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Self-employment and Pensions

The Guardian recently featured a useful article on how to sort out your pension if you are self-employed.

Most of the UK’s 5 million self-employed workers are not saving for their retirements. Should they take out a long-term savings plan? Do they buy to let? Or continue to invest in their business. The article considers all of the options available.

You can read the article in full here: https://www.theguardian.com/money/2020/jan/11/self-employed-what-to-do-about-pensions

Hamnett Wealth Management offer unbiased expert pension and retirement planning advice. Our professional, qualified Independent Financial Advisers will look at whether your current pension arrangements are likely to help you achieve your retirement goals. If not, we will recommend actions to take and the likely effect of them in order to secure your financial future.

We can also review all of your existing arrangements and look at the performance of the underlying funds, the charges being levied and assess the projected income at your chosen retirement date. Call us now on 0114 235 3500 or email us at: advice@hamnettwealth.com to arrange a free consultation.

We’re Recruiting

Trainee Financial Adviser

Attractive basic salary and bonus scheme, with full pension and benefits package.

We are looking to recruit a graduate, or someone embarking on a career in financial services, to become a key member of our small but highly qualified team as a Trainee Financial Adviser.

The successful candidate will be a good communicator with a passion for providing client focus. Initially they will be working closely with the Directors, providing support in administration and research, report writing, telephone and some face-to-face client contact.

Hamnett Wealth Management is a Chartered firm providing Independent Financial and Wealth Management advice, based in Totley, south west Sheffield. We have been established for over 30 years and has a substantial bank of clients.

Building trust through our client relationships and providing financial advice of the highest quality is at the centre of what we do. Many of our clients have been with us for decades because we understand their needs and are their most trusted adviser and advocate.

We will provide full financial support to get the successful candidate to qualified adviser status and ideally to become a Chartered Financial planner.

We offer an attractive basic salary and bonus scheme, with full pension and benefits package. This role has excellent opportunities of pay progression after completing a probationary period.

This is a unique opportunity to join an established advice firm and develop a career as a Financial Adviser without the need to have your own client bank.

If you are interested, please email your CV with a covering letter to Jonathan Rowley, Director: jonathan@hamnettwealth.com

Happy New Year

Happy New Year to you all! The start of a New Year is the time when we all resolve to change something – whether it’s to lose weight or join a gym – but what about ensuring our finances are fit and healthy? At Hamnett Wealth Management, we think now is the ideal time to review your existing financial arrangements. Here are our 3 suggested resolutions for 2020:

• Take control of your pension arrangements – Whether you’re looking to set up a pension, save money on annual management charges or to reduce fees on expensive pension plans, make sure you review your current pension arrangements to see whether they are likely to help you achieve your retirement goals.

• Maximise your tax-free saving allowances – The 5th of April is just around the corner – the date by which you should have finalised any tax-efficient savings plans and pension issues. If you have money to save, but have yet to use up your ISA allowance, make sure you take advantage of this tax-free form of investment. Equally, ensure you’re making the most of allowances on your pension contributions to cut your tax bill.

• Review your investments – Volatility has been high and with fast changing political events affecting markets, it is imperative that your portfolio and pensions are strategically invested to profit from uncertainty and protect yourself from market shocks.

Hamnett Wealth Management offer unbiased, expert financial planning advice. Our professional, qualified Independent Financial Advisers take time to understand your specific requirements, aims and financial objectives to ensure your future is secure. We work with you to produce your very own bespoke financial plan. Our commitment to service also means that we will regularly review your financial plan to ensure it is continually working for you.

Take control of your financial future today with Hamnett Wealth Management. We offer a free initial face-to-face consultation where we will assess your needs and explain how we can help. Call us now on: 0114 235 3500 or email us at: advice@hamnettwealth.com

End of Year Review

This is our last blog post of 2019 and what a year it has been!  We have celebrated our 30th anniversary, launched our new website, supported various charitable events and, of course, continued to provide unbiased, reliable and trusted personal financial and investment advice to all of our clients. 

Looking further afield, we’ve had a prorogued Parliament, the country feels divided, there is slow economic growth and the result of the recent General Election means that Brexit will happen.

Whilst uncertainty has created anxiety, our advice has remained the same throughout the year –  Brace for Brexit but don’t be tempted to make any rash decisions. It’s important to remember that when the financial landscape changes, to not respond would be a missed opportunity.  It is important to maximise your tax free savings, utilise all of your allowances and ensure your investments are positioned for 2020 and beyond. 

We suggest taking some time over the festive period to ask yourself the following questions:

1.Are you maximising your tax free saving allowances?

