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Welcome to the Autumn edition of the Wealth Matters newsletter. The UK and Global economy are sending out mixed signals at the moment. Are we in a recovery yet or not?
Two of our recommended fund managers - Ian McVeigh and Anthony Nutt (both of Jupiter Investments) - make quite interesting points regarding their view on the economy. Some of you may remember that Ian spoke at a Wealth Matters Seminar one year ago, when the world was about to end (or so some people thought!).
Ian McVeigh runs the Jupiter UK Growth fund. He currently notes:
“We do not expect markets to progress in a straight line by any means nor for the economic recovery to be very robust. Markets are likely to be subject to profit-taking from time to time when investors become nervous about the sustainability of a recovery. However, we remain positive about the outlook for equities. It is rare for equities to produce zero returns over a rolling 10 year time horizon. The response of many investors is to give up but of course these periods are often the prelude to prolonged bull runs, as may be the case this time.”
Anthony Nutt runs the Jupiter High Income fund and his comments are interesting:
“The level of national output has fallen sharply over the past year and a weaker pound has not yet boosted exports. Firms are operating below normal capacity and increasing numbers of people are unable to find jobs. It is recovery in the levels of economic output and employment that matters, not just a return to positive growth. Given that recovery is likely to be weak and protracted, we have positioned towards businesses that can deliver steady growth, often from overseas operations, without reliance on consumers. We have avoided low yielding, highly volatile shares whose prices tend to be highly influenced by fluctuating sentiment. Elsewhere, we can still find plenty of good quality bonds on attractive yields.”
On the planning front there are a number of changes worth taking note of over the following six months:
- Increase in ISA allowances
- Top rate of tax increasing to 50%
- Increases in National Insurance costs
- Possible loss of personal allowance for high earners
- Changes in early retirement age from 50 to 55
- New pension rules caused by Anti-Forestalling legislation
These regulations could have a serious affect on your financial position. We would strongly recommend that you talk with your adviser to discuss planning opportunities around these new rules.
We hope that you enjoy the newsletter. If you would like to discuss any part of the newsletter with your adviser, they will be more than happy to talk with you.
You might ask why this is so important. After all, if you are satisfied with the way your fund has grown, why not let the same company pay your income? Well if you are using income drawdown (see below) this might make sense. But if you are buying an annuity, the considerations are very different, because the way annuities operate is very different from investments.
In fact they are almost the reverse, because with the exception of some new products that are appropriate only for those with large pension funds, most annuities ask you to give up your money completely, in return for a guaranteed income for life.
Of course, this is good, but it means that you are no longer participating in the investment market, so a company that specialises in growing your money, will not necessarily have the skills required to ensure you obtain the maximum possible annuity rate for your capital.
So most people need to think about what is called an “open market option”. Even those policies offering a guaranteed annuity rate for existing policyholders generally only do so at a fixed age and with no escalation or provision for a widow’s pension.
But surely I need a big fund to make this worthwhile?
According to Standard Life (quoted in Pension Insight magazine - August 2009) almost one in three people with funds maturing with them have a pot worth less than £5,000. A further fifth have pension pots worth between £5,000 and £10,000.
However, even at this level – and most readers of this article are likely to have much larger funds, the potential improvement in annual income from switching to a new provider can make it worthwhile.
Income drawdown
For those with larger funds – the actual level will vary from person to person depending on attitude towards risk and whether alternative sources of income are available – drawing an income directly from the fund can be an option. After taking any “tax free” cash required (up to 25% of the fund, just as when you buy an annuity) you can, until age 75, take money from the fund from as little as nothing each year up to 120% of the annuity that a person of the same gender and age could buy.
The benefit of this is that you are still fully invested in the same asset classes as before you retired, so if you like stocks and shares, you can stick with them, rather than giving up all your cash.
Are there any limits?
At the moment, you can access your pension from age 50, but this increases to age 55 on 6th April 2010. If you decide to draw an income directly from the fund, you can only do so until you are 74. At age 75, you must either buy an annuity or use what is called an alternatively secured pension. These latter are highly inflexible and you should ask your financial adviser for details of the rules, if you are interested.
It is important always to seek independent financial advice before making any decision regarding your finances. For further information, please contact your usual independent financial adviser. The value of investments is not guaranteed; you may get back less than you put in.
NOTHING CONTAINED IN THE ARTICLE SHOULD BE CONSIDERED AS GIVING INDIVIDUAL FINANCIAL ADVICE. PLEASE NOTE THAT THERE MAY BE VARIATIONS FOR THOSE LIVING IN SCOTLAND AND NORTHERN IRELAND.
