features in this issue introducing lifetime isas · the account offers complete income flexibility...

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www.successiongroup.co.uk

FEATURES IN THIS ISSUE

Introducing Lifetime ISAs

Later life financial planning

In danger of exceeding pension limits?

We spell out the options

Financial advice - a distinctive benefit

that meets your employees’ needs

www.successiongroup.co.uk SUCCESSION GROUPQUARTERLY NEWS BULLETIN

INTRODUCING LIFETIME ISAsTHE NEW LIFETIME ISA WILL BE A WELCOME ADDITION TO THE RANGE OF SAVINGS OPTIONS FOR INVESTORS, BUT THERE ARE SOME LIMITATIONS ON ITS USE. HERE’S WHAT WE KNOW, SO FAR.

The Chancellor brought in a new addition to the ISA stable in this year’s budget. On top of help-to-buy, innovative finance and the common-or-garden ISA, investors can now also select a Lifetime ISA (LISA). This new ISA has been seen as a stalking horse for possible changes to the pension rules. The new ISA is not available yet, and won’t be available to all. It is restricted to the under-40s and has an annual limit of £4,000 per year. The overall annual ISA allowance is being hiked from £15,240 to £20,000 in April 2017, with the new Lifetime ISA pot falling under this umbrella. It has some notable advantages. It benefits from all the usual ISA allowances, such as tax-free income and capital gains, but it also receives a bonus from the Government (paid until age 50). For someone opening an account before age 40, the Government will add an additional 25%, so £1000 for the full £4000 contribution.

There are, however, limits on how this money can be used. The proceeds from a LISA have to be used for either a first home (up to £450,000) or for retirement at aged 60 or over, to retain all the benefits. Unlike a pension, money can be withdrawn ahead of either a house purchase or retirement, but investors will lose the Government’s contribution and any growth in that contribution. They will also pay a 5% surcharge. There has been some speculation that the LISA model may be the blue-print for a more fundamental reform to the pensions structure, though, in Budget 2016, the Chancellor kept the pension rules intact. For the time being, the LISA may play a role in pension savings, but it may be largely for those who do not have pension provision through their employer – either because their employer is too small, or because

they are self-employed. It may also be useful for those who have already hit their maximum annual pension contributions and would like to save more. The other main use for a LISA is as a tool to save for a deposit on a first home. In this respect, it looks similar to the ‘Help to-Buy’ ISA, but there are a number of key differences. Perhaps the most important is that Help-to-Buy ISAs can only be held in cash, while LISAs can be invested across a range of shares or funds. The LISA also has a higher contribution limit. Help-to-Buy ISAs are capped at £200 a month, with a lifetime limit of £12,000 and a maximum Government contribution of £3000. Equally, Help-to-Buy ISAs can only be used towards a property worth up to £250,000, (£450,000 in London), while the limit of £450,000 for the Lifetime ISA applies across the country.

The account offers complete income flexibility and better death benefits than currently available from annuities, and the company claims that these benefits can add significant value to an annuity, especially on death.

Retirement Advantage compares for example a customer using £100,000 to buy a guaranteed annuity via The Retirement Account or via a traditional annuity, either option securing £6,000 of income. A 100% money-back guarantee is selected so whatever happens the pension pot is repaid in full.

If the customer dies after year one, £94,000 would be paid out of the traditional annuity and taxed at the nominees marginal rate. However, the flexible nature of The Retirement Account means that the nominee could elect to withdraw the money in instalments over a number of years.

By withdrawing the lump sum gradually, this could pay a total lump sum of £76,115 compared to the £55,677 if the traditional annuity was used, or £20,438 extra income.

Developed from scratch following the introduction of the new pension freedoms, The Retirement Account incorporates a drawdown pot, a cash account and a guaranteed annuity in one product, all within drawdown rules.

The fund range available through The Retirement Account comprises a mix of active and passive funds, with cautious, balanced and adventurous approaches, as well as protected funds, all from well-known and respected fund managers. These funds have been thoroughly researched before being selected. An Investment Committee will monitor the funds on a monthly basis to ensure performance against objectives, with independent oversight provided by Square Mile.

