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Investment market update: November 2024

On 5 November 2024, US citizens voted for their next president, and the election had a knock-on effect on investment markets and business prospects around the world.

Republican Party nominee Donald Trump will serve a second term as president of the US. Trump has previously spoken about imposing harsh import tariffs, including a tariff of up to 60% on goods imported from China or a blanket 20% tariff on every US trading partner.

So, it’s unsurprising that the results of the election are being felt across the world. Indeed, Bloomberg’s Commodity Index suggests the prices of industrial metals and commodities have already slumped due to concerns about a “tit-for-tat global trade war”.

UK

The Labour government delivered its Autumn Budget at the end of October, and the repercussions were still being felt at the start of November.

Credit ratings agency Moody’s said the Budget would be an “additional challenge” for public finances as the announcements would do little to boost UK economic growth. It noted there was also a limited buffer if the UK faced a financial shock.

Similarly, S&P stated that public finances would be “constrained” but added that public investment plans could create a more business-friendly environment.

The FTSE 100 dropped to a three-month low on 8 November. This was partly due to retailers suffering losses as it became clear how higher rates of employer National Insurance contributions announced in the Budget could affect profitability. Marks & Spencer saw a 4.5% drop, and Tesco (2.9%), JD Sports (2.7%), and Sainsbury’s (2.5%) all suffered losses too.

On the same day, housebuilder Vistry issued its second profit warning in as many months, after it said cost overruns on building projects were worse than previously thought. This led to its share price tumbling almost 20%.

The headline economic figures released in November indicate the UK is stagnating.

According to the Office for National Statistics (ONS), GDP per head fell 0.1% in the third quarter of 2024 in real terms – the measure is used as an indicator of the country’s living standards.

In addition, ONS figures show inflation increased to 2.3% in the 12 months to October 2024. The rise could mean the Bank of England delays plans to reduce its base interest rate.

Readings from Purchasing Managers’ Indices (PMI) suggest business activity is weakening. However, some businesses may have paused investments and key decisions until the Budget was delivered, so activity could pick up in the final months of 2024.

In October, the British manufacturing PMI had a reading of 49.9 – slightly below the 50 mark that indicates growth. While still in growth territory, the service sector also slowed when compared to a month earlier with a reading of 52.

There’s already speculation about what a Trump presidency will mean for the UK.

The National Institute of Economic and Social Research said the protectionist measures planned by Trump could halve the UK’s economic growth in 2025 and 2026.

Yet, there may be some good news for investors. On the back of Trump’s victory, the pound weakened on 6 November. This led to the FTSE 100 jumping 1.3% as share prices lifted for multinational firms. For example, equipment rental company Ashtead, which would benefit from a strong US economy, saw a 6.6% boost.

Europe

While PMI readings suggest the eurozone economy is improving, it has recorded production falling for 19 consecutive months as of October 2024. The bloc’s two largest economies are playing a role in dragging down the figure as both France and Germany are affected by exports falling and weak demand.

Trump’s victory also had repercussions across Europe.

Shares in European renewable energy companies slid on 6 November as Trump has previously spoken about plans to boost US oil production. Danish wind turbine maker Vestas Wind Systems fell 8% and German solar energy producer SMA Solar Technology was down 10.4%.

Similarly, the threat of tariffs from the US hit German carmakers on 6 November. Porsche was the biggest faller on the German index DAX after it tumbled 7.4%, followed by BMW, Mercedes-Benz, and Volkswagen.

Just days before the US election, official figures showed that just 12,000 new jobs were added to the US economy in October. The figure is far below the 113,000 that economists expected and the 254,000 recorded in September. The low number may be due to businesses holding back decisions until election uncertainty passed, but it may have dealt a blow to the Democratic Party.

On 6 November, the day after the US election, the US dollar had its best day in four years as it climbed 1.5% against a basket of other countries.

In pre-trading on 6 November, shares in Trump Media & Technology were up almost 36%. Similarly, Elon Musk, who is a supporter of Trump, saw his business Tesla receive a 13% boost in premarket trading.

When the US stock market opened, it reached an all-time high. The S&P 500 index was up 1.9% and the Dow Jones benefited from a 3% bump as investors bet on Trump’s policies stimulating economic growth.

US company Disney also saw a boost on 14 November and share prices hit a six-month high. The value of the business increased by almost 10% thanks to the success of films Inside Out 2 and Deadpool & Wolverine.

