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December Market Commentary

December Market Commentary

November was a relatively disappointing month for world stock markets, with the majority of the markets we cover in this commentary losing ground in the month: however, the largest fall was just 3% so there were no real disasters. Pride of place went to the Dow Jones index in the US, which was up by 4% in the month as the President toured the Far East, intent on doing ever more trade deals.

The big event in the UK was Philip Hammond’s first Autumn Budget, but of rather more long-term significance might have been the launch of yet another missile by North Korea. The government in Pyongyang said that the ICBM brought “the whole of the USA” within range: back from the Far East, Donald Trump said that he “would take care of it”. The rest of the world watched on and worried…

CamOuse Financial Management Limited Posted by: CamOuse Financial Management Limited
4 Dec 2017


The Autumn Budget 2017 – a short summary

The Autumn Budget 2017 – a short summary

Philip Hammond delivered his second Budget as Chancellor on 22nd November, the first to arrive in the new Autumn slot. It’s also the first Budget since the snap General Election held earlier this year which ultimately backfired for Theresa May. Between that and the less than favourable reports of the progress being made in the ongoing Brexit talks with the EU, this was therefore an important moment for the Chancellor to restore some of the faith that may well have been lost in the government during 2017. So, how did he do?

CamOuse Financial Management Limited Posted by: CamOuse Financial Management Limited
4 Dec 2017


Junior ISAs and what they offer

Junior ISAs and what they offer

Junior ISAs (JISAs) have now been around for over six years and continue to grow in popularity. They allow parents to save money for their child, which will be accessed when they come of age. But, as with any savings product, there are pros and cons to saving for your son or daughter’s future using a JISA.

One of the key benefits of the account is the tax efficiency they offer. In the tax year 2017/18, the maximum that can be invested in a JISA is £4,128 and it was announced in the Autumn Budget that this will rise to £4,260 in April 2018. An account must be opened on the child’s behalf by a parent or legal guardian, but once it is open anyone can pay money in and any income or gains within the JISA are exempt from UK tax – no matter who makes the deposit.

CamOuse Financial Management Limited Posted by: CamOuse Financial Management Limited
30 Nov 2017


Autumn Budget – November 2017

Autumn Budget – November 2017

Since the Spring Budget, the UK has held a General Election, the negotiations to leave the European Union have continued – not always at breakneck pace – and there has been the usual collection of mixed news for the UK economy.

The General Election started as an expected coronation for Theresa May and ended as an embarrassment, with the Conservative party now dependent on Northern Ireland’s DUP for a working majority in the Commons. The Prime Minister remains committed to delivering Brexit on March 29th 2019 and currently appears ready to offer the EU more money in the ‘divorce settlement’ to kick-start the talks on trade. But with negotiations on the coalition government in Germany having failed over the weekend, it is difficult to see how any talks can make much progress with the EU’s largest net contributor facing what the BBC’s Andrew Neil called the “biggest political crisis since the 1940s.”

CamOuse Financial Management Limited Posted by: CamOuse Financial Management Limited
23 Nov 2017


4 top tips to make your retirement savings last

4 top tips to make your retirement savings last

When it comes to saving for when you retire, at the very least you want to ensure that you’re going to have enough to pay for your living costs for the rest of your life. However, what you probably want to be aiming for is a nest egg which allows you to truly enjoy your life after work and do all the things you’ve planned for as you’ve saved. Some pensioners find themselves in a position where they have to compromise on what they can do during their retirement simply because of a lack of funds. So here are our top tips for retirees to help avoid finding yourself in that position.

CamOuse Financial Management Limited Posted by: CamOuse Financial Management Limited
20 Nov 2017


Power of Attorney – the case for and against

Power of Attorney – the case for and against

Setting up a trusted family member or friend with a Lasting Power of Attorney (LPA) ensures that someone else is able to make important decisions for you when you’re no longer in a position to be able to make them for yourself. But this in itself is always going to be a key decision in your life, so it’s important to consider the benefits and risks before going ahead with giving another person the authority LPA unlocks.

CamOuse Financial Management Limited Posted by: CamOuse Financial Management Limited
8 Nov 2017


What does the first interest rate rise in ten years mean for you?

What does the first interest rate rise in ten years mean for you?

After months of speculation, the Bank of England finally raised interest rates in the UK for the first time in over a decade. The increase from 0.25% to 0.5% might seem small, especially when you consider that the last time the interest rate was increased in July 2007 it was up to 5.75%, but the fact that interest rates are going up at all after more than ten years at rock bottom is significant.

