Financial Focus: Summer 2023

In this issue…

Inflation has stubbornly remained higher than the Bank of England’s predictions for June 2023, prolonging higher costs for most, but elsewhere in the financial landscape there are more beneficial developments. Annuities are now providing an increased monthly income which is a major element to consider when planning how to take your retirement income. Our feature for this edition zones in on the key changes from the Budget – the removal of the lifetime pension allowance and increase to annual allowances. We note some pitfalls to look out for if you are planning to change your contribution pattern and the benefits of including your pension as part of your estate planning.  Elsewhere reforms to capital gains tax rules for divorcing or separating couples should remove some stressful deadlines and allow valuable breathing space while navigating that difficult landscape. And for those adding to the increasingly numbers of the self-employed, setting up on your own means becoming your own HR department. We pull out four key areas to factor into your planning to help you underpin your future financial security.