Baby loss awareness week: The heartbreak of Lisa and Ryan

Lisa Buttery (36) and fiancé Ryan Barnes (37) had always wanted to start a family, but despite years of trying, they had never been able to conceive. In November 2021, they eventually found out they were pregnant with baby Isla Grace and were overjoyed to finally become parents.

This would be their first child. They put their wedding planning on hold while they prepared for their new arrival.

“Our little miracle”

The pregnancy went smoothly, and baby Isla was growing well. Lisa was referred to the John Radcliffe Hospital in Oxford, where a plan was made for induction of labour at 42 weeks.

Following induction, Lisa’s labour progressed quickly, but baby Isla soon began to struggle. Concerns were first raised by midwives shortly after Lisa’s waters broke, as CTG’s (fetal monitoring equipment) suggested that Isla Grace was getting a limited supply of oxygen during labour. A plan was made to transfer Lisa to the delivery suite, but no beds were available at the time.

In the hours that followed, further concerns were raised by midwives, who felt that Isla’s heart rate was fluctuating dangerously. On three separate occasions, recommendations by the midwives to escalate Lisa to an emergency caesarean section were overruled. Eventually, Lisa was taken for a category two emergency caesarean section. A category two caesarean section is initiated where there is fetal or maternal compromise which is not considered life-threatening. Despite attempts at resuscitation, Isla tragically died at just 19 minutes old.

A coroner’s inquest took place in March 2023, which concluded that Isla died from hypoxic brain damage, signs of which were seen on electronic foetal monitoring (CTG recording).

The process

Lisa and Ryan approached Tees to help guide them through the inquest process and to bring a claim for compensation on behalf of Isla Grace.

Following initial investigations, Tees were able to secure a response from the hospital, who admitted that they failed to refer Lisa for an emergency caesarean section once concerns were raised around Isla’s wellbeing. They admit that, had Lisa been sent for an earlier caesarean section, then Isla would likely have survived.

A word from Lisa and Ryan

Losing our beautiful daughter Isla Grace has forever changed us as people – it is a story we never thought imaginable, let alone something we will now have to live with for the rest of our lives. And that is exactly what it is – a life-long heart break knowing you will never feel true joy again without our first and only child in this world.

We contacted Tees to find answers and justice for Isla as both internal and external investigations didn’t reveal an underlying cause of death. We see that the only benefit that can come from this is change – change to processes, change to assumptions, change to maternity care that we hope will save the lives of thousands of babies – and our hope is that that will be Isla Grace’s legacy.”

 

Thank you to Lisa and Ryan for giving Tees permission to share their story on Baby Loss Awareness Week, in memory of Isla Grace.

If you are concerned about the care you or your baby received, you can talk to one of our specialists. We’ll listen to your experience and help you get to the truth of what happened.

Tees Law continues to drive growth plans with two new Partner lateral hires

Tees Law is delighted to announce the appointment of two new Partners, Tracey Dickens and Victoria Sandberg, effective October 2024.

Tracey Dickens joins Tees as a Partner in their Corporate and Commercial team after a long career with Birkett Long, where she headed up their Commercial department. Tracey has a wealth of experience working with a wide range of business clients and has a profound specialism advising the health sector and in particular care home transactions and medical partnerships, acting for doctors and other healthcare professionals in relation to partnership and business matters for over 22 years. Tracey joins Tees’ already growing Corporate and Commercial team, who act for a variety of independently owned and managed businesses including several listed in the Grant Thornton Top 100 report for Essex and Hertfordshire.

Tracey said: “I am delighted to be joining Tees Law’s impressive Corporate and Commercial team, and I am very much looking forward to helping drive forward their ambitious growth plans and becoming a trusted advisor to their business clients.”

Tracey is recognised by the Legal 500 as a Leading Partner in the Commercial and Corporate Sector and Public Sector (Healthcare) and is often praised for her balanced and pragmatic approach in helping businesses to find solutions that ensure a successful outcome.

