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MT Financial News

From time to time, we produce information for clients on a number of topical and important issues, some of which can be found below:

21 million savers to lose out from Premium Bond cuts - March 10, 2017
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National Savings and Investments (NS&I), the organisation behind Premium Bonds, has said that savers will have a slimmer chance of winning some of the biggest Premium Bond prizes from May. As part of a wider cut in interest rates across a range of NS&I’s savings products the estimated number of tax-free £100,000 prizes each month … Continue reading 21 million savers to lose out from Premium Bond cuts


Pensioner income overtakes working households - March 10, 2017
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A new study by the Resolution Foundation for the Intergenerational Commission has revealed that the income of pensioners has overtaken that of working age households for the first time. According to the report, entitled As Time Goes By, typical pensioner households are now £20 a week better off than typical working age ones. In comparison, … Continue reading Pensioner income overtakes working households


Government offers tax allowance for pension advice - March 10, 2017
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From April this year those saving into a pension will be able to access up to £1,500 from their pot, tax-free, to help them pay for financial advice. The new Pension Advice Allowance – announced in last year’s Autumn Statement – will allow people to withdraw up to £500 from their pension pots on up … Continue reading Government offers tax allowance for pension advice


People retiring in 2017 can expect an income of £18,100 a year - February 22, 2017
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Research from the Prudential has revealed that people who plan to retire in 2017 can look forward to an average annual income of £18,100. This figure has risen consistently since 2013 and represents a £400 increase on last year. However, there are significant regional variations, with those in Eastern England expecting incomes of £23,500 a … Continue reading People retiring in 2017 can expect an income of £18,100 a year


Nearly half of defined benefit pension holders not informed about transfers - January 23, 2017
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A new report published by insurance provider LV= has found that 45 per cent of defined benefit (DB) members approaching retirement do not feel properly informed enough to confidently transfer their pension. Of the 1,004 adults over the age of 55 with DB pensions who were questioned, 29 per cent said they would not seek … Continue reading Nearly half of defined benefit pension holders not informed about transfers


Buy-to-let sector to continue to grow, but at slower pace in 2017, says CML - January 23, 2017
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The end of 2016 saw a significant increase in remortgaging, with figures hitting a seven-year high in October, according to the Council of Mortgage Lenders (CML). The new data from the CML showed that remortgage activity for October grew by 11 per cent to £6.1 billion, up seven per cent compared to the previous year … Continue reading Buy-to-let sector to continue to grow, but at slower pace in 2017, says CML


Government makes last minute changes to Lifetime ISA rules - January 23, 2017
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Former pensions minister Steve Webb has harshly criticised the government for a late change to the Lifetime ISA legislation, which will result in an increase in the exit penalty. Lifetime ISAs will allow under-40s to save for a home and retirement simultaneously from April this year. This new account is likely to be immensely popular due … Continue reading Government makes last minute changes to Lifetime ISA rules


Ban on letting agent fees: the impact remains to be seen - December 8, 2016
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Philip Hammond’s announcement at the Autumn Statement that letting agency fees for tenants are to be banned provoked ire from letting agents themselves, but the impact of the changes on buy-to-let landlords remains to be seen. The Chancellor of the Exchequer made the announcement against a backdrop of growing calls for action with renters facing … Continue reading Ban on letting agent fees: the impact remains to be seen


Investment Guaranteed Growth Bonds - December 8, 2016
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Amongst the Chancellor’s announcements at the Autumn Statement last month was the news that National Savings and Investments (NS&I) will next year launch a new savings bond, with an indicative rate of 2.2 per cent per annum. The new bonds, known as Investment Guaranteed Growth Bonds, will allow a maximum £3,000 investment over three years … Continue reading Investment Guaranteed Growth Bonds


Money purchase annual allowance to be cut - December 8, 2016
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The Chancellor, Philip Hammond, announced at the Autumn Statement a cut to the money purchase annual allowance from £10,000 to £4,000 from April 2017. The move, which is still subject to final confirmation, will affect people aged 55 and over who have taken income (as opposed to only the tax free cash lump sum) from … Continue reading Money purchase annual allowance to be cut


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