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What have you done with your pension money?

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.

Other News

Surge in Britons becoming EU citizens

PassportFrom pension transfers into beneficial QROPS to careful tax planning, expats have a lot to consider so that they can be financially confident and live their life abroad to the fullest.

But with Brexit looming, there are other considerations afoot. For example, should expats keep their British citizenship or apply for nationality in their new expat homeland? And according to new statistics, it appears that the Brexit referendum result has had a significant effect on the number of Britons gaining citizenship elsewhere in the EU.

Figures from Eurostat, the EU’s statistics agency, show a substantial surge in the number of Britons acquiring citizenship in other EU countries between 2015 (2,478) and 2016, when the number more than doubled to 6,555 – that’s an increase of 165 percent. The figures include both those who chose to adopt dual citizenship, so that they kept their British citizenship, as well as those who renounced it.

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Saving & Investing in Volatile Markets

Luke HuntGenerally speaking, saving money and planning for your future are two key aspects of financial planning. So, getting this right as early as possible should be one of your main priorities, to ensure that there are no nasty surprises down the line. There are a multitude of reasons that you might choose to put money aside, such as for a “rainy day fund”, a house purchase, your children’s education or making sure that you can retire comfortably.

Whatever your objective is, you can save by either putting money aside each month, or, if you have already managed to save money in the bank, look to gain a better rate of interest for a greater return. This could be a particularly advantageous avenue when you consider that in fact, once you take inflation into account, most money on a bank deposit will effectively be losing its value each month.

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