Victoria Sandberg joins Tees as a Partner in the Commercial Property team and has a particular specialism in rural land. Victoria acts for a wide range of clients, including various estates in relation to both disposals and property management. Her clients include businesses, farmers, investors, owner-occupiers and high net-worth individuals spread predominantly across Hertfordshire and the neighbouring counties. Victoria joins Tees’ significant Commercial Property team of 30+ legal advisors and partners. She will be based in Tees’ Royston office.

Victoria is recommended by Legal 500 as a Leading Individual for Agriculture and Estates work. She will play a pivotal role in the continuing strength of Tees’ Agriculture, Rural and Estates practice.

Victoria said: “I am thrilled to be joining Tees and to being part of the fantastic Agriculture, Rural and Estates team. It is such an exciting time to be joining.” 

Managing Director Ashton Hunt, said: “We are thrilled to welcome both Tracey and Victoria and delighted they have chosen to further their careers with Tees. They were both attracted to Tees because of our reputation and track record of delivering on our strategic goals and are both well placed to help us drive forward our ambitious growth strategy for 2028. This takes our partner headcount to 28 and will add additional weight to our growing corporate and commercial and commercial property expertise.”

A smart way to invest a business sale in your retirement plans

How One Business Owner Benefited from a Family Investment Company

Putting the money from the sale of his business into a Family Investment Company was a natural choice for David*, with the benefit of substantial tax savings.

David had run a successful business in the manufacturing sector and was making plans for his retirement. As a long-standing corporate and commercial client of Tees, he opted to use our in-house Wealth Management service to advise him.

David had several existing assets, including savings and two pension funds, along with the sale of the business, which raised over £10 million. While some of the money was invested in pensions, an ISA and investment bonds, the majority went into a Family Investment Company.

Adam Hildred, Senior Wealth Planner at Tees, explained that Family Investment Companies are one of the least-used financial products available in the marketplace. However, for clients like David with corporate and commercial experience, it was something he could easily understand and, therefore, a natural choice.

If we had put all of these assets into a standard investment area, with capital gains tax and dividend allowances coming right down, David would be paying a lot of tax on that money. The Family Investment Company provides a completely different structure, being under corporation tax rates, you are paying 25% tax instead of potentially 45%, and at the same time you can offset your fees and interest on the loan made into the structure against whatever profit you make.

The Family Investment Company fits a wide range of potential. Whether the amount to be invested is £1 million or £100 million is irrelevant; the recommendation will be pretty much the same. Full accounting advice is always required.”

Clients are advised to start their planning long before a business is actually sold.

Adam continued, “Tees is one of the few legal firms with our own Wealth Management advisers. We take a holistic approach to looking after our clients’ often complex needs, which includes input from several different experts.

At Tees, we have all the expertise under one roof, so if a client chooses, we can look after the legal aspects of their retirement plan, such as wills and lasting power of attorney (LPA) which we did in David’s case.”

*Names have been changed to protect the privacy of our clients. 

This material is intended to be for information purposes only and is not intended as an offer or solicitation for the purchase or sale of any financial instrument. It is not intended to provide and should not be relied on for accounting, legal or tax advice, or investment recommendations. Past performance is not a reliable indicator of future returns and all investments involve risks. Some information quoted was obtained from external sources we consider to be reliable.

Tees is a trading name of Tees Financial Limited which is authorised and regulated by the Financial Conduct Authority. Registered number 211314. Tees Financial Limited is registered in England and Wales. Registered number 4342506.

UK economic growth forecast upgraded

Economic review September 2024

On markets at the end of September, with investors and traders closely monitoring regional developments. 

At month end, stocks retreated following implications from Federal Reserve Chairman Jerome Powell that further interest rate cuts are likely to occur at a more measured pace.

Across the pond, the Dow Jones closed the month up 1.85% on 42,330.15. The tech-orientated NASDAQ closed the month up 2.68% on 18,189.17.

