IN FOCUS6-8 min read

Autumn 2023 Newsletter

The autumn edition of our newsletter explores the investment growth landscape, highlighting the affordability of retirement, including pensions in legacy planning and more

22/09/2023
Tier 2_Landscapes
Read full reportAutumn 2023 Newsletter
8 pages

The on again-off again nature of the summer, followed by a short-lived early Autumn heatwave, mirrored some of the economic news of the last months. Growth has edged up, then down, as has inflation, with interest rates still high before an expected slow decline later in the year. By mid-September the average rate of wage increases had finally caught up with inflation and those higher interest rates have been filtering down to savers.

Our feature for this edition of our newsletter highlights these changes while considering the broader investment landscape – government bonds are also showing much more positive returns. For investors and those looking for income from their capital, market conditions have created more options.

The latest figures published by HMRC show how many more people are affected by the on-going tax threshold freezes and static level of personal allowance. You may be caught up as the number of higher rate taxpayers is predicted to increase yet again in 2023/24 to a likely 18% of all those paying tax, up from 13.9% in 2020/21.

Our other stories include:

Beyond a minimum retirement – One third of people appear set to fall short of the pension funds needed to afford their retirement, according to a survey by Scottish Widows. You may need more than you realise to achieve the retirement living standards you aspire to.

The dividend or bonus decision – If your financial year aligns with the calendar year end, the time is coming up for owner directors to focus on the most efficient way to choose between bonus or salary. Recent tax changes mean the calculations around drawing profits this year may have changed.

Managing your pension legacy – The tax treatment of pension death benefits has been under HMRC scrutiny again. Further change could be on the way, but the current rules, with any payments to beneficiaries free of inheritance tax if the scheme holder dies after age 75, mean many now consider their pension an important part of estate planning.

Download and read the full newsletter at the link below.

Read full reportAutumn 2023 Newsletter
8 pages

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.

Topics

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.