If you’ve money to save, but haven’t used up your ISA allowance, make sure you take advantage of this tax-free form of investment.  Equally, ensure you’re making the most of allowances on your pension contributions to cut your tax bill.

2.  Are you in control of your pension arrangements?

Whether you’re looking to set up a pension, save money on annual management charges or to reduce fees on expensive pension plans, review your current pension arrangements to see if they’re likely to help you achieve your retirement goals.

3. When was the last time you reviewed your investments?

Markets have been volatile over the last 12 months. With fast changing political events affecting markets, it‘s imperative that your portfolio and pensions are strategically invested to profit from uncertainty and protect yourself from market shocks.

4. Are you prepared for the future?

Safeguard against unexpected future events spoiling your final wishes by setting up a trust alongside your will.  Trusts come in a variety of forms and can help lower potential inheritance tax bills as well as give extra guarantees  that loved ones will be looked after. Appoint a lasting power of attorney so loved ones can act in accordance with your best interests and wishes as they are now.  There are two different lasting powers of attorney to consider – one to look after your health and the other your finances.

If you would like to review your finances, are unsure of how your portfolio is performing, are concerned that you are paying too much for a poor service or just want a second opinion, please call us on 0114 235 3500 for a free initial meeting. We can then review your current plans and discuss how we can help.

Hamnett Wealth Management would like to take this opportunity to wish all of our clients, professional connections and social media followers a very Merry Christmas and a Happy New Year!  Our office closes at 5pm on Friday 20th December.  It is open 10am – 3pm on Monday 30th December  and reopens fully at 9.30am on Thursday 2nd January 2020. 

Britain’s Great Pension Crisis

We wanted to use today’s blog post to highlight a television programme – Britain’s Great Pension Crisis – which is due to air on Channel 5 tonight (4th December) at 9.15pm.

Do you know when you want to retire? Do you know how much money is in your pension fund? Do you know how much you should be putting in there each month?

If these questions strike fear into your heart then, according to the Guardian TV Guide, this is the programme for you.

Journalist Michael Buerk takes one couple as his guinea pigs and explores how they are sleepwalking into a penniless retirement and reveals what they can do to make sure they are look after. A wake-up call to start saving.

Definitely sounds like it is worth a watch!

Westside Article – Dec 2019

The end of 2019 is nearly here and what a year it has been.  We have celebrated our 30th anniversary, launched our new website, supported various charitable events and, of course, continued to provide unbiased, reliable and trusted personal financial and investment advice to all of our clients. 

Looking further afield, we’ve had a prorogued Parliament, the country feels divided, there is slow economic growth and a General Election is imminent (result unknown at time of print)….and we still don’t know what’s happening with Brexit!

Whilst uncertainty can create anxiety, our advice has remained the same throughout –  Brace for Brexit but don’t be tempted to make any rash decisions. It’s important to remember that when the financial landscape changes, to not respond would be a missed opportunity.  Whatever the result of the General Election, it is important to maximise your tax free savings, utilise all of your allowances and ensure your investments are positioned for 2020 and beyond. 

We suggest taking some time over the festive period to ask yourself the following questions:

1.Are you maximising your tax free saving allowances?

If you’ve money to save, but haven’t used up your ISA allowance, make sure you take advantage of this tax-free form of investment.  Equally, ensure you’re making the most of allowances on your pension contributions to cut your tax bill.

2.  Are you in control of your pension arrangements?

Whether you’re looking to set up a pension, save money on annual management charges or to reduce fees on expensive pension plans, review your current pension arrangements to see if they’re likely to help you achieve your retirement goals.

3. When was the last time you reviewed your investments?

Markets have been volatile over the last 12 months. With fast changing political events affecting markets, it‘s imperative that your portfolio and pensions are strategically invested to profit from uncertainty and protect yourself from market shocks.

4. Are you prepared for the future?

Safeguard against unexpected future events spoiling your final wishes by setting up a trust alongside your will.  Trusts come in a variety of forms and can help lower potential inheritance tax bills as well as give extra guarantees  that loved ones will be looked after. Appoint a lasting power of attorney so loved ones can act in accordance with your best interests and wishes as they are now.  There are two different lasting powers of attorney to consider – one to look after your health and the other your finances.

If you would like to review your finances, are unsure of how your portfolio is performing, are concerned that you are paying too much for a poor service or just want a second opinion, please call us on 0114 235 3500 for a free initial meeting. We can then review your current plans and discuss how we can help.