On home shores, the FTSE 100 index closed the month on 8,236.95, a loss of 1.67%, while the FTSE 250 closed the month 0.16% lower on 21,053.19. The FTSE AIM closed on 740.43, a loss of 4.15% in the month. The Euro Stoxx 50 closed the month on 5,000.45, up 0.86%. In Japan, the Nikkei 225 closed September on 37,919.55, a monthly loss of 1.88%.

On the foreign exchanges, the euro closed the month at €1.20 against sterling. The US dollar closed at $1.33 against sterling and at $1.11 against the euro.

Brent crude closed September trading at $71.65 a barrel, a loss over the month of 6.74%. The conflict in the Middle East is causing some price volatility. OPEC+ plans to begin increasing production in December is pressurising prices, while weak demand in China also weighs. Gold closed the month trading at $2,629.95 a troy ounce, a monthly gain of 4.64%. Prices retreated at month end, reversing recent strong gains as increased safe-haven demand prompted a rally in the precious metal.

Index

Value (30/09/24)

Movement since 30/08/24

FTSE 100 8,236.95 -1.67%
FTSE 250 21,053.19 -0.16%
FTSE AIM 740.43 -4.15%
Euro Stoxx 50 5,000.45 +0.86%
NASDAQ Composite 18,189.17 +2.68%
Dow Jones 42,330.15 +1.85%
Nikkei 225 37,919.55 -1.88%

Retail sales stronger than expected

The latest official retail sales statistics revealed a healthy growth in sales volumes during August, while more recent survey data points to further modest improvement both last month and in October.

Figures released by ONS showed that total retail sales volumes rose by 1.0% in August, following upwardly revised monthly growth of 0.7% in July. ONS reported that August’s rise, which was higher than economists had predicted, was boosted by warmer weather and end-of-season sales.

Evidence from last month’s CBI Distributive Trades Survey also suggests retailers expect the summer sales improvement to have continued into the autumn period, with its annual retail sales gauge rising to +4 in September from -27 in August. In addition, retailers’ expectations for sales in the month ahead (October) rose to +5; this represents the strongest response to this question since April 2023.

CBI Principal Economist Martin Sartorius said retailers would “welcome” the modest sales growth reported in the latest survey. He also added a note of caution saying, “While some firms within the retail sector are beginning to see tailwinds from rising household incomes, others report that consumer spending habits are still being affected by the increase in prices over the last few years.”

National debt looks set to soar

Analysis published last month by the Office for Budget Responsibility (OBR) suggests national debt could triple over the coming decades if future governments take no action.

In its latest Fiscal Risks and Sustainability Report, the OBR said debt is currently on course to rise from almost 100% of annual GDP to 274% of GDP over the next 50 years due to pressures including an ageing population, climate change and geopolitical risks. It also warned that, without any change in policy or a return to post-war productivity levels, the public finances were unsustainable over the long term, and that ‘something’s got to give.’

The OBR is also tasked with producing a more detailed five-year outlook for the country’s finances that will be published alongside Chancellor Rachel Reeves’ first Budget, due to be delivered on 30 October. The Chancellor has previously warned the Budget will involve “difficult decisions” on tax, spending and welfare.

Data released last month by ONS showed that government borrowing in August totalled £13.7bn, the highest figure for that month since 2021. This took borrowing in the first five months of the financial year to £64.1bn, £6bn higher than the OBR forecast at the last Budget.

All details are correct at the time of writing (1 October 2024)

It is important to take professional advice before making any decision relating to your personal finances. Information within this document is based on our current understanding and can be subject to change without notice and the accuracy and completeness of the information cannot be guaranteed. It does not provide individual tailored investment advice and is for guidance only. Some rules may vary in different parts of the UK. We cannot assume legal liability for any errors or omissions it might contain. Levels and bases of, and reliefs from taxation are those currently applying or proposed and are subject to change; their value depends on the individual circumstances of the investor. No part of this document may be reproduced in any manner without prior permission.

