Afternoon All
We move into December, where did that year go! I decided to leave this email until it’s due time, as opposed to bringing it forward following the irst Labour Budget at the very end of December.
Budget
For me, it was a bit of an anti-climax, as I seem to say after every Budget. I wanted to let the dust settle, and reflect. The biggest potential implication is going to be the impact of the value of your pension plans within your Estate, for Inheritance Tax purposes. To be clear, at present the value of your pension doesn’t ordinarily fall outside of your Estate, and as such is not an issue. However, as of 2027 this will not be the case.
IF this legislation is passed.
Royal London
If not already, you should soon be receiving a letter of notiication from Royal London entitled ‘An important update to your plan’. Essentially, the Portfolio Plans have changed in name, and you will now be invested in a new name. In itself, this is not an issue. However, it will now be more important than ever to ensure the questionnaire supplied at your annual review is completed, in order to ensure you are invested in the right plan.
If anyone would like to do this as an ad hoc process rather than waiting for your review, please do let me know and I will provide the link accordingly.
Markets
Still seem good, plan values generally on the rise still. I won’t dwell on this. Interest rates? Not such certainty, the outlook moving in to 2025 not quite as positive, so watch this space.
Sign Off
Short and sweet this time. I’m just about to watch City beat Liverpool. To many of you I will be the only City fan you’ll know over the age of 50, so please feel free to give me stick whenever you feel the need. 4 PL trophies in a row, I’ll leave that there.
I’ll be working probably pretty much up until the Friday before the festivities. Today being the first day on the last month of the year, to those of you I’m not in contact with before, may I take this opportunity to wish you all the very best for the forthcoming festivities, health and good times with your families. And thank you genuinely, to each and every one of you for your continued loyalty to IFS, which remains very much appreciated.