CamOuse Financial Management Limited Posted by: CamOuse Financial Management Limited
3 Nov 2017


November Market Commentary

November Market Commentary

What’s the saying? ‘Close, but no cigar’. That’s how it was in October as all but two of the markets we cover rose in the month. Brazil’s market did manage to stagger up by just 14 points, meaning it was unchanged in percentage terms, but the Russian stock market let the side down, falling back by 1% in October.

While the stock markets were having a good month, the Brexit talks were having – another – stagnant month. Having been to Florence in late September, Mrs May then went and pressed the flesh in Brussels, but the warm words soon gave way to more bickering about the UK’s divorce bill. With the date for the UK’s departure from the EU another month closer, talks about a post-EU trade deal are nowhere near starting.

CamOuse Financial Management Limited Posted by: CamOuse Financial Management Limited
2 Nov 2017


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CamOuse Financial Management is authorised and regulated by the Financial Conduct Authority.

None of the information contained in this website should be considered as personal recommendation and is for information only. Should you wish to make a financial transaction we recommend that you take personal financial advice after a thorough review of your personal and financial circumstances.

The information contained within the website is subject to the UK regulatory regime and is therefore primarily targets at customers in the UK.

Registered address: Unit 111, Lancaster Way Business Park, Ely, Cambridgeshire, CB6 3NX

Registered in England and Wales. Registered No: 5662116.

Peninsula: Accredited Standard

Understanding the true cost to your business

Pension arrangements must be available for all employees. There are three categories of employee:

Eligible

Aged between 22 and State Pension Age (SPA) with qualifying earnings over the Auto Enrolment earnings trigger

Non-eligible

Aged between 16 – 74 with qualifying earnings between lower threshold and the Auto Enrolment earnings trigger
 
Aged between 16 -21 or SPA – 74 with qualifying earnings over Auto Enrolment earnings threshold

Entitled

Aged between 16 -74 with earnings below the qualifying earnings lower threshold

Important Notes

  1. Eligible jobholders must be auto-enrolled
  2. Non-eligible jobholders are allowed to be auto-enrolled if they want to
  3. Entitled workers are entitled to join a pension scheme, but the employer doesn't have to contribute

Qualifying Earnings lower threshold

£5,772

Qualifying Earnings upper threshold

£41,865

Automatic Enrolment earnings trigger

£10,000

Minimum contribution level options:

8% of Qualifying Earnings of which

3% is employer's (starting at 1%)

9% of Basic Salary of which

4% is employer's (starting at 2%)

8% of Basic Salary of which

3% is employer's (starting at 1%)

(Where basic salary is at least 85% of total earnings)

7% of gross earnings of which

3% is employer's (starting at 1%)

Pay reference period

Essentially the frequency that the jobholder is paid e.g. monthly, weekly etc. but with reference to the tax month, week etc. therefore it may not be the same as the payroll period.

Deduction and payment of contributions

It is the employer who is responsible to calculate, deduct and pay all contributions to the AE scheme. NOTE – the first and last contributions are likely to be for less than a full pay reference period and should be adjusted accordingly.

Payroll services

It can be seen that it is very important that the payroll system synchronises with the AE scheme otherwise the employer will not be carrying out all requirements and then penalties will be incurred.

Staging date

Based on the employer’s payroll size as at 1 April 2012 and can be found at www.thepensionsregulator.gov.uk/employers using your PAYE reference. The Qualifying Workplace Pension Scheme must be registered with The Pensions Regulator within 4 months of the staging date.

Compliance and communication

Postponement

Auto-Enrolment can be postponed for up to 3 months:

  • For current eligible employees
  • For workers that meet the criteria in the future for the first time e.g. avoid joining temporary or lower paid workers

Opt-Outs

All eligible employees must be auto-enrolled, but can, with the correct notification, opt-out within one month of joining the scheme and be treated as never having joined. They can opt back in and will automatically be auto-enrolled every 3 years in any case!

Communication

There is a wide range of information that must be provided to all employees at certain times, such as:

  • The date auto-enrolment took place for eligible jobholders
  • That non-eligible jobholders have the statutory right to opt in
  • Entitled workers have the right to request the employer to enrol them into a pension scheme

Salary sacrifice

Contributions can be paid by effectively reducing salary, which saves on NI contributions, but employee must choose to do this – they cannot be forced, so a contractual variation will need to be implemented.

Default investment fund

Investment Options

All eligible employees will be automatically invested into a default investment fund, which is a balanced risk fund that is “life styled” to account for the employees approach to retirement. They also have the option to invest in a wide range of funds of their choosing.