Inflation in the US continues to be above the 2% target. In the 12 months to October 2024, inflation was 2.6%, up from the 2.4% recorded in September.

Asia

China responded to the threat of Trump tariffs saying there would be no winners if a trade war began. Instead, ambassador Xie Feng said the US and China should focus on mutually beneficial cooperation to achieve many “great and good things”.

It was good news for China’s economy in October, with an official PMI showing factory activity returned to growth, ending five consecutive months of contraction. On 1 November, the news led to Hang Seng in Hong Kong adding 1% and the Shanghai Composite index rising by 0.4%.

Perhaps surprisingly, Japan’s Nikkei index gained as it waited for the outcome of the US general election on 5 November. The index rose 1.9% as a weaker yen boosted Japanese exporters’ overseas earnings.

Please note: This blog is for general information only and does not constitute advice. The information is aimed at retail clients only.

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 not a reliable indicator of future performance.

Investments should be considered over the longer term and should fit in with your overall attitude to risk and financial circumstances.

Research: The perils of chasing stock market “winners”

Following the stocks and shares that have experienced impressive returns can seem like fun and a way to make the most out of your investments.

Yet, a study indicates that following the crowd and investing in companies that are being hyped in the press or among investors could mean you miss out on growth opportunities from other sources.

Top stocks rarely perform well for two consecutive years

Research carried out by Schroders looked at the top 10 performing stocks on the US stock market each year.

Interestingly, in 12 of the past 18 years, not a single stock that was in the top 10 also made it into the top 10 in the following year. Of the other six years, in five of them, only a single company managed to maintain its strong position.

Even staying in the top 100 is rare – an average of 15 companies each year managed to be in the top 100 for two consecutive years. The odds of making it back onto the list in a couple of years are similarly low.

You might be surprised to learn that companies that performed well are more likely to be among the worst-performing stocks a year later.

The research noted that a similar trend can be seen in other markets. In the UK, 11 out of 18 years saw the average top 10 performers move to the bottom half of the performance distribution the next year.

So, if you’ve been hearing about how well a particular stock has been performing, automatically investing in it might not be the right thing to do. It could expose you to more investment volatility than is appropriate for you.

There’s also a risk that companies that are hyped might be overvalued.

The Magnificent Seven is a group of influential technology companies – Apple, Microsoft, Nvidia, Alphabet, Amazon, Meta Platforms, and Tesla – on the US stock market that has made impressive gains over the last year. However, Schroders found collectively they are twice as expensive as the rest of the market in terms of a multiple of the next 12 months of earnings.

Some companies will deliver these expectations, but others won’t, and identifying which ones will meet targets can be difficult.

3 investing lessons you can learn from the volatility of the top stocks

1. Don’t fall for hype

It can be tempting to invest in a company that’s experienced impressive growth recently. But the Schroders study highlights how these companies can experience a fall just as much as others, and perhaps more severely.

Chasing the “hot” stocks could result in higher costs and lower returns than if you opted for investments that were consistently delivering average returns.

That’s not to say you should avoid investing in popular stocks. Indeed, many investment funds will hold investments in the Magnificent Seven. What’s important is assessing if it’s the right option for you and focusing on long-term gains, rather than short-term rises.

2 Accept the investment market can be volatile

As the research highlights, volatility is part of investing.

As an investor, accepting this can be difficult – you understandably don’t want to see the value of your investments fall. Yet, for most investors, sticking to their long-term plan, even when markets dip, makes financial sense if you take a long-term view.

Historically, markets have delivered growth when you look at performance over a longer time frame, including after sharp drops like those experienced during the pandemic in 2020.

While returns cannot be guaranteed and past performance is not a reliable indicator of future performance, history suggests holding investments and waiting out volatility may be the right course of action for you.

Volatility is why it’s often recommended that you invest with a minimum time frame of five years. This provides time for the ups and downs of the market to smooth out and, hopefully, deliver investment returns.

3. Ensure your investments are diversified

If you invested in just one company that was in the top 10 performing stocks, the research suggests the value could fall within the next year. However, if you spread your investment across multiple stocks, you could reduce the risk of this happening.

Diversifying your investments means investing in a range of assets, sectors, and geographical locations. When one area of your investments experiences a drop, a rise in another could offset this.

