YOU ARE ALREADY READY – WIMBLEDON AND WINNERS

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YOU ARE ALREADY READY – WIMBLEDON AND WINNERS

I was watching the local tennis tournament in Wimbledon and for some reason a comment by the BBC commentator, John Inverdale struck a chord. It wasn’t a particularly unusual comment and nothing new, but for some reason it resonated, and I think he was spot on.

He said (and I may paraphrase)

“I was at Roehampton last week for the qualifying, I was interviewing one of the players that got through and asked: at match point, one point away from qualifying, what were you thinking? the answer was I wished I was anywhere but there… which is very different from a Champion who revels in such moments.

If you didn’t know who they were, you wouldn’t be able to tell the difference between most players, but it’s at the key moments, when the match is tantalisingly poised… invariably it’s the It’s the champion that’s been there more often who comes through.”

Apologies to Mr. Inverdale if I haven’t transcribed that perfectly. Anyway, if I understood correctly, he was really stating that winners seem to win more frequently because they are better in the tense moments. Something that I suspect we might all agree on.

YOU’VE GOT THIS…

It reminded me of a chart that I have been using with clients recently. We know that markets have been difficult or “volatile” this year. The histogram I have been discussing is this one.

In simple terms it shows the calendar year returns of the UK stock market from 1926 to 2021. Everything right of 0% (column 5) ending the year positively, to the left (the first four columns) – negatively. The good news is that since 1926 there have been rather more years of positive returns (72/96) or 75% of all years.

I’ve been considering how we all handle stock market crashes and I think its right to remind ourselves of the awful investing years that we have lived through… depending on when you became an investor (most of you would not have been investors (aged 18) before 1955). So it seems reasonable to point out that you have lived through more than your fair share of bad investment years… you’d have to be at least 67 to have been an adult investor in 1973 and 1974, two of the worst years, but I suspect most have experienced 1990, 1994, 2000, 2001, 2002, 2008, 2011, 2018, 2020. Returning to the tennis analogy, these were the tense, big moments. You held your nerve and survived. You are still here; you and your portfolio have survived.

The way media and arguably regulation presents investment is to focus on the negative years. We can agree and acknowledge that “bad years” for investors come around regularly – 1 in 4 is a negative year. We are all adults and know this. Whatever is thrown at us over the coming months you have the genuine life experience to fall back on. You have been here before. Hold fast and play the long game, progressing through your own journey to the final.

If you are concerned about your portfolio please get in touch with me. If you know someone that is, why not suggest that they get in touch too. The greats all have coaches, but talent is what you possess already. A coach seeks to maximise yours.

Dominic Thomas
Solomons IFA

You can read more articles about Pensions, Wealth Management, Retirement, Investments, Financial Planning and Estate Planning on my blog which gets updated every week. If you would like to talk to me about your personal wealth planning and how we can make you stay wealthier for longer then please get in touch by calling 08000 736 273 or email info@solomonsifa.co.uk

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The Old Bakery, 2D Edna Road, Raynes Park, London, SW20 8BT

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YOU ARE ALREADY READY – WIMBLEDON AND WINNERSDominic2023-12-01T12:12:48+00:00

A VERY BRITISH SCANDAL

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A VERY BRITISH SCANDAL

There is no Downton Abbey Christmas special, but if you enjoy a period drama vaguely based on events then Boxing Day offers up A Very British Scandal. Obviously, I have not seen the production, it has some top-drawer stars and is likely to be a hit for the BBC. So what has a period drama got to do with your financial planning? Well, it’s a story that has some useful messages. If I were a betting man (I’m not) I imagine that the focus will be on sex and power with a nod to things that have changed and some that have not.

I’m curious to learn if we ever witness the end of the story, or more accurately the end of Margaret Campbell, Duchess of Argyll who died in 1993 at the age of 80 and buried not many miles away in Brookwood Cemetery, Surrey. She would have been 109 this month!