The Retirement Account has a low cost, simple drawdown charging structure of 0.41% - 0.70%1. The product is fee driven, with adviser fees generated through any mix of an initial fee, on-going fee or a one-off fee for the advice provided.


THE BEGINNING OF THE END FOR TRADITIONAL ANNUITIES?RETIREMENT ADVANTAGE, THE RETIREMENT SPECIALIST, BELIEVES ITS RETIREMENT ACCOUNT WILL EFFECTIVELY MARK THE BEGINNING OF THE END FOR TRADITIONAL ANNUITIES, DUE TO THE INNOVATIVE WAY THE ACCOUNT IS STRUCTURED.

1. The Retirement Account has a tiered annual charge. The examples given are for pot sizes ranging from £50,000 (0.70%) to £500,000 (0.41%) and assume investment in the Retirement Advantage Balanced Index Portfolio Fund. Charges will vary based on pot size and fund selection. Cost does not include an initial setup charge of £150.

SUCCESSION GROUPQUARTERLY NEWS BULLETIN

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The key features include:

• A guaranteed income for life, which can be started at any point

• Flexible to adapt to changing needs, for example more guaranteed income can be secured later in retirement or income can be re-directed into drawdown

• Income can be stopped and started at any point

• Cash for ad-hoc spending can be accessed through the drawdown component or cash account

• Money can remain invested with the potential to grow

• Cascade wealth on death, within the pension wrapper, managing tax

• Easy to use, with only one lot of administration, one annual statement, one set of charges



Effective April 6 for an offshore OEIC and a UK OEIC

›› Dividend income below £5,000 no tax return required for dividend income when a return is not required for any other reason

›› Dividend income over £5,000 tax to be levied at 7.5% when basic rate band remains available; 32.5% for higher rate investors and 38.1% for additional rate investors

Learn more. Contact your Succession Wealth Planner.

Issued by SEI Investments (Europe Limited) authorised and regulated by the Financial Conduct Authority. Past performance is not a guarantee of future performance. Capital at risk.

Now you can say “taxes” and “good news” in the same sentence.For UK resident clients invested in SEI Strategic Portfolios, dividend distributions up to

£5,000 from all seven Strategic Portfolios will be tax-free beginning 6 April 2016. And

distributions over £5,000 will be taxed at the same rate as UK accounts.

A fresh approach

A transparent wealth

management service,

with a simple fee

structure, built around

your best interests.

How refreshing is that?

Vestra Wealth LLP, authorised and regulated by the Financial Conduct Authority. Investors should be aware that past performance is not an indication of future performance and the value of investments and the income derived from them may fluctuate and you may not receive back the amount you originally invested.

Please contact your Succession Wealth Planner


LATER LIFE FINANCIAL PLANNING

FIVE YEARS AGO, HALF OF RETIREES PLANNED TO LEAVE AN INHERITANCE, BUT TODAY LESS THAN 3 IN 10 PLAN TO FOLLOW SUIT*. SUCCESSION GROUP’S LATER LIFE PLANNING EXPERT NEIL STEVENS CONSIDERS THE IMPACT OF FEWER RETIREES SHARING THEIR WEALTH WITH FAMILY MEMBERS.

The number of retirees planning to leave an inheritance has almost halved over the last five years. Funding longer retirements, less generous workplace pensions and the expectation of paying care costs in future years, are reasons given for the expected reduction in a generous inheritance for loved ones.

Adult children are not only concerned about their own and their children’s finances, but the financial futures and later life issues of their parents as well.

Paying for long-term care remains one of the largest and yet least predictable expenses of old age. Around 135,000 people are admitted into care every year (source: Age UK), many as a result of a medical emergency. This can leave their family forced to find a long term funding solution with little warning.

The Government has made various attempts to address long-term care funding over the years, but the process around state provision is complex, and the impact is trivial, given the financial burden of the £30,000+ annual care fees that most families will face (source: Which?).

A stroke; a fall; or a sudden debilitating illness can strike without warning, giving you no time to plan. This is a crisis management situation, and often the options are severely limited given the urgency of the need for care. It is also a very emotional time and concern about the health of a loved one coupled with the stress of managing the financial burden could have consequences for your own health and well-being.

Talking to family members now about your own and their wishes and preferences as well as the financial implications of living longer and future plans for care is key.

