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Kirk Rice Blog

Posts by: Peter Sharratt

  • Life Assurance – Do We Still Need It?Written on November 19, 2015 by Peter Sharratt

    It would appear that you each have a Whole of Life Policy as this type of Life Assurance has no set end date; hence the title.  As long as you keep paying the required premiums the cover will continue until such time as you die.  Please be aware though; the premiums and cover are usually […]

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  • How To Top Up Your State PensionWritten on October 22, 2015 by Peter Sharratt

    There are two ways in which you can increase your Basic State Pension. The first is to pay Voluntary Class 3 National Insurance (or Class 2 if Self-Employed). This can be used to fill any gaps in your National Insurance Record should you not have enough Qualifying years for a Full State Pension. Currently you […]

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  • Mind The Gap – Keep Funding Your PensionWritten on October 7, 2015 by Peter Sharratt

    April’s Pension Reform opened up more opportunities at retirement for those with defined contribution pension plans. But does this make the plans more attractive? Why Planning Matters According to a recent survey1, workers want around half their current income to be comfortable in retirement. However, two fifths claim they have no retirement plan and only one […]

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  • Inheritance Tax; Main Residence Nil Rate BandWritten on October 7, 2015 by Peter Sharratt

    At present you both have an Inheritance Tax (IHT) Nil Rate Band (NRB) of £325,000.  Any amount of unused NRB can be transferred between spouses and civil partners upon death.  The total NRB when you both die is therefore £650,000 (£325,000 X 2).  At present your estate is worth c£1,125,000 and so £650,000 would currently […]

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  • Lifetime Allowance PlanningWritten on September 23, 2015 by Peter Sharratt

    The Lifetime Allowance (LTA) will reduce to £1 Million as of 6/4/16 and will be fixed until 2018/19 (or until the government decides to change it – again!) when it will start to increase by CPI (inflation).  The government will introduce ‘protections’ for affected individuals but there are no details at present.  They are, however, […]

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  • Is It Possible To Get The Income We Need?Written on September 10, 2015 by Peter Sharratt

    To generate a Net Income of £12,000pa from your capital of £260,000 will require a Net Return of 4.62%. Allowing for Basic Rate Tax the Gross Return is 5.77%pa.  It is ‘possible’ to realise a return this high, but in relation to the question ‘is it realistic’ the answer is probably not, although to a […]

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  • Pension Projection RatesWritten on August 26, 2015 by Peter Sharratt

    The Financial Conduct Authority (FCA) set the three growth rates that providers must use in their illustrations and prior to April 2014 for pensions and ISA’s they were; 5% (lower rate), 7% (middle rate) and 9% (higher/upper rate).  The rates were however reduced in April to 2%, 5% and 8% respectively.  They are example growth […]

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  • Equity ReleaseWritten on August 12, 2015 by Peter Sharratt

    Ultimately, it is a case of: reduce your outgoings and live within your Income; sell your house and buy something cheaper to release some capital; or take out an Equity Release Mortgage.  The first two are reasonably straight forward so I will focus on the Equity Release Mortgage.  This enables you to raise money with […]

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  • Contracted out of SERPS & the new State PensionWritten on August 5, 2015 by Peter Sharratt

    An individual reaching State Pension Age today could receive one or more of the following State Pensions; Basic State, Graduate Retirement Benefit, SERP’s/S2P and finally Pension Credit.  This does seem complex and may explain why the Government has decided to replace the present system with a new Single Tier State Pension.  This comes in to […]

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  • Critical Illness – worthwhile?Written on July 22, 2015 by Peter Sharratt

    Critical Illness is an insurance and as with any insurance you pay a premium to provide cover against an unexpected or unwanted event happening.  The premium is representative of the risk to the provider in having to make a payment.  The risk of someone in normal health dying before age 65 is minimal and Life […]

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