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By “risk management”, what they mean is things like healthcare, income protection, accidental injury and retirement provision so we can only apologise, on behalf of the insurance industry, for the jargon!
It might come as a surprise to learn that only about 65% of this is provided by the government with the balance being provided by insurers. However, since this includes pension provision, perhaps the figures are not quite so strange. The interesting thing is that shifting 5% of the risk from the government to the insurance industry would cost about £9.7 billion in additional capital. So while people are discussing this document, some may suspect that there might be an element of ‘special pleading’ by insurance companies to be allowed to retain more profit in order to provide this additional capital.
Looking behind the report
What is really telling about this report is that it was deemed necessary in the first place. Everyone knows that there is a basic level of state care provision, which is topped up by various levels of private provision related to healthcare, income protection and pensions.
What is more disturbing is a tacit recognition that the state will not be able to sustain the current level of support into the future without massively increased taxes, or borrowing – or slashing other services. As we know from the way the population is developing, we are an aging nation, so that the number of people in work is falling compared with the number of people entitled to benefits. If this were largely young people, it would not matter, because they would eventually filter into the job market and start paying taxes and national insurance contributions. Unfortunately, this is not the case, it is the older section of the population that is growing fastest.
So where are we?
In the current economic climate, the chances of tax increases are high – but largely to service recent emergency borrowing, rather than to provide extra benefits for those in need. In practice, this is likely to mean that some services will have to be cut; or at the very least their value will fail to keep up with inflation.
2020 may sound a long way off, but in fact we are almost half way there, since the Millennium. So thinking about the provision of protection for our families is something that cannot be left for tomorrow.
A simple checklist
Even those without families should consider the need for income protection insurance. For anyone with family responsibilities the list is longer and should include at least:
- Life insurance to cover lost income and clear any borrowings;
- Health insurance to replace income and possibly provide a lump sum;
- Medical expenses insurance, at least for cases where the NHS cannot provide immediate care;
- Planning for retirement and care later in life.
You should take individual professional advice before making any decision relating to your personal finances
NOTHING CONTAINED IN THE ARTICLE SHOULD BE CONSIDERED AS GIVING INDIVIDUAL FINANCIAL ADVICE. PLEASE NOTE THAT THERE MAY BE VARIATIONS FOR THOSE LIVING IN SCOTLAND AND NORTHERN IRELAND.
FINANCIAL NEWS ON THE WEB HAS BEEN PRODUCED BY THE INSURANCE MARKETING DEPARTMENT LTD. YOUR INDEPENDENT FINANCIAL ADVISER DOES NOT EXERCISE ANY EDITORIAL CONTROL OVER THE CONTENT AND MERELY PROVIDES THIS INFORMATION AS A SERVICE TO ITS CLIENTS, WHO SHOULD SEEK PROFESSIONAL ADVICE BEFORE TAKING ANY ACTION IN CONNECTION WITH ANY INFORMATION PROVIDED THEREIN.
Back to Top
Anti-forestalling regulations put in place to prevent ‘very high earners’ from piling in massive amounts of money in advance of the introduction next April of a 50% tax rate on their earnings – and the 20% limit to tax relief they can receive on pension contributions – means that they are limited in how much they can invest in this way.
For those with incomes below £150,000, however, the contribution limit for this year is their entire earnings (while an employer can top this up to the annual allowance of £245,000 this year and £255,000 next).
How does this help?
Many self invested personal pensions (SIPPs) will accept what are called in specie contributions. These are contributions made not in cash, but in the form of shares (or some other property) already owned by the investor.
Of course, once investments are held within a SIPP, there is no UK income tax (other than the unavoidable 10% tax withheld on dividends from UK companies). Similarly, there is no capital gains tax. So by moving shares up to the permissible limit into your SIPP, you can protect these against future tax.
What is more, if you earn £80,000 and make an in specie contribution of shares worth £40,000 into your SIPP, the taxman will round this up to £50,000 as contributions are net of 20% basic rate tax relief. What is more, as a higher rate taxpayer, you will also be entitled to a further 20% in additional tax relief. So your tax bill will be slashed by a further £10,000 for the year.
Will I have to pay capital gains tax on the “transfer”?
If the value of the assets you move into your SIPP is higher than the amount you paid for them, then they are potentially liable to capital gains tax at the new rate of 18%. However, because there is an annual allowance on realised gains of £10,100 before the tax cuts in, your investments would have to have performed quite well for this to make a significant difference on the figures discussed.