How can I plan to cover the cost of care?There is no easy way to deal with care home fees. Government reform may go some way to address the problem, but this is some way off. The right solution is unique to your individual circumstances, depending on health, resources and life expectancy.

Discuss the implication of care – whether for yourself or other close family members – with your Succession Wealth Planner, to better understand the impact of care funding on your plan.

But the cost of later life isn’t the only issue. It is important to decide who can make the decisions on your behalf if you are not able to do this yourself. Waiting until there is a real need is often too late, the process is more costly and complicated. Registering a Lasting Power of Attorney (LPA) now, ahead of any crisis, is relatively straight-forward. Your Succession Wealth Planner can arrange this for you.

What do I do if my anticipated inheritance is now committed to care fees?If your plan currently includes an expectation of some form of inheritance, talk to your Succession Wealth Planner to make sure that you are not reliant on income that may have been depleted by care costs.

How do I access my money to fund care costs?Immediate funding for care starts with a full appraisal of all the income and capital available. Pensions, property, other income sources and all investments need to be reviewed to see whether they are still appropriate given the need to create income to meet care fees costs.

Is there a better way to fund existing care cost commitments? There are specialist products with capital protection to help with paying for care. An ‘immediate needs’ or ‘care home fees’ annuity might be an appropriate solution if someone is receiving long term care funded by capital.

*Source: Prudential


DRIVE A CAR WITHOUT SHOCK ABSORBERS?

DRIVE A CAR WITHOUT SHOCK ABSORBERS?BEFORE I MOVED TO THE LONDON TWO AND A HALF YEARS AGO AND STARTED USING THE TUBE, I USED TO DRIVE ALMOST EVERYWHERE. I STILL MISS DRIVING SOMETIMES.

About a year before my move, the shock absorbers on my car were pretty worn out and, given a busy schedule, it took me a couple of weeks to have them replaced. I can still remember driving down the road bouncing up and down on the seat of my car. Sometimes I think my back does too.

Given some of the sentiment I have been hearing around the bond markets, I think there is a comparison worth drawing between shock absorbers on a car and bonds in an investment portfolio. They are not there to increase speed or enhance returns. Their role is to help smooth out the ride.

If not bonds, what?

In today’s low yield environment, some investors are questioning the role of bonds in investment portfolios. The question I always ask is, if you are reducing exposure to high-quality bonds, where are you going to allocate those assets?

If the answer is equities, you are dialling up the risk of your portfolio and more or less hitting the “accelerator”. While equity assets have shown an ability to outperform bonds in the long run, they are also subject to significantly more volatility. Hitting the “accelerator” may get you to your destination faster, but the journey may be dangerous if the road turns rocky.

Maybe you haven’t hit the accelerator, but sold investment-grade bonds in favour of higher yielding bonds or property.

These assets are often thought of as more conservative than equities, but they generally entail greater risk than high-quality bonds. During the global financial crisis, non-traditional bonds and property suffered significant losses, while high quality bonds provided meaningful counterbalancing benefits. They were much better shock absorbers.

Bonds are there for when the road gets rocky

Unfortunately, we don’t know in advance whether the road ahead is going to be paved or rocky. That’s why it’s best to make sure your vehicle (or portfolio) is properly equipped for all conditions. Given this uncertainty, high quality bonds can still play a critical role as your shock absorber to buffer equity market volatility in multi-asset portfolios.

Important notesThis information is designed for use by, and is directed only at persons resident in the UK.The value of investments, and the income from them, may fall or rise and investors may get back less than they invested. Past performance is not a reliable indicator of future results.The material contained in this document is not to be regarded as an offer to buy or sell or the solicitation of any offer to buy or sell securities in any jurisdiction where such an offer or solicitation is against the law, or to anyone to whom it is unlawful to make such an offer or solicitation, or if the person making the offer or solicitation is not qualified to do so.The information in this article does not constitute legal, tax, or investment advice. You must not, therefore, rely on the content of this article when making any investment decisions.The opinions expressed in this article are those of the individual author and may not be representative of Vanguard Asset Management, Limited.Issued by Vanguard Asset Management, Limited which is authorised and regulated in the UK by the Financial Conduct Authority.© 2016 Vanguard Asset Management, Limited. All rights reserved.

