Recruiting and retaining the right employees is fundamental to the success of every business.
But besides paying them well, how can you ensure that you bring on board and keep hold of talented staff?
I’ve been advising business owners for over 30 years and one thing which I’ve found time and again to be effective when it comes to recruitment and retention is employee benefits packages.
Don’t just take my word for it – recent research shows that 70% of employees are more likely to stay with a company that offers well-structured benefit packages while 65% of candidates say they consider employee benefits as a crucial factor in their job choice.
In this article, I’m going to run through some key employee benefits, how to put attractive incentive packages in place and what factors you need to consider as a business owner when you’re looking to reward employees.
Employee benefits come under a range of different headings and can cover everything from health insurance to Cycle To Work schemes.
They are incentives in addition to standard remuneration and statutory holidays. Just as every business is different, so is every employee within a business, so when considering what benefits to offer to your employees, it’s a good idea to try to provide a range of incentives covering different areas of life.
Let’s break down some of the main employee benefit categories with some examples of incentives you could offer.
Aside from a competitive salary, to help with your employees’ finances you might want to consider:
Also known as Private Medical Insurance, this is one of the most popular employee benefits in the UK. It can help your staff get quicker access to GPs or other health services such as physiotherapy and, depending on levels of cover, potentially a choice of specialists or hospitals. This benefit also has the added advantage to you as an employer of potentially cutting down the length of time staff need to be off work.
Also known as Death In Service benefit, this provides a financial safety net for employees’ families in case the worst should happen to them. Typical levels of cover are three to four times an insured employee’s annual salary.
Having advised business owners on a number of occasions over the years with employee life insurance claims, I know how valuable this kind of policy can be in providing a financial safety net for employees’ families in times of great distress.
In a similar way to company life insurance, disability insurance cover will provide income if any of your employees are unable to work due to illness or injury.
A number of companies offer employees discounted or free expert guidance and support for their financial wellbeing as part of a package of benefits.
In the UK, employers have to enrol eligible workers into a pension scheme and then pay into the scheme on their behalf. There are minimum contribution levels from employers and employees, but you can choose to provide more generous contributions as part of an employee benefits package. This subject is dealt with in more detail on our workplace pensions blog.
A healthy, happy workforce is invariably a more productive one. Health and well-being benefits you could consider for your employees include:
Benefits such as discounted or free gym memberships, health screenings or educational seminars can help promote health lifestyles across your workforce.
This can include things like access to confidential counselling services or advice lines, employee assistance programmes and resources to help your employees to manage stress.
Dental insurance plans insurance plans typically cover routine check-ups, fillings, and other necessary treatments while eyecare insurance helps cover the costs of eye tests and glasses.
Keeping your employees focused at work while enjoying their leisure time can be crucial. Benefits that can assist with this include:
In addition to statutory holidays for full-time workers, you could offer your employees extra holidays and/or the right to ‘buy’ additional leave as well as things like having their birthday off or an allotment of ‘personal’ days to recharge their batteries.
If your business is suitable for it, offering staff things like flexible start/finish times, compressed work weeks and remote working options can be attractive to new hires and existing employees alike.
Providing additional time off for new parents outside of statutory limits can help promote a family-friendly workplace, as can allowing staff time off for caring for family members such as elderly relatives.
Investing in your employees can bring dividends to your business as well as to your staff. Examples of career development benefits include:
Offering opportunities for employees to enhance their skills and knowledge – whether by in-house training or paid places on external courses – can upskill your workforce and improve staff retention rates.
Part or full payment for staff to embark on educational courses or degrees can enhance their personal development and your business.
Paying for sessions with professional vocational coaches has the potential to develop employees’ skills and competencies in the workplace, giving you a more efficient and more productive workforce.
From little touches which make your business a nicer place to be to ways of saving staff money on everyday purchases, there are lots of perks you can put in place including:
From money off goods and services you provide to discounts from leading retailers, many workplace benefits packages offer savings just for being a member of staff.
Whether it’s free fruit on Fridays or access to a subsidised canteen, providing staff with food and drink benefits invariably prove popular.
Something usually offered to senior staff, company cars can be a benefit which people find hard to give up, although it is important to fully investigate and understand the various tax implications involved in company car schemes.
Many public transport providers offer corporate membership for help with staff commuting to their place of work, giving employees access to discounted travel costs.
Under this government initiative, employees can save money on the purchase of a bicycle and cycling equipment through salary sacrifice. Essentially, employees can lease a bike and accessories from their employer, paying for it through monthly deductions from their pre-tax salary, resulting in tax and National Insurance savings.
As you can see from the wide range of different employee benefits available, costs associated with such schemes vary to a similar degree.
When considering which schemes to put in place, it is important to bear in mind not just how much it will cost your business, but also how it will affect your tax situation and the tax and National Insurance situation of your employees.
In many cases, this is not an easy thing to work out and is just one of the reasons why consulting a financial adviser is an important first step in your employee benefits scheme journey.
Working with your business accountants, a financial adviser can provide detailed advice on new employee benefits and ongoing support.
A financial adviser can also provide forecasts to help you plan for the future and change employee benefits as and when needed as part of your overall corporate financial planning.
Over the years, I have helped many clients to put in place and maintain successful employee benefits programmes which have reaped dividends for their business and their staff alike.
For more details, please get in touch.
Disclaimer: This article is for informational purposes only and does not constitute financial, tax, or legal advice. Tax treatment depends on individual circumstances and may change. Always seek professional advice before making financial decisions.
Inheritance tax will be levied on unused pension funds after death from April 2027.
This change has major implications for people looking to leave money to their loved ones.
Here we take a look at how to cope with the new regime and maximise what you can leave your family.
With limited exceptions, inheritance tax (IHT) of 40% is charged on anything you leave after your death over £325,000. This amount is known as the ‘nil-rate band’.
If you leave your main home to your children or grandchildren, you may also get a residence nil-rate band of £175,000. This adds up to a maximum £500,000 before tax kicks in. Therefore a couple who are married or in a civil partnership can potentially pass on up to £1m without their inheritors paying tax.
While this may not sound too bad at first, when you look a little closer then alarm bells may well start to ring.
For example, as of March 2025, the average UK house price was £271,000, a 6.4% increase on the same month in 2024. In 15 years at that annual growth rate, your house would be worth over £531,000.
But with annual house price growth over the last 10 years estimated at 12.1% (by estate agency Zoopla), then after 15 years your home could actually be worth more than £762,000.