Foy & Bettany - BBC A Very British Scandal

HIGH SOCIETY SCANDALS

However the story is retold by Sarah Phelps, it would be fair to say that the Duchess was a very wealthy individual, one whose life was full of high society life and celebrity. She was born to Scottish millionaire George Wigham who was Chairman of Celanese Corporation, still listed on the NYSE and possibly held in your portfolio (a tiny fraction). Her first marriage at the age of twenty was to American Investment Banker Charles Sweeny (23) whose family had a home locally in Wimbledon. Sweeny later went on to form the Eagle Squadrons of American pilots volunteering to fight in the RAF. It is alleged that the wedding dress designed by Streatham born Norman Hartnell caused such a stir in Knightsbridge that the traffic of the day was gridlocked for 3 hours. The couple divorced in 1947.

Her second and last marriage in 1951, aged 38 was to twice divorced Ian Douglas Campbell, the 10th Duke of Argyll and 9 years her senior (casting improved its actor age gap to 13 years). Suspicious of her infidelity the story unfolds in a scandalous divorce in 1963.

It will be interesting to see how the story is retold given its previous framing by men in power, many of whom it is alleged knew the Duchess very intimately. A decade or so later her memoirs “Forget Not” were published. Quite what happened thereafter is significant as the Duchess mismanaged her investments and finances (or someone did) and in 1978 at the age of 65 she had to sell her Mayfair home and elected to move into a suite at the Grosvenor House Suites. Unable to pay her bills, aged 78 she was evicted in 1990.

PENURY – CASHFLOW EXHAUSTED

Whatever one’s view of the Duchess and the blatant hypocrisy of various powerful men, there are obvious lessons about choices and financial management that need to be remembered. Appearance is often not reality. How people say they live and how they actually live are often rather different. This is a familiar story, as old as storytelling itself. Your financial plan needs to be robust enough for changes in your circumstances, but a great financial plan has considered and will continue to address the issue of an affordable lifestyle.

Claire Foy and Paul Bettany star in the BBC’s “A Very British Scandal” a 3-part drama starting on Boxing Day 2021 at 9pm. It will be shown on consecutive nights, but all three as a “box set” are also available via the BBC i-player from 9pm on Boxing Day. Here is the official BBC trailer.

Dominic Thomas
Solomons IFA

You can read more articles about Pensions, Wealth Management, Retirement, Investments, Financial Planning and Estate Planning on my blog which gets updated every week. If you would like to talk to me about your personal wealth planning and how we can make you stay wealthier for longer then please get in touch by calling 08000 736 273 or email info@solomonsifa.co.uk

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Solomon’s Independent Financial Advisers
The Old Bakery, 2D Edna Road, Raynes Park, London, SW20 8BT

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A VERY BRITISH SCANDALDominic2023-12-01T12:12:58+00:00

KEEPING YOUR EYE ON THE BALL

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KEEPING YOUR EYE ON THE BALL

It’s the final weekend of Wimbledon. Our local global sporting event comes to an end on Sunday. The winners are those that “see the ball big” and like most sports’ folk, keep their eye on the ball. A tournament that creates legends of the game. Anyone that makes it through to the second week has played incredibly well, perhaps to the finest edge of their personal best. We can all list off some of the great tennis stars, and perhaps each victory acts as a landmark in time of our own lives.

However great you are in your field of expertise, does not necessarily translate into other areas of life. Indeed, success in your field of expertise, can bring its own problems. Fame, fortune and expectations. One of the Wimbledon legends announced his arrival winning the men’s singles final at just 17 years old. Boris Becker. I had just finished my O’Levels and was watching someone in the year above me win Wimbledon.

A great Champion

Becker was hugely successful in his professional tennis career. He went on to win Wimbledon 3 times, the Australian twice, the US once and a Davis cup winner twice. A man that was so powerful, determined, focussed and successful on court had his problems off court. I have no wish at all to criticise Becker, he’s human, he made plenty of bad decisions in his personal and commercial life.