What if my investments are showing a loss?
On the other hand, many investments purchased within the last four or five years could well be showing a loss at the moment. By carefully balancing the investments moved into the SIPP, it would be possible to offset these losses against any gains and therefore have no CGT to pay at all.
The point is that any future gains are fully protected against the tax.
The importance of advice
Of course, the rules relating to pensions mean that you can subsequently only get back 25% of the total fund as tax free cash – the balance of the fund must be used to provide some form of retirement income, which will itself be subject to tax. But by then you may be in a lower tax bracket altogether so the impact will be less severe.
This reinforces how important it is always to seek independent financial advice before making any decision regarding your finances. For further information, please contact your usual independent financial adviser. The value of investments is not guaranteed; you may get back less than you put in.
NOTHING CONTAINED IN THE ARTICLE SHOULD BE CONSIDERED AS GIVING INDIVIDUAL FINANCIAL ADVICE. PLEASE NOTE THAT THERE MAY BE VARIATIONS FOR THOSE LIVING IN SCOTLAND AND NORTHERN IRELAND.
Back to Top
It is important to recognise that market fluctuations are perfectly natural; when the regulators asked financial services companies to add a ‘wealth warning’ to illustrations, many years ago, that the value of investments can go down as well as up, this was far from being meaningless.
It is, in fact the basis of most forms of investment that volatility will always occur. Even investments with guarantees, such as with profit plans, are affected by market downturns.
The investment facts of life
In fact this volatility can help, to some extent, because when investment values take a temporary dive, the number of shares – or ‘units’ in a collective investment – that you can purchase with a given sum of money will be greater than before. When prices bounce back – as they usually do – the value of your holding is therefore greater.
Where you already hold investments that have fallen in value, there can be a temptation to sell them in order to minimise your losses. But in fact, all you really achieve is to lock in the loss and forego the opportunity for a recovery. Of course in some cases, this is the right thing to do, especially in the case of an investment that will clearly never recover again. The problem is knowing which these are.
In general, however, provided you are not likely to require access to your capital, or an income from it, in the short term, it can often be better to ride out the storm and await a recovery.
What about guaranteed products?
There are an increasing number of so-called ‘guaranteed’ investment products that appear to offer certainty over your capital as well (in some cases) as the prospect of significant upside potential. However, they do not always offer the degree of security that they may appear to.
Some are backed by special financial instruments that depend on the viability of third parties in various parts of the world, rather than the company issuing the investment – and you can be sure that there is some small print somewhere that distances the product provider from the effects of any failure by the ‘counterparty’. As events in 2008 demonstrated, it is not always safe to rely on guarantees provided by foreign institutions – and even some UK ones can look shaky, although the Financial Services Compensation Scheme can often provide a degree of protection in the latter case.
Can you really have your cake and eat it?
Even if the guarantees do work – and in today’s market it is to be hoped that they are more reliable than previously – they are invariably balanced by some significant restriction on the potential for gain. In many cases, of course, this is perfectly reasonable and something that, if approached with an open mind and a full understanding of the balance of upside potential limits and downside risk protection, investors can accept.
There is no such thing as a free lunch!
What is not acceptable is any suggestion that investments that are guaranteed when this is not the case, as has been the case with some apparently cash investments, which were actually invested in derivatives.
As ever the value of investments is not guaranteed and will fluctuate; you may get back less than you put in. You should always take individual professional advice before making any decision relating to your personal finances.
NOTHING CONTAINED IN THE ARTICLE SHOULD BE CONSIDERED AS GIVING INDIVIDUAL FINANCIAL ADVICE. PLEASE NOTE THAT THERE MAY BE VARIATIONS FOR THOSE LIVING IN SCOTLAND AND NORTHERN IRELAND.
FINANCIAL NEWS ON THE WEB HAS BEEN PRODUCED BY THE INSURANCE MARKETING DEPARTMENT LTD. YOUR INDEPENDENT FINANCIAL ADVISER DOES NOT EXERCISE ANY EDITORIAL CONTROL OVER THE CONTENT AND MERELY PROVIDES THIS INFORMATION AS A SERVICE TO ITS CLIENTS, WHO SHOULD SEEK PROFESSIONAL ADVICE BEFORE TAKING ANY ACTION IN CONNECTION WITH ANY INFORMATION PROVIDED THEREIN.
Back to Top
Welcome to the Autumn edition of the Wealth Matters newsletter. The UK and Global economy are sending out mixed signals at the moment. Are we in a recovery yet or not?
