Smart Money November/December 2024

Welcome to our November/December edition of Smart Money. Smart Money is our client newsletter that is published every other month and covers various financial topics.

In this edition, we look at how pension consolidation works. Understanding pensions can be complex, and your employees may have multiple pension plans accumulated throughout their careers. Turn to page 3 for more information.

Turn to page 8 to explore the advantages of your employees having a conversation with loved ones about the retirement lifestyle they envision and evaluate whether they are on track to achieve it. Although conversations about finances and future planning may be uncomfortable, aligning with their family on shared objectives could be crucial.

On page 10 we look at income protection. In today’s unpredictable world, safeguarding financial stability could be more important than ever. Many of us would struggle to keep up with our essential outgoings, such as mortgage and rent if we lost an income due to illness or an accident.

If relevant, please feel free to share with your employees. You can find previous issues here.

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Secondsight is a trading name of Foster Denovo Limited, which is authorised and regulated by the Financial Conduct Authority.

A pension is a long-term investment not normally accessible until age 55 (57 from April 2028 unless the plan has a protected pension age).

The value of your investments (and any income from them) can go down as well as up, which would have an impact on the level of pension benefits available.

Your pension income could also be affected by the interest rates at the time you take your benefits.

The Financial Conduct Authority doesn’t regulate trust planning and most forms of inheritance tax (IHT) planning.

The financial conduct authority does not regulate tax and trust advice and will writing.

Some IHT planning solutions put your money at risk, and you may get back less than you invested. IHT thresholds depend on individual circumstances and the law. tax and IHT rules may change in the future.

The tax treatment is dependent on individual circumstances and may be subject to change in future.