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Pension Advice Vouchers

Did you know you could claim salary sacrifice on up to £500 per annum spent on pension advice?

Launched in November 2017, the pension advice voucher scheme is a government initiative to encourage employees to seek good quality pension advice. The scheme is backed by HMRC and is similar to that of the child care voucher or cycle to work scheme. It would be deemed a non-taxable benefit in kind.

To make use of the tax saving you would need to sacrifice up to £500 of your pay in return for the pension advice voucher. The voucher can then be used on the purchase of pension advice; this can be used on your personal pension planning or related to your workplace scheme.

Your tax bracket will determine how much the pension advice voucher actually costs you, by saving on income tax and national insurance. 

A £500 pension advice voucher could cost the following:

Basic rate tax payer: £340

Higher rate tax payer: £290

Higher earners caught in the tax trap between
£100,000 – £123,000 = £190

Additional rate tax payers: £265

The only provider of the voucher so far is VouchedFor. There has been a slow take up in the scheme. We believe this could be due to a lack of communication, the off putting administrative burden and lastly the potential concern for employer’s that their employee may seek bad advice.

However you are free to choose your financial adviser, this is not selected by the employer. Therefore you can use Ascot Wealth Management and we are here to help.

Below we have broken down the actions required:

1)Employee agrees to sacrifice up to £500 of salary (which would have been taxed).

2)Pension advice vouchers confirm with the adviser that the employee has paid for pension advice, or is committed to.

3)Employer approves request and transfers funds via Pension Advice Vouchers (which is not taxable).

Employers can register here:

https://pensionadvicevouchers.co.uk/employers

Employees can register here:

https://pensionadvicevouchers.co.uk/employees

Result:

Employees pay less for pension advice via the tax saving.

Note: Ascot Wealth Management is happy to use this voucher towards future adviser fees. Please get in touch with us if in receipt of a pension advice voucher. 

Contact Us

Ascot Wealth Management Limited is authorised and regulated by the Financial Conduct Authority reference 551744. Our registered office: Scotch Corner, London Road, Sunningdale, Ascot, Berkshire, SL5 0ER. Registered in England No. 7428363. www.old.ascotwm.com Unless otherwise stated, the information in this document was valid on 3rd February 2017. Not all the services and investments described are regulated by the Financial Conduct Authority (FCA). Tax, trust and company administration services are not authorised and regulated by the Financial Conduct Authority. The services described may not be suitable for all and you should seek appropriate advice. This document is not intended as an offer or solicitation for the purpose or sale of any financial instrument by Ascot Wealth Management Limited. The information and opinions expressed herein are considered valid at publication, but are subject to change without notice and their accuracy and completeness cannot be guaranteed. No part of this document may be reproduced in any manner without prior permission. © 2017 Ascot Wealth Management Ltd. Please note: This website uses cookies. To continue to use this website, you are giving consent to cookies being used. 

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4 Things Football Coaches and
Financial Advisers have in common

With the 2018 FIFA World Cup semi-finals underway, the coaches of the world’s greatest teams are on tenterhooks, eager to see whether the many hours of intense preparation will propel their teams to victory. And there’s a lot in common between a football coach and a financial adviser.

1. Strengths and weaknesses:

The value of a good football coach is similar to that of a good financial adviser. It’s about their understanding of strengths and weaknesses, and their ability to put a strategic plan in place that will deliver winning goals.

2. Insight:

The right sports coach gives you insight into both your growth potential and your limitations, and will also help you identify and take advantage of all the opportunities ahead. Similarly, the right financial adviser looks at the reality of your finances, including the risks and barriers to reaching your goals, and helps you gear your money toward wealth creation and peace of mind.

3. Valuable Advice:

The same way that a coach would not send you into a game unprepared, a good financial adviser would not encourage an expensive holiday when you are struggling to manage debt repayments.

4. Honesty:

Honesty is key in these relationships. When a coach asks players to disclose injuries, it is to prevent further harm. It’s also why financial advisers need to have the full picture of your financial status and goals – expenses, debt, income and financial aspirations.

Good coaches also understand that ‘practice makes perfect’.  In life, the better you know your own money habits and the more committed you are to achieving your financial goals, the more prepared you will be for any financial season – come World Cup tournament or friendly match.

At Ascot Wealth Management our coaches/advisers are in for the long haul and we are wanting to form long term relationships with our clients rather than just for one season. 

SO PUT YOUR BOOTS ON AND COME PLAY BALL WITH US…

CONTACT US

Ascot Wealth Management Limited is authorised and regulated by the Financial Conduct Authority reference 551744. Our registered office: Scotch Corner, London Road, Sunningdale, Ascot, Berkshire, SL5 0ER. Registered in England No. 7428363. www.old.ascotwm.com Unless otherwise stated, the information in this document was valid on 3rd February 2017. Not all the services and investments described are regulated by the Financial Conduct Authority (FCA). Tax, trust and company administration services are not authorised and regulated by the Financial Conduct Authority. The services described may not be suitable for all and you should seek appropriate advice. This document is not intended as an offer or solicitation for the purpose or sale of any financial instrument by Ascot Wealth Management Limited. The information and opinions expressed herein are considered valid at publication, but are subject to change without notice and their accuracy and completeness cannot be guaranteed. No part of this document may be reproduced in any manner without prior permission. © 2017 Ascot Wealth Management Ltd. Please note: This website uses cookies. To continue to use this website, you are giving consent to cookies being used. 

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Financial Statement Highlights

Yesterday Philip Hammond took centre stage for the 2018 Spring Statement. This statement
was not intended to deliver the any drastic changes to legislation; it is used as more of an
Economic update and outlook.

Some of the key highlights have been outlined below:

Economic

• Growth forecasts were revised from 1.4% up to 1.5% in 2017-18.
• Falling inflation forecasts from 3% to 2% by the end of 2018.
• Over the next five years, wages are expected to rise faster than average prices.

Spending

• £1.5bn already allocated for Brexit
• £1.67bn to build more affordable homes in London by 2022.
• National Living Wage to rise to £7.83p/h

Public Finances

• Borrowing forecast to be lower than predicted at £45.2bn
• Borrowing to fall continuously to 2022 to £21.4bn

If you would like any further information on the above, please do not hesitate to contact your
adviser

Ascot Wealth Management Limited is authorised and regulated by the Financial Conduct Authority reference 551744. Our registered office: Scotch Corner, London Road, Sunningdale, Ascot, Berkshire, SL5 0ER. Registered in England No. 7428363. www.old.ascotwm.com Unless otherwise stated, the information in this document was valid on 3rd February 2017. Not all the services and investments described are regulated by the Financial Conduct Authority (FCA). Tax, trust and company administration services are not authorised and regulated by the Financial Conduct Authority. The services described may not be suitable for all and you should seek appropriate advice. This document is not intended as an offer or solicitation for the purpose or sale of any financial instrument by Ascot Wealth Management Limited. The information and opinions expressed herein are considered valid at publication, but are subject to change without notice and their accuracy and completeness cannot be guaranteed. No part of this document may be reproduced in any manner without prior permission. © 2017 Ascot Wealth Management Ltd. Please note: This website uses cookies. To continue to use this website, you are giving consent to cookies being used.