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1 PARLIAMENTHILLMONEYTALK The personal finance newsletter for Parliament Hill member organisations published by Lighthouse Financial Advice AUTUMN 2015 How to reduce tax on your pension and other assets Beware when accessing your pension - you could end up with an expected tax bill, depending on how and when you access your money. The pension freedoms are one of the biggest shake-ups to private pensions in a generation. In a nutshell, they mean that you can withdraw as much of your pension fund as you like at any point from your 55th birthday onwards. It s important to note that although normally only 25% of your pension fund is tax-free; the remaining 75% will be potentially liable to income tax if you withdraw it. This can land you with a hefty tax bill. There are, however, several ways to reduce the tax liability on your pension, as well as on your other assets. What pension freedoms mean in practice Imagine, for example, that you have a pension fund of 50,000 and choose to withdraw the entire amount. This is how you would be taxed: 25% of it would be tax free, so you would get 12,500 without paying any tax. The remaining 75%, or 37,500, would be taxable. If you also have a separate income of 20,000, you d have a total taxable income of 57,500. As a higher rate tax payer, your tax liability on this amount would be 12,403. (40% tax of 6,046 and 20% tax of 6,357). 10,523 of that bill would be as a result of taking your pension fund as a lump sum, meaning you would lose over 20% of your pension fund to tax. Here are a couple of options for reducing that tax bill. Flexi-access drawdown You could use a flexi-access drawdown product. This is where you invest your pension into funds from which you ll be able to draw an income. From a tax perspective, the main advantage is that you can draw that income whenever you like. You can reduce your tax liability by adjusting the level of those withdrawals around any other sources of income you may have in order to stay in a lower tax bracket. In this example, your flexi-access drawdown is not providing a fixed income; it is allowing you to take money out of your pension fund. The amount you can take will vary depending on the combined performance of your chosen investment funds. Continued on next page Also in this issue Picturing retirement income: a fusion of art and science? 32 Time for change 43 Investing: = undering the risk and potential returns 5 Built for income the natural way of funding a long retirement 6 While Lighthouse Financial Advice endeavours to provide correct information, it cannot guarantee the accuracy of any information contained in this newsletter and no action should be taken or not taken solely based on the information contained in it. Professional financial advice should be sought before taking any action. Threshold, percentages, rates and tax legislation may change in the future. Lighthouse Financial Advice Limited is an appointed representative of Lighthouse Advisory Services Limited which is authorised and regulated by the Financial Conduct Authority. Lighthouse Financial Advice Limited is a wholly owned subsidiary of Lighthouse Group plc. Registered in England No Registered Office: 26 Throgmorton Street, London EC2N 2AN. 1 PARLIAMENTHILLMONEYTALK SPRING 2015
2 2 PARLIAMENTHILLMONEYTALK AUTUMN 2015 How to reduce tax on your pension and other assets (continued) Guaranteed-income drawdown Alternatively, you could choose to invest some or all of your pension into a guaranteed-income product. However, the income you ll receive will have a guaranteed minimum amount rather than varying because of investment performance, so you know how much you re going to get. The other advantage is that you can still withdraw lump sums (if your product allows you to). The cost of that flexibility is a lower income than you d usually get from an annuity, but more certainty over your income than with a flexi-access drawdown product. Inheritance tax thresholds It s also worth remembering that you can reduce your inheritance tax liability on your assets. You already have a personal threshold of 325,000 ( 650,000 for married couples and civil partners). If your estate is worth less than the threshold, then there is no inheritance tax to pay. Anything above the threshold is taxed at 40%. Charitable donations Finally, you can also reduce your inheritance tax liability through charitable donations. Leaving over 10% of your estate to charity will bring down your inheritance tax rate to 36% that s a 10% reduction. Other ways of reducing inheritance tax There are a number of other ways you may be able to reduce the amount of inheritance tax likely to be payable when someone dies. You may also be able to do so without necessarily reducing the income you receive from your investments. Take professional financial advice Arranging your finances tax-efficiently, whether when drawing your pension, investing, or to reduce potential inheritance tax, requires expert knowledge. You should therefore talk to a professional financial adviser who can recommend solutions specifically for you. Making gifts If you leave your entire estate to your spouse or civil partner (who must live permanently in the UK) then they won t pay any inheritance tax. You can also give cash gifts to children tax-free before you die, up to 3,000 per person per year. Larger sums can be tax-free, as long as they re given seven years before you die. Arranging your finances tax-efficiently, whether when drawing your pension, investing, or to reduce potential inheritance tax, requires expert knowledge. You should therefore talk to a professional financial adviser who can recommend solutions specifically for you. The value of your investments you could get back less than you invested. Tax advice which contains no investment element is not regulated by the Financial Conduct Authority.