With the nil-rate band frozen until 5th April 2030 and higher house prices in certain parts of the country, people even on fairly modest means are now falling into the IHT trap.
At the moment, defined contribution pensions – those where you build up a pot of money to give you an income when you retire – don’t form part of your estate when you die. Consequently, your family doesn’t currently have to pay inheritance tax on any unused defined contribution pensions after your death.
However, from April 2027, any unused defined contribution pensions will be treated as part of your estate for IHT purposes.
Including pension funds in IHT calculations could mean that your estate surpasses the IHT threshold. The rise in house prices and the freeze on tax thresholds makes this even more likely.
Anything above the threshold will be liable for tax at a current rate of 40%. This could have significant financial consequences for your beneficiaries, especially with many people currently using their defined contribution pensions to help pass on assets to the next generation.
As well as potentially paying more in tax, bringing pensions under the IHT umbrella will also cause delays. With HMRC assessing pension funds as part of the overall estate, beneficiaries may face months of waiting for the probate process to be completed. This process could take even longer for more complex estates.
Pension scheme administrators will have to determine the value of any unused pension funds at the time of death and include these in the calculation for IHT. Again, this could lead to significant delays.
With this major change less than two years away, you should take stock of your current situation and evaluate the total value of your assets.
Add up the current worth of your pensions, properties and investments to see where you stand. You should also check you have all appropriate documentation in place. Once you have a comprehensive picture of your financial position, you can start to look at ways of tax-efficient planning.
Careful planning and expert help from a financial adviser can help you to preserve as much as possible of your estate. It can also avoid leaving your family facing major financial headaches.
Here are some options to consider for cutting down on potential inheritance tax liabilities:
As a retiree after being careful with incomes and outgoings for many years, this can be easier said than done. However, it is one sure way of reducing your taxable estate.
You can give away up to £3,000 in any tax year without it counting towards IHT. You can also carry forward unused allowance from the previous year. As a result, you could gift up to £6,000 if you haven’t used it previously.
You can gift additional amounts for weddings and civil partnerships. This can be up to £5,000 to a child, up to £2,500 to a grandchild or great-grandchild and up to £1,000 for anyone else.
Also, you can gift up to £250 per person per tax year, if that person hasn’t received part of your £3,000 annual exemption.
Gifts above these amounts are called Potentially Exempt Transfers (PETs). If you live for seven years after giving the gift, it won’t be taxed. If you don’t, then IHT is charged on a sliding scale as follows:
| Years between gift and death | IHT on gifts over allowance |
| 0-3 years | 40% |
| 3-4 years | 32% |
| 4-5 years | 24% |
| 5-6 years | 16% |
| 6-7 years | 8% |
| 7+ years | 0% |
A Trust is a legal structure that lets you set aside assets for your loved ones while keeping some control over how and when they receive them.
Some trusts are taxed at lower rates or even avoid IHT entirely, depending on how they’re set up. For example:
However, Trusts are complex. A financial adviser or an estate planning expert can ensure they are set up correctly and carry out your wishes.
Many people assume that life insurance policies are only there to help families in the event of an untimely death.
However, you can take out a life insurance policy to cover the anticipated cost of an inheritance tax bill. These policies can be taken out at later stages in life.
If the policy is written in trust, then the payout doesn’t count as part of your estate and won’t be taxed. You should get professional advice since such policies do not come cheap and need careful handling to be effective.
You could consider using some funds to make an investment that qualifies for Business or Agricultural Relief.
From April 2026, any assets worth up to £1m and which you have held for at least two years will get 100% relief from inheritance tax. Assets above that level will qualify for 50% relief from IHT, effectively taxing them at 20% rather than the standard 40%.
Qualifying quoted but unlisted shares (such as those on the Alternative Investment Market) will attract 50% relief from inheritance tax.
This is a complicated area so take expert investment advice and taxation advice before progressing with any plan.
If your defined benefit pension fund is left to your spouse or civil partner, they will not have to pay any inheritance tax.
Nonetheless, when they die, that pension could still attract IHT. The same principle applies when it comes to property.
A financial adviser or estate planning expert can help you put in place joint plans to help maximise benefits.
For example, a joint lives second death policy in trust for the beneficiaries of your estate may help to cover the IHT bill.
Inheritance Tax on pensions will make it harder for people to pass on assets without attracting increased tax bills. This especially the case when you consider rising house prices and frozen tax allowances.
Careful planning with financial and estate planning advisers can create useful solutions to ensure you maximise what you leave behind.
To find out more, why not get in touch with one of our experts?
Disclaimer: This article is for informational purposes only and does not constitute financial, tax, or legal advice. Tax treatment depends on individual circumstances and may change. Always seek professional advice before making financial decisions.
Buying a home is an exciting milestone, but with that excitement comes responsibility. You’ve worked hard to secure your home, so naturally you want to protect it and your loved ones, no matter what life throws your way.
That’s where financial protection comes in. Think of it as a practical way to build confidence in your financial future. Whether it’s illness, job loss, or unexpected events, having the right protection in place means your home and family stay secure, giving you invaluable peace of mind.
Here we break down everything you need to know: what financial protection is, how it works, and how to find the best fit for your life and budget.
A financial protection policy can support you with things such as maintaining mortgage payments or clearing the debt in the case of unexpected events like serious illness, loss of income, or death. These policies are designed to protect your home and your loved ones from financial strain.
While it’s not a legal requirement, a financial protection policy can provide much-needed peace of mind, especially if you’re the main earner in your household.
In moments of crisis, the last thing any family should be dealing with is financial uncertainty, especially when it’s preventable. That’s why having the right cover isn’t just about numbers, it’s about being able to say, “we’ve done what we can”. It’s the kind of situation where no-one wants to be thinking “if only…”
There are different types of policies designed to protect mortgage balances, mortgage repayments, and even a portion of an individual’s earnings. Each type of policy offers a different level of coverage and different terms. Let’s look at them in turn, starting with mortgage protection.
Think of mortgage protection as like life insurance for your home. If you die before your mortgage is paid off, a mortgage protection policy can be used to pay off the remaining balance, ensuring your loved ones can stay in the home without financial worry.
There are two main types of mortgage protection insurance:
A joint life insurance policy covers two people but pays out for just one and is designed to protect the financial future of the remaining partner.
Protection usually comes in the form of a lump sum payment, which can be used to pay off a mortgage, or cover other debts and financial commitments.
