AJ Bell Investcentre’s Post

The Labour Party has vowed to “unashamedly champion” the UK’s financial-services sector should it win the General Election. In a 24-page document, the Party outlined its aims and priorities including reducing the sector’s regulatory burden. Among the proposals are streamlining the Financial Conduct Authority’s 10,000-page regulatory handbook. Other plans include a simplification of the ISA landscape and a review of pensions. In addition, it has also given its backing to the FCA’s review of the advice-guidance boundary. AJ Bell and PensionBee have described the proposals as 'encouraging', but what do you think, #financialadvisers? Full story for Money Marketing below. #financialservices #financialservicesindustry #labour #labourparty #politics #regulation #finance #financialadvice

Transferring your pension out of the UK can offer several potential benefits, especially for those living abroad or planning to retire in another country. By transferring your pension, you might gain more flexibility in managing your retirement funds, access a wider range of investment options, and benefit from more favorable tax treatments in your country of residence. Additionally, it can simplify your financial planning by consolidating your pensions, making it easier to manage and potentially reducing currency exchange risks.

The Labour Party has reversed its plan to remove the tax-free limit on pension savings, a policy met with wealthier voters' resistance. * Labour initially proposed abolishing the £1.07 million lifetime allowance, which limits the amount of savings that can be accumulated tax-free. * The party's decision to withdraw from the policy came after research indicated that it was unpopular with wealthier voters, a key demographic in some key electoral battlegrounds. * This U-turn highlights Labour's challenges in winning back voters who traditionally supported the Conservative Party. * It is unclear whether the party will propose alternative policies to address concerns about pensions in the future. How do you think these decisions will impact the Labour Party's chances? Follow me for more up-to-date insights.

Great to see Clive Pugh’s comments on the new Labour government’s future pensions landscape review picked up in the Evening Standard today. With the promised focus on improving outcomes (through consolidation and scale), and productive finance echoing the previous government’s Mansion House reform proposals, there is reason to believe we may see some continuity in pensions policy  #pensionsreview #GE2024

As we approach the Labour Government’s first Budget on October 30, we've compiled our insights into potential changes, including possible adjustments to National Insurance on employer contributions, flat-rate pension tax relief, and pension inclusion in inheritance tax. These changes could impact both employers and employees, particularly regarding costs, tax efficiency, and long-term savings strategies. Employers should consider reviewing their pension arrangements and preparing for potential updates to communications and support for employees. Click here to read the article in full: https://okt.to/tj8KrD

As we approach the Labour Government’s first Budget on October 30, we've compiled our insights into potential changes, including possible adjustments to National Insurance on employer contributions, flat-rate pension tax relief, and pension inclusion in inheritance tax. These changes could impact both employers and employees, particularly regarding costs, tax efficiency, and long-term savings strategies. Employers should consider reviewing their pension arrangements and preparing for potential updates to communications and support for employees. Click here to read the article in full: https://okt.to/Hj8OnV

With Labour announced as the new UK government, potential changes to tax and savings policies could be on the horizon. Alec Collie, Head of Medical at Wesleyan, shares insights on what this might mean for our customers. “A new government means there could be some changes when it comes to tax and savings policy. But this might not come immediately. Rachel Reeves has ruled out an emergency budget, so we may need to wait for the Autumn Budget, and probably September at the earliest, before the first concrete announcements are made. “Our view is that if the government is going to pursue any pension reform, it must avoid making small tweaks and instead focus on fundamental changes that deliver simplification. Continuing to tinker with pension policy risks adding more confusion to any already complex regime at a time when doctors are already grappling with various pension scheme changes. A big picture, root-and-branch review is our best chance of delivering fair outcomes, and making pension saving something that people actually want to engage with.”

https://lnkd.in/eHE-63t4 Good news for pension fund holders who were unsure of their options going forward and uncertainty about what retirement could like under a new government. Great to have some clarity and be able to plan for the future #retirementplanning #financialplanning #retirement

Following the King’s Speech last week, PK Group have provided an overview of the government’s plans and priorities for the coming year. Click here to read the overview: https://lnkd.in/eZ8j-ZTs #KingsSpeech #Economy #Energy #Employment #Wellbeing #Health #Pensions #LabourGovernment

Spending on the state pension is projected to rise 4.1% Labour will make sure that "the people who power our country receive the pension they are owed", Reeves says. That will follow a government commitment to the triple lock. Spending on the state pension is projected to rise 4.1% in 2025-26 – that is a £470 increase for over 12 million pensioners in the UK, Reeves says. #Budget2024