Two of our recommended fund managers - Ian McVeigh and Anthony Nutt (both of Jupiter Investments) - make quite interesting points regarding their view on the economy. Some of you may remember that Ian spoke at a Wealth Matters Seminar one year ago, when the world was about to end (or so some people thought!).
Ian McVeigh runs the Jupiter UK Growth fund. He currently notes:
“We do not expect markets to progress in a straight line by any means nor for the economic recovery to be very robust. Markets are likely to be subject to profit-taking from time to time when investors become nervous about the sustainability of a recovery. However, we remain positive about the outlook for equities. It is rare for equities to produce zero returns over a rolling 10 year time horizon. The response of many investors is to give up but of course these periods are often the prelude to prolonged bull runs, as may be the case this time.”
Anthony Nutt runs the Jupiter High Income fund and his comments are interesting:
“The level of national output has fallen sharply over the past year and a weaker pound has not yet boosted exports. Firms are operating below normal capacity and increasing numbers of people are unable to find jobs. It is recovery in the levels of economic output and employment that matters, not just a return to positive growth. Given that recovery is likely to be weak and protracted, we have positioned towards businesses that can deliver steady growth, often from overseas operations, without reliance on consumers. We have avoided low yielding, highly volatile shares whose prices tend to be highly influenced by fluctuating sentiment. Elsewhere, we can still find plenty of good quality bonds on attractive yields.”
On the planning front there are a number of changes worth taking note of over the following six months:
- Increase in ISA allowances
- Top rate of tax increasing to 50%
- Increases in National Insurance costs
- Possible loss of personal allowance for high earners
- Changes in early retirement age from 50 to 55
- New pension rules caused by Anti-Forestalling legislation
These regulations could have a serious affect on your financial position. We would strongly recommend that you talk with your adviser to discuss planning opportunities around these new rules.
We hope that you enjoy the newsletter. If you would like to discuss any part of the newsletter with your adviser, they will be more than happy to talk with you.
You might ask why this is so important. After all, if you are satisfied with the way your fund has grown, why not let the same company pay your income? Well if you are using income drawdown (see below) this might make sense. But if you are buying an annuity, the considerations are very different, because the way annuities operate is very different from investments.
In fact they are almost the reverse, because with the exception of some new products that are appropriate only for those with large pension funds, most annuities ask you to give up your money completely, in return for a guaranteed income for life.
Of course, this is good, but it means that you are no longer participating in the investment market, so a company that specialises in growing your money, will not necessarily have the skills required to ensure you obtain the maximum possible annuity rate for your capital.
So most people need to think about what is called an “open market option”. Even those policies offering a guaranteed annuity rate for existing policyholders generally only do so at a fixed age and with no escalation or provision for a widow’s pension.
But surely I need a big fund to make this worthwhile?
According to Standard Life (quoted in Pension Insight magazine - August 2009) almost one in three people with funds maturing with them have a pot worth less than £5,000. A further fifth have pension pots worth between £5,000 and £10,000.
However, even at this level – and most readers of this article are likely to have much larger funds, the potential improvement in annual income from switching to a new provider can make it worthwhile.
Income drawdown
For those with larger funds – the actual level will vary from person to person depending on attitude towards risk and whether alternative sources of income are available – drawing an income directly from the fund can be an option. After taking any “tax free” cash required (up to 25% of the fund, just as when you buy an annuity) you can, until age 75, take money from the fund from as little as nothing each year up to 120% of the annuity that a person of the same gender and age could buy.
The benefit of this is that you are still fully invested in the same asset classes as before you retired, so if you like stocks and shares, you can stick with them, rather than giving up all your cash.
Are there any limits?
At the moment, you can access your pension from age 50, but this increases to age 55 on 6th April 2010. If you decide to draw an income directly from the fund, you can only do so until you are 74. At age 75, you must either buy an annuity or use what is called an alternatively secured pension. These latter are highly inflexible and you should ask your financial adviser for details of the rules, if you are interested.
It is important always to seek independent financial advice before making any decision regarding your finances. For further information, please contact your usual independent financial adviser. The value of investments is not guaranteed; you may get back less than you put in.
NOTHING CONTAINED IN THE ARTICLE SHOULD BE CONSIDERED AS GIVING INDIVIDUAL FINANCIAL ADVICE. PLEASE NOTE THAT THERE MAY BE VARIATIONS FOR THOSE LIVING IN SCOTLAND AND NORTHERN IRELAND.
