Is buying an annuity a good use of your hard-earned pension funds?
Annuities have historically been a popular option for pension savers, but low current rates mean that pension pot holders may be better off opting for a ‘flexible drawdown’ approach.
Rising rates – what does it mean for your finances?
Interest rates have hit their highest point since 2009, with rates jumping in the first few months of the year. But how will this affect consumers’ personal finances, and what action should you take amid an environment of rising interest rates and high inflation?
Start the tax year on the front foot
The earlier you plan, the greater your choices and the more potential there is to maximise your financial efficiencies and make tax savings. Here we provide an overview of key factors to consider in the 2022/23 tax year.
Save on National Insurance by swapping pay for pension contributions
Exchanging salary for pension contributions can boost your disposable income. This could be an especially attractive option in light of the National Insurance tax rise, which came into force on 6 April.
Spring Statement 2022 – Tax round-up
We provide a round up of key takeaways from the Chancellor’s Spring Statement, and highlight how consumers can protect their savings as the cost of living continues to surge.
Ask our Expert: How to achieve tax savings
Lumin Managing Director Martin Cotter highlights key tax-saving measures that consumers can implement, including how to optimise pension and ISA annual allowances, and the benefits of capital gains ‘harvesting’.
Are you maximising the right tax wrappers?
Using wrappers and available allowances is the key to managing money tax efficiently. But which wrappers should you be utilising, and what is the interplay between pensions and ISAs?
Could you pay more into your pension this tax year?
You may be eligible to increase your pension contributions by ‘carrying forward’ unused annual allowances from the three previous tax years. However, any unused allowance from 2019/20 must be used in the 2022/23 tax year, or it will be permanently lost.
Five top financial tips for the 2022/23 tax year
We highlight five financial tips to implement in the 2022/23 tax year, including maximising pension plan contributions, using your ISA annual allowance, and how to counter the erosive effect of inflation.
Watch out for excessive costs and charges
Numerous research studies confirm the benefits of financial advice, but excessive fees or costs can be a major barrier to growing your wealth over time. This is akin to driving with the handbrake on.
