Briefings



Warning: count(): Parameter must be an array or an object that implements Countable in /home/onefinancialsolu/public_html/wp-includes/post-template.php on line 310

Group risk and salary sacrifice

Group risk and salary sacrifice Issued: 2 December 2016   Protection benefits should get the same salary sacrifice advantages as pensions, says Canada Life Group Insurance scheme underwriting specialist Alan Sparks in a recent article in Corporate Adviser. (To read Alan’s article in full, please click here.) With the results of HMRC’s consultation on salary sacrifice for the provision of benefits-in-kind due to come into effect on 6 April 2017, group risk insurers believe their products should be excluded for reasons similar to those excluding benefits such as pensions, childcare and cycle schemes. The background to the situation arises from HMRC’s concern that they may not be collecting tax due on salary sacrifice arrangements, particularly those where the benefit-in-kind doesn’t meet its economic value; the basic approach being that tax and national insurance should be paid on the full economic value. However, the government is keen to encourage ‘certain behaviours’ […]

Auto enrolment – five top tips for success

Auto enrolment – five top tips for success Issued: 5 December 2016   It’s just over four years since auto enrolment was introduced with the specific aim of getting workers to save for their retirement – as over 6.5 million employees have chosen to stay signed up, it’s understandable why it’s been hailed a success. The Mail Online asked pension expert Andy Beswick, managing director of Business Solutions at Aviva, to review the scheme and highlight how small businesses can benefit. To read the article in full, please click here, but here are Andy’s five ‘top tips’ for making auto enrolment a success in your business. Know your staging date. This is the date by which you should have a workplace pension in place, not the date you start doing something about it! Ask for help. Although the pensions industry is trying to keep it simple, pensions can be complicated. […]

Fraudsters tried to sell my house

Fraudsters tried to sell my house Issued: 6 December 2016   We’re all used to fraudsters trying to help themselves to our possessions and most of us are vigilante to their underhand methods. Here’s a new one which rather raises the stakes and may, depending on your circumstances, have you heading straight to the Land Registry’s website. Two ‘lowlifes’ have just been jailed for trying to sell a retired businessman’s house in an online auction reports the Telegraph (click here to read the ugly story) – a situation that could have been nipped in the bud had the owner registered with the Land Registry’s Property Alert service (see https://propertyalert.landregistry.gov.uk/). The two fraudsters had stolen utility bills from the owner’s post box and then used them to transfer the deeds of the house to another name before putting it up for auction (a deliberate move aimed at preventing prospective buyers viewing […]

How much should I save for retirement? (Part 1)

How much should I save for retirement? (Part 1) Issued: 8 December 2016   We try to offer you a selection of third-party news articles that we think may be of benefit to you. Some are informative, offering you knowledge and information we hope you find useful, whilst others are more thought-provoking. Inevitably there are recurring themes, one being ‘pensions’, a topic that affects all of us on a personal level – and that’s ‘us’ as much as ‘you’. So, no apologies for highlighting an article which may help each of us give thought to a question that’s at the heart of an often incomprehensible subject – if we’re going to save for retirement, just how much should we save? Although this article (please click here) first appeared in the Mail Online a year ago, it’s been updated and is very much worth a read. You can only answer the […]

Self-employed in pension crisis

Self-employed in pension crisis Issued: 9 December 2016   As auto enrolment enters its fifth year the scheme is being hailed a resounding success. The results are certainly impressive: over 234,000 businesses have set up a workplace pension scheme; opt-out rates, at around 10%, are much lower than anticipated, and an additional 6.5 million people are now saving for their retirement. But, asks Steve Webb, director policy at Royal London, in a recent comment in Money Marketing, what about the self-employed? It’s a really good question. In July 2016, the ONS (Office for National Statistics) published ‘Trends in self-employment in the UK: 2001 to 2015’, an analysis examining characteristics of the growth in self-employment. Quantifying the sector, the ONS estimates there were 3.2 million self-employed people at the end of 2000, and that this figure rose by nearly 50% to just over 4.7 million by early 2016, nearly the same […]

Auto enrolment – choosing your workplace pension scheme

Auto enrolment – choosing your workplace pension scheme Issued: 14 December 2014   This is the third part of our mini-series about auto enrolment and covers choosing a workplace pension scheme. If you have workers who qualify for auto enrolment then you have a legal duty to enrol them into a pension scheme. As an employer, you don’t have any choice. There are no exceptions. So, if you’re going to have to enrol someone, anyone, even one person, it’s vital you make sure the scheme is the ‘right one’ for both you and your employees – you definitely don’t want to have to change schemes at some time in the future. It’s just over four years since auto enrolment was introduced with the specific aim of getting workers to save for their retirement and, as over 6.5 million employees have chosen to stay signed up, it’s understandable why it’s been […]

How did we do in 2016? (Brilliantly!)

How did we do in 2016? (Brilliantly!) Issued: 19 December 2016   We’re heading for the end of the year and we’re starting to look back to see how we did. That’s not because we want to bang our own drum or give ourselves a pat on the back, it’s because we want to share our results. If we’re growing, we must be doing something right and we hope that gives our clients confidence in our abilities and reassures them that they’ve done ‘the right the thing’ by coming to One Financial Solutions for independent financial advice. So, here are the bare facts: Mortgages During 2016 we helped arrange mortgages worth nearly £31million – that’s 50% more than in 2015 (£20million) and takes the total arranged to over £85million since we started in 2013. Investments We increased the total value of the funds we manage by 25% during 2016; we […]

Auto enrolment (Part 4) – the future

Auto enrolment (Part 4) – the future Issued: 20 December 2016   Like it or not, auto enrolment is now with us: it’s a fact of life. As the scheme rolls into its fifth year, the year in which the government is to formally review it, it’s already being hailed a success. It’s easy to see why. The objective of the scheme was to increase the number of people saving for their retirement by making it mandatory for ‘qualifying workers’ to be ‘automatically enrolled’ into a workplace pension scheme. The result? Around 90% have decided to stay in the scheme they were enrolled into, meaning an additional 6.5 million people are now saving into a pension scheme. True, there are some ‘issues’ that need to be resolved – having asked the pensions industry for its views, it’s hoped the government will take note of what is being said and act […]

How much should I save for retirement? (Part 2)

How much should I save for retirement? (Part 2) Issued: 27 December 2016   Last week we commented on an article that, although it appeared in the Mail Online a year ago, has since been updated and is very much worth a read. The article promised a quick guide to retirement saving and asked the question ‘How much money do I need to save for my pension?’ (read the article here). As we explained, to be able to answer that question, you have to answer a number of other questions, for example: ‘How long will I be in retirement for?’, ‘How much money will I need when I retire?’ and, ‘How long do I have to go before I retire?’. It’s fair to say that we don’t often give these questions much thought and often just accept what the pension plan suggests, usually an arbitrary amount based on a percentage […]