Autumn 2022 Newsletter

The autumn edition of our newsletter is out, covering 10 years of auto enrolment, the importance of a financial safety net, the challenges facing buy-to-let investors, getting advice on easy divorces and more

28/09/2022
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The last few weeks since we learned of the death of Her Majesty the Queen have been unique. With the reign of Britain’s longest serving monarch coming to an end, the country came together to mourn the passing of one of the most recognisable figures in the world and most highly regarded at home. The culmination of the state funeral, is an event many will remember for the rest of their lives as we move into a new era. With the accession of King Charles III at such a difficult political and economic time, there are both adjustments to be made and opportunities to reconnect with shared values and ideals

We were finalising our newsletter just after the new Prime Minister, Liz Truss, took office and we heard the sad news of the loss of the Queen. Government business was suspended during the period of national mourning, so the announcement of initial measures to help combat the cost of living crisis was immediately superseded. The chancellor has since delivered his growth plan which we have summarised here.

Meanwhile as many grapple with the continuing effects of rising inflation and living costs, we focus on one of the success stories of recent years to mark the ten year anniversary of automatic enrolment for workplace pensions. Nearly 80% of those eligible are now enrolled. Persistently low contribution levels, however, mean that relying solely on auto-enrolment may not provide the long term levels of income many anticipate.

At the other end of the pension process, we also explore the potential pitfalls of withdrawing your pension funds early. While the flexibility of pensions freedom can help access funds in times of crisis, depleting your pension fund during times of volatility, particularly without taking advice, could have a serious impact on your retirement income.

Other stories for this edition include:

Buy-to-let facing headwinds Rising mortgage rates and changes to energy ratings could see landlords struggling to make profits.

How much ready cash is enough? It may be the last thing you want to hear when bills are rising but making sure that you have a rainy-day fund is even more important as inflation and the cost of living keep increasing.

No-fault divorce: don’t skip on advice Simplified divorce procedures since April 2022 should not be equated with the simplification of the division of finances, so advice is still essential in this area.

Download and read the full newsletter at the link above.

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Important information

The views and opinions contained herein are those of Benchmark Financial Planning. They do not necessarily represent views expressed or reflected in other Benchmark Financial Planning communications, strategies or funds and are subject to change. This document is intended to be for information purposes only and it is not intended as promotional material in any respect. The material is not intended as an offer or solicitation for the purchase or sale of any financial instrument. The material is not intended to provide, and should not be relied on for, accounting, legal or tax advice, or investment recommendations. Information herein is believed to be reliable, but Benchmark Financial Planning does not warrant its completeness or accuracy. The data has been sourced by Benchmark Financial Planning and should be independently verified before further publication or use. No responsibility can be accepted for error of fact or opinion. Benchmark Financial Planning is not responsible for the accuracy of the information contained within linked sites. Reliance should not be placed on the views and information in the document when taking individual investment and/or strategic decisions. Past Performance is not a guide to future performance and may not be repeated. The value of investments and the income from them may go down as well as up and investors may not get back the amounts originally invested.

Issued by Benchmark Financial Planning Limited. An Appointed Representative of Best Practice IFA Group Limited which is authorised and regulated by the Financial Conduct Authority, the registration number is 223112. Registered office: Broadlands Business Campus, Langhurst Wood Road, Horsham, West Sussex, RH12 4QP. Registered in England and Wales No 07572431.

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Benchmark Financial Planning is an Appointed Representative of Best Practice IFA Group Limited which is authorised and regulated by the Financial Conduct Authority, the registration number is 223112. Registered office: Broadlands Business Campus, Langhurst Wood Road, Horsham, West Sussex, RH12 4QP. Registered in England and Wales No 07572431.

The Financial Ombudsman Service is available to sort out individual complaints that clients and financial services businesses aren't able to resolve themselves. To contact the Financial Ombudsman Service, please visit www.financial-ombudsman.org.uk

The guidance and/or advice contained within this website are subject to the UK regulatory regime and are therefore targeted at consumers based in the UK.