Some options will give you a discount in the early years of the policy to make it cheaper at the beginning.
A critical illness policy is very commonly sold alongside a life insurance policy, perhaps when taking out a mortgage. The policy will pay out a lump sum if you are unfortunate enough to suffer from a serious illness or injury. Once you have made a claim on a critical illness policy, the cover will usually cease, meaning you can only claim once on the policy.
A critical illness policy can be used to pay off a mortgage, pay for medical treatment and/or make home modifications following a debilitating illness or injury (e.g. fitting a walk-in shower or stair lift).
i) The amount the policy will pay you
The sum assured is the amount of cover for which you are applying. For example, if you have a mortgage of £150,000 then you may decide to take a critical illness policy of £150,000.
ii) Whether the level of cover changes over time
With regard to your level of cover, you have three main options:
iii) How long your policy will last
The term of the policy is how long the policy will last. This could be the term of your mortgage, or all the way up to your retirement age. Most insurers will limit the policy to a maximum age.
If you’re unable to work due to illness or injury, this insurance replaces a portion of your income – typically up to 65% of your salary – until you’re back on your feet or reach the end of the policy term. You can choose the length of time you need to wait before the benefit starts to be paid, and there are options for long and short term polices.
This form of financial protection is particularly useful for people who are self-employed or those without employer sick pay.
Instead of paying out a lump sum, this policy provides tax-free monthly payments to your family if you die during the policy term. It helps cover everyday living costs and mortgage payments, keeping your loved ones financially secure.
This is a short-term policy that usually pays out for a year to cover your mortgage payments and other associated bills. The policy renews every year in the same way your buildings and contents insurance does. Some policies include redundancy cover to allow you to maintain payments until you get back into work.
Whether or not you feel you need financial protection depends on your personal circumstances. However, it’s essential if you’re the main earner and have dependents, especially when you have a mortgage.
Financial protection may also be useful for you in other scenarios, such as protecting your investable assets, funeral planning or to support your inheritance tax planning. An adviser will help you understand what is available and take you through the best options.
The cost varies based on factors like:
When selecting a financial protection policy, consider:
Policy Exclusions – Check what’s covered and what’s not.
Flexibility – Can you adjust the policy if your mortgage changes?
Combined Cover – Bundling life insurance, critical illness, and income protection may save money.
Does it pay out? – Protection providers publish their claims statistics annually. Traditionally, an extremely high portion of claims are paid – in 2023, UK insurers disbursed a record £7.34 billion in protection claims, offering crucial support to individuals and families during challenging times. This equates to approximately £20.1 million paid out daily.
Here’s how these payouts were distributed:
And these were the average payouts:
No. While your mortgage provider may offer a variety of financial protection products, you are not tied to using their services and can shop around to get the best package for you and your family.
Setting up financial protection doesn’t have to be complicated.
You can get in touch with me or any of our mortgage and protection advisers. We can assess your needs and requirements and recommend the best policy to suit your family and your budget as well as provide advice and look to save cost by recommending multi-benefit policies.
From experience, one thing I would advise is to consider financial protection at an early stage in your home owning journey. By doing so, you can get better value for money – and the reassurance that your home and your family will be provided for should the unexpected occur.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Disclaimer: This article is for informational purposes only and does not constitute financial, tax, or legal advice. Tax treatment depends on individual circumstances and may change. Always seek professional advice before making financial decisions.
In the words of civil rights activist Malcolm X: “Education is the passport to the future, for tomorrow belongs to those who prepare for it today.”
However, the price of that passport – at least in the UK – is going up.
The introduction of 20% VAT on private school fees in January 2025 has left many parents who want to send their children to independent schools struggling to make their desires match up to their finances.
But with some careful financial planning and the right advice, it is still possible for parents to purchase that passport to the future for their children.
Private school fees were 22.6% higher on average in January 2025 compared with January 2024, according to the Independent Schools Council (ISC), which represents most independent schools in the UK.
The average termly fee for a day school in January was £7,382, which includes 20% VAT, according to the ISC. In January last year the average was £6,021.
Average termly fees for boarders – where pupils live at the school during term time – are now around £9,000 a term for prep schools (for students under 11) and £11,000 a year for senior boarding schools (for students over 11).
Add in travel costs, uniform costs, learning materials and extracurricular activities and you can see why careful financial planning is needed for most parents who want to send their children to private school.
As with most life events, the earlier you incorporate private school fees into your financial planning framework, the better.
One key choice to make is whether you want to send your child to a private school throughout their educational life or whether you want to consider sending them to a high-performing state primary school followed by a private school for their secondary education. This route would give you an additional seven years to save for private school fees, although you will need to take into account the high likelihood of rising costs during that time.
Then you will need to decide whether your child will be a day pupil – living at home and going to and from school every day – or a boarding pupil living at school during term time. Day pupil rates are usually cheaper, but you will need to take into account travel times and costs and whether your child attending the school you have set your heart on could mean you potentially moving house to a home closer to the establishment.
Finally, many of the most sought-after independent schools also have extensive waiting lists so if you have your heart set on a particular school for your child, you will need to act quickly.
Plan ahead and plan early has to be your mantra for all these reasons.
Most parents pay for their child’s private school fees in three different ways:
Depending on the school and the fees charged, parents often use a combination of one or more of these primary routes e.g. using an inheritance and then topping up with amounts from their income.
If you have an investable lump sum to pay for your child’s education, you should consult a financial adviser to find out the most tax-advantageous way in which to treat that money bearing in mind how you plan to use it for school fees.
If you are planning to invest a lump sum or build up a savings pot specifically for school fees, it’s essential to ensure that the funds are invested in a way that balances potential returns with your need for capital at set intervals. A financial adviser can help you choose an investment strategy that aligns with your risk tolerance, your child’s age, and the timeframe before fees become due.
Generally, if you have several years before the fees start, you may be able to accept more investment risk in pursuit of higher returns. However, as the time to draw down approaches, reducing investment risk and increasing liquidity becomes more important to ensure the funds are available when needed.
Structuring your investments with these timing and risk factors in mind can make a significant difference in how effectively your savings support your child’s education.
If you have enough money from your income to pay for school fees, it is a good idea to ensure that source of income is protected in the event of an accident or serious illness. Financial protection policies are something you should consider in this regard.
If your child is young and you have several years before they start school, you have a number of options when it comes to saving for their education.
