Family Law teams – is your planning process costing your clients thousands of pounds in retirement?
Xafinity D.B. transfer value index since 2016
Obtaining timely valuations on a client and their spouses final salary (Defined Benefit) scheme, is key to a good pension sharing outcome especially if the market valuation is about to fall, writes Mark Jones – Director of retirement services at Assured Wealth.
New figures this week have shown that the rate of unemployment in the UK is falling, yet pay is still stagnating and failing to keep up with inflation. At the same time, many large businesses have announced job cuts meaning wages continue to be squeezed as companies cut costs.
Annuities are retirement products that guarantee you with a regular income after you retire.
You choose a provider, pick an appropriate annuity to suit your needs and, in exchange for some or all of your pension savings, the annuity provides income until you die.
The use of annuities has declined markedly in recent years, with figures from the Association of British Insurers suggesting sales have fallen by as much as 80% since 2014.
Research from the Financial Conduct Authority reflects this trend, with year-on-year annuity sales down 16% in the six months to April 2017.
This is partly due to the fact that, following former chancellor George Osborne’s introduction of pension reforms in 2015, people now have more options when it comes to planning their retirement.
However, are annuities still a viable retirement planning option to consider in 2017?
Executors of an estate in England and Wales can now apply for probate online using a new online probate service launched by HM Courts and Tribunals.
This will allow executors to submit certain details online to obtain a grant of probate, although paper copies of the will and death certificate still need to be provided.