Autumn Budget 2015

The Autumn Statement and Spending Review... the biggest headline was a U-turn in cuts from the Chancellor, but there were plenty of other announcements which may affect our clients.

Here our Managing Director Paul Northmore reviews the changes, and how we can help our clients plan for them.

Pensions
There were no major changes for pensions or tax this time round.

The state pension will rise by 2.9%, or £3.35, to £119.30 a week from April, to match the rise in average earnings for existing pensioners.

This comes after the government’s promise for the following five years which ensures the state pension will rise in line with inflation or earnings.

The new flat rate state pension comes into effect next year. This will be £155 a week from April.

Speak to your adviser if you have any questions about your state pension. Whether you get the full £155 will depend on if you have a private or workplace pension or if you have additional state pension.

Is your house made of money?

Our adviser Patrick Goddard will take the time you and your family need to fully explore your options and bring clarity to the subject of equity release

Life expectancy in the United Kingdom has increased to 78.7 years for men and 82.6 years for women, that's up by 26% for men and 14% for women in the last 20 years.

Good news, of course; but a long retirement leaves many people with the very real challenge of how to make savings and pension pots stretch.

Equity release is a real opportunity for retirement age home owners who are 'asset rich' but perhaps 'cash poor'. It’s a means of freeing up money from your home without having to move, to cover everyday expenses, or just to enjoy life a little more!