Back to Top
By “risk management”, what they mean is things like healthcare, income protection, accidental injury and retirement provision so we can only apologise, on behalf of the insurance industry, for the jargon!
It might come as a surprise to learn that only about 65% of this is provided by the government with the balance being provided by insurers. However, since this includes pension provision, perhaps the figures are not quite so strange. The interesting thing is that shifting 5% of the risk from the government to the insurance industry would cost about £9.7 billion in additional capital. So while people are discussing this document, some may suspect that there might be an element of ‘special pleading’ by insurance companies to be allowed to retain more profit in order to provide this additional capital.
Looking behind the report
What is really telling about this report is that it was deemed necessary in the first place. Everyone knows that there is a basic level of state care provision, which is topped up by various levels of private provision related to healthcare, income protection and pensions.
What is more disturbing is a tacit recognition that the state will not be able to sustain the current level of support into the future without massively increased taxes, or borrowing – or slashing other services. As we know from the way the population is developing, we are an aging nation, so that the number of people in work is falling compared with the number of people entitled to benefits. If this were largely young people, it would not matter, because they would eventually filter into the job market and start paying taxes and national insurance contributions. Unfortunately, this is not the case, it is the older section of the population that is growing fastest.
So where are we?
In the current economic climate, the chances of tax increases are high – but largely to service recent emergency borrowing, rather than to provide extra benefits for those in need. In practice, this is likely to mean that some services will have to be cut; or at the very least their value will fail to keep up with inflation.
2020 may sound a long way off, but in fact we are almost half way there, since the Millennium. So thinking about the provision of protection for our families is something that cannot be left for tomorrow.
A simple checklist
Even those without families should consider the need for income protection insurance. For anyone with family responsibilities the list is longer and should include at least:
- Life insurance to cover lost income and clear any borrowings;
- Health insurance to replace income and possibly provide a lump sum;
- Medical expenses insurance, at least for cases where the NHS cannot provide immediate care;
- Planning for retirement and care later in life.
You should take individual professional advice before making any decision relating to your personal finances
NOTHING CONTAINED IN THE ARTICLE SHOULD BE CONSIDERED AS GIVING INDIVIDUAL FINANCIAL ADVICE. PLEASE NOTE THAT THERE MAY BE VARIATIONS FOR THOSE LIVING IN SCOTLAND AND NORTHERN IRELAND.
FINANCIAL NEWS ON THE WEB HAS BEEN PRODUCED BY THE INSURANCE MARKETING DEPARTMENT LTD. YOUR INDEPENDENT FINANCIAL ADVISER DOES NOT EXERCISE ANY EDITORIAL CONTROL OVER THE CONTENT AND MERELY PROVIDES THIS INFORMATION AS A SERVICE TO ITS CLIENTS, WHO SHOULD SEEK PROFESSIONAL ADVICE BEFORE TAKING ANY ACTION IN CONNECTION WITH ANY INFORMATION PROVIDED THEREIN.
Back to Top
Anti-forestalling regulations put in place to prevent ‘very high earners’ from piling in massive amounts of money in advance of the introduction next April of a 50% tax rate on their earnings – and the 20% limit to tax relief they can receive on pension contributions – means that they are limited in how much they can invest in this way.
For those with incomes below £150,000, however, the contribution limit for this year is their entire earnings (while an employer can top this up to the annual allowance of £245,000 this year and £255,000 next).
How does this help?
Many self invested personal pensions (SIPPs) will accept what are called in specie contributions. These are contributions made not in cash, but in the form of shares (or some other property) already owned by the investor.
Of course, once investments are held within a SIPP, there is no UK income tax (other than the unavoidable 10% tax withheld on dividends from UK companies). Similarly, there is no capital gains tax. So by moving shares up to the permissible limit into your SIPP, you can protect these against future tax.
What is more, if you earn £80,000 and make an in specie contribution of shares worth £40,000 into your SIPP, the taxman will round this up to £50,000 as contributions are net of 20% basic rate tax relief. What is more, as a higher rate taxpayer, you will also be entitled to a further 20% in additional tax relief. So your tax bill will be slashed by a further £10,000 for the year.
Will I have to pay capital gains tax on the “transfer”?
If the value of the assets you move into your SIPP is higher than the amount you paid for them, then they are potentially liable to capital gains tax at the new rate of 18%. However, because there is an annual allowance on realised gains of £10,100 before the tax cuts in, your investments would have to have performed quite well for this to make a significant difference on the figures discussed.
