Lowes Magazine Issue 130

INSIDE TRACK

Launch of Lowes Platinum We are pleased to announce that Lowes has launched its own investment platform. Platforms are essential for holding and managing investment portfolios. Long-standing clients will remember Cofunds, now Aegon and more recent clients may be on Embark, now Scottish Widows, or Quilter / Old Mutual. There are many more, some more expensive than others. All have their limitations. Lowes Platinum has been created to improve the way we manage client portfolios, deliver a broader investments choice and help us provide an improved service. Best of all, it costs less than the others. Via the new platform we can also provide improved access to our structured product expertise, including a discretionary managed service and a greater range of structures from more counterparties. Running alongside our dedicated structured product platform, SP-Perspective, we will be able to provide you with an unprecedented view of your assets. Lowes Platinum will be phased in over the next year and we look forward to introducing it to you.

Lowes tax tables booklet We are delighted once again to be issuing our yearly tax tables booklet. You can order further copies for your family, friends and colleagues by calling 0191 281 8811 or emailing Contact@Lowes.co.uk Bracket creep in 2024

A survey commissioned by Aegon, the pension and investment product provider, has revealed that a fear of outliving savings is the biggest concern for those saving for or in retirement (71% of those surveyed). With the demise of the final salary scheme, combined with people living longer, which typically means living longer in retirement, this will be an increasing concern as individuals have to take more responsibility for building their retirement income. We have tools that can build personal forecasts based on components such as income from pensions, ISAs, non-ISA investments, the State Pension, and any other assets, plotted against predicted expenditure, which can map out how long retirement income streams will last. This is a powerful way to project forward and help tailor strategies to meet individual lifestyle needs and provide peace of mind. HMRC’s data shows that the number of pensioners paying income tax has risen since the introduction of tax freezes. The number of over-65s who are paying tax is now over 8 million. As we pay more money in income tax, it is even more important that we make best use of our tax allowances and exemptions, and invest, save and withdraw our money as tax efficiently as possible. If you’d like help with mitigating the effects of bracket creep, please talk to your Lowes adviser. Bracket creep, if you’ve not come across the phrase before, is where inflation drives up wages, pushing people into higher tax brackets. We are seeing the effect of this in the UK, as the Government has frozen income tax thresholds until 2028. As the rises in the cost of living have pushed up wages and salaries, more people have been moving up the tax ladder where they face paying a higher rate of income tax. The Office for Budget Responsibility (OBR) expects 1.1 million more people will pay income tax and over 800,000 more people will pay a higher rate tax as a result.

Running out of money too soon tops retirement concerns

The content of the articles featured in this publication is for your general information and use only and is not intended to address your particular requirements. Articles should not be relied upon in their entirety and shall not be deemed to be, or constitute, advice. Although endeavours have been made to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No individual or company should act upon such information without receiving appropriate professional advice after a thorough examination of their particular situation. We cannot accept responsibility for any loss as a result of acts or omissions taken in respect of any articles. Thresholds, percentage rates and tax legislation may change in subsequent Finance Acts. Levels and bases of, and reliefs from, taxation are subject to change and their value can go down as well as up and you may get back less than you invested. Past performance is not a reliable indicator of future results.

Covershot: Portrait of Atlantic Puffin in Thrift. Photo: Shutterstock.

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LOWES Issue 130 · Published April 2024