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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:

Get up to £32,000 from the Government with the new Lifetime ISA (LISA) - April 24, 2017
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Announced by George Osborne in his final Budget last year, LISAs will be available from 6 April 2017 to anyone between the ages of 18 and 39. Unlike other ISAs, LISAs offer a 25 per cent Government bonus worth up to a maximum of £1,000 each year. This means that an 18 year old who … Continue reading Get up to £32,000 from the Government with the new Lifetime ISA (LISA)


Pension freedoms release more than £9.2 billion - April 24, 2017
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Figures released recently by HM Revenue & Customs (HMRC) show that a total of more than £9.2 billion has been released from pension pots since new freedoms were introduced in April 2015. The figures show that in the three months to January 2017, more than 1.5 million payments were made using the new pensions freedoms, … Continue reading Pension freedoms release more than £9.2 billion


Retirement age to hit 68 years, according to new report - April 24, 2017
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The recently released Cridland Report into the state pension has indicated that the age at which the state pension can be drawn is likely to increase to 68 by 2037. The review, headed by John Cridland, has looked into the various options for state-sponsored retirement and has come to the conclusion that the affordability of … Continue reading Retirement age to hit 68 years, according to new report


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


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