Selling the Silverware

This week Becker was forced to sell his trophy memorabilia to repay some of the debt that stands against his name. The auction raised £680,000. Declared bankrupt in 2017 his financial mismanagement caught up with him. The Court registrar at Christine Derrett said of Becker “One has the impression of a man with his head in the sand”. Which is probably a very polite way of reducing the facts of the case which included claiming diplomatic immunity. The debt was north of £5m. This against a career ending in summer 1999 – which saw his last grand slam win in 1996. His career prize money was $25m but that excludes all the sponsorship. His own advocate at the London hearing (John Briggs) in 2017 described him “he is not a sophisticated individual when it comes to finances”.

Game, set and match

There were many business ventures, some costly personal divorce and children, but a lot of money melted away, like an embarrassing 6-0 set full of double faults. There will be reasons, fame, character and pressure all combining against him perhaps, but the apparent lack of anyone that might be termed a decent financial planner would be my logical concern. Irrespective of fame, skill or wealth, the lack of a plan and someone to properly facilitate this can be disastrous. Becker is now having to sell his silverware to pay his bills. In tennis, most amateur players beat themselves rather than being beaten by a better opponent, the same is true for investors (amateur and professional). Keeping your eye on the ball – the financial one, is game, set and match.

Dominic Thomas
Solomons IFA

You can read more articles about Pensions, Wealth Management, Retirement, Investments, Financial Planning and Estate Planning on my blog which gets updated every week. If you would like to talk to me about your personal wealth planning and how we can make you stay wealthier for longer then please get in touch by calling 08000 736 273 or email info@solomonsifa.co.uk

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The Old Bakery, 2D Edna Road, Raynes Park, London, SW20 8BT

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KEEPING YOUR EYE ON THE BALLDominic2023-12-01T12:17:14+00:00

BLOOMING MARVELLOUS & SUSTAINABILITY

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BLOOMING MARVELLOUS & SUSTAINABILITY

The British summer – when it arrives is a wonderful time when we all complain that it is too hot and expect this to be a short-lived experience, one with remedied with regular ice lollies and ice cream and a little too much Pimm’s. The summer sports events begin and from an English perspective, invariably end soon thereafter. This year we have seen a rather better competitive endurance from the Lionesses at the women’s FIFA Football World Cup. Wimbledon has begun and we wonder whether the covers will soon appear as the rain makes an unwelcome, but regular appearance.

Many of us spend rather more time outside in the garden, soaking up the sunshine and struggle to make sense of hosepipe bans when just a few weeks earlier we were ankle-deep in rainwater. This brings its challenges to those of us that enjoy gardening. The summer also brings about rural and floral events. The RHS Hampton Court Flower Show has begun. The Tudor grounds are transformed into spectacular smaller gardens and rammed with exhibitors demonstrating their skills and ideas. It is a fantastic show that I would encourage you to attend. Conservation, sustainability and a good gin and tonic, and a three-in-one with one I tried earlier by Warner’s Distillery.

Sustainability in your portfolio

So how about sustainable investing? When I started as an adviser, rather too many summers ago, there were relatively few ethical funds at the time. The most famous was the Stewardship Fund, which was really the first ethical fund launched in the UK in 1984. This was under the backing of Friends Provident and run by the late Charles Jacob, who died 3 years ago at the age of 94. Jacob and Friends Provident both had their faith at the core of their why?

This year we have seen the introduction of 16-year old Greta Thunberg onto the world stage, and a climate crisis declared. Protests in London and David Attenborough took to the stage at Glastonbury, declaring it the largest plastic-free festival and encouraging us all to take climate change seriously whilst announcing a new series “Seven Worlds, One Planet”.

ESG is the new SRI is the new Ethical

Today, ethical investment has evolved, initially through SRI (Socially Responsible Investment) and now more recently ESG (Environmental, Social and Governance). In truth the term ESG was first coined way back in 2004 in a study “Who Cares Wins”. The criteria have shifted, partly as the discussion about sustainability has evolved. In 1984, ethical investment meant not investing in certain companies in specific sectors. However not everyone holds the same views on alcohol or tobacco in the way that Methodists and Quakers did in 1984. In short, the ethical or SRI and ESG market is globally worth over $20 trillion. New funds have been launched all in attempt to meet the concerns of concerned investors.

