Article by Phil
We often come across snippets of information which you might find interesting. For example, did you know:
- There are over 3.5 million “small” pension pots worth less than £100
- And a further 10.5 million people with pension pots worth less than £1,000
- According to NextWealth’s research, customers pay on average 0.05% in charges for using an inhouse branded Platform more than an external unbranded Platform Provider.
- The average unbranded Platform charge is 0.23% whilst the average branded in house Platform charge is 0.28%.
- The “cost” to HMRC of pension tax relief was almost £42 billion in 2019/20
- Don’t forget that this tax relief helps us to save into our pensions to give us a better standard of living in retirement and in theory be less reliant on the state for benefits, so is it really a “cost” or is it a “saving”?
- Research by the Personal Finance Society (PFS) has found that it costs on average 0.28% in overall charges to deal with a restricted adviser as opposed to an Independent Financial Adviser, despite all the obvious advantages of dealing with an IFA!
- The average investment amount has now grown to almost £350,000 also according to the PFS.
- August 31st was State Pension Shortfall Day
- This is the day when a pensioner couples state pension runs out. The current couples’ pension is £18,680 and the average spend of pensioner couples is £28,064 which means that couples have a shortfall of £9,384 which needs to be made up from other personal pensions or savings.
- The triple lock 8% increase was supposed to help to narrow this gap but of course the government scrapped this a few weeks ago.
As a Financial Advisor near you, we are here to help with any financial advice matters you may have