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IN DANGER OF EXCEEDING PENSION LIMITS?We spell out the available optionsPROSPECTIVE RETIREES ARE INCREASINGLY LIMITED IN THE AMOUNT THEY CAN INVEST AND ACCUMULATE. CURBS TO BOTH THE LIFETIME ALLOWANCE AND THE ANNUAL CONTRIBUTION HAVE FORCED HIGHER EARNERS TO LOOK ELSEWHERE FOR TAX-EFFICIENT SAVINGS. SUCCESSION GROUP’S CEO, SUCCESSION WEALTH MANAGEMENT & SUCCESSION FINANCIAL MANAGEMENT, SANJAY SHAH, CONSIDERS THE OPTIONS AVAILABLE FOR PENSION SAVERS

There is virtually no pressure on the Bank of England to raise interest rates while the economy remains stable and inflationary pressures are low. At present we think an interest rate rise in 2016 is unlikely. Already reduced to £40,000, the annual contribution limit will be as low as £10,000 for high earners from the start of this current tax year. The annual allowance will scale down those with incomes between £150,000 and £210,000. Excess contributions will attract a hair-raising 45% tax rate. The lifetime allowance also reduced - from £1,250,000 to £1,000,000 - at the start of this tax year which means more people will need to be alert to exceeding the limits. Again there are punitive tax rates for any excess contributions or growth: The excess will attract a tax charge of 25% if withdrawn as an income, or 55% if withdrawn as a cash lump sum. You may not realise you are at risk, but

someone aged 50, wanting to retire at 65, with pensions worth £500,000 today could be at risk if their pension investments grow at 5% per year. The impact of the changes will be unique to your individual circumstances. Some may feel the tax burden is a price worth pay for the peace of mind and security of growing pension savings. The “loss” should be no more than the tax benefits accrued over the years. For some investors, their pension savings have taken on a new dynamic and will effectively now be used as a tax-efficient vehicle to manage inheritance planning, with other investments used to fund their retirement living expenses. And for others, the £1million lifetime limit will not be sufficient to provide for a retirement that could last 30 years or more – remember, all our financial planning assumptions

are based on you receiving your 100th bir thday telegram from Buckingham Palace. The good news is that there are alternative options for top-rate taxpayers approaching retirement who want to continue investing into a tax-advantaged environment over and above your pension investments. Venture Capital Trust shares, Enterprise Investment Schemes and Business Proper ty Relief are tax-efficient, yet higher-risk investments, designed for sophisticated investors with large, well-diversified por tfolios, after ISA and pension allowances have been used. Suppor ting you to achieve your unique financial goals and aspirations is key to everything we do. To find out more about the limits affecting your retirement savings and the options available to you, contact your Succession Wealth Planner.


Venture Capital Trust (VCTs) shares trade on the stock market, similar to an investment trust. These invest in small companies in need of capital to develop their businesses. They are high risk, but also carry some attractive tax advantages: For new subscriptions of up to £200,000, investors receive 30% tax relief; all income and gains are tax free, although the shares must be held for five years. There are three main types of VCTs: Generalist VCTs are broad-based, investing in a range of companies across different sectors; Aim VCTs invest in companies listed on Aim, while specialist VCTs tend to invest in one specific area, such as technology.

Enterprise Investment Schemes (EIS) invest in even earlier stage companies than VCTs, with even more attractive tax reliefs. The 30% tax relief on new shares is available for investments of up to £1m. The shares need to be held for three years, but also carry an exemption from capital gains tax (CGT) and inheritance tax (IHT). They also allow investors to defer capital gains. They also have a smaller cousin - the seed enterprise investment scheme (SEIS), which has a 50% rate of relief, up to £100,000.

Business Property Relief (BPR) provides relief from Inheritance Tax (IHT) at either 50% or 100% on eligible business assets. The owner must have held the assets for at least two years before their death. There are limitations on the type of businesses; it is not available on businesses mostly focused on holding shares, for example.

All of these investment vehicles are high risk and while offering some tax advantages are suitable for sophisticated investors only. The information in this article does not constitute tax or investment advice. You are recommended to seek advice concerning suitability of any investment from your Succession Wealth Planner.

