News and blog

New Marriage Allowance update

We previously announced the introduction of the new Marriage Allowance in April, which allows married or civil partnership couples (born on or after 6th April 1935) to share a proportion of their annual tax allowance.

Unfortunately, a number of couples have been unable to claim the new Marriage Allowance due to problems with a £25million computer system called Verify.

New £50,000 Premium Bond investment limit

As of Monday 1st June, National Savings & Investment (NS&I) have increased the cap on Premium Bonds by £10,000 to a total of £50,000. This is the second time in two years in which NS&I have increased the total cap on the amount savers can invest. As a result of the increase, it is predicted that savers are expected to buy billions more bonds.

Reminder: New Budget on 8th July

In a month's time, the Chancellor is due to deliver his second financial statement in one year during an emergency Budget on 8th July.

It may only seem like yesterday that Osborne delivered his 2015 Budget. However, the policies that were announced in March were devised by the coalition government. Therefore, following their majority win last month, the main purpose of the Budget will be for the Conservative party to take the reins and turn "promises made in the election into a reality".

Should you still consider an annuity?

Just weeks after the new pension reforms came into force, annuity rates have dropped to an all-time low.

An annuity is a contract between you and an insurance company. In return for a lump sum from a pension fund, the insurance company guarantees to pay you a regular income for the rest of your life. For some time, annuities have declined in popularity amongst savers. However, a recent study by Moneyfacts will provide an ever bigger blow to the already struggling industry. Their research highlighted that the average annual income available on a standard annuity for a 65 year-old with a pension worth £10,000 has plummeted by 5.9%, whilst the rates for a pot worth £50,000 have reduced by 6.4%.

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