Aegon regulatory strategy director Steven Cameron says providers need to do a better job of explaining what can be done within pension products or with pension funds.
“People think if it’s in their bank account they have ready access to it when they need it, where as they probably don’t think that’s the case within their pension.
“Investing in a bank account is hardly an investment strategy apart from that your money can’t go down in value in nominal terms.”
If you have very small pensions and require a cash amount then cashing in your pot, taking the money and putting the rest in a bank account isn’t too much of a problem. But for bigger pots above £30,000 the tax consequence, impact of inflation on cash, and the lowering of bank deposit guarantees need to be made absolutely crystal clear.
That´s where Blacktower can help you – we work hard with all our clients to find the best and most tax efficient investment plan to suit your individual needs. We are completely independent so can offer you products from various providers from across the financial market place.
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.
Throughout history, the month of August has usually been one where investors take a break and the financial markets lose some steam. However, 2020 is far from being an “usual” period in time, and the month of August recorded one of the most aggressive upward trends in some of the global stock markets indices.
After the announcement in January 2018 from the Malta Financial Services Authority, stating the significant pending changes to Maltese pension and MiFid regulations, both companies and advisers alike felt the net tighten around their daily practices.