Enterprise Investment Schemes

Business Property Relief

Venture Capital Trust

HIGH RISK,TAX ADVANTAGEDOPTIONS EXPLAINED

HIGH RISK,TAX ADVANTAGEDOPTIONS EXPLAINED

In our view, 2015 marked the beginning of a new market regime. The policy-driven, high-return markets that have characterised the post-crisis era are evolving into more challenging conditions where economic and financial tensions play a prominent role. The first two months of 2016 epitomised this theme as the ferocious sell-off in risk assets – such as equities, high yield bonds and commodities – left all but cash, gold and government bonds in the red for the year.

As the dust begins to settle on a volatile eight weeks, we identify three key themes that drove investor bearishness (reluctance to invest in risk assets); falling oil prices, banking stress and Chinese policy challenges.

We also question whether the price action was justified or simply a case of market overreaction.

To read the full ar ticle, please visit HGi.co/2gg

For more information on the Henderson Core Multi-Asset Solutions range, please contact your Succession Wealth Planner. The funds are managed by Henderson’s Multi-Asset Team and are par t of Succession’s Investment Matrix. Please note that these are the managers’ views at the time of writing, 15 March 2016. The information in this article does not qualify as an investment recommendation.


AS THE DUSTBEGINS TO SETTLE...PAUL O’CONNOR, CO-HEAD OF MULTI-ASSET, AND RYAN BOOTHROYD, ANALYST, DISCUSS THREE KEY THEMES THAT HAVE BEEN DRIVING MARKETS IN 2016: OIL PRICES, BANKING STRESS, AND CHINESE POLICY CHALLENGES.

Important InformationPlease read all scheme documents before investing. Before entering into an investment agreement in respect of an investment referred to in this document, you should consult your own professional and/or investment adviser.Past performance is not a guide to future performance. The value of an investment and the income from it can fall as well as rise and you may not get back the amount originally invested. Tax assump-tions and reliefs depend upon an investor’s particular circumstances and may change if those circumstances or the law change. If you invest through a third party provider you are advised to consult them directly as charges, performance and terms and conditions may differ materially.Nothing in this document is intended to or should be construed as advice. This document is not a recommendation to sell or purchase any investment. It does not form part of any contract for the sale or purchase of any investment.Any investment application will be made solely on the basis of the information contained in the Prospectus (including all relevant covering documents), which will contain investment restrictions. This document is intended as a summary only and potential investors must read the prospectus, and where relevant, the key investor information document before investing. Issued in the UK by Henderson Global Investors. Henderson Global Investors is the name under which Henderson Global Investors Limited (reg. no. 906355), Henderson Fund Management Limited (reg. no. 2607112), Henderson Investment Funds Limited (reg. no. 2678531), Henderson Investment Management Limited (reg. no. 1795354), AlphaGen Capital Limited (reg. no. 962757), Henderson Equity Partners Limited (reg. no.2606646), Gartmore Investment Limited (reg. no. 1508030), (each incorporated and registered in England and Wales with registered office at 201 Bishopsgate, London EC2M 3AE) are authorised and regulated by the Financial Conduct Authority to provide investment products and services. Telephone calls may be recorded and monitored. Ref: 34U

SUCCESSION GROUPQUARTERLY NEWS BULLETIN

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COMPLEXSIMPLICITYWe work with professional intermediaries seeking a long term relationship – it’s not just money we run on a long term view. If you would like to talk to us some more about any of our services please contact your Succession Wealth Planner on 01752 762 140.

AWARD WINNING

Seven Investment Management LLP is authorised and regulated by the Financial Conduct Authority. Member of the London Stock Exchange. Registered office: 55 Bishopsgate, London EC2N 3AS. Registered in England and Wales No.OC378740.

At Goldman Sachs Asset Management, we understand that investors have different goals when it comes to investing their money, while also needing to remain nimble in order to capitalise on opportunities and build wealth.

Whether investors are looking to preserve, enhance or create wealth; we believe our Multi-Asset Wealthbuilder Portfolios can help achieve these goals1.