Many of our clients prefer “ethical investing” or at least for their investments to be screened through the lens of ethics as far as it is possible to do so. There are now plenty of solutions, but certainly no obvious ones. The cost of investing is higher which is counter-intuitive for me as an adviser, but a price many are willing to pay. Returns vary, but one may take some comfort in the logic that ultimately surely those companies that adjust behaviour to reduce carbon emissions and so forth will ultimately be the long-term winners. Yet there are no certainties in life as we all know.

If you would like to discuss ethical investing, or however you would prefer to term it, please get in touch. Either email me or pick up the phone and call me on 020 8542 8084.

In the meantime, here is the trailer for the new series by Sir David Attenborough.

Dominic Thomas
Solomons IFA

You can read more articles about Pensions, Wealth Management, Retirement, Investments, Financial Planning and Estate Planning on my blog which gets updated every week. If you would like to talk to me about your personal wealth planning and how we can make you stay wealthier for longer then please get in touch by calling 08000 736 273 or email info@solomonsifa.co.uk

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Solomon’s Independent Financial Advisers
The Old Bakery, 2D Edna Road, Raynes Park, London, SW20 8BT

Email – info@solomonsifa.co.uk
Call – 020 8542 8084

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BLOOMING MARVELLOUS & SUSTAINABILITYDominic2023-12-01T12:17:20+00:00

AMELIE – LIFE IN A SNAP

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AMELIE -LIFE IN A SNAP

I wonder if you were charmed by the Audrey Tautou in the 2001 movie “Amelie”. A charming and original love story. The story was reconstructed as a musical and had a run on Broadway in 2017, it has now arrived and touring Britain and is playing at Wimbledon where I saw it play to a full house the other evening. By the time, you read this it will have moved on with its tour (details here).

It was an enjoyable evening, the warmth and joy of the original film were very much present and also offering some creative originality of its own within the stage format. In its current form, it lacks any big numbers, you probably would struggle to recall any of the tunes within a few hours. Some of the higher notes left me wincing as the discord of the storyline was reflected in the music. The performances were all strong and make a great opportunity for actors that are also musicians, or vice versa.

AMELIE THE MUSICAL - PAMELA RAITH PHOTOGRAPHY - SOLOMONS IFA BLOG

Life in a box

So, to the financial planning angle. Amelie’s world view is interrupted by the discovery of a small tin box which is full of a childhood collection of mementos. These have been carefully hidden for years and she makes it her mission to return these to the owner. The impact of reuniting the two and the insight attained provide the motivation for her to engage more within the lives of those around her. She finds charming ways to reimagine or even re-see what is before her. There is a segment where she takes the hand of a blind man and leads him along the streets of Paris, describing the sights before them.

Eyes to see

Financial planning can sometimes be a little like this. In the process of planning well for the future, we need to be able to discuss and visualise it to some extent. Your future, like mine and everyone else’s is not written yet, you have some degree of choice about how it looks. You bring your baggage from the past and this will shape your outlook for the future. Amelie reminds us not to judge, to see people not as the sum of their frustrations, anxieties and losses but as essentially good dreamers that have lost touch with some or all of their hope about the future.

The risk of living

We are all made differently and want for different things. I have yet to meet anyone that does not want to retain their dignity and independence. We know that when life is compressed to a footnote, the memory is that of relationships – how we lived, not what we earned, bought or when or where we lived. Amelie’s world view enables her to see things differently, to bring the joy to the mundane and to nudge people out of the fog of their own phobias, anxieties and pain. Of course, she is merely doing what she knows she needs for herself and has to face the same risks as everyone else.

The Bucket List – just seau…

Financial planning is little more than taking action to afford the lifestyle you want to have. This may be “big or small”. Importantly it is defined by you. We have been talking this through within our marketing meetings and felt we needed to help a little with this process. We have begun to work on ideas for a “bucket list” and will develop this idea further. In truth, it is likely to contain few genuinely original ideas, but it may hopefully act as a reminder to each of us that time doesn’t wait. If you have any suggestions for the bucket list please get in touch.