This is how investment funds work. A fund would pool your money with that of other investors and then invest in a wide range of assets in line with the fund’s risk profile. So, if you want to diversify your investments, a fund could be a good solution for you.

Invest in a way that reflects your goals and circumstances

If you have any questions about how to invest in a way that’s appropriate for your goals and circumstances, we’re here to help. We can offer ongoing support to ensure your investments continue to reflect your needs. Please contact us to speak to one of our team.

Please note: This blog is for general information only and does not constitute advice. The information is aimed at retail clients only.

Investments should be considered over the longer term and should fit in with your overall attitude to risk and financial circumstances.

Financial fears could be holding back millions of retirement dreams

Research suggests the fear of running out of money later in life could be holding back millions of retirees. While spending too much too soon is a risk for some retirees, it could also mean you miss out on the lifestyle or experiences you’ve been looking forward to.

According to a report in MoneyAge, 30% of retirees – the equivalent of 6.4 million people – said spending money makes them anxious. A similar proportion agreed they often don’t spend money on things they need because they’re worried about the future.

Interestingly, a quarter of those questioned said their emotions influence their financial decisions.

In some cases, retirees might need to be mindful of their budget to ensure their assets last their lifetime. Yet, the responses suggest that many retirees are reducing spending based on emotions, rather than a financial review.

Spending too much too soon is a risk many retirees may want to consider

Running out of money later in life may be a concern if you choose to access your pension flexibly or are using other assets to complement a reliable income.

When you use flexi-access drawdown to access your pension, you can adjust the income you receive to suit your needs. This provides you with greater flexibility, which could be useful if your income needs change or you have a one-off expense.

However, you’ll also need to consider how much you can sustainably withdraw from your pension each year. If you take a higher amount in your early years of retirement, it could leave you with a shortfall in the future. In some cases, that could lead to an inability to meet financial commitments or mean that you need to adjust your lifestyle.

So, the concerns raised in the survey are valid ones. Yet, being overly cautious could present a different type of risk too.

You could risk the retirement lifestyle you’ve worked hard to secure, even if you have the assets to achieve it because fear means you’re holding back.

A retirement plan could help you manage financial fears

A bespoke retirement plan could help ease your financial fears when you retire.

As part of creating a retirement plan with your financial planner, you might use a tool known as “cashflow modelling”. This could help you visualise how your wealth and assets might change during your lifetime.

A cashflow model uses information about your current finances and your plans to project how your wealth will change. So, you might want to model whether withdrawing £35,000 a year from your pension could mean you run out of money later in life. Or calculate what would happen if you wanted to withdraw a lump sum to fund a one-off cost, like going on a luxury cruise.

Not only does cashflow modelling help you understand how your retirement plan could affect your finances, but it may also be used to understand the effect of events outside of your control. For example, you might want to understand how your pension would fare if you needed to replace your home’s roof unexpectedly, or how a period of high inflation may affect your long-term finances.

As you can model these scenarios that might be a cause of financial fear, you could find your worries are eased when you realise you’re in a better position than you initially thought. Alternatively, it may highlight a potential gap that you might be able to close as a result.

It’s important to note that the projections from a cashflow model cannot be guaranteed. The data will be dependent on the information provided and will make some assumptions, such as the rate of inflation or expected investment returns.

Yet, cashflow modelling could still be a useful way to understand how the decisions you make might affect your financial security in the future.

One of the challenges of managing your finances in retirement is that it often requires a mindset shift.

During your working life, you might have focused on accumulating wealth. This may have involved contributing to your pension, creating an emergency fund, or investing with the aim of delivering long-term growth. During this period, you might have formed positive money habits that helped you reach your goals.

When you retire, many people switch to decumulating wealth as they use assets to fund their lifestyle. It can be more difficult than you expect to change the habits you’ve formed to suit the next chapter of your life.

So, it’s not just fear you may have to consider when understanding what might be influencing your financial decisions in retirement.

Again, a retirement plan could give you the confidence to start using the assets you’ve accumulated during your life to support the retirement goals you’ve been working towards.

Get in touch to understand your retirement income

If you’d like to understand how to use your pension to create a sustainable income in retirement or how you might use other assets, please get in touch with us. We could work with you to create a tailored retirement plan that considers both your financial situation and your goals.

Please note: This blog is for general information only and does not constitute advice. The information is aimed at retail clients only.

