Pension expert Essex
September 29, 2017
It’s a little known fact that 75 per cent of parents could be at risk of disinheriting their children after they die, leaving many without parents or an inheritance. This is due to the ‘sideways disinheritance trap’ which allows the person who is left everything in the deceased’s will to alter it.
When a couple decide to write a will, they often leave their assets to the other spouse or partner in the relationship. However, most are unaware that when they die, their partner will have the ability to alter the will and leave the assets and estate to someone who is not their children.
This is a common case when the surviving partner decides to remarry or lives with another partner. However, if the other partner remarries and forgets the old will is cancelled, the new spouse will be entitled to everything anyway under the rules of intestacy.
With 70% of the population yet to make a will and the number of blended families on a rise, it’s important parents are aware that they could potentially be leaving their children without any inheritance.
At Bespoke Support Network, we’re raising awareness of this trap that is causing lots of children to be left without anything if their parents were to pass away. Together with Winston Wish, a charity supporting bereaved children in the UK, we have created the campaign #SupportingWishes to encourage parents to protect their children’s future.
Our campaign is hoping to get parents to put measures into place such as a Will to avoid falling into the ‘disinheritance trap’.
Over the last few months, the pension experts Essex with BSN have been offering completely free advice to British parents encouraging them to start making a will and look into getting life insurance.
We’re also helping to raise donations for Winston’s Wish via our website as well as our own company donations.
If you want to donate to this worthy charity, or take advantage of the services BSN can offer you, get in touch with our team on 0300 303 3441 or email us on firstname.lastname@example.org
June 8, 2017
The general election is in full swing and the manifestos have been published, but what does this mean for the wills and probate market?
Here at BSN we thought we would put together a round up on what each manifesto could mean for Wills and Probate, especially pensioners.
Liberal Democrats view –
- They aim to abolish marriage inequalities and spousal veto in relation to pensions.
- They would reverse the conservative raising of the Inheritance Tax threshold.
- Another aim would be to maintain the triple lock pension- increasing on a yearly basis by the highest of earnings growth, price growth or 2.5% for the next parliament.
- For pensioners who pay tax at the higher rate of 40% they would withdraw winter Fuel Payment eligibility.
- They would also consider the implication of introducing a single rate of tax relief for pensions.
The Conservative view –
- The conservatives would tighten the rules on pension abuse, increasing the punishment for mismanagement of pension schemes.
- They would try to increase the power of the pensions regulator so that they were able to prevent issues threatening the schemes solvency.
- Introduce a new Double Lock in 2020, where pensions will increase in line with the earnings that fund them or inflation.
- Another step would be to start promoting pensions and long term saving products to encourage all generations to make plans for later life.
- They would also review the Winter Fuel Payments, introducing a means-test so assistance is focussed on the least well-off.
The Labour view –
- Labour aim to maintain both the Winter Fuel Allowance and the Triple Lock on pensions, which will ideally grow annually by 2.5% staying in line with inflation or increase with earnings.
- They want to provide compensation to the 2.5 million women who had their state pension age raised without fair notification. Trying their best to consider other options for transitional protection.
- They would aim to protect UK citizens living overseas and their pensions.
- Next up they would review the pension age and try to bring an end to hidden pension charges and fees.
- Last up they would implement measures to protect pensions in situations where a business is being taken over.
These are just a few pointers from the manifestoes explaining the plans for pensioners in the near future should each party come into place. For further information on the effects the election could have on your pensions then give us a call today.
Our team here at Bespoke Support Network, Essex, can you put you in touch with local Essex based pension experts today!
May 25, 2017
Do you know how many pension pots you have? How much these pots have grown? And how much they will be worth come retirement?
If your answer is ‘yes’ then you are in the majority of Britons who take a ‘head in the sand’ approach to their pension savings. In a study by Duncan Lawrie Private Bank, more than half of the people surveyed who also contribute to a workplace or personal pension scheme admit to not reviewing their pension.
As you get older and retirement age draws closer, it’s about the time to start reviewing your pension so you understand how much your pension pot is worth and how your investments are growing.
Here are some questions to ask yourself when reviewing your pension:
What are your objectives, and am I contributing enough to meet my targets? In simple terms, when are you planning to retire and how much do you want to ? It’s an important question that ensures you are putting in enough to your pension for the future.
Will personal changes in my life affect the pension? When big life events happen such as marriage or divorce, it’s best to start reviewing your pension and your options for the future, particularly when it comes to death benefits.
How are my assets invested? Since your last review, there could be new investment products available that were previously not, meaning reviewing your pension could bring new opportunities for your assets. Make sure to take stock of your investments and see how it weighs against your risk profile. You may want to take a risk with your assets to achieve greater growth, or dial back on risks when approaching your retirement.
How much would it cost to transfer my pension? For those on defined contribution pensions, switching to a new provider may come with transfer charges. If you are thinking of transferring your pension, be sure to weight up the advantages of transferring over to a new pension scheme.
If you want your pension reviewed by a pension expert, get in touch with Bespoke Support Network who can find you the perfect professional for your query.
May 12, 2017
Have you collected several pensions over your career? Then you may have lots of questions to do with combining your pensions, the consequences of having multiple pensions and whether it affects your final pension. The pensions experts at Bespoke Support Network have the answers for you.
One of Bespoke Support Network’s financial advisors met with Bill and his family. When sitting down to talk, Bill told our advisor that he had a number of pensions with documents scattered around the house. Bill struggled to understand how much his current pension would give him during his retirement. That’s why Bill contacted Bespoke Support Network to request a free financial review.
Our qualified advisors reviewed each pension and helped Bill to understand how much the current pensions he had would pay him in retirement. Bespoke Support Network’s pension expert then compared this to the other options available, leaving Bill to take the information away and make the best decision for him and his family.
As a result of the Bespoke Support Network’s advice, Bill was able to retire SIX years earlier with an income 22% higher than he would have got previously.
Do you have several pensions like Bill? At Bespoke Support Network we understand how confusing pension schemes can be but there are options like Bill’s available to most people, which is why our experts are here to help.
If you’ve had a pension for 20 years, what are the chances it’s still the best pension for you? It may be time to reconsider. Car insurance is something we all take the time to reassess yearly and your pension is far more important!
Get in touch with one of our advisors at Bespoke Support Network. As a new customer, you are eligible for a free consultation and review!