You could decide to put money into a savings account. Current tax rules allow individuals to save up to £20,000 a year in an ISA (Individual Savings Account) before paying tax – £40,000 if you’re a couple. However, even fixed term cash ISAs which pay higher rates of interest than instant access accounts may not keep pace with inflation, let alone the rising cost of private school fees.
Putting money into a stocks and shares ISA has greater potential to grow your money more over the medium to long term, although returns are not guaranteed and you may get back less money than you invested.
If you talk to an independent financial adviser, they will be able to ascertain your appetite for risk and work out how best to attain your investment goals whilst taking into account your overall financial situation. Again, it’s best to have these conversations as early as possible so you can weigh up all the options you have available.
Parents whose children currently attend private schools are already having to cope with the uplift in fees since VAT was introduced during the course of the current academic year.
If you’re finding it hard to make ends meet with the increased costs, there may be a number of options available to you.
For example, other members of your family – such as your parents – may be willing to help support your children’s independent education. Gifting money can potentially attract tax breaks for donors so talk to your financial adviser about the best way donations can be made to keep your child at private school.
Depending on your circumstances, you may be able to remortgage your home to release equity which could be put towards the increased cost of school fees, particularly if you have more than one child in private education.
Talk to your financial adviser about whether this is the best route for you to take and about how mortgage protection policies can help you prepare for any unforeseen events that could affect your ability to keep up repayments on a mortgage.
It’s also worth reviewing your overall financial plan to see if there are other tax-efficient ways to manage the rising costs, such as making strategic use of pensions or dividends, setting up a trust, or restructuring your savings. These approaches may help ease the financial burden and provide more stability going forward.
Engaging with a financial adviser at an early stage is a great way to prepare for paying for your child’s independent education.
Whether you’re looking at prep or senior school, day pupil or boarding, getting independent expert advice is key to facing up to private school fees and giving your child a firm foundation in life.
After all, as Nelson Mandela once said, “education is the most powerful weapon which you can use to change the world”.
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THIS ARTICLE IS FOR INFORMATIONAL PURPOSES ONLY AND DOES NOT CONSTITUTE FINANCIAL, TAX, OR LEGAL ADVICE. TAX TREATMENT DEPENDS ON INDIVIDUAL CIRCUMSTANCES AND MAY CHANGE. ALWAYS SEEK PROFESSIONAL ADVICE BEFORE MAKING FINANCIAL DECISIONS.
PLEASE NOTE: YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
THE VALUE OF YOUR INVESTMENTS (AND ANY INCOME FROM THEM) CAN GO DOWN AS WELL AS UP AND YOU MAY NOT GET BACK THE FULL AMOUNT YOU INVESTED. PAST PERFORMANCE IS ALSO NOT A RELIABLE INDICATOR OF FUTURE PERFORMANCE.
That’s what corporate financial planning can offer, yet it’s often misunderstood or overlooked entirely. The research shows that it works. According to a recent study, SMEs that take professional financial advice grow their revenues by an average of 11.5%. That’s not just a statistic, it reflects sharper decisions, better cash control, and more confident leadership.
Put simply, corporate financial planning is about working with a financial adviser to strengthen your business from the inside out. It gives you structure, clarity, and a forward-looking strategy, so you can spend more time growing your business, and less time worrying about what might go wrong.
At Fairstone, I work with a wide range of business owners. Those who are keen to use my skills for their business are often strategic thinkers, focused on the long term, not just for themselves, but for their teams, their reputation, and the legacy they’re building. Financial planning gives them the structure and clarity to pursue those ambitions with confidence.
Let’s look at some key areas where the right financial planning really pays dividends.
Every business faces risks, from market fluctuations to unforeseen disasters. Effective financial planning includes strategies to mitigate these risks.
Most businesses will have insurance in place to cover things like property, public liability and professional indemnity. However, what would happen to your business if a key director or employee became seriously ill or died?
Such an event can have significant consequences for a business, such as the recall of loans, the loss of key clients and contacts and a slump in income and profits.
Protecting your business against such risks is an important part of financial planning and can be done in a range of ways including Life Assurance cover for:
An independent corporate financial adviser can help explain these options and look at what is best for your business.
While building your business will take up most of your time, it’s important not to forget about your personal financial future.
Retirement planning is just as crucial for business owners as it is for their employees, so make sure you include this in your calculations.
Here are a few options to consider in this regard:
An independent financial adviser will be help you weigh up your options and plot the most appropriate course for your retirement.
When it comes to your employees’ pension needs, an independent adviser can review your existing arrangements and help you run your scheme in the most tax-efficient way, optimising benefits for your employees while minimising tax liabilities for your company.
Recruiting and retaining the right people for your business is another key factor in its success.
With competition for talent always high, how do you attract the people you need and keep hold of them if the competition comes calling?
While paying staff competitive salaries is obviously important, in my experience of 30 years advising business owners, it is often the other benefits that you can offer employees which help to bring them through the door and keep them happy and productive in the business.
Benefits such as Private Medical Cover, Employee Death in Service Benefit, Group Income Protection and access to health and wellbeing services are attractive to potential employees and are things which current staff are reluctant to give up.
What’s more, if you have such health and welfare policies in place, your workforce is likely to spend less time off sick and more time in the workplace which will only benefit productivity.
In conjunction with your accountants, a corporate Financial Planner can also help with matters such as navigating cash flow challenges and tax planning.
Engaging with a financial adviser can provide tailored strategies to navigate the complexities of business finance.
We can help you to gain fresh insights, save you valuable time which you can devote to building your business and provide advice to give you financial peace of mind.
It’s also important to point out that financial planning is not a luxury, it’s a necessity for business owners aiming for long-term success. By doing so, you lay a solid foundation for your business’s future. Engaging with financial professionals can further enhance your strategies, providing peace of mind and positioning your business for sustained growth.
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THIS ARTICLE IS FOR INFORMATIONAL PURPOSES ONLY AND DOES NOT CONSTITUTE FINANCIAL, TAX, OR LEGAL ADVICE.
TAX TREATMENT DEPENDS ON INDIVIDUAL CIRCUMSTANCES AND MAY CHANGE. ALWAYS SEEK PROFESSIONAL ADVICE BEFORE MAKING FINANCIAL DECISIONS.