A pension is a long-term investment not normally accessible until 55 (57 from April 2028). The fund value may fluctuate and can go down, which would have an impact on the level of pension benefits available. Past performance is not a reliable indicator of future performance.

The tax implications of pension withdrawals will be based on your individual circumstances. Thresholds, percentage rates, and tax legislation may change in subsequent Finance Acts.

The pensions basics you need to know as a self-employed worker

4 valuable ways lifetime cashflow forecasting could give you financial confidence

Lifetime cashflow forecasting is a core part of financial planning that could help you understand how your future may look. It could provide essential information that means you’re able to feel confident about what’s to come and the decisions you make. Read on to find out how it works and why it might be valuable for you.

Lifetime cashflow forecasting uses your financial information and plans to make an informed guess about how your wealth will change over time. It can then use this information to create graphs and more so you’re able to visualise how the value of your estate and individual assets might change based on the decisions you make.

To start, you’ll need to input details about your financial circumstances, like how much you have in a savings account or the value of your pension. You can then add how the actions you take now will affect your wealth. For example, you might include adding £300 to your investments each month or contributing 8% of your income to your pension.

As other factors outside of your control will also affect your wealth during your lifetime, cashflow forecasting will make certain assumptions, such as:

The rate of inflation
Growth of your investments
Assets rising in value, like your property.

It’s important to ensure accurate information when using cashflow forecasting, and it’s often wise to err on the side of caution and be realistic when making assumptions – you might want to achieve annual investment returns of 8%, but is that likely when you consider your risk profile?

So, while the results of cashflow forecasting cannot be guaranteed, it could provide you with a valuable snapshot of how your wealth might change during your lifetime. But how does that help boost your confidence?

1. It could help you understand when you’ll be financially independent

One of the challenges of managing your finances is that you often need to consider your lifestyle and needs for decades in the future, particularly when you’re thinking about retirement.

It can be difficult to know when you have “enough” saved in your pension to be financially independent. Lifetime cashflow forecasting could show you when you may be able to retire and take a sustainable income that suits your needs. As well as your pension it could incorporate other assets that might fund retirement too, such as savings or property.

If you find the date is further away than you’d like, cashflow forecasting could help you visualise how changing your finances now may allow you to retire sooner. For example, boosting pension contributions by 2% could bridge the gap so you’ll be financially independent earlier.

2. It may give you the confidence to spend more

When you ask people about their long-term financial concerns, one of the biggest is that they’ll run out of money in retirement. Indeed, a survey published in IFA Magazine found that almost half of people are concerned about this.

Yet, the opposite can also happen – you have built up enough wealth to enjoy your later years, but due to worries about running out, you’re more frugal than you have to be. It could mean that you miss out on amazing experiences you’ve been looking forward to even though you have the means to pay for them.

So, while it might seem illogical at first, cashflow forecasting could encourage you to spend more. Remember, financial planning isn’t about maximising your wealth, it’s about understanding how to use your assets to create the life you want, including spending more if you’re in a position to do so.

3. It might ease worries you have about unexpected events

Even the best-laid plans may be derailed by unexpected events that are outside of your control. Cashflow forecasting could let you model the shocks you’re worried about so you understand the effect they could have and what steps you might take to ensure your long-term security.

For instance, you may know you can afford to comfortably retire when you turn 65. But what if ill health means you need to retire five years earlier than expected? Cashflow forecasting could demonstrate how you might maintain your financial security by adjusting your income needs, adding more to your pension now, or using other assets.

If you have “what if?” questions that are preventing you from feeling confident about the future, cashflow forecasting could be a valuable tool that helps to put your mind at ease.

4. It could help you understand how you could support the next generation

For many people, providing support to loved ones and leaving a lasting legacy is important.

Lifetime cashflow forecasting could be useful if you want to pass on assets during your lifetime – it could help you understand the long-term implications and whether it might affect your financial security in the future.

You might also use it to calculate the expected value of your estate when you pass away, which could inform your decisions about how you’d like assets to be distributed or whether you need to consider Inheritance Tax.

Understanding what the value of your estate could be when you pass away might also help your beneficiaries plan more effectively. In some cases, you may want to involve your loved ones in your financial plan to discover how you may lend support.

Get in touch to talk about your goals and financial future

If you have questions about your financial future or would like to update your financial plan, please get in touch to arrange a meeting with our team.

Please note: This blog is for general information only and does not constitute advice. The information is aimed at retail clients only.

