lumin news Issue 10 / Winter 2024

Page 12 | winter 2024
Pensions, investing, and tax:
Lumin experts in the media
Our financial consultants regularly appear in publications including The Telegraph,
MoneyWeek and Investors’ Chronicle. Here we round up some recent coverage.
‘Deferring your State
Pension can give you
higher payments – but
there’s a catch’
The Telegraph, 08.06.2023
Financial Planning Manager
Jason Coppard says that deferring
the State Pension is
“unlikely to be the appropriate
starting position for the
majority, as retiring from
work will have caused a significant
reduction in regular
income, and many have major
concerns about living past
the age of 81” (the ‘breakeven
point’ whereby there is a financial
benefit to deferring).
There are some circumstances
where it may be appropriate.
For example, if your income
tax status is expected to
change from the time of deferral
to the commencement
of State Pension payments.
‘Should you invest
for income or growth
in retirement?’
Investors’ Chronicle,
10.11.2023
Your investment strategy in
retirement will depend on
several factors including your
age, attitude to risk, and your
financial and lifestyle goals.
James Corcoran, who is a
Senior Chartered Financial
Planner, points out that typically
“growth assets are the
key element of any retirement
plan, as it is primarily
growth assets that will provide
that driving force to
stave off the erosive effects of
inflation”. As James notes,
this is more important now
than ever, with the rate of
inflation still well above the
Bank of England’s long-term
2% target.
‘How to lower your
capital gains tax bill’
MoneyWeek, 03.11.2023
Transferring assets between
spouses is a widely used solution
to limit a capital gains
tax liability. Jason Coppard
explains that an additional
benefit can be achieved when
a transfer involves charitable
giving. “Transferring the asset
to the individual in the higher
tax band before gifting, via
Gift Aid, can be worth 20%
or 25% in additional rate tax
relief. This is because tax
bands are extended by the
gross charitable donation,
increasing the segment of income
taxed at the lower rates.
This is even more valuable if
income is between £100,000
and £125,140, as it will restore
some, or all, of their taxfree
personal allowance.”
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