Inheritance Tax (IHT) is becoming a growing concern for more families in the UK, not just the wealthy. Rising house prices, frozen tax-free thresholds, and increasingly complex tax rules mean that more estates are now facing large tax bills when a loved one passes away. This can put extra financial and emotional strain on families at an already difficult time.
The government’s financial forecaster, the Office for Budget Responsibility (OBR), predicts that this will continue to increase over the next few years. In 2024/25, they expect IHT receipts to reach £8.3 billion, and by 2029/30, this could rise to £13.9 billion. This increase is because the IHT threshold (the amount of money you can leave behind tax-free) has been frozen, while house prices and other assets are going up, meaning more families will have to pay IHT when someone passes away.
Getting professional advice from a qualified Independent Financial Adviser (IFA) or wealth manager is one of the most effective ways to protect your estate. These experts can help you understand how IHT works, create a personalised plan, and use legal strategies to reduce or even eliminate the tax your family may have to pay.
Inheritance Tax is charged at 40% on anything you leave behind above a certain threshold. Right now:
However, these thresholds are frozen until 2028, while property prices have continued to rise. That means more estates are going over the tax-free limit and triggering the 40% tax. View the official HMRC guidance.
Without a plan in place, your family may have to sell your home or other assets just to pay the tax bill. And because the rules are complex, many people don’t realise they have options to reduce the impact.
Why it helps: The sooner you begin planning, the more options you have to reduce IHT.
If you leave it too late, some strategies like gifting or placing assets in trust might not be fully effective. An IFA can help you build a step-by-step plan based on your current assets, family situation, and future goals.
Why it helps: Reduces the value of your estate, which means less tax to pay.
You can give away money or assets while you’re still alive, and some of these gifts are completely tax-free:
Larger gifts are called Potentially Exempt Transfers (PETs). If you live for 7 years after giving the gift, it won’t be taxed.
| Years between gift and death | IHT on gifts over allowance |
| 0-3 years | 40% |
| 3-4 years | 32% |
| 4-5 years | 24% |
| 5-6 years | 16% |
| 6-7 years | 8% |
| 7+ years | 0% |
Why it helps: Moves money or assets outside your estate, reducing the amount taxed.
A trust is a legal structure that lets you set aside assets for your loved ones while keeping some control over how and when they receive them.
Some trusts are taxed at lower rates or even avoid IHT entirely, depending on how they’re set up. For example:
Trusts are complex, so it’s important to work with a financial adviser or estate planner to make sure they’re set up correctly.
Why it helps: Ensures your family has the money to pay any IHT without needing to sell assets.
You can take out a life insurance policy that pays out enough to cover the expected tax bill. If the policy is written in trust, the payout doesn’t count as part of your estate and won’t be taxed.
This can give peace of mind that your loved ones won’t be forced to sell property or dip into savings just to pay inheritance tax.
Why it helps: Maximises both of your tax-free allowances.
Anything you leave to your spouse or civil partner is usually 100% tax-free. You can also pass on any unused tax-free allowance to them when you die.
With good planning, a couple can pass on up to £1 million without paying IHT. An adviser can help you structure your wills and financial arrangements to make the most of this.
When you take action, and get the right advice, you can cut down the inheritance tax your loved ones may have to pay. It means more of your hard-earned money ends up where you want it: supporting your children, grandchildren, or others you care about.
It also means fewer unexpected costs or last-minute decisions during a difficult time. Your family won’t need to panic about selling your home or finding cash to cover a tax bill. Instead, they can focus on what matters most: remembering you and honouring your wishes.
You keep control over how your wealth is passed on, and you make sure it’s done in the most efficient way possible.
Yes, while Inheritance Tax (IHT) rules are the same across the UK, there are some key differences in how estates are handled in Scotland compared to England, Wales and Northern Ireland.
For example, in Scotland, the law says that certain family members, like children or a spouse, have a legal right to part of your estate, no matter what your will says. This applies to money and belongings (called “moveable assets”) and is known as legal rights. Also, the process of managing someone’s estate after they pass away, called “Confirmation” in Scotland or “Probate” elsewhere, follows different rules.
If you live in Scotland or own property there, it is important to work with an Independent Financial Adviser (IFA) or wealth manager based in Scotland, or someone who fully understands Scottish law. They can help make sure your plans still work the way you want them to.
Inheritance Tax is complicated, and the rules can change. Everyone’s situation is different, and what works for one person might not work for another. A qualified IFA or wealth manager can explain your options in plain language, help you make informed decisions, and guide you through the paperwork.
Getting expert support for IHT and estate planning now means you’re not leaving your loved ones with avoidable stress or an unexpected tax bill. Instead, you’re giving them the gift of security, stability, and more of the wealth you worked hard to build.
If you’re not sure where to start, speaking to a professional is the best first step.
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THIS ARTICLE IS FOR INFORMATIONAL PURPOSES ONLY AND DOES NOT CONSTITUTE FINANCIAL, TAX, OR LEGAL ADVICE.
TAX TREATMENT DEPENDS ON INDIVIDUAL CIRCUMSTANCES AND MAY CHANGE. ALWAYS SEEK PROFESSIONAL ADVICE BEFORE MAKING FINANCIAL DECISIONS.
SOURCE: https://obr.uk/forecasts-in-depth/tax-by-tax-spend-by-spend/inheritance-tax/
SOURCE: https://www.gov.uk/inheritance-tax/
When you’ve worked hard to build your wealth through property, shares, or running a business it’s only fair that you retain as much of your gains as possible. While taxes are a fact of life, they shouldn’t be a barrier to smart financial growth. That’s where effective Capital Gains Tax (CGT) strategies come into play.
With recent changes to Capital Gains Tax allowances, navigating the tax landscape has become more complex. As of the 2024/25 tax year, the CGT tax-free allowance in the UK has been cut to just £3,000 per individual and £1,500 for trusts (HMRC 2024,) half of what it was recently.
The implications? More of your investment gains could now be taxable unless you act proactively.
The good news: the UK tax system still offers a variety of ways to reduce Capital Gains Tax legally, efficiently, and often quite accessibly. Below, we’ve outlined six key areas to consider in your CGT planning and how a qualified adviser can help you make the most of every opportunity.
The tax-free allowance for Capital Gains Tax has now significantly reduced, many investors unintentionally miss out by not planning selling or transferring assets known as disposals, in advance. Since the exemption can’t be carried forward, it’s crucial to realise gains in a structured way.
They’ll review your holdings and help time disposals strategically across tax years, ensuring you make full use of your allowances.