This material is intended for information purposes only and is not intended as an offer or solicitation for the purchase or sale of any financial instrument. Tees is a trading name of Tees Financial Limited, which is regulated and authorised by the Financial Conduct Authority. Registered number 211314.

Tees Financial Limited is registered in England and Wales. Registered number 4342506.

October 2024 budget: What does it mean for individuals and businesses?

As Rachel Reeves prepares to deliver her first budget as Chancellor of the Exchequer on 30 October, businesses and individuals are bracing for significant economic shifts. With an apparent £22 billion deficit, Reeves is expected to announce a range of measures aimed at driving growth while maintaining monetary responsibility.

Reeves is favouring real-term growth in public spending through a combination of tax increases and selective borrowing. These policy adjustments will have broad implications for taxpayers, businesses, and many more.

As a leading firm in legal and financial advisory services, Tees offer expert advice and solutions for individuals and companies looking to understand the impact of the proposed measures.

Potential budget highlights

Income tax adjustments

Reeves is likely to adjust income tax thresholds, potentially pushing more earners into higher tax brackets. With the Institute for Fiscal Studies (IFS) estimating that lowering the personal allowance or basic-rate limit by 10% could yield billions, those in higher brackets need to prepare for greater tax liabilities.

Pension tax relief reforms

Significant reforms to pension tax relief could be on the table, with the potential to raise up to £15 billion annually. These changes are expected to affect those benefitting from higher-rate tax relief, potentially making pension contributions more costly for both individuals and employers.

Capital gains tax (CGT) increases

Reeves may also increase CGT rates or broaden the taxable base, potentially aligning it more closely with income tax. While this could generate revenue, it risks impacting investment portfolios.

Inheritance tax (IHT) adjustments

Changes to IHT, particularly around pensions, business assets, and agricultural land, are expected to raise additional revenue. Caps on exemptions and potential reforms to relief on Alternative Investment Market (AIM) shares could have a significant impact on estate planning.

Fuel duty increases and environmental taxation

Ending the freeze on fuel duty could raise £6 billion annually, a move aligned with environmental goals. This may impact businesses with high fuel consumption, particularly in logistics and transport sectors.

Windfall taxes on banks and private equity

The October budget may introduce windfall taxes on banks and higher taxes on private equity profits, targeting the substantial gains these sectors have seen amid rising interest rates.

  • Windfall Taxes on Banks – As banks benefit from widened net interest margins, a proposed one-off windfall tax could significantly impact their profitability and lending capacity. While this measure aims to generate revenue for the Treasury, it may lead to reduced lending, particularly affecting small and medium-sized enterprises (SMEs) that rely on bank financing.
  • Increased Taxes on Private Equity Profits – Reeves is also expected to align the taxation of carried interest in private equity with income tax rates, currently at 28%. This could discourage investment in higher-risk ventures and shift private equity firms toward lower-return strategies, potentially slowing innovation and start-up funding in the UK.
Revised fiscal rules

Reeves may introduce or revise fiscal rules, creating space for increased investment without destabilising public finances. Businesses looking to benefit from potential growth areas, including green infrastructure and housing, will need strategic advice to take full advantage of these opportunities.

As the UK prepares for Reeves’ budget, Tees is ready to assist clients in understanding and responding to the challenges and opportunities presented by these potential measures. Our team of legal and financial experts are equipped to provide tailored advice, helping businesses and individuals alike plan in a changing economic environment.

About Tees

Tees is a leading UK-based legal and financial advisory firm with over 110 years of experience. It offers expert services in a wide range of areas, including tax planning, wealth management, corporate law, and estate planning.

Our team of specialists can help individuals and businesses navigate complex legal and financial matters, ensuring they are well-positioned for the future.

