Devonshire October November 16

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Independent Financial Adviser Celebrating 24 years of Business in East Devon MANAGING your MONEY Helen has been advising clients in the East Devon area for the past 24 years and specialises in the provision of retirement and investment advice. State Pension - under fire again! To find out more about her practice, you can view her company website at: richmondindependent.co.uk 01395 512<strong>16</strong>6 Helen Mulvaney BA (Hons), Dip M, DipPFS Proprietor of Richmond Independent Back in the early summer, Lord Adair Turner, former chairman of the FSA and Pensions Commission, proposed raising the state pension age to 70 by 2030. This would affect those workers who are currently aged 56 and under and who would need to work even longer before gaining entitlement to their state pension. Lord Turner was speaking at a private event and suggested proposals for introducing earlier access for those in physically demanding jobs or those on low incomes. changes are probably inevitable and we might even find that it's not just state pension age that is affected Currently, the timetable for raising the state pension age eligibility stops at age 68. We've reported in earlier articles that the major reason for changing the state pension age eligibility is the current cost of state pensions. The new "flat-rate state pension" which was recently introduced will eventually put a cap on the amount of state pension entitlement and workers will no longer be able to build up the generous state pensions which have been built up through contractingin. The long term costs of the state pension are already considered unsustainable with the government estimating pension costs at around 8.5% of GDP*. Recently, Ross Altman, the former pension minister, caused a great deal of consternation when she suggested that the expensive triple lock guarantee should be dropped by government to save billions of pounds. Pensioners have been particularly badly affected by the financial crisis of 2008 whereby extremely low interest rates have had a devastating effect on annuity rates and also on deposit accounts, forcing some pensioners to take much more risk than they want to with both their pensions and investment/savings. Losing the triple lock would be yet another blow and would make life very hard for many elderly pensioners on low incomes. In August, a report of the interdepartmental group on Fuller Working Lives stated that the retirement age may need to be increased and I understand that John Cridland was appointed to chair a new governmental review into the State Pension Age by Ross Altman back in March. Individuals, charities, businesses, research groups and all other interested stakeholders are invited to share their views on the State Pension age by emailing spa. review@dwp.gsi.gov.uk. long term costs of the state pension are already considered unsustainable So it appears that changes are probably inevitable and we might even find that it's not just state pension age that is affected but new changes might be introduced which will consider people's wealth, job or life expectancy. This situation, I If you would like to read more of Helen's articles visit her website: www.richmondindependent.co.uk think, is bound to cause controversy on the grounds of fairness and this would be both contentious and complicated to administer. WASPI (Women Against State Pension Inequality) has criticised successive governments for failing to properly inform those who will be affected by State Pension Age changes. So, once again, there may be changes affecting those who are creeping closer to retirement and it would appear that you'll need to work hard to ensure that you understand the changes and how they might affect you. After all, for many people, the state pension will form the basic building blocks of their retirement planning and to find that everything has changed significantly could mean great financial difficulty, probably at time when you're least likely to be able to make changes to deal with it. Please contact Helen Mulvaney of Richmond Independent for further details. Tel 01395 512<strong>16</strong>6 Source * Government Green paper Richmond Independent is a trading name of Investment & Financial Solutions Partnership LLP which is authorised and regulated by the Financial Conduct Authority 114 Countryside, History, Walks, the Arts, Events & all things Devon at: DEVONSHIRE magazine.co.uk
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DEVONSHIRE Devon’s Countryside, W
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CHARTERED BUILDING COMPANY CHARTERE
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91 88 56 24 38 DEVONSHIRE 4. Edi
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Letterbox YOUR NEWS TO THE EDITOR -
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Glorious sunset at sea on the home
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What's On: Oct & Nov 16 Tel. (01395
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What's On: Oct & Nov 16 Boost your
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What's On: Oct & Nov 16 GORY STORIE
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the idea of running a tote. They en
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The Devonshire magazine race entry
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Live Music Friday 14th October JOHN
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Great Devon eateries totally charmi
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Great Devon eateries The Otterton F
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Winstone's Book Review: Alan Bennet
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ART EXHIBITIONS OCT & NOV 2016 Alan
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Fred Yates - 'A Busy Winter Morning
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'Poppies' - Apple Tree Gifts, Axmin
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A SHOWCASE OF ARTISANS A showcase o
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ARTISANS SHOWCASE HELEN BRICE DESIG
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inspirational gift ideas A U T U M
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FASHION & BEAUTY What's On in Devon
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FASHION & BEAUTY Chapter Autumn/Win
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FASHION & BEAUTY THE COMPLETE DENTU
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Devonshire October November 16

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