IN FOCUS6-8 min read

Winter 2023 Newsletter

The winter edition of our newsletter is out, unpicking the Autumn Statement announcement, highlighting broadened retirement income options, changes to intestacy, 40 years of the FTSE100 and more.

08/01/2024
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Read full reportWinter 2023 Newsletter
8 pages

With winter truly underway, the beginning of the year creates a space for taking stock and forward planning. While the Prime Minister was at the COP28 conference working towards minimizing rising global temperatures, for many at home, keeping an eye on the season’s higher bills is a priority.

The Chancellor’s Autumn Statement back in November was a calmer affair than the previous one, given against a more stable background. With the Prime Minister’s goal of bringing down the key inflation figure achieved, it garnered more coverage than usual. Jeremy Hunt hit the headlines with a surprise tax cut in the form of reduced national insurance rates from January for employees and next April for the self-employed. Businesses are also set to benefit from extended tax reliefs. At the same time, however, the Office for Budget Responsibility pointed out the tax burden overall amounts to the highest post-war tax take. The feature in this edition of our newsletter explores the give and take nature of the Autumn Statement outcomes.

Our other stories include:

A guaranteed income for life attracts more interest – While the bank of England’s base rate rests at 5.25% the investment landscape for those nearing retirement broadens as the stability of an annuity, at 7.5% for some, may overtake the appeal of short-term drawdown.

Why wills matter – intestacy rules change delay – An unexpected delay to an inflation-linked uplift to intestacy values highlights the importance of having a valid will. For estates in England and Wales the sixth month delay by the Ministry of Justice in providing a 15% increase to the value of the mandated share for surviving spouses or civil partners with children created a £52,000 gap in the sum available.

Retirement planning – a new take on two important decisions – Recent research shows that the age at which people now start saving towards a pension is around 36, in contrast to today’s retirees who averaged aged 49. The advent of auto-enrolment has played a big part in greater provision and new legislation will make it even more important.

Download and read the full newsletter at the link below.

Read full reportWinter 2023 Newsletter
8 pages

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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.

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