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Pension freedoms are being compromised

Now there is possible relief in sight. The Financial Conduct Authority (FCA) is poised to clamp down on greedy managers by insisting they cannot charge more than one per cent of the value of the pot, but the change will not come into force until next March at the earliest.

So, anyone cashing in or transferring out of their pension today could still have their pocket picked. The move will make it easier for people to drop their pension if they are getting a poor deal or make full use of their new pension freedoms to cash in their pot without penalty.

Before you take any action on your pension you should seek advice from a financial adviser to see how you may be affected.  This could help you avoid the pitfalls of being overcharged for moving your money to a better position.  You will also receive advice on the most tax-efficient position you can achieve.  A simple review will also allow you to compare the benefits you are likely to receive from your current plan and the other options that are available to you.  

This communication is for informational purposes only and is not intended to constitute, and should not be construed as, investment advice, investment recommendations or investment research. You should seek advice from a professional adviser before embarking on any financial planning activity. Whilst every effort has been made to ensure the information contained in this communication is correct, we are not responsible for any errors or omissions.

Other News

Retirees embracing life in new ways

There are very few life changes as profound as those that come with retiring. Increasingly, science is making clear what many retirees know already: that a fulfilling and long retirement is invariably a busy retirement. You might retire from your working age career, but the best way to enjoy your sunset years is to keep active, whether it is playing sport, creating art, being part of a community or having a “second career phase”.

Of course, in order to have an empowered retirement it is necessary that you make the right financial choices and if you are a UK expat in France, chances are that a QROPS will form part of your plan. Not only will your lifestyle change, but your spending habits will also follow suit.

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Is it time to update your savings and investments?

Blacktower FM - Euros

According to the Daily Mail Savers have £450 billion stuck in dinosaur savings and investment plans, millions are stuck with policies bought decades ago and which are no longer fit for purpose. Today, the returns they offer are rotten. Could this be you? Have you just let your financial planning take a back seat?  Well now is the time to act and make your money work for you.

Savings accounts and cash ISA´s 

Banks and building societies across the UK and the Banks in Spain have again slashed the interest rates they are offering on savings accounts and cash Isa´s , Lloyds, Halifax , Sabadell to name just a few.  The rates they are offering now are between 0% and if you are very lucky 0.75%.

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