- It's never too late (Non-Habitual Residence (NHR)) - Published Oct 2018 by Raoul Ruiz Martinez
- Are You on Top of GDPR? - Published May 2018 by Raoul Ruiz Martinez
- Financial Fitness - Published Jan 2018 by Raoul Ruiz Martinez
- Six Tough Questions You Need to Ask - Published in Nov 2017 by Raoul Ruiz Martinez
- Plan for a Successful Retirement - Published Oct 2017 by Raoul Ruiz Martinez
- 5-year Plan, 10-year Plan, 30-Year Plan. Do you have yours? - Published August 2017 by Raoul Ruiz Martinez
- The Will Bank Opportunity by John L Douglas - Published in The Journal of the Law Society of Scotland 17th July 2017
- August 2017 - HMRC & Offshore Accounts for UK Residents
- A New Year, A New Start…. January 2017
- Inheritance Tax (IHT) Planning (Part 3) - Published November 2016
- Planning for a Better Future? Forget Trusts. Think Family Investment Companies! - Published Nov 16
- Inheritance Tax Planning (Part 2) - Published August 2016
- BREXIT: What do we know as investors and what are the unknowns? Published in July 2016
- Inheritance Tax Planning (Part 1) - Published in June 2016
- Why is tidy a key word in financial planning? Published May 2016
- The Future of International Financial Planning - Published in March 2016
- Volatility: Global Financial Markets and Tax - Published Feburary 2016
- Financial Information Sharing for 2016 - Published December 2015
Summary of the 2015 Pension Flexibility - Published 5th May 2015
Offshore bonds get £5k tax free savings boost - Published 29th April 2015
How your peers invest clients’ money: Finesco Financial Services Ltd - Published in Professional Advisor 25th March 2015
- TRUSTS : Good Reasons to Never Make a Change - Published March 2015
- Saving....for Ourselves - Today's children will need A £2.4m pension pot.
- Cash is King - Article Published 25th July 2013
- Saving – Don’t Put Off Till Tomorrow What You Can Do Today - Article Published 23rd May 2013
HMRC Statutory Residence Test - 6th April 2013
- QNUPS Article Published 23rd March 2013
- Old New Year - Article Published 24th January 2013
- Retirement and Savings – The Facts on Inflation published November 2012
- Finesco Prsentation on New Pension Rules - A New Generation Begins
HMRC Pension Tax Relief Changes
- Emergency Budget:
- Budget Day: 22 June 2010
- Capital Gains Tax Angles
- Long Term Care
- QROPS: Transferring UK Pensions Overseas
- The State of Pensions
- ISA Changes Affecting You
Unlike salesmen, only IFAs can offer information on the full range of products available you.
The State of Pensions
Until 1908 there was no state pension, just the Poor Laws. When the 1908 Old Age Pensions Act was introduced the maximum payment was a princely 5s (25p), the payment was means tested and you had to be at least 70 to get it.
Some would say that 100 years on we are fast headed back to where we started.
There have been many changes both to private and state pension schemes but surely one of the most contentious is the constantly moving goal post of the state retirement age.
This was set in 1928 at 65 for men and 60 for women and largely accepted as such for many years. The first changes were introduced on the basis of ‘equalisation’ and the retirement age of women was programmed to increase gradually from age 60 to 65 between 2010 and 2020. This meant that women born before 6 April 1950 could still retire at age 60, those born after 6 April 1955 had a retirement age of 65 and for those in-between there was a sliding scale between 60 and 65.
Next came more changes to increase everyone’s (male and female) state retirement age from 65 to 68 gradually between 2024 and 2046. This has already been agreed and is the Government’s current planning.
Now, however, all bets are off. The Conservative Party have announced that they will increase the state pension age for men to 66 in 2016, just 6 years time, and creating confusion over just what age women will receive their state pension. If you’re paying attention you will have noted above that the state retirement age for women is already scheduled for transition between 2010 and 2020. This means that in 2016 the transitional retirement age for women will be 63 but the new proposals say 66, three more years. Confused? I am.
The only element of consistency in state pension rules covering basic and added pension benefits has been the fact that benefits, in general, have consistently been eroded. Whilst past performance is no guide to future events, as they say, I venture to contest that in this case they are. State pension benefits will continue to be nibbled away making it even more imperative for us all to ensure that we have made adequate private provision because the safety net of state dependency is meagre.
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