Hamnett Wealth Management would like to take this opportunity to wish all of our clients, professional connections and Westside Readers a very Merry Christmas and a Happy New Year!  Our office closes at 5pm on Friday 20th December and reopens at 9.30am on Thursday 2nd January. 

Talk Money, Talk Pensions Week

This week is ‘Talk Money, Talk Pensions Week’ (18-22 November 2019) and marks an annual celebration of the work thousands of organisations are doing to help people manage their money and pensions and build financial wellbeing.

Talk Money, Talk Pensions Week is a great opportunity to join, start or lead the conversation.  It’s for anyone, or any organisation, working to help people deal better with money matters, or any organisation that wants to learn more about financial wellbeing and what it might mean for them.

Financial wellbeing is about people feeling secure and in control – knowing that not only are they able to manage day-to-day and deal with the unexpected, but that they are also building towards a healthy financial future.

A financially healthy nation is not only good for individuals, but also for communities, business and the economy.

Through the week, people are encouraged to take action to improve their financial wellbeing of those around them – whether through accessing free debt advice, saving regularly, seeking out financial education or relying less on credit for everyday spending.

If you’d like to have a conversation with us about your financial future, please call us on 0114 235 3500. 

To find out more about Talk Money, Talk Pensions Week and join in the conversation, please visit:  https://maps.org.uk/talk-money-talk-pensions-week-2019/

30th Anniversary Celebrations Continue

To mark our 30th Anniversary celebrations we celebrated with a beautifully designed cake from Urban Cakehouse that tasted as good as it looked!

The Hamnett Wealth Management team with their 30th Anniversary celebration cake

We also visited our neighbours, Totley Library, to make a donation to the running of this important community resource and shared our birthday cake with the hard-working volunteers.

The charity, Totley CRIC, was established in 2014 to take over the running of Totley Library from Sheffield City Council when the library was threatened with closure. They are a local, volunteer run charity whose aim is to manage Totley Library and develop its role as a hub of the community.

Phil Smith and Jonathan Rowley pictured with volunteers from Totley Library

HMRC pays back £535m wrongly claimed on pension withdrawals

We posted this story yesterday over on our Twitter account (www.twitter.com/hamnettwealth) but we also wanted to share it on our blog as it’s a common occurrence.

The story, featured on This is Money, stated that new figures from HMRC reveal that, in the three months to September 30th, it had to pay back £54m that was wrongly claimed on pension withdrawals.

It is the highest quarterly figure since pension freedoms were introduced in 2015 and it means that HMRC has now had to repay £535million after applying ’emergency tax’ to pension withdrawals.

You can read this story in full at: https://www.thisismoney.co.uk/money/news/article-7653283/amp/HMRC-overtaxing-pensioners-record-rate.html?__twitter_impression=true

It’s worth checking to make sure that you haven’t been over taxed on your pensions withdrawals.

Hamnett Wealth Management offer unbiased expert pension and retirement planning advice. Our professional, qualified Independent Financial Advisers will look at whether your current pension arrangements are likely to help you achieve your retirement goals. If not, we will recommend actions to take and the likely effect of them in order to secure your financial future.

We can also review all of your existing arrangements and look at the performance of the underlying funds, the charges being levied and assess the projected income at your chosen retirement date. Call us now on 0114 235 3500 or email us at: advice@hamnettwealth.com to arrange a free consultation.

Retirement and Me Series

The Daily Express is currently running a weekly series called ‘Retirement and Me’ which looks at how people are spending – or plan to spend – their time and money following retirement.

Articles include how one woman tops up her very small pension income, starting a business at 61 and how the state pension age rise affected one couple.

You can read this week’s feature here https://www.express.co.uk/finance/personalfinance/1192597/retirement-age-pension-uk-state and you’ll also find links to the previous articles.

If you would like help planning your retirement, Hamnett Wealth Management offer unbiased expert pension and retirement planning advice. Our professional, qualified Independent Financial Advisers will look at whether your current pension arrangements are likely to help you achieve your retirement goals. If not, we will recommend actions to take and the likely effect of them in order to secure your financial future.

We ensure that you fully understand all of your numerous retirement options and that you don’t have to take the first offer from your existing pension provider. There is nearly always better value to be had from the open market when considering annuities and the new flexible pension option should also be fully considered.

Our impartial advice takes into account all of this as well as the latest retirement and pension legislation, including the new limits on lifetime allowances. If necessary, we will also recommend any steps you can take to limit your tax liabilities.

We can also review all of your existing arrangements and look at the performance of the underlying funds, the charges being levied and assess the projected income at your chosen retirement date.

Call us now on 0114 235 3500 to arrange a free consultation.