The Financial Conduct Authority does not regulate cashflow forecasting, tax planning, or estate planning.

Investments should be considered over the longer term and should fit in with your overall attitude to risk and financial circumstances.

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Investment market update: August 2024

August was a rollercoaster month for investors, with the global stock market experiencing significant volatility. Read on to find out what may have affected your investments.

Many market indices saw sharp falls early in August sparked by fears that the US is on track for a recession. However, investors are likely to have experienced some recovery in the weeks that followed.

On 16 August, global stock markets boasted the best week of 2024 – the MSCI main index of world stocks was up 3.5% over the week.

UK

There was positive news from the Office for National Statistics, which reported the UK economy grew by 0.6% in the second quarter of 2024. The figure lent further weight to claims that the UK is leaving the shallow recession at the end of 2023 behind.

However, the data showed that GDP per head is 0.1% lower in real terms than it was in the second quarter of 2023. This measure is often used as a broad barometer for living standards and economic wellbeing.

Despite this, the UK is set to be the third-fastest growing economy in the G7, behind only Japan and the US.

The Bank of England (BoE) also had an optimistic outlook. The Bank more than doubled its growth forecast for 2024 to 1.25%. It also decided at the start of August to cut the base interest rate for the first time since the pandemic to 5%.

Official data shows inflation increased to 2.2% in the 12 months to July 2024. It’s the first time inflation has increased since December 2023, but it wasn’t as sharp as some economists were expecting.

With chancellor Rachel Reeves set to deliver her first Budget on 30 October 2024, news that public borrowing soared could place pressure on her plans.

Public borrowing hit £3.1 billion in July 2024 – £1.8 billion more than in July 2023. Worryingly, the Office for Budget Responsibility previously estimated the government would only need to borrow £100 million. The news led to speculation that taxes will be hiked and spending plans cut to plug the black hole.

Like many other markets, the UK experienced volatility at the start of August. On 5 August, the FTSE 100 – an index of the 100 largest companies listed on the London Stock Exchange – fell by 2%. It did start to recover the following day with a modest 0.23% rise.

There was good news for Rolls-Royce shareholders this month. The company announced it would pay dividends for the first time since the pandemic, as underlying profit is expected to be higher than previously estimated thanks to a turnaround plan. The announcement led to shares rising by almost 10%.

Interestingly, the High Pay Centre found that FTSE 100 chief executive pay reached a record high. The median pay in 2023 was £4.19 million. For the second year, AstraZeneca chief executive Pascal Soriot topped the list with pay of £16.85 million.

Europe

The S&P Purchasing Managers’ Index (PMI) for the eurozone indicates the bloc is growing. However, Dr Cyrus de la Rubia, the chief economist at Hamburg Commercial Bank, warned it was at a “snail’s pace”.

Rubia also noted that the eurozone has benefited from several large events so far this year, including the European Football Championship in Germany, the Paris Olympics, and Taylor Swift concerts. So, a slowdown could be experienced in the coming months.

Eurostat data shows unemployment increased to 6.5% in June 2024. Rising unemployment could signal that businesses aren’t confident about the future.

Similar to the UK, European stock markets experienced volatility early in August. The Stoxx Europe 600 index tumbled 2.2% on 5 August but moved back into the red the following day.

US

US job data sparked market volatility when figures from the Bureau of Labor showed unemployment increased to 4.3% in July 2023 and only 114,000 new jobs were created – far fewer than the 175,000 economists had anticipated. Coupled with poor earnings from some key technology businesses, stock markets fell.

On 2 August, technology-focused index Nasdaq fell by around 10% from its peak amid concerns that the US may enter a recession by the end of this year. Indeed, JP Morgan believes there’s a 1 in 3 chance the US will fall into a recession in 2024.

When markets reopened on 5 August, they sunk deeper into the red, with the Dow Jones falling by 2.8%, the S&P 500 tumbling by 4.2%, and the Nasdaq declining by 6.2%.

When Wall Street started to rally on 7 August, it was technology stocks that led the way. Salesforce saw its stocks rise by 3%, while Amazon (2.5%), Apple (2.27%) and Microsoft (2.2%) all gained too. The rally wasn’t universal though – Airbnb’s shares dropped by 14% as demand fell in the US and it missed profit expectations for the second quarter of 2024.