3 3 PARLIAMENTHILLMONEYTALK AUTUMN 2015 Five steps to effective long-term investing We look at why putting your savings in a fund that invests in the stockmarket and paying in a regular amount each month can give you a better chance of making money over the longer term. If you are thinking about saving for a rainy day, to pay for your child s education or to provide an income in retirement, you might consider putting your money into a fund that invests in the stock market rather than a savings account that pays a low interest rate. But with a dizzying number of funds available to investors these days, choosing the right one can seem a daunting task, particularly when no one knows how stock markets will behave in the future. Here are five tips to help you get started. 1. Talk to a financial adviser The first port of call when choosing to invest is to speak to a qualified financial adviser who will be able to provide you with the right advice and make sure that you are making the right decisions for both your short-term and long-term goals. An adviser will ask a series of questions in order to determine your objectives and your attitude to risk, and will suggest an investment for your needs. 2. Put your money into a diversified portfolio Investing in stock markets involves taking a certain amount of risk, but this can be mitigated by holding a diversified blend of assets. In the past, this was a tricky task, but a new breed of investments known as multi-asset funds are available that take the guesswork out of the process. These funds have been designed to give investors the best of both worlds. Not only do they take the guesswork out of selecting the right blend of investments, but they are also available in a variety of risk options, so there will almost certainly be one that suits your needs. A financial adviser can help determine which fund might work for you. 3. Take a long-term view Very few people ever get rich in a short period of time and this is particularly true when it comes to investing. You stand a better chance of achieving attractive returns on your money when you take a long-term view and hold onto your investment through thick and thin. Of course, because investing in the stock market involves more risk than putting money into a savings account, there will inevitably be bumps along the road. For example, if you hold an investment for just two years, there is a possibility that you might not get much back from it if the stock market happens to fall. But if you intend to hold an investment for 10 years or more, you stand a much better chance of making a lot more money than if you held it in a cash deposit. 4. Don t be swayed by fads One of the most important things to remember when investing for the long-term is not to be drawn into short-term trends. Jumping onto the bandwagon of the latest fashionable investment is often a bad idea because the market could very well have peaked. Investing is a long-term process that requires shrewd judgement. While fashions come and go with the seasons, the best investment strategies are able to stand the test of time. 5. Top up frequently The best way to turn a small investment into a healthy nest egg is to make the most of what is known as pound-cost averaging. Because it is difficult to know the best time to put money into the stock market, one of the best ways to maximise your long-term returns is to invest at regular intervals, such as once a month, and to do this over the long term. Drip-feeding money into the market rather than investing a large lump sum all at once not only instils discipline, but it also means you won t be trying to second-guess what the market will do. Investing in a diversified blend of assets can help mitigate the investment risk.... if you intend to hold an investment for 10 years or more, you stand a much better chance of making a lot more money than if you held it in a cash deposit. The value of your investments you could get back less than you invested.