Capital losses are often overlooked or not reported in time to be used effectively. However, when properly declared to HMRC, they can reduce gains in the same year or be carried forward for future use.
They will ensure all eligible losses are claimed and integrated into your long-term strategy, helping you reduce your tax exposure year after year.
Holding investments within tax-efficient accounts (often called ‘wrappers’), such as ISAs or pensions means many investors underuse these tax-efficient vehicles. ISAs allow tax-free growth, and pensions can reduce your overall taxable income, potentially lowering the Capital Gains Tax rate on gains.
For instance, selling an asset and rebuying it within an ISA (a strategy known as ‘Bed and ISA’, where you sell an investment and immediately repurchase it within an ISA to shelter future gains from tax) can protect future growth from tax. Meanwhile, pension contributions can extend your basic-rate tax band, meaning more of your gains may be taxed at 10% instead of 20%.
They’ll guide you on using ISAs, pensions, and similar wrappers to shield your investments from tax while supporting your broader retirement or investment goals.
Selling appreciated shares and then donating the proceeds to charity may feel generous but also comes with a Capital Gains Tax bill. Donating the shares directly to a UK-registered charity avoids CGT entirely and may offer income tax relief too.
They can help structure donations to benefit both your finances and the causes you care about most.
Entrepreneurs and business owners have access to several targeted reliefs but understanding the rules is key. For example, Gift Hold-Over Relief which allows you to delay paying Capital Gains Tax when gifting qualifying assets like business shares or property and lets you to defer CGT when transferring qualifying assets to others, such as family or trusts. And if you’re investing in early-stage companies, schemes like Enterprise Investment Scheme (EIS) and Seed Enterprise Investment Scheme (SEIS), which provide generous Capital Gains Tax reliefs when investing in early-stage companies, offer CGT deferral, exemption, and potential loss relief.
They can help you navigate complex eligibility criteria and time transactions effectively, ensuring that you benefit fully from these generous tax incentives.
Not all gains are taxable. For example, your main residence is usually exempt from CGT, but this depends on how the property has been used. Similarly, certain personal possessions, like antiques, art, or collectables, may be exempt if sold for less than £6,000.
| Exemption type | Description |
| Principal Private Residence Relief | The exemption that usually applies when you sell your main home |
| Personal possessions | Gain from items sold under £6000 may be exempt |
| Gifts to spouse or civil partner | No CGT, and effectively doubles the annual exemption |
| Gifts to charity | No CGT on qualifying gifts of assets to registered UK charities |
They can help you assess which assets qualify for relief and structure any disposals or transfers to avoid unwanted tax consequences.
The tax landscape across the UK and Ireland is becoming more complex, but opportunities to reduce tax remain, especially if you’re proactive. Whether you’re rebalancing your investment portfolio, gifting assets, or planning for retirement, the right strategy can mean significant long-term savings.
At Fairstone, our advisers specialise in tax and financial planning tailored to individuals and families in the UK and Ireland. We help clients maximise reliefs, avoid pitfalls, and build financial plans that protect their hard-earned wealth.
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THIS ARTICLE IS FOR INFORMATIONAL PURPOSES ONLY AND DOES NOT CONSTITUTE FINANCIAL, TAX, OR LEGAL ADVICE.
TAX TREATMENT DEPENDS ON INDIVIDUAL CIRCUMSTANCES AND MAY CHANGE. ALWAYS SEEK PROFESSIONAL ADVICE BEFORE MAKING FINANCIAL DECISIONS.
SOURCE: https://www.gov.uk/capital-gains-tax/allowances
Divorce later in life isn’t something most people expect to face. By the time you reach your 50s or beyond, you may have spent decades building a shared life, raising a family, paying off a mortgage, and planning for retirement together. So, when a relationship ends at this stage, it often brings not just emotional upheaval, but financial implications as well.
Understandably, one of the first concerns people have during this time is, “What happens to everything we’ve built?” The family home, pensions, savings – these aren’t just numbers on a page. They represent years of hard work, security, and stability. And when those foundations are suddenly in question, the future can feel unclear.
The good news is you don’t have to figure it all out alone. With the right guidance and a calm, clear plan, it is absolutely possible to protect your wealth and regain a sense of financial confidence, both during and after the divorce process.
For many couples, the home isn’t just where life happened, it’s also their most valuable asset. So, it’s no surprise that around 60% of divorcing couples over 50 focus heavily on the value of their jointly owned property during settlement discussions.
In fact, 11% of individuals in this age group rely on their property wealth to cover the costs of separation, either by selling the home or accessing equity. When you consider that homeowners over 55 collectively hold over £3.5 trillion in property wealth, it becomes clear just how central property is to these decisions. (Opinium Research 2024)
But knowing what to do with that asset isn’t always straightforward. One partner might want to remain in the home, while the other needs their share of the equity to start again. For some, equity release becomes a viable option allowing access to funds without selling outright. Across England and Wales, homeowners accessing equity in this way are unlocking substantial value, often tens of thousands of pounds, which can help one or both parties take their next steps with greater financial flexibility.
These are big decisions, and they come with trade-offs. Keeping the home can offer emotional comfort but may strain finances. Releasing equity might ease short-term costs but affect long-term financial security. And selling the home could offer both individuals a fresh start, albeit a difficult one emotionally.
They can assess future housing costs, provide impartial projections, and ensure that decisions made today support your long-term financial goals.
Pensions are often one of the most valuable assets in a divorce, but they’re also frequently misunderstood. In the UK, courts may issue Pension Sharing Orders (PSOs) to divide benefits fairly. In Scotland, only the portion built up during the marriage is taken into account, and it’s valued at the date of separation, which can have a significant impact.
They can help you obtain accurate valuations, clarify your options, and work alongside your solicitor to ensure pension assets are used effectively as part of your long-term financial planning.
Savings accounts, ISAs, investment portfolios and business assets are key parts of any financial settlement. In most parts of the UK, these are assessed jointly, whereas in Scotland, only those accumulated during the marriage are considered.
They offer a clear breakdown of assets, evaluate tax implications, and guide you on dividing investments in a way that supports future stability and growth.
Debt can easily be overlooked during divorce, yet it can pose serious risks. Even if debts are in your partner’s name, you may still be liable if they were incurred during the marriage. This includes credit cards, personal loans and overdrafts.
They can help identify liabilities early, understand how repayments will affect your budget, and support you in rebuilding financial resilience moving forward.
