Radcliffe News

Aug

5

Alice Tai MBE

Following Alice's trip to Buckingham Palace to pick up her MBE, we've been catching up with how she's been doing over the last few months."It seems hard to imagine that 12 months ago I was about to fly to Rio to represent GB in my first ever Paralympic Games. The whole experience was simply incredible - even more so to end the entire week of swimming on the podium listening to the National Anthem with my friends and team mates after clinching gold and a new world record in the medley relay. As... Read More »

Jul

26

Reduction in Money Purchase Annual Allowance

HM Treasury confirms that all legislation originally planned to come into force from 6 April 2017 still will be when it is enacted. In the written statement - HCWS47 made by Mel Stride, Financial Secretary to the Treasury and in a news story on Gov.uk it has been confirmed that where policies we announced to have started at the beginning of the 2017/18 tax year there will be no changes to these plans. We read this to mean that policies such as the reduction in the money purchase annual... Read More »

Jul

26

Regulator Warning on Pension Freedom

Many of the one in three people who have taken cash from their pensions since the rules changed in 2015 did so without taking advice, says the Telegraph. It cited warnings from the regulator that it might have to step in, and advisers said many of those who hadn't taken advice would probably have paid too much tax already or would do so in future. In particular, taking money out of a pension, paying tax on the withdrawal and then putting the cash into an ISA would result in them getting much... Read More »

Jul

26

Pension v BTL

Research suggests returns from investing in a pension could be double those from Buy To Let property over the next twenty years, says the Mail. This assumes a return from property of 3.5 per cent rental income plus 4.5 per cent a year capital growth, as compared with returns of 6 per cent a year in the pension. The gap in total returns - 435 per cent for the pension as against 237 per cent for BTL - is so large because of the tax relief on pensions and the higher taxes on BTL introduced by the... Read More »

Jul

26

State Pension Age to 68

The government has now confirmed plans to increase the state pension age to 68 between 2037 and 2039, in line with proposals laid out in the Cridland report. The state pension age is currently set to increase to 68 between 2044 and 2046, but under new proposals this would be brought forward seven years. The Department for Work and Pensions (DWP) said that, when the state pension was introduced in 1948, a 65-year-old could expect to spend 13.5 years in receipt of it, which would equate to... Read More »

Jul

17

Cost of Private Education

Parents in the UK who pay for private education for a child at primary, secondary and tertiary levels spend on average 128,600, says the Financial Times, citing research by HSBC. That is ten times the average cost of state-funded education and is second only to average spending in Hong Kong out of the 15 countries in which it conducted its research. A quarter of parents wish they had saved more, but only Chinese parents seem to be good at planning ahead, with most parents still paying the bulk... Read More »

Jul

17

Uni Property Interest

There has been a rise in the amount of student housing owned by private landlords, says the Financial Times. Southampton, Leicester, Liverpool, Exeter, Brighton and Hove are among the cities that have seen the largest increases. Letting agents say one reason is the higher yields available on student lets, though costs of management are also typically... Read More »

Jul

17

Change to BTL Rules

New rules due to be introduced by the Bank of England at the end of September could make it harder for Buy-To-Let owners to obtain mortgages, says the Telegraph. The rules will require lenders to assess the viability of the whole portfolio if someone owns more than four properties. The change comes on top of restrictions to BTL owners' ability to claim tax relief on mortgage interest, and there is also uncertainty about how lenders will interpret and apply the rules, so brokers are urging... Read More »

Jun

28

Auto Enrolment Spot Checks

The Pensions Regulator (TPR) is to begin carrying out spot checks in Birmingham to ensure employers are complying with their automatic enrolment duties. Inspection teams will visit dozens of businesses in and around the city to check that qualifying staff are being given the workplace pensions they are entitled to. The move is part of a nationwide enforcement campaign which began in London in April to ensure employers are meeting their automatic enrolment duties correctly. Birmingham is to... Read More »

Jun

28

Millions Missing Out On 'Free Money'

Over 3 million people are missing out on as much as an annual 2 billion of 'free money' on offer from their employers through their pension schemes, says the Telegraph. Many employers offer 1-for-1 matching for employees' contributions (above a low threshold level) to the pension scheme, so if the employee puts in an extra 100 per month, the employer matches that with an equal contribution. This is effectively free money, and can add thousands to your retirement income, yet take-up of these... Read More »