Following the launch of our Birmingham office in October 2017, we are looking forward to 2018 and are delighted to be part of the Colmore Business District. These are exciting times for us as a business and at a time in the financial services industry when sound advice has never been more important.
Pension regulation over the past few years has created more complexity around both the accumulation (saving) and decumulation (withdrawing) phases of retirement planning. The Tapered Annual Allowance was introduced in April 2016, this has the effect of potentially reducing the amount an individual can save into their pension per year from £40,000 to £10,000 depending on their total income. However, we still see clients getting caught in the trap and being liable to a tax charge, where advice has not been sought.
The ‘total income’ is an important point as this does not just refer to salary. It takes into account all sources of income. This includes but is not exhaustive, dividends and rental income plus the value of any pension contributions. Where the total income exceeds £150,000 pa, individuals may be affected.
Whilst Pension regulation can be complex, pensions are still an important part of an individual’s overall financial planning offering a highly tax efficient form of saving for the future.
We are constantly challenged with new regulation and 2018 will be no different! On 3rd January we saw the launch of MiFID II (Markets in Financial Instruments Directive). Which has an emphasis on investor protection. In May we will see the launch of GDPR (General Data Protection Regulation).
Tracey is based at our Birmingham office in Snow Hill Queensway. She is an Independent Financial Adviser (IFA). To find out how she can help you with your financial planning why not arrange a meeting. The first meeting is free so why not contact her today.
We also have offices in the following locations-