While gains were made, the Guardian reported that an estimated $6.4 trillion (£4.88 trillion) was erased from global stock markets in the three weeks to 7 August. Goldman Sachs also warned that the stock market correction hadn’t gone far enough.

There was some good news when PMI data indicated the service sector had increased “markedly” in July 2024, which could ease some concerns about an impending recession.

Asia

US recession fears were felt around the world.

Japan’s Nikkei index fell by 5.8% on 2 August and then suffered its worst day since 1987 on 5 August when it closed more than 12% down, while the broader Topix index experienced a similar fall. The indices bounced back, with the Nikkei’s value rising by more than 10% a day later.

Please note: This blog is for general information only and does not constitute advice. The information is aimed at retail clients only.

Investments should be considered over the longer term and should fit in with your overall attitude to risk and financial circumstances.

Business owners: Discover the helpful benefits of offering a salary sacrifice scheme

A salary sacrifice scheme could provide a valuable boost for both employers and employees. So, if your business does not already offer this perk, read on to discover some of the key reasons you might want to consider it.

According to a report in the Guardian, salary sacrifice schemes are more popular among larger businesses. It’s estimated that only around 5% of small- and medium-sized businesses currently have a salary sacrifice scheme in place. Yet, small businesses could have just as much to gain by introducing a salary sacrifice scheme.

Salary sacrifice reduces an employee’s income in return for non-cash benefits

In simple terms, salary sacrifice is an arrangement you make with an employee where they agree to reduce their earnings in return for a non-cash benefit of the same value.

For example, if an employee accepts lower earnings, they might instead receive:

Additional pension contributions
Childcare vouchers
A car or bicycle.

A salary sacrifice scheme could offer something your employees want or would benefit from over the long term.

In addition, as the employee’s income is lower, the amount they pay in Income Tax and National Insurance contributions (NIC) may fall.

Let’s say your employee earns £35,000 a year and is contributing 5% of their salary to their pension. In 2024/25, they’d usually pay around £4,136 in Income Tax and £1,794 in NICs.

If they choose to sacrifice £1,750 to receive additional pension contributions, they’d benefit from a boost to their pension savings. Their take-home pay would also rise as their NICs would fall to around £1,654. So, in this scenario, the employee’s short- and long-term finances would benefit.

As a result, from your employees’ perspective, a salary sacrifice scheme could help them get more out of their money.

Employers could also benefit from a lower National Insurance bill

It’s not just your employees that could benefit from lower NICs either – your business could too.

In the above example, if your employee agreed to reduce their salary from £35,000 to £33,250, in 2024/25, employer NICs would typically fall from around £3,574 to £3,332 – a saving of £242. If your entire team opted to join a salary sacrifice scheme, it could lead to a sizeable reduction in your NICs bill.

There are other potential benefits for employers too.

A salary sacrifice scheme can help your employees get more out of their earnings, which might have a positive impact on employee satisfaction, retention rates, and hiring new staff. It’s also a way to show you’re concerned about their financial wellbeing.

At a time when 66% of businesses told the British Chambers of Commerce they’ve faced challenges finding new staff, taking steps to show your employees they’re valued could prove worthwhile.

We can help you implement an appropriate salary sacrifice scheme for your business

If you’re considering setting up a salary sacrifice scheme for your business, we can offer support. From assessing the different options to calculating the financial benefit for your business, we could offer tailored advice that considers your needs.

Setting up a salary sacrifice scheme is just the first part of the challenge. You’ll also need to consider how to communicate the benefits to your employees and encourage them to opt in.

As a financial planning firm, this is an area we could offer support in too. We may be able to work with your employees to explain how a salary sacrifice scheme would affect their finances to demonstrate the value of the perk.

Monitoring how your employees view the salary sacrifice scheme and other perks you provide could also be useful. It may highlight when further education could be important, if changes should be made, or demonstrate to employees that their opinions are valued.

Yet, a study in HR Magazine suggests that more than half of employees have rarely, if ever, been consulted about benefits schemes that directly affect their work-life satisfaction.

If you’d like to benefit from our expertise when setting up a salary sacrifice scheme for your business, please contact us.

Please note: This blog is for general information only and does not constitute advice. The information is aimed at retail clients only.

The tax implications of pension withdrawals will be based on your individual circumstances. Thresholds, percentage rates, and tax legislation may change in subsequent Finance Acts.

Workplace pensions are regulated by The Pension Regulator.