Wealth Knowledge

UK’s total pension liabilities surge by £1trn since 2010 The total liability of the UK’s pension system increased by £1 trillion in the five years to 2015, according to figures from the Office for National Statistics (ONS). The statistics reveal the total pensions bill across the UK grew from £6.6 trillion to £7.6 trillion over

State pension top-up proves a flop The government’s state pension top-up scheme attracted just a 5% take-up over an 18-month window, figures from the Office for Budget Responsibility (OBR) show. It offered men aged 65 or over and women aged 63 or over the chance to increase their state pension entitlement by up to £25

Stamp duty land tax (SDLT) has been abolished for most first-time buyers on all properties worth up to £300,000. Chancellor Philip Hammond, who announced the measure in his Autumn Budget on 22 November 2017, said the move would cut the tax for 95% of first-time buyers – and abolish it for 80% of them. SDLT

Help to Buy schemes benefit record numbers The government’s Help to Buy schemes have helped more than 320,000 people secure their own home. Out of those completions, more than 90% took place outside of London where house prices are lower. The average house price across the Help to Buy schemes was £196,092 – below the

30 hours’ free childcare available Working parents with children aged three and four years old can now claim 30 hours of free childcare each week. The scheme doubles the previous entitlement of 15 hours’ free childcare and is funded for 38 weeks to coincide with school term time. An estimated 390,000 eligible working families can

Auto-enrolment duties from 1 October 2017 Firms recruiting staff for the first time after 1 October 2017 will need to enrol them into a workplace pension. Legal duties commence on the day new employees start working for the business. To be put into a workplace pension, employers must assess if new employees are: aged between

Most savers opting to take pension lump sums Nearly three quarters (72%) of pension pots have been accessed by savers under the age of 65, according to a new study. The Financial Conduct Authority (FCA) polled 1,000 people and found 53% of pots accessed had been fully withdrawn, although 90% of those were worth less

Wealth knowledge – July 2017 Households squeezed by higher premiums The new rate of insurance premium tax (IPT) could add an extra £47 to the average household’s annual combined insurance bill, according to the Association of British Insurers (ABI). IPT rose to 12% from 1 June 2017 – only eight months after it was increased

Wealth Knowledge June 2017 Bank of Mum and Dad to lend £6.5bn The Bank of Mum and Dad (BoMaD) is set to lend £6.5 billion in 2017 to help their grown-up children take their first steps on the property ladder. According to research by Legal & General, BoMaD will provide deposits for more than 298,000

Wealth knowledge May 2017 Pension freedoms encourage saving Almost 1 in 6 people are saving more into their pension pots as a result of recent pension freedoms, according to a study. Research by Aegon found that individuals have saved on average £50,000 in pensions, up from £29,000 when the freedoms were introduced in April 2015.