What if my investments are showing a loss?
On the other hand, many investments purchased within the last four or five years could well be showing a loss at the moment. By carefully balancing the investments moved into the SIPP, it would be possible to offset these losses against any gains and therefore have no CGT to pay at all.
The point is that any future gains are fully protected against the tax.
The importance of advice
Of course, the rules relating to pensions mean that you can subsequently only get back 25% of the total fund as tax free cash – the balance of the fund must be used to provide some form of retirement income, which will itself be subject to tax. But by then you may be in a lower tax bracket altogether so the impact will be less severe.
This reinforces how important it is always to seek independent financial advice before making any decision regarding your finances. For further information, please contact your usual independent financial adviser. The value of investments is not guaranteed; you may get back less than you put in.
NOTHING CONTAINED IN THE ARTICLE SHOULD BE CONSIDERED AS GIVING INDIVIDUAL FINANCIAL ADVICE. PLEASE NOTE THAT THERE MAY BE VARIATIONS FOR THOSE LIVING IN SCOTLAND AND NORTHERN IRELAND.
Back to Top
It is important to recognise that market fluctuations are perfectly natural; when the regulators asked financial services companies to add a ‘wealth warning’ to illustrations, many years ago, that the value of investments can go down as well as up, this was far from being meaningless.
It is, in fact the basis of most forms of investment that volatility will always occur. Even investments with guarantees, such as with profit plans, are affected by market downturns.
The investment facts of life
In fact this volatility can help, to some extent, because when investment values take a temporary dive, the number of shares – or ‘units’ in a collective investment – that you can purchase with a given sum of money will be greater than before. When prices bounce back – as they usually do – the value of your holding is therefore greater.
Where you already hold investments that have fallen in value, there can be a temptation to sell them in order to minimise your losses. But in fact, all you really achieve is to lock in the loss and forego the opportunity for a recovery. Of course in some cases, this is the right thing to do, especially in the case of an investment that will clearly never recover again. The problem is knowing which these are.
In general, however, provided you are not likely to require access to your capital, or an income from it, in the short term, it can often be better to ride out the storm and await a recovery.
What about guaranteed products?
There are an increasing number of so-called ‘guaranteed’ investment products that appear to offer certainty over your capital as well (in some cases) as the prospect of significant upside potential. However, they do not always offer the degree of security that they may appear to.
Some are backed by special financial instruments that depend on the viability of third parties in various parts of the world, rather than the company issuing the investment – and you can be sure that there is some small print somewhere that distances the product provider from the effects of any failure by the ‘counterparty’. As events in 2008 demonstrated, it is not always safe to rely on guarantees provided by foreign institutions – and even some UK ones can look shaky, although the Financial Services Compensation Scheme can often provide a degree of protection in the latter case.
Can you really have your cake and eat it?
Even if the guarantees do work – and in today’s market it is to be hoped that they are more reliable than previously – they are invariably balanced by some significant restriction on the potential for gain. In many cases, of course, this is perfectly reasonable and something that, if approached with an open mind and a full understanding of the balance of upside potential limits and downside risk protection, investors can accept.
There is no such thing as a free lunch!
What is not acceptable is any suggestion that investments that are guaranteed when this is not the case, as has been the case with some apparently cash investments, which were actually invested in derivatives.
As ever the value of investments is not guaranteed and will fluctuate; you may get back less than you put in. You should always take individual professional advice before making any decision relating to your personal finances.
NOTHING CONTAINED IN THE ARTICLE SHOULD BE CONSIDERED AS GIVING INDIVIDUAL FINANCIAL ADVICE. PLEASE NOTE THAT THERE MAY BE VARIATIONS FOR THOSE LIVING IN SCOTLAND AND NORTHERN IRELAND.
FINANCIAL NEWS ON THE WEB HAS BEEN PRODUCED BY THE INSURANCE MARKETING DEPARTMENT LTD. YOUR INDEPENDENT FINANCIAL ADVISER DOES NOT EXERCISE ANY EDITORIAL CONTROL OVER THE CONTENT AND MERELY PROVIDES THIS INFORMATION AS A SERVICE TO ITS CLIENTS, WHO SHOULD SEEK PROFESSIONAL ADVICE BEFORE TAKING ANY ACTION IN CONNECTION WITH ANY INFORMATION PROVIDED THEREIN.
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....because Wealth Matters
The Financial Services Authority does not regulate Will writing, school fees planning, taxation and trust advice, and some aspects of buy to let mortgages, overseas mortgages and commercial mortgages.
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