We provide bespoke financial planning, pension advice, wealth management, estate planning, and corporate law services, helping clients adapt to changing regulations, maximise their financial potential, and achieve their long-term goals. Additionally, we can assist businesses in transitioning to greener alternatives, managing the financial impact of increased fuel duties, and capitalising on new government investments.

This material is intended for information purposes only and is not intended as an offer or solicitation for the purchase or sale of any financial instrument. It is not intended to provide and should not be relied on for accounting, legal or tax advice or investment recommendations. Past performance is not a reliable indicator of future returns, and all investments involve risks. Some information quoted was obtained from external sources we consider to be reliable.

Tees is a trading name of Stanley Tee LLP, regulated by the Solicitors Regulatory Authority. Registered in England and Wales, number OC327874

Tees is a trading name of Tees Financial Limited which is authorised and regulated by the Financial Conduct Authority. Registered number 211314. Tees Financial Limited is registered in England and Wales. Registered number 4342506.

Tees maintains six Tier 1 teams in Legal 500 rankings

Tees Law is pleased to announce success in this year’s Legal 500 directory, with six practice areas ranked as ‘Tier 1’.

The Top Tier ranking has been awarded to:

  • Private client > Agriculture and estates
  • Real estate > Commercial property: Essex
  • Insurance > Personal injury and clinical negligence: claimant
  • Private client > Contentious trusts and probate
  • Private client > Personal tax, trusts and probate: Beds, Bucks, Herts, Middx
  • Private client > Personal tax, trusts and probate: Essex
  • In total, Tees have been ranked in 21 practice areas in the world’s leading directory of law firms.

The firm is delighted to see nine leading partners, five next-generation partners, and eight leading associates recognised in the 2025 list.

Leading partners
  • Aaron Cane
  • Jane Winfield
  • Janine Collier
  • Lucy Folley
  • Robert Whitaker
  • Sarah Coates
  • Tim Deeming
  • Victoria Sandberg
  • Tracey Dickens
Next generation partners
  • Baljeet Kaur
  • Daniel Fairs
  • Ian Johnston
  • Nicola Havers
  • Sarah Walker
Leading associates
  • Sara Stabler
  • Alex Waples
  • Ana James-Pittau
  • Chris Claxton-Shirley
  • Katherine Jameson
  • Lucy Beck
  • Polly Kerr
  • Sarah White

 Senior Partner Catherine Mowat has once again been recognised in the Hall of Fame and commented: “This year’s results highlight the commitment and hard work of our teams at Tees. I am honoured to be named in the Hall of Fame again this year. Thank you to our wonderful clients and referrers for the great feedback provided.”

Group Managing Director Ashton Hunt said: “I am pleased to see Tees recognised in the Legal 500 rankings in another successful year. It’s brilliant to see so many of our practice areas receiving Tier 1 status, along with many Associates being named as leading in their field. Everyone at Tees always works hard to provide the best quality service and I’m truly delighted to see the results.”

Tees Law is a major regional law firm with offices in Bishop’s StortfordCambridgeRoystonSaffron WaldenBrentwood and Chelmsford. As part of the local community for over 100 years, Tees continues to support clients from generation to generation.

What to expect from your Conveyancer: A complete guide to property transactions

Buying or selling a property is a significant milestone, but it can often feel overwhelming. That’s where a conveyancer comes in – to navigate the legal complexities and ensure your transaction is seamless.

What is a conveyancer?

A conveyancer is a legal professional specializing in property transactions. Their expertise ensures the legal transfer of property ownership is conducted efficiently and correctly.

Key responsibilities of a conveyancer

A conveyancer handles all the legal aspects of your property transaction, including:

  • Drafting and reviewing contracts
  • Conducting property searches
  • Liaising with mortgage lenders
  • Ensuring all legal documents are accurate
  • Managing the transfer of funds
  • Registering the property with the Land Registry

Why you need a conveyancer

Property transactions are often the largest financial investments people make. A conveyancer’s legal knowledge helps prevent costly mistakes and protects your interests. If you are using a mortgage, most lenders will also require a conveyancer to ensure their loan is properly secured against the property.

