Well, the cricket season is here, and England and Australia are stepping up to the wicket. Although we compete with each other in the sporting world, when it comes to pensions, Australia’s pension programme is held up as a model for our auto-enrolment initiative. Auto-enrolment was introduced because people weren’t saving enough into their pensions, and it is still early days but signs are positive. However, in Australia, saving into a pension is compulsory, and in fact employers are the ones who have to pay in. Employees in Australia can make additional contributions into their pensions, but they don’t have to. Should the onus be on the employer or employee to save? Well in the UK we think it’s both, but to get ‘adequate’ savings for retirement it’s the employee who has to pay more in.
I often ponder to what extent we overcomplicate things as financial planners. A few years ago, I was pulled up sharply by a prospective client, midway through a pitch for our estate planning service. “But I don’t have an estate,” they interjected. That service was swiftly renamed “inheritance tax planning”, with the desire to do […]
The British Medical Association has written to chancellor Philip Hammond that doctors will start to reduce their working hours unless reforms are made to the NHS pension scheme. In the latest of several letters to the Hammond, the BMA says current pension and tax rules are creating a “perfect storm” in the NHS workforce. It […]
House price inflation in UK cities has seen its slowest growth since May 2012, according to Hometrack, coming in at 1.7 per cent. Prices in the capital have marginally risen in the year to March 2019, increasing by 0.1 per cent. Meanwhile, the remaining six southern cities covered in the analysis have all recorded their […]