Divorce doesn’t automatically update legal documents. If your will, pension or insurance policies still list your former spouse as a beneficiary, this could lead to outcomes that no longer reflect your wishes.
They coordinate with your solicitor to ensure all relevant documents, including wills, pensions, powers of attorney and trusts, are reviewed and updated accordingly.
Despite the financial complexity involved, only 8% of people divorcing after 50 seek professional financial advice during the process. That means many are navigating property settlements, pension division, and future planning without tailored guidance, at a time when even small missteps can have lasting impacts.
What’s often overlooked is how closely divorce at this stage intersects with retirement planning. Decisions about splitting pensions, accessing investments, or downsizing a home aren’t just about today, they shape your income, tax position, and financial independence for decades to come.
Speaking with a financial adviser can provide clarity. It helps you see the full picture, evaluate options objectively, and make confident decisions aligned with your future, not just the immediate situation.
Solicitors play a crucial role in guiding you through the legal aspects of a divorce. They manage the settlement process, ensure legal compliance, and advocate on your behalf. However, their remit typically doesn’t include broader financial planning. A wealth adviser complements your solicitor by helping you plan for life beyond the settlement. They offer insight into how choices made now will affect your retirement income, tax position and overall financial wellbeing. Together, they help ensure that your legal and financial needs are both fully addressed.
Letting go of the family home can be one of the most emotional aspects of a divorce. It’s more than just bricks and mortar, it’s the setting for a lifetime of milestones. But when finances are tight, or one person cannot afford to buy out the other, holding on for sentimental reasons can sometimes lead to strain later.
It’s important to pause and reflect: does staying in the home support your financial well-being and long-term goals? Or could selling or downsizing provide more freedom, flexibility, and peace of mind?
There’s no “right” answer, it’s about what works best for you. A good adviser can help you run the numbers and understand the implications, so your decision is grounded in both emotional honesty and financial realism.
Divorce later in life may feel like a significant turning point, but it is also an opportunity to refocus and rebuild. You have much ahead of you. By taking the right steps now and seeking trusted advice, you can maintain control of your finances, protect your future and move forward with confidence and optimism.
At Fairstone, we offer expert financial advice that’s personal, practical, and compassionate. If you’re ready to take the next step, get in touch, we’ll guide you through the options and help you build a path toward lasting financial stability.
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THIS ARTICLE IS FOR INFORMATIONAL PURPOSES ONLY AND DOES NOT CONSTITUTE FINANCIAL, TAX, OR LEGAL ADVICE.
TAX TREATMENT DEPENDS ON INDIVIDUAL CIRCUMSTANCES AND MAY CHANGE. ALWAYS SEEK PROFESSIONAL ADVICE BEFORE MAKING FINANCIAL DECISIONS.
Managing your corporation’s tax efficiently is more than just crunching numbers — it’s about making smart, proactive decisions. It’s an opportunity to optimise your finances by utilising all available allowances before 5 April 2025 tax year end.
The corporation tax landscape for 2024/25 hasn’t changed significantly, but staying informed is critical. Here’s the breakdown:
If your business is part of a group or has associated companies, you’ll need to share the profit thresholds, which can affect your effective tax rate. We recommend keeping a close eye on profit forecasts and reviewing them regularly is a must.
Extracting profits effectively is one of the simplest ways to reduce your corporation’s tax liability. Here are some tax-efficient options:
Dividends remain a popular and tax-efficient way to extract profits, but changes to the Dividend Allowance mean careful planning is vital. The Dividend Allowance has been reduced, so you’ll want to ensure your strategy aligns with your overall financial goals.
Paying yourself (or key team members) a salary or bonus isn’t just good for cash flow—it’s also deductible from your company’s taxable profits. By doing so, you may lower your overall corporation tax liability.
Did you know that pension contributions made by your business are deductible and free of National Insurance contributions? They’re a fantastic way to build long-term savings while keeping your tax bill in check.
A quick tax-efficient review of your current profit extraction methods could reveal opportunities to save more.
Timing is key. Adjusting the timing of your expenses can help you optimise your tax position.
If your business is planning to invest in equipment or machinery, consider making those purchases before your year-end. Why? The Annual Investment Allowance (AIA) allows a 100% deduction on qualifying capital expenditures, giving your business an instant tax break.
Aligning bonuses and other employee-related expenses with your financial year is another savvy move. This strategy can increase your allowable deductions and lower your taxable profits.
So, review your planned expenses for the year and see if shifting them forward or back could save you money.
If your family plays a role in your business, it’s time to explore how their involvement can benefit your bottom line.
Paying a fair, commercially justified salary to family members can be an effective way to reduce your taxable profits while spreading income across lower tax bands.
Allocating shares to family members can help you take advantage of lower personal income tax rates on dividend income. Just ensure compliance with tax laws to avoid issues down the road.
Tax planning doesn’t have to be overwhelming. Use this handy checklist to guide your tax-efficient review and planning efforts:
Make sure you know whether your company falls into the small profits rate, main rate, or marginal relief bracket. Adjust your strategy accordingly.
Evaluate the best ways to extract profits—whether through dividends, salaries, or pensions. Balance your current needs with long-term planning.
Are you taking full advantage of the AIA for capital investments? A strategic review of planned expenses could save you thousands.
If your business engages in innovative activities, don’t leave money on the table. Research and Development (R&D) tax credits could significantly reduce your tax bill.
Look at how family involvement in the business could optimise income distribution and reduce overall tax liability.
Take Action: Work with a tax adviser or schedule a tax-efficient review to ensure you’re maximising every available opportunity.
Whether it’s managing corporation tax rates, extracting profits wisely, or exploring family tax efficiency, the key is to stay proactive. Tax rules may seem complex, but with the right planning, you can transform them into opportunities for savings.
Not sure where to start? Conduct a thorough tax-efficient review to identify the strategies that best suit your business. From profit extraction to capital investments, a few small changes can lead to significant benefits.
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THIS ARTICLE DOES NOT CONSTITUTE TAX OR LEGAL ADVICE AND SHOULD NOT BE RELIED UPON AS SUCH. TAX TREATMENT DEPENDS ON THE INDIVIDUAL CIRCUMSTANCES OF EACH CLIENT AND MAY BE SUBJECT TO CHANGE IN THE FUTURE. FOR GUIDANCE, SEEK PROFESSIONAL ADVICE.
