Some key changes came to the teachers’ pension scheme from April 2022. Depending on the time you qualify to receive a teachers’ pension, it may no longer be possible for you to access a “final salary pension” (i.e. where you receive a guaranteed, lifetime income in retirement based on what you earned near…
As a business owner or director, a big question you face is how to invest your profits. What are ideal corporate (or sole trader) investments, and how can you invest in the most tax-efficient manner? In this guide, our financial planning team at Elmfield here in Padiham, Burnley offers ideas for how…
You have likely noticed that prices are going up in 2022. At some supermarkets, for instance, the cost of pasta and tinned tomatoes has risen by as much as 41% compared to a year ago. The average price for standard range spaghetti in 2021 was 51p, whilst now it stands closer to 72p. Inflation – i.e. the overall rise in prices for goods and services in an economy…
The new State Pension was introduced in April 2016, partly in an attempt to simplify the pension system (which is notoriously complex in the UK). Before that, the “old” State Pension broadly fell into two categories – the “basic” State Pension, and the “additional” State Pension. Under these rules, you could…
We have all heard of life insurance – but what about family income benefit? For those with small children or other dependents, this can be a great option to boost your financial protection should the worst happen. In this guide, our team at Elmfield (financial planners in Padiham, Burnley, Lancashire) explains how…
Many of us have been saddened and shocked by the stories coming out of Ukraine recently. At Elmfield, we hope for a swift and peaceful resolution to the conflict. As economic sanctions have been imposed by the West on Russia, global markets have been turbulent. On 24th February, for instance, as news of the invasion…
Individual Savings Accounts (ISAs) come in many forms and different benefits. How can you use these best to your advantage – maximising your returns and tax-savings? In this article, our financial planning team at Elmfield here in Padiham, Burnley, Lancashire offers this round-up of answers to commonly-asked…
There are two main reasons to buy shares (e.g. via a fund). The first is to generate dividends from them over time – regular payments, out of company profits. The second is to hold them for a long time, with the intention of eventually selling them at a higher price than you bought them. You can even combine…
The UK has many types of pensions – adding to common confusion about retirement planning. Broadly speaking, there are three to consider: the State Pension, defined contribution pensions (i.e. pension “pots”) and final salary – or “defined benefit” – pensions. This latter category can be especially…
COVID-19 restrictions have become a defining feature of life since early 2020. Hopefully, 2022 will witness greater normality. Yet it remains possible that, as the government seeks to control various “spikes” or “waves” of the virus, work-from-home orders…
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