Sorry, I could not resist adding the trailer for the film…

Dominic Thomas
Solomons IFA

You can read more articles about Pensions, Wealth Management, Retirement, Investments, Financial Planning and Estate Planning on my blog which gets updated every week. If you would like to talk to me about your personal wealth planning and how we can make you stay wealthier for longer then please get in touch by calling 08000 736 273 or email info@solomonsifa.co.uk

GET IN TOUCH

Solomon’s Independent Financial Advisers
The Old Bakery, 2D Edna Road, Raynes Park, London, SW20 8BT

Email – info@solomonsifa.co.uk
Call – 020 8542 8084

7 QUESTIONS, NO WAFFLE

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Solomon’s Independent Financial Advisers
The Old Bakery, 2D Edna Road, Raynes Park, London, SW20 8BT

Email – info@solomonsifa.co.uk Call – 020 8542 8084

7 QUESTIONS, NO WAFFLE

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AMELIE – LIFE IN A SNAPDominic2023-12-01T12:17:23+00:00

Hard Truths

Solomons-financial-advisor-wimbledon-blogger

Hard truths

As Wimbledon begins, some hard truths will be faced. Some players will not be “on their game”; some will peak too early and some will enjoy good luck whilst others might curse technology, training, lack of sleep or why on earth they did or didn’t do something that may have made all the difference. We will all have our favourites, but in the end only one person can win the singles championship. In just a couple of weeks all the questions, hopes and dreams for Wimbledon 2017 will be consigned to history.

In a similar vein, June was interesting and is now over. An election, a minority Government, a deal with the DUP, various horrendous disasters and circling political vultures all attempting to appeal to the crowds, some more obviously than others. Much of this we cannot control, despite what some might suggest within social media.

A new savings low

The FT reported the rather grim news that Britons are saving less of their disposable incomes that at any time since 1963 when such records began. An alarming 1.7% of income was left unspent in the first quarter of 2017, significantly below the long-term average of 9.2%. Reports also continue to make the argument that around 1 in 6 people use a credit card to get through the month. In tennis terms – there’s not enough left in the locker.

Squeezed rises

Whatever your view of austerity, clearly if income falls behind the rate of inflation, you effectively have a pay cut. This is something that the State Pension triple lock is designed to prevent (after many years when the State Pension arguably fell in real terms). It is estimated that the triple lock costs around £6bn. It would certainly appear that the days of austerity are coming to an end and that there is growing support for the end to the cap on Public Sector salaries which have been held back since 2010 (when Rafael Nadal won the men’s singles and Serena Williams won the women’s singles at Wimbledon).

Self-defeating

However, unless people begin to save for their own futures, arguments about austerity are going to seem like the proverbial storm in a teacup. The undeniable truth is that we all need to budget and live within our means. Most don’t appear to do this. No Government in recent history has achieved it either. If you cannot control what you earn, you can only control what you spend, which means accounting for how your money is spent. The truth is that hardly anyone likes to budget and probably dislikes drawing one up a little more. Our clients are no exception – and most don’t really “need to budget” but of course it is a discipline that we advise and encourage to ensure that your hard-earned income sticks to you.

However, it is vital to understand where your money goes. The chequebook (remember those?) does not lie. It is very easy to spend and keep spending in a society that is expert in parting you from your hard-earned cash.

As with politics, in tennis with patience, generally your opponent will tend to beat themselves. Sure, you may need to play well, but invariably the loser is the one that makes the most and more significant mistakes or errors. The most basic of these to make in financial planning is failing to budget, ignore it at your peril. In tennis terms, its the equivalent of not being able to serve.

Dominic Thomas
Solomons IFA

You can read more articles about Pensions, Wealth Management, Retirement, Investments, Financial Planning and Estate Planning on my blog which gets updated every week. If you would like to talk to me about your personal wealth planning and how we can make you stay wealthier for longer then please get in touch by calling 08000 736 273 or email info@solomonsifa.co.uk

Email me to get in touch

Hard TruthsDominic2023-12-01T12:18:29+00:00

Talking Money – July 2016

The latest online version of Talking Money is now available. In the issue there is a piece on alternative assets – all well and good, but please remember that for most people this is unnecessary, focus on getting the basics right before trying to take additional risk with a more sophisticated range of options.