A PENSION IS A LONG-TERM INVESTMENT NOT NORMALLY ACCESSIBLE UNTIL AGE 55 (57 FROM APRIL 2028 UNLESS THE PLAN HAS A PROTECTED PENSION AGE).
THE VALUE OF YOUR INVESTMENTS (AND ANY INCOME FROM THEM) CAN GO DOWN AS WELL AS UP, WHICH WOULD HAVE AN IMPACT ON THE LEVEL OF PENSION BENEFITS AVAILABLE.
YOUR PENSION INCOME COULD ALSO BE AFFECTED BY THE INTEREST RATES AT THE TIME YOU TAKE YOUR BENEFITS.
The end of the tax year is fast approaching, ending on 5 April 2025. This is your opportunity to review your annual allowances and assess how best to make the most of them. With some significant changes to tax allowances in the 2024/25 tax year and further reductions expected in the future, planning ahead is key. Using your allowances now could maximise your wealth by leveraging tax-efficient strategies and minimising liabilities.
The end of the tax year is more than a deadline, it’s an opportunity to make your money go further. This is the time to use up allowances that reset in April, reduce your tax liabilities, and fine-tune your financial strategy. For higher rate taxpayers, this could mean significant savings with the right moves in place.
There have been many tax changes in the last 12 months but here are the ones you really need to be aware of.
Understanding these updates ensures you’re prepared to navigate them and take full advantage of what’s available.
There are many ways to ensure you are being as tax efficient as possible, from maximising pension contributions to managing capital gains tax. Below are the key actions to consider ahead of 5 April 2025.
Tax relief on pensions offers one of the most generous savings opportunities. Higher rate taxpayers can claim up to 40% relief on contributions, whilst additional rate taxpayers can claim up to 45% relief. Make sure to use your £60,000 annual allowance and consider contributing to pensions for non-earning family members to secure their futures while staying tax-efficient.
Planning withdrawals is just as important—access up to 25% of your pension tax-free, and time it with other income to reduce overall liabilities.
If you’re earning above £100,000, making pension contributions is a powerful way to reduce taxable income. Not only could this help you retain your full £12,570 personal allowance, but it also delivers up to 45% tax relief.
We’d recommend you take action by contributing before 5 April and, if possible, carry forward unused allowances from the past three years to increase your savings potential.
The £20,000 ISA allowance is a simple yet effective way to shield your savings and investments from tax. Consider using a mix of Cash ISAs for easy-access funds and Stocks & Shares ISAs for long-term growth. Don’t forget Junior ISAs for your children, which allow contributions of up to £9,000 annually. If you’re under 40, then consider opening a Lifetime ISA, into which you can save £4,000 per year and receive an immediate 25% bonus (This £4,000 forms part of your overall £20,000 ISA allowance).
With the dividend allowance now just £500, it’s time to rethink your dividend income strategy. If you’re a higher rate taxpayer, dividends above this threshold are taxed at 33.75% (39.35% for additional rate taxpayers).
Consider spreading dividend income across family members or paying dividends before 5 April to take advantage of current rates. A little planning here could save you significantly.
The reduced CGT exemption means gains above £3,000 are taxable at 20% for higher and additional rate taxpayers, but gains realised from 30th October 2024, are charged at 24%.
Strategies like “Bed and ISA” (selling assets and repurchasing within an ISA) or transferring assets to your spouse to utilise their CGT allowance can help you stay efficient and minimise tax.
Higher rate taxpayers should also focus on inheritance tax efficiency. Use the £325,000 Nil-Rate Band and £175,000 Residence Nil-Rate Band to minimise IHT exposure. Lifetime gifts—like the £3,000 annual exemption and £250 small gifts—can also reduce your estate while helping loved ones.
For more complex estates, trusts and other specialist investments offer a strategic way to manage assets and shield them from unnecessary tax.
The personal allowance for the current tax year is £12,570. To retain the full allowance:
The annual ISA allowance of £20,000 allows you to shelter savings and investments from tax. You can:
Contribute up to £4,000 into a Lifetime ISA if you opened one before the age of 40.
Pension contributions attract tax relief at your highest marginal rate (20%, 40%, or 45%). By contributing before 5 April, you can:
Yes, charitable donations through Gift Aid allow you to claim additional relief if you’re a higher or additional rate taxpayer.
The annual CGT exemption is £3,000 for the current tax year. To reduce CGT:
With the dividend allowance reduced to £500, dividends above this threshold are taxed at:
Consider spreading dividend income across family members or adjusting your dividend strategy before 5 April.
Use the £325,000 Nil-Rate Band and the £175,000 Residence Nil-Rate Band efficiently. You can also:
If you or your spouse earn below the personal allowance, you can transfer up to 10% (£1,260) of your allowance to the higher-earning partner, potentially saving up to £252 in tax.
Yes, options like:
Offer tax relief and can complement your broader investment strategy. It’s vital you seek professional financial advice as these investments are highly complex.
The deadline for Self-Assessment tax returns is:
Keep detailed records of:
The 5 April deadline is fast approaching, so don’t wait to take action. Whether it’s pension contributions, ISA investments, or estate planning, each step you take today can make a meaningful difference. By getting your finances tax-efficient now, you’ll set yourself up for a stronger, more secure financial future.
Take control, optimise your savings, and make every pound work harder for you.
For further information on tax year-end planning opportunities get in touch today.
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THIS ARTICLE DOES NOT CONSTITUTE TAX OR LEGAL ADVICE AND SHOULD NOT BE RELIED UPON AS SUCH. TAX TREATMENT DEPENDS ON THE INDIVIDUAL CIRCUMSTANCES OF EACH CLIENT AND MAY BE SUBJECT TO CHANGE IN THE FUTURE. FOR GUIDANCE, SEEK PROFESSIONAL ADVICE.
A PENSION IS A LONG-TERM INVESTMENT NOT NORMALLY ACCESSIBLE UNTIL AGE 55 (57 FROM APRIL 2028 UNLESS THE PLAN HAS A PROTECTED PENSION AGE).
THE VALUE OF YOUR INVESTMENTS (AND ANY INCOME FROM THEM) CAN GO DOWN AS WELL AS UP, WHICH WOULD HAVE AN IMPACT ON THE LEVEL OF PENSION BENEFITS AVAILABLE.
YOUR PENSION INCOME COULD ALSO BE AFFECTED BY THE INTEREST RATES AT THE TIME YOU TAKE YOUR BENEFITS.