A single investment in one of the funds allows investors to access a broad team of investment professionals, focussed on delivering these goals. From the 60 person dedicated Multi-Asset team looking at the overall asset allocation decisions, to the 2,000 investment professionals, based in 34 locations around the world2, which support the team with local market expertise and selecting securities, once you defi ne your goals, we’ll do the rest.

Building Wealth: Defi ne your goals, we’ll do the rest

For more information, please contact your Succession Wealth Planner.1 There is no guarantee that these objectives will be met.

2 Data as December 31, 2015.The portfolio risk management process includes an effort to monitor and manage risk, but does not imply low risk. In the United Kingdom, this material is a fi nancial promotion and has been approved by Goldman Sachs Asset Management International, which is authorised and regulated in the United Kingdom by the Financial Conduct Authority. Confi dentiality No part of this material may, without GSAM’s prior written consent, be (i) copied, photocopied or duplicated in any form, by any means, or (ii) distributed to any person that is not an employee, offi cer, director, or authorised agent of the recipient. ©2016 Goldman Sachs. All rights reserved. 137149.GPS.OTU


FINANCIAL ADVICE - A DISTINCTIVE BENEFIT THAT MEETS YOUR EMPLOYEES’ NEEDSAS THE MARKET TO ATTRACT AND RETAIN TALENTED EMPLOYEES BECOMES MORE COMPETITIVE, COMPANIES ARE EXAMINING THE BENEFITS THEY OFFER TO DISTINGUISHTHEIR EMPLOYER BRAND AND CREATE COMPETITIVE ADVANTAGE.

Companies spend a lot of time and money on marketing campaigns to attract loyal customers. Unfortunately, they often neglect to develop an equally strong employment brand to attract and retain valuable, five-star talent. With a fragmented workforce – up to four generations creating great diversity in the workplace; retiring Babyboomers leading to a talent; and economic austerity affecting what people can be paid - attracting and retaining talent is a growing challenge. Today’s employees are looking for much more than a salary, and businesses need to identify cost-effective ways to differentiate to attract and retain top talent. Our specialist team works with businesses to create a unique rewards strategy tailored to the demographics of your workforce and the dynamics of your industry, to help you stand out. One common goal for employees in every market and sector is to achieve financial security for them and their loved ones. We partner with employers to provide financial advice services to your staff with tax relief on up £150-worth of financial advice, (this increases) to £500 in 2017. This key benefit provides peace of mind for employees who can be certain they are making the right level of contributions for their financial goals and ambitions, are invested in the right funds and understand what they will dowith their money afterwards.

The benefits of expert financial advice for employees includes:

· Increased staff financial security leading to a more happy and productive workplace.

· Improved employee engagement and job satisfaction.

· Greater financial competence and control reduces the risk of employees getting into money problems, improving employee well-being and productivity.

· A recognition of the value of financial protection products, so they are not vulnerable at times of illness or incapacity.

· Reduced stress arising from money worries.

Our tailored financial education events and workplace seminars are another additional valuable benefit to your employees. This practical support is a great way to show you care while helpingyour staff get up to speed on how to manage their finances, whether they’re planning for retirement, maximising investments or protecting what’s most important. For more information about how we can help your business recruit and retain key staff with tailored benefits to distinguish your employer brand, contact 01494 358000.



Email: [email protected]

Please note that this newsletter and the articles contained therein are for information purposes only and should not be construed as advice. Although endeavours have been made to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No individual or company should act upon such information without receiving appropriate professional advice after a thorough examination of their particular situation. We cannot accept responsibility for any loss as a result of acts or omissions taken in respect of the content. Thresholds, percentage rates and tax legislation may change in subsequent Finance Acts. Levels and bases of, and reliefs from, taxation are subject to change and their value depends on the individual circumstances of the investor. The value of your investments can go down as well as up and you may get back less than you invested. All figures relate to the 2016/17 tax year, unless otherwise stated. FP

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Connery HouseRepton PlaceWhite Lion RoadAmershamBuckinghamshire HP7 9LPTel: 01494 358000

2nd Floor Milford House43-55 Milford StreetSalisbury SP1 2BPTel: 01722 413348

25 Blythswood SquareGlasgow G2 4BLTel: 0141 9426060

features in this issue introducing lifetime isas · the account offers complete income flexibility...

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