For example, we have just watched Andy Murray and Serena Williams become champions of Wimbledon again. Frankly they make tennis look pretty easy, and often make their opponents look like a poor match. The truth is rather different, as it is with investing. Focus first on getting the basics right (something that our Government fails to do).

So what are the basics…

Have a plan
Spend less than you earn
Build reserves
Avoid debt wherever possible
Remember the impact of inflation
Take a long-term perspective
Diversify risk
Automate your saving – reduce your proscrastination
Ensure you have a Will
Have adequate financial protection
Take advantage of tax allowances
Live your life and dreams, not someone else’s
Someone will always have more than you, success is not a bank balance
Review, review, review….

Dominic Thomas
Solomons IFA

You can read more articles about Pensions, Wealth Management, Retirement, Investments, Financial Planning and Estate Planning on my blog which gets updated every week. If you would like to talk to me about your personal wealth planning and how we can make you stay wealthier for longer then please get in touch by calling 08000 736 273 or email info@solomonsifa.co.uk

Talking Money – July 2016Dominic2023-12-01T12:19:05+00:00

Where does the time go?

Where does all the time go?

It’s the holiday season. All being well in a couple of days I will be poolside, reflecting on the year so far and what I still need to do, (being a couple of things that readily come to mind) and no doubt I will wonder, yet again “where does all the time go?”

Holidays are a little like landmarks in time. My daughters often use holidays as a reminder for helping us recall when other things happened, for example, a recent question about our aging cat (who went to move in with the neighbours when the dog arrived) was answered by recalling where we were and what else was going on when we picked him up… all referenced by our family holiday of that year.

So this week I will be reflecting on the a small milestone. It will be 16 years since I formally received permission from the regulator to open the doors at Solomons. Sixteen years. It seems that I have endured rather longer than the regulator, which is in its third revision or Doctor Who like regeneration in the same period.

Taking Stock

I hope that this doesn’t sound twee, but I really enjoy helping my clients. I love real stories and helping clients plot new ones – or rather the life that they want in the future. Of course I don’t make it happen – they (you) do that. However I have the opportunity to prompt thought, vision and help clarify it, occasionally acting as a type of permission-giver due to being able to demonstrate what would happen if…

That’s what I love about financial planning. Like most people, I find financial products rather dull and invariably remain sceptical and suspicious of the wider workings of the financial services industry, which resulted in the formation of the company and the business model of transparent charges and a “level playing-field” approach.

It is with some degree of surprise that I read my trade press suggesting a further 22% of advisers will close within the next year because more changes to commission are coming or feared. The change being that it will be turned off…. yet this is what we did 16 years ago.

Woodstock …. or out in the Wilderness

At the weekend I attended “Wilderness” a festival held in Oxfordshire. It was my first visit (its fifth year) and having been to quite a number of different festivals over the years, it was interesting to experience the evidently more affluent middle-class approach. I was struck by the irony of it being located near Woodstock and connotations with the east-coast American hippy counter-culture festival started in 1969 of the same name. What was once counter-cultural has become both “fashionable” and highly commoditized over the last 46 years. Sadly I missed the V&A museum’s take on this observation, which is true of many, if not all festivals, not simply Wilderness, who have by far the best on-site food (I admit to indulging in a superb banquet fit for a King at the Hix on-site restaurant and the odd glass of champagne at the Lauren-Perrier orangery) all of which you won’t find at your typical summer festival. Nobody dared mention the phrase champagne socialism too loudly.

Anyway, one of the talks/seminars I attended was called “State of the Nation” hosted by Jolyon Rubinstein which raised questions about business, stock markets and economics. Despite festival attire, many of those attending are probably the sort of people (of all ages) that seek out financial advice, yet few seemed to really appreciate how much financial services eeks out of their wealth in charges…. something that I hope is evidently clear to our clients and why I set out 16 years ago to be transparent and use low-cost investing techniques. I guess it is good that finally others are waking up to better understanding of economics, wealth and planning. As many festival revellers seemed to come from the London area, perhaps rethinking or dare I say even re-imagining financial planning resides within striking distance of Wimbledon…. and we’ve been walking the talk – living it for some time.

