Children and Savings

Do you know the best savings options for children?  • Up to £9,000 a year can be invested in a Junior ISA, for the tax year 20-21, for a child under 18. Capital gains and income are tax free. The allowance can be split between cash, and stocks and shares.  They can only be opened by the child’s parents or guardians, but anyone can contribute to a Junior ISA account.  The money can’t be withdrawn until age 18, unless the child is terminally ill.  After this point the Junior ISA will become a full ISA and the adult limit of £20,000 will apply. 

Thinking about taking your pension? Timing is everything

You will have many things to consider when investing for retirement.  How your money will perform in the stock market, how long you may need an income for and whether the amount you withdraw from your pot each year is sustainable.  You must also think about timing, because the movements in the stock market can have a huge impact on how long your pension pot lasts.  

Inflation proof your pension

Those approaching retirement should consider protecting their income from inflation after the cost of living index jumped to its highest level since November 2018.  The official rate of inflation hit 2.1% in May 2021, up from 0.7% in February.  The rate is expected to stay close to or above the Bank of England’s target rate of 2% until at least 2024, according to forecasts by the Bank’s monetary policy committee.

£2m lost to pension fraud so far this year

Did you know that Action Fraud, the UK national reporting centre for fraud, is warning savers to remain vigilant and protect their pensions, as research showed £1.8m has already been lost to pension fraud in 2021? Action Fraud has just launched a national awareness campaign to remind the public about the importance of conducting research before making changes to pension arrangements.