Who else is involved in a property transaction?

In addition to your conveyancer, other professionals may play a role, including:

  • Mortgage Brokers: Help secure a mortgage with favorable terms.
  • Surveyors: Assess the property’s condition to identify any structural issues.
  • Estate Agents: Represent sellers by marketing the property and negotiating terms.

Ensure any agreements made with third parties are confirmed with your conveyancer to ensure they are legally binding.

Risks of not using a conveyancer

Without a conveyancer, you risk legal oversights that can lead to severe consequences, including:

  • Title discrepancies
  • Boundary disputes
  • Uncovered restrictive covenants
  • Complications in property registration

A conveyancer provides a vital safety net, identifying potential issues before they become costly problems.

The conveyancing process: Step-by-step

Understanding the process can ease some of the stress associated with property transactions. Here’s what to expect:

1. Initial consultation

Your conveyancer will explain the process, gather key information, and outline the expected timeline. This is your opportunity to discuss any concerns or special requirements.

2. Drafting and reviewing contracts

For buyers, your conveyancer will review the draft contract pack from the seller’s solicitor. For sellers, they will draft the sale contract. Your conveyancer ensures the contracts are fair, clear, and protect your interests.

3. Conducting searches and raising enquiries

Property searches, including local authority checks and drainage reports, are essential to uncover any legal or environmental issues. Your conveyancer will also raise enquiries to clarify any concerns identified in the searches.

4. Exchanging contracts

Once both parties are satisfied and all legal requirements are met, contracts are exchanged. At this point, the transaction becomes legally binding, and the buyer usually pays a deposit (typically 10% of the purchase price).

5. Completion

On completion day, funds are transferred to the seller, and the buyer receives the keys. Your conveyancer will handle final legal formalities, including registering the property and paying any Stamp Duty Land Tax.

How long does the conveyancing process take?

While timelines can vary, the process typically takes 8 to 12 weeks. Factors like property chains, legal complications, or mortgage approval delays may impact this timeline.

Why Choose Tees

Choosing an experienced independent conveyancer can make all the difference in ensuring a smooth and successful property transaction. From legal protection to peace of mind, our support is invaluable. Whether you’re buying or selling, having our dedicated legal professional by your side will help you navigate the property market with confidence.

If you’re ready to take the next step, reach out to today to our qualified conveyancers to guide you through your property journey today.

Energy price cap increase: A new challenge for UK households

As another autumn approaches, UK households are bracing for another blow to their finances. The energy price cap, which sets a maximum price that suppliers can charge for electricity and gas, is set to increase by 10% from October, meaning that millions of households will see their energy bills rise significantly. The combined impact of rising energy costs, food prices, and other essential goods and services is making it increasingly difficult for families to make ends meet. This latest development is adding to the growing pressure, already strained by the ongoing cost of living crisis.

Navigating the financial storm

In the face of these challenges, it’s important for households to take proactive steps to manage their finances. Here are some tips from Tees Law’s Wealth Team:

  • Review Your Budget: Take a close look at your monthly income and expenses to identify areas where you can cut back. Consider reducing non-essential spending and exploring opportunities to increase your income.
  • Energy Efficiency: Invest in energy-efficient appliances and make your home more energy-efficient. This can help to reduce your energy consumption and lower your bills in the long run.
  • Government Support: Be aware of the government support available to help you with the cost of living. This may include grants, loans, or other financial assistance.
  • Seek Professional Advice: If you’re struggling to manage your finances, consider seeking advice from a financial advisor. They can help you develop a personalized plan to address your specific needs.

How can we help?

At Tees, our Wealth Team is dedicated to offering expert financial advice and support to individuals and families. We assess your financial situation, identify areas for improvement, and create personalised plans to help you reach your goals—whether it’s saving for a home, planning for retirement, or managing debt. We also identify investment opportunities and provide ongoing support to help you manage and protect your wealth.