What Wilderness has done is to break into the imagination of those more right of centre, higher earners, who are also desperately aware of the unfairness of the “system” and have found some comfort in various, albeit expensive forms of alternative…. a sure sign for hope.

Do share this with your friends..

Dominic Thomas
Solomons IFA

You can read more articles about Pensions, Wealth Management, Retirement, Investments, Financial Planning and Estate Planning on my blog which gets updated every week. If you would like to talk to me about your personal wealth planning and how we can make you stay wealthier for longer then please get in touch by calling 08000 736 273 or email info@solomonsifa.co.uk

Where does the time go?Dominic2023-12-01T12:20:02+00:00

Overseas Pensions

Overseas Pensions?

I wonder if you have been persuaded to invest in an overseas pension? The new flexible pension rules that permit earlier access to a pension fund have caused more than the odd ripple in the global pensions world. We are highly connected to other jurisdictions and particularly those within the Commonwealth.

82% culling

HMRC recently reviewed its list of pensions that it “recognises” (which isnt the same as endorses or approves) but clearly suggests a connection. Earlier in June there were 3,811 overseas pensions on the HMRC ROP list, this has now been culled to just 663 – a reduction of about 82%. See the list here: HMRC site

It may well be that there are some “reinstatement” in time, but essentially the vast majority of overseas pensions failed to respond to the HMRC, who wanted the schemes to confirm that investors could not access their pension before the age of 55 unless, and only if, the member of the pension scheme is in ill-health – for which read – seriously unwell.

Australians in Wimbledon

A lack of response meant cut from the list. Those with Australian pensions this is a particular blow and today there is only one recognised Australian pension. Not so great for all you Australians living in Wimbledon and parts of south-west London. This will impact anyone in the process of moving their pension to an overseas pension and could result in hefty punitive “unauthorised payment charges”…. which can be 55%.

Not Just the Aussies

Obviously it isn’t just Australians that this impacts, London has many people from all over the world that are here for perhaps a short working period in their lives or much longer. This also impacts British domiciled people who wish to emigrate.

Loopholes – a pension is meant to be a pension

The motivation for this is that pensions are meant for retirement. Tax relief is provided on contributions here in the UK, but ultimately income would be taxed. Historically it has been possible in some circumstances to transfer a pension abroad – largely if you are emigrating or returning home. However, as with many things offshore, some loopholes are exploited where terms are more favourable – largely because tax relief in those jurisdictions wasn’t provided in the first place.

Overseas pensions requires specialist advice and not something that should be entered into lightly.

Dominic Thomas
Solomons IFA

You can read more articles about Pensions, Wealth Management, Retirement, Investments, Financial Planning and Estate Planning on my blog which gets updated every week. If you would like to talk to me about your personal wealth planning and how we can make you stay wealthier for longer then please get in touch by calling 08000 736 273 or email info@solomonsifa.co.uk

Overseas PensionsDominic2023-12-01T12:40:13+00:00

Wimbledon 2014

For me, many of life’s milestone’s are based upon the sporting calendar. Its Wimbledon 2014 and its not so much that I watch every shot but that it signifies that the English summer is really here (despite the weather). It acts as a reminder of years gone by, stretching all the way back to childhood and watching coverage on the BBC or even listening to games on the radio. It isn’t even as though I’m particularly recalling all the great tennis players of the past, merely that it, like so many other events is another way of marking time and moments in my life.

As we are based in Wimbledon, well… next door. It seemed like a good idea to create a small campaign. So I have put together a free report that you can download for free. This explores the 5 most common mistakes that investor make. I have probably got a lot to learn in terms of making the report punchy or marketing friendly. Its a genuine attempt to provide something of use to anyone that has any intention of investing.

Do have a look at the report, I’d welcome any feedback, more importantly though, pass on the link to your friends that you believe could benefit. Here is the link

Dominic Thomas: Solomons IFA

Wimbledon 2014Dominic2023-12-01T12:39:20+00:00