Devonshire Oct to Dec 17

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MANAGING your MONEY "the hardest thing in the world to understand is income tax" Albert Einstein Celebrating 26 years of providing independent financial advice in Devon Robots to the rescue.. Helen Mulvaney BA (Hons), Dip M, DipPFS Proprietor of RICHMOND INDEPENDENT We seem to be having the same pension headlines in the news again and again; "Millions will have to wait longer to get their state pension". The original plan was to increase state pension age from 67 to 68 between 2044 and 2046 - now there are plans to bring this forward to between 2037 and 2039. The DWP has put the move down to necessity due to the increasing financial burden of paying out the state pension to retirees who are living longer in retirement. The recent proposals will mean that around 6 million people in their 40s will need to wait or work longer before they can draw their state pension. For many retirees the state pension forms a basic reliable amount of So the state pension age keeps rolling into the distant future pension income which enables them to cover the necessities in retirement. The later state pension age will mean paying more contributions and missing out on pension payments. The financial effect is that this is going to cost thousands of pounds more for the younger generations. My own state pension age is now 6 years later than my sibling who has only managed to clock up a 10 year working life and is now retired. Whereas, once I reach retirement (hopefully) I will have clocked up around 45 years of work and contributions ! So the State Pension age keeps rolling into the distant future. Recently, I've advised clients who have been effected by the earliest changes - the 65 to 66 move and when you're not in good health or you're in an extremely stressful occupation, even this one extra year can seem like an eternity. In the future, some people will be working and paying an additional 8 years of contributions and this will affect their retirement plans even more than today's up and coming retirees. It strikes me that having your own pension arrangement provides you with a lot of flexibility when it comes to timing and arranging your retirement benefits and it can now be used flexibly to fit in with state retirement dates and/or final salary arrangements therefore sometimes allowing an earlier retirement or part retirement. This might be a very important factor for those suffering stress or who are in poorer health as it allows some ability to take control of their retirement. If you have a reasonable time frame to retirement for making contributions into your own The later state pension age will mean paying more contributions and missing out on pension payments pension you should try to build up your pension. Pensions offer tax relief on your contributions and tax efficient investment growth and are probably the most tax efficient investment you can make. For those looking for a little solace in all this bad news I did find an intriguing article in the press a few weeks ago which sheds a glimmer COMPETITION: GUESS THE PLACE Win a prize of £50 if you can identify the location in the photograph on page 4. Just email your answer to: letterbox@devonshiremagazine.co.uk The Answer will be published in the following issue of Devonshire magazine. See terms of competition in advert. Helen has been advising clients in the East Devon for the past 26 years and specialises in the provision of retirement and investment advice. richmondindependent.co.uk helen@richmond-ifa.com 01395 512166 of hope on the whole situation. A recent report from the TUC on the rise of robots and AI has suggested that the gains made from higher productivity could be used to stop planned increases in the state pension age. According to the TUC, we are going to benefit from a boost to national prosperity but we need a debate about who benefits from this wealth. There's also been a similar suggestion of taxing robots and AI which could boost the coffers. Time will tell how this will play out - but I suggest it's not going to happen soon so relying on your personal pension rather than the robot might be the best course of action for now. Helen Mulvaney Richmond Independent is a trading name of Investment & Financial Solutions Partnership LLP which is authorised and regulated by the Financial Conduct Authority 98 Countryside, History, Walks, the Arts, Events & all things Devon at: DEVONSHIRE magazine.co.uk
“Our personal attention assures your satisfaction” BATERS REMOVALS Export Packing & Shipping Full or Part Loads Fully Insured to BAR Standards Experienced, Friendly and Reliable Staff Professional Packing Local and Nationwide Containerised Secure Storage For the right move in East Devon, speak to Sue. Tipton St John, Sidmouth EX10 0JX Established 1950 01404 812487 batersremovals.co.uk Local legal & financial advice Wills, Estate Administration & Probate Our local offices Peter Findlay Tax Consultant & Business Adviser 01395 568568 peter_findlay@btconnect.com Unit 2, Dotton Farmstead, Newton Poppleford, Sidmouth. Tax returns from £130 (plus VAT) Accounts & tax returns from £210 (plus VAT) CHARTERED TAX ADVISER Covering all areas of accountancy - accounts preparation, tax returns, VAT, book-keeping, payroll, company and new business set-ups. Providing a friendly service for a variety of businesses large and small. Fixed fees, free initial consultation. Exeter Budleigh Salterton Crediton Okehampton Ottery St Mary Sidmouth Visit gilbertstephens.co.uk for more information Gilbert Stephens LLP is authorised and regulated by the Solicitors Regulation Authority (no: 536070) and Gilbert Stephens Financial Services Limited is authorised and regulated by the Financial Conduct Authority (no: 579899) Countryside, History, Walks, the Arts, Events & all things Devon at: DEVONSHIRE magazine.co.uk 99
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DEVONSHIRE Devon’s Countryside, W
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Whittaker Commercial New Build Refu
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DEVONSHIRE www.devonshiremagazine.c
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44 29 30 20 46 54 82 DEVONSHIR
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Letterbox YOUR NEWS TO THE EDITOR -
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will that happen this year? If so,
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What's On: Tel. (01395) Oct to Dec
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What's On: Oct to Dec 17 LOCAL FEE
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What’s on at What's On: Oct to De
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COVERING EVERY ADDRESS by ROYAL MAI
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Devonshire Christmas HANNAHS CHRIST
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Christmas SANTA'S GROTTO AT HOUSE O
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Chris Wakefield, of the Coleridge M
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Treat someone special this Christma
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Exeterʼs Royal Clarence Hotel by D
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8 8. A view up High Street, the his
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2 1 4 1. Traditional hardware shop,
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FASHION & BEAUTY Chapter Autumn/ Wi
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HEALTH FASHION & & BEAUTY hubcast .
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Devonshire’s intrepid adventure j
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Live Music Thursday 19th November O
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GOLF CLUB AND RESTA URANT Great Dev
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Great Devon eateries Christmas Fayr
Page 47 and 48: THE COTTAGE HOTEL & RESTAURANT HOPE
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Page 51 and 52: Catherine Osbond - 'Best Buddies' -
Page 53 and 54: Daughters 26cm, £395 Saturday 4th
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Page 57 and 58: The Cooler Months Mists and cooler
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Page 61 and 62: hubcast .co.u k Find out what’s o
Page 63 and 64: Letting your holiday home? Marsdens
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Page 67 and 68: your essential home reference secti
Page 73 and 74: COMING SOON CONSERVATION BOX SASH I
Page 81 and 82: y Phil Coppell Group Ltd your essen
Page 83 and 84: At three STC went to the so-called
Page 85 and 86: MOTORING DISCOVERY SPORT ADVENTURE.
Page 87 and 88: The Old Vet’nary by Ken Watson A
Page 89 and 90: The Norman Conquest & Christianity
Page 91 and 92: DEVONSHIRE GARDEN GARDENING in asso
Page 93 and 94: The Old Vicarage, Otterton Fo
Page 95 and 96: The diary of lady farmer, Janet Eas
Page 97: hubcast .co.u k Find out what’s o
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Devonshire Oct to Dec 17

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