If you’re facing financial challenges due to the rising energy price cap or other factors, Tees Financial Ltd can provide the guidance and support you need. Contact us today to schedule a consultation.

This material is intended to be for information purposes only and is not intended as an offer or solicitation for the purchase or sale of any financial instrument. It is not intended to provide and should not be relied on for accounting, legal or tax advice, or investment recommendations. Past performance is not a reliable indicator of future returns and all investments involve risks. Some information quoted was obtained from external sources we consider to be reliable.

Tees is a trading name of Tees Financial Limited which is authorised and regulated by the Financial Conduct Authority. Registered number 211314. Tees Financial Limited is registered in England and Wales. Registered number 4342506.

Planning ahead: learn about types of pensions

Your guide to retirement planning

Pensions can be complicated because there are different types of pensions, and different rules that govern them, plus also lots of options for what you can do with a pension when you want to use the money. It’s worth understanding the main concepts so that you can make choices that could have a significant impact on the quality of your retirement. Before making any decisions about pensions, you should always consult an independent financial adviser.

What are the different types of pensions?

There are three major pension options and most people fund their retirement through a combination of one, two or all three of these types.

Private pensions

Also known as ‘defined contribution’ or ‘money purchase’ pensions, you pay part of your earnings into a pension fund, which your provider invests. The final amount depends on your contributions, fund performance, fees, and how you withdraw the money.

State pension

A weekly payment (£203.85) paid from age 66, gradually increasing to 67 and 68 depending on your birth date. To qualify, you need at least 10 years of National Insurance contributions (NICs), with 35 years required for the full amount.

Workplace pensions

Provided by your employer, a portion of your salary is automatically deducted and topped up by employer contributions and government tax relief, unless you opt out.

How to make your workplace pension better for the future?

You could do the following:

  • Review your fund choices: Adjust your investments based on your risk tolerance. Many providers offer tools to help assess your risk profile.
  • Consolidate pensions: Transfer existing pensions into your workplace pension to simplify management and boost its value. You can often do this directly or with financial advice.
  • Increase contributions: Consider raising your contribution percentage with your employer or HR. Basic rate taxpayers get 20% tax relief, while higher-rate taxpayers get 40%. Salary sacrifice is also an option.

For help, contact your pension provider or a financial adviser. You typically receive tax relief on all contributions up to annual and lifetime limits.

Is there a limit on how much I can pay into a pension?

You can contribute as much as you like to your pension, but the amount of tax relief you can claim is limited. For the 2023-24 tax year, the Annual Allowance is £60,000 or 100% of your earnings, whichever is lower. If you’ve used up your current Annual Allowance, you may be able to carry forward unused allowances from the previous three years, provided you were a member of a pension scheme during that time.

For higher earners with a taxable income over £200,000, the Tapered Annual Allowance reduces the amount of tax-relievable contributions. If you’ve flexibly accessed your pension, the Money Purchase Annual Allowance (MPAA) applies, limiting contributions to £10,000 per year from April 2023.

When can I access my pension?

Pension freedoms introduced in 2015 allow you greater flexibility in how you can access certain pension pots from age 55; this will increase to 57 from 6th April 2028.  This greater flexibility gives more options but is only available on certain types of pensions and you should seek advice to assess what your specific options are.

How we can help 

Our advisers simplify your options and tailor a plan based on your financial goals, risk tolerance, and tax position.

So, if you would like to discuss your pension options and retirement planning, do get in touch. We are only a phone call away. You can be sure that all our advice and recommendations will be focused on getting you the best possible result.

This material is intended to be for information purposes only and is not intended as an offer or solicitation for the purchase or sale of any financial instrument. It is not intended to provide and should not be relied on for accounting, legal or tax advice, or investment recommendations. Past performance is not a reliable indicator of future returns and all investments involve risks. Some information quoted was obtained from external sources we consider to be reliable.