4 4 PARLIAMENTHILLMONEYTALK AUTUMN 2015 Using the home to fund long-term care Being faced with the prospect of paying for long-term care can be stressful and worrying. If you don t take action, you are likely to find that savings are used up quickly and may even run out. The good news is that you may be able to organise the person s finances in a way that makes their money go further. Just how much a local authority or health trust will contribute towards the cost of any ongoing, long-term care you or your relatives need will depend upon how they assess the person s health conditions against the national eligibility criteria and the total assets savings and other items of value they own they have available. Making the right choice is easier if the person going in to care is not under pressure to make decisions in a hurry. Here are some of the options: Selling the home This affords the benefit of releasing a large sum of money which can then be used to pay for care. However, selling the home is not something you should do without having taken expert advice to make sure that the proceeds will last long enough to cover the cost of care fees for the rest of the person s life, otherwise they may run out of money and be forced to move to another home of the local authority s choosing, which probably charges lower fees. Also, it may not be feasible to sell the home if the person s spouse or dependants live in it. Use a deferred payment agreement Many local authorities offer a deferred payment agreement, whereby they agree to fund care fees and then recover the cost when the person dies, from the proceeds of their estate (for instance the proceeds of selling their house). This is an option that can be negotiated if the person s main asset is their home, or they have another significant asset that the local authority is prepared to accept, and all the other assets are less than the upper capital limit (currently between 23,250 and 26,000, depending on where in the UK you live), or if their income will not cover their fees. Renting out the home Letting the home and using the income to fund care can be advantageous but brings its own set of challenges, and can prove time-consuming. You may wish to consider using a professional agent to manage this for you. If so, it is advisable to use one registered with ARLA (the Association of Residential Letting Agents). Releasing equity from the home There are currently two ways of doing this: one is known as Home Reversion and the other as a Lifetime Mortgage. Both allow you to stay in your home and retain some or all of the ownership of it, while releasing money from the property (either as a lump sum or a series of smaller payments).the loan is repaid by selling the property at some future date, usually when the owner dies. The money released can be used to pay for care, or anything else that you need it for. While equity release can offer a handy solution for many people, it is not for everyone, and expert advice is essential before going down this route. Downsizing You could sell the home and buy a smaller one to release funds, and keep that second property for the family to live in, or rent it out to generate income. Bear in mind the costs and effort of moving, the on-going money needed to maintain the property and, if it is rented, allow for possible periods during which you don t have tenants. Taking out a care plan Depending on the person s situation, it may be appropriate to buy a care fees plan, which provides a guaranteed income, paid tax-free directly to the care home, for the rest of their life. The plan could be paid for from, for instance the proceeds from selling the home, downsizing or releasing equity. What is the best route for you? Explore all your options thoroughly, preferably with the assistance of a professional financial adviser qualified in advising on long-term care and equity release. They will be able to assess your personal situation to find the right solution for you and your family.. Equity release may involve a lifetime mortgage or a home reversion plan. To understand the features and risks, ask for a personalised illustration. Equity release may not be right for everyone. It may affect your entitlement to state benefits and will reduce the value of your estate. Think carefully before securing other debts against your home. Depending on the person s situation, it may be appropriate to buy a care fees plan, which provides a guaranteed income, paid tax-free directly to the care home, for the rest of their life.
5 5 PARLIAMENTHILLMONEYTALK AUTUMN 2015 Investing: understanding the risks and potential returns Investing provides potential opportunities for us all to grow our wealth, protect our futures, and get us closer to achieving our financial goals. It inevitably involves taking a certain amount of risk and you need to decide how much. Investing provides potential opportunities for us all to grow our wealth, protect our futures, and get us closer to achieving our financial goals. However, investments aren t guaranteed, so it is important to understand how they could perform during good and bad times. Investing involves taking a calculated risk, using all the information available to make a decision based on likely outcomes. What are the risks of investing? As an investor, you face three main types of risks: Investment risks The money you invest is not guaranteed and you are likely to see fluctuations in the value of your portfolio. The greater the risk you take, the greater the potential fluctuations. These risks arise as a result of what your fund is invested in (such as equities and bonds ) and how these investments perform. Taking some degree of investment risk is usually essential to benefit from investing and to meet your long-term investment goals. Product risks These are risk that have nothing to do with what your fund is invested in, but are related to the way the fund itself is structured. For instance, some investments that are structured to reduce the tax you pay are considered to be riskier than others because the tax breaks they currently enjoy may be withdrawn. Funds structured as mainstream ISAs, for instance, are generally considered to have a fairly