with a ‘moderate’ 
standard of living in retirement. To enjoy a 
‘comfortable’ standard of living, the amount would 
need to increase to £33,600 per year.
Just under a quarter (24%) of those aged over 
50 believe that a personal contribution of between 
0% to 5% of their salary is an ‘appropriate and 
achievable’ level to attain a savings pot big enough 
to support them in retirement.
TAKING PROFESSIONAL  
FINANCIAL ADVICE IS KEY
When asked about !inancial advice, worryingly more 
than 70% of over-50s say they have never sought 
professional !inancial advice regarding their pension. 
Almost a third (30%) say they feel they know what 
they are doing and don’t need !inancial support, 
whilst 10% say they rely on their family and friends for 
support and advice. However, after hearing that they 
could add as much as £47,000 to their pension[2] 
(over a decade) by taking professional !inancial 
advice, half of them say they would.
Pensions are more important to more of us than 
ever before. Automatic enrolment has brought 
pension savings to millions, but this was only 
introduced in 2012 and for many, especially those 
over the age of 50, it is perhaps too little, too late.
TAKE STOCK OF YOUR FINANCIAL 
SITUATION EARLY
Hindsight is a wonderful thing and life in your 20s 
and 30s can often take over, with children to raise, 
debts to pay and holidays to be had. However, it’s 
important to take stock of your !inancial situation 
early. You may think you have enough spare cash, 
or that you have years until you retire, but most 
people over the age of !ifty (64%) wished that they 
had paid more into their pension pot, earlier. 
It’s also important that people are realistic about 
how much they might need to live on in retirement. 
With more people continuing to pay rent or 
mortgages after they !inish working[3], it is unlikely that 
an income of between £10,000 and £20,000 per year 
will be su#icient to have a ‘comfortable’ lifestyle. 
Source data:
1,034 UK adults over the age of 50 (retired and non-
retired) interviewed between 31.01.2022%07.02.2022
[1] https://www.retirementlivingstandards.org.uk/
news/retirement-living-standards-updated-to-re"lect
[2] https://ilcuk.org.uk/"inancial-advice-provides-
47k-wealth-uplift-in-decade/
[3] https://www.bbc.co.uk/news/business-42193251
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.
PLANNING FOR A FULL  
AND HAPPY RETIREMENT?
To avoid sleepwalking into retirement it’s 
important to understand how much you 
have in your pension, what that money 
might look like as retirement income and 
how long you might need that money to last. 
For advice on all your options to make your 
money last a lifetime, please contact us.
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12  RETIREMENT