Tees is a trading name of Tees Financial Limited which is authorised and regulated by the Financial Conduct Authority. Registered number 211314. Tees Financial Limited is registered in England and Wales. Registered number 4342506.

 

Interest rate adjustments and mortgage market shifts

The Bank of England’s recent suggestion of a potential “soft landing” for the UK economy has provided a bit of hope amongst the ongoing economic challenges. While this news has been welcomed by many, the lingering effects of high-interest rates continue to impact various sectors, particularly the housing market.

In response to the changing economic landscape, mortgage lenders have begun to adjust their rates. Several lenders have recently announced reductions in their mortgage rates, sparking renewed interest among prospective homebuyers. This downward trend in rates has led to increased affordability for some, making it more accessible for individuals and families to enter the property market.

Navigating uncertainty

Despite the recent positive developments, there remains a degree of uncertainty surrounding the sustainability of this. Several factors continue to show challenges to the broader economy, including:

  • Inflationary pressures: While inflation rates have shown signs of easing, they remain elevated, impacting consumer spending and business confidence.
  • Geopolitical tensions: Global conflicts and economic uncertainties can influence investor attitudes and market stability.
  • Interest rates: The Bank of England’s monetary policy decisions will continue to shape the interest rate environment, affecting borrowing costs for both consumers and businesses.

Your trusted financial partner

Given the dynamic nature of the current economic climate, it’s key for individuals and families to seek expert financial advice. Our Wealth Team can provide valuable guidance and support in navigating these uncertain times.

We can assess how changes in interest rates may affect your financial situation, particularly if you have existing loans or mortgages. If needed, we can help you explore mortgage options while developing a personalised long-term financial plan, ensuring your wealth is protected through effective financial planning and risk management strategies.

Introducing Toni

With over 30 years of experience in the financial services industry, Toni specialises in providing expert advice to clients seeking guidance on later life financial matters. Her expertise extends to life, health, mortgage, and pension planning, with a particular focus on later life lending, equity release, and care fees planning.

Toni works closely with her colleagues at Tees Wealth and our legal teams to deliver comprehensive care fees planning and equity release advice. This involves liaising with local authorities and government departments on behalf of our clients to ensure they receive the best possible support.

Delivering what you really need

At Tees, we believe that financial and legal advice should empower you to make informed decisions. Our goal is to provide you with the information and options you need to confidently navigate your retirement years. Toni’s expertise and personalised approach will help you understand the complexities of later life planning and make informed choices.

Care funding: A personalised approach

We understand that planning for care funding can be a complex and emotional process. Our team is committed to making this process as straightforward as possible. We work closely with our clients to understand their specific needs and tailor our advice accordingly. Through careful planning, it may be possible to structure your finances in a way that allows you to pay for care fees without depleting all of your assets.

Equity release: Achieving your financial goals

Whether you’re looking to downsize, gift your property, or simply enhance your retirement lifestyle, equity release may be a suitable option. Toni can provide expert advice on the costs, risks, and potential implications of equity release on inheritance tax, care entitlements, and means-tested benefits.

Why choose equity release?

  • access tax-free cash from your home
  • maintain ownership and stay in your property
  • enhance your retirement lifestyle
  • repay outstanding mortgage or debt
  • provide financial support or care for loved ones
  • purchase a new home
  • gift to children or grandchildren
  • home and Garden improvements

This material is intended to be for information purposes only and is not intended as an offer or solicitation for the purchase or sale of any financial instrument. It is not intended to provide and should not be relied on for accounting, legal or tax advice, or investment recommendations. Past performance is not a reliable indicator of future returns and all investments involve risks. Some information quoted was obtained from external sources we consider to be reliable.

Tees is a trading name of Tees Financial Limited which is authorised and regulated by the Financial Conduct Authority. Registered number 211314. Tees Financial Limited is registered in England and Wales. Registered number 4342506.