low product risk. About Santander Asset Management s Atlas Portfolios The Atlas Portfolios are multiasset funds. A multi-asset fund invests in a range of other funds run by specialist asset managers. The investment teams blend together the best funds across different sectors, ensuring that different asset classes and geographies are represented. The value of individual investments it makes sense to have a mix of different investments that move in an unrelated way. This helps to reduce risk and achieve the investment objectives. We blend assets by: Asset Type (such as equities, bonds, cash, property, alternatives, etc.) The Santander Atlas Growth Portfolios are designed to help you and your financial adviser make an informed investment decision, weighing up potential returns against realistic potential for loss. Geographies (different economies and political systems) Asset Managers (who manage the funds we buy) Styles of Management (such as active or passive). Always at the helm with dynamic active management We have an extremely dynamic, comprehensive and robust investment process. Our investment team monitors the portfolio every day, always making sure the holdings are appropriate. The team invests where they consider the most compelling market conditions to be, while using strategies that protect against market downturns. The value of your investments you could get back less than you invested. Corporate risks These are the risks associated with the provider of the product, such as the potential mismanagement of your money, or even fraud in extreme cases. Investments vary from low risk to very high risk there is no such thing as a risk-free investment. Typically, the more risk you are willing to take the greater the potential for gain. In order to be sure the right fund is selected for you, it is critical to understand what you could experience, in both strong and weak markets. You should discuss this with your financial adviser, who should work out your attitude to risk and capacity for loss using a leading risk assessment method. Tax advice which contains no investment element is not regulated by the Financial Conduct Authority.
6 6 PARLIAMENTHILLMONEYTALK AUTUMN 2015 Built for income the natural way of funding a long retirement Where can you find a sustainable, long-term income stream to meet your needs during a retirement that could span decades rather than years? One key issue for people who are approaching retirement is how they can obtain a decent, long-term level of sustainable income which has the potential to last for the rest of their life. Annuities not necessarily suitable for everyone The traditional annuity with its guaranteed income may still be the preferred choice for many, but it may not necessarily be the most suitable option for everybody, and more people are expected to consider other income investment options following the radical changes to pensions regulations that came into effect this year. A multi-asset income fund that delivers a good income stream An alternative that may interest those approaching, or in retirement, is a multiasset income fund. Multi-asset funds offer diversification by investing in a range of different asset classes, such as bonds, company shares, property, and alternative assets. One such fund is the Premier Multi-Asset Monthly Income Fund. The Fund has a strong focus on delivering a good income stream for investors, on a monthly basis, by investing in a range of different incomeproducing funds managed by leading investment companies. All of the underlying investments are chosen for their ability to pay attractive levels of income. In its most basic form, this approach can be seen as a not putting all your eggs in one basket style of investing. By investing in many different types of asset and funds, investors are not overly reliant on a single asset or fund to provide the income. Cashing in units or shares to generate income Broadly speaking, there are two popular ways of getting income from an investment. One is cashing in units or shares. The amount of income you receive will depend on the number of units you sell and their price at the time they are sold. So to achieve a regular income you will probably need to sell a different number of units each month or quarter, depending on their price. If you generate your income by selling units, the number of units or shares you own will decrease over time, so there is the risk that you could end up selling all your shares or units over time. Generating natural income An alternative option is to receive natural income from underlying income-generating assets. This is the income that you receive from your investment as dividends in other words the various dividends paid by the funds or companies you hold within you investment portfolio. This dividend is paid per share, so it equates to the number of shares held multiplied by the dividend per share. The income can fluctuate over time but no shares have to be sold to generate the income. This means that you will have your full pack of shares that will hopefully continue to pay dividends for as long as you hold the investment. The share price will also fluctuate but may have the potential to grow over time. Crucially, a natural income can provide investors with a steady income stream even in troubled markets. Regular income over the longer term Premier s multi-asset income funds are built on the principle of natural income. Hence we look to construct a diversified portfolio of incomegenerating investments that aim to pay an attractive dividend per share to our clients over the long term, with no need to cash in shares to create the income, which is why we believe our multi-asset income funds could be of interest for people whose main objective is long-term income. The value of your investments can go down as well as up, so you could get back less than you invested. An alternative option is to receive natural income from underlying incomegenerating assets. This is the income that you receive from your investment as dividends in other words the various dividends paid by the funds or companies you hold within you investment portfolio.
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