Insights Archives

Navigating collective redundancy: A look at the UK procedure through Dyson’s lens

Posted on 16 October 202421 March 2025 by Sarah O'Sullivan

Understanding Collective Redundancy in the UK

In the intricate web of corporate restructuring, the concept of collective redundancy stands out, especially in the context of UK employment law. It’s a process that isn’t just procedural but profoundly impacts the employees’ lives. For companies like Dyson, known for their innovation in household appliances, navigating through such terrain is as much about legal compliance as maintaining workforce morale and brand integrity.

Dyson’s Workforce Reduction: An Overview

Dyson is reducing its staff in the UK by approximately 1,000 positions as a component of a worldwide restructuring effort, effectively decreasing its British staff by over a quarter. On Tuesday morning, employees were informed of the job reductions, which are part of a strategy to decrease the company’s global workforce of 15,000 as part of an extensive cost-reduction initiative.

Addressing work issues across international boundaries is complex and beyond the scope of this article. Various practical challenges and differing methods are involved, and grasping these is crucial for carrying out a fair procedure that minimises the risk of potential litigation.

The UK’s Collective redundancy framework

At the heart of the UK’s approach to mass layoffs is the principle of “collective consultation.” This principle comes into play when an employer, such as Dyson, considers dismissing 20 or more employees within 90 days or less. It’s not merely a procedural step but a fundamental right—ensuring employees have a voice in the profound changes affecting their livelihoods.

Key legal precedent: The woolworths case

The European Court of Justice (ECJ) fleshed out these principles in the landmark USDAW v Ethel Austin case, known as the Woolworths case, in April 2015. The court clarified that once the threshold of 20 redundancies is crossed within a single establishment, employers are obligated to engage in collective consultations. Interestingly, this consultation privilege extends beyond those facing redundancy to any employees potentially impacted by the changes.

The procedure and timeframes

For large-scale operations like those Dyson might consider, two crucial timeframes are stipulated:

45 days of consultation for 100 or more dismissals
30 days for 20 to 99 dismissals

This advanced consultation period is not just about notifying employees; it is about engaging with them, discussing possible alternatives, and ensuring that the redundancy process is carried out as smoothly and humanely as possible.

Implementing Dyson’s redundancies

Given Dyson’s global footprint and its commitment to innovation, the company finds itself often at the crossroads of adapting its workforce to meet evolving market demands. If Dyson were to implement collective redundancies in the UK, engaging in a thorough collective consultation process would be imperative. Not only would this comply with legal requirements, but it would also reflect the company’s values by treating its workforce with respect and dignity during challenging times.

Dyson will need to openly discuss the reasons behind the potential redundancies, explore alternatives with employee representatives, and ensure that the process is transparent and fair. This could involve looking into options such as redeployment within the company, voluntary redundancy packages, or other measures to minimise the impact on its employees.

Potential pitfalls if the process goes wrong

Failure to consult correctly can have profound financial implications for a company, emphasising the importance of adhering to the specific legal requirements for collective consultation.

In a UK redundancy situation, if an employer does not meet the collective consultation requirements, employees can make a claim to an Employment Tribunal. If the claim is successful, the employer may have to pay the affected employee or employees compensation, known as a ‘protective award’. This compensation can be up to 90 days’ full pay for each affected employee.

Not only this, but improper handling of the consultation process can also lead to legal challenges. Employees might claim unfair dismissal, and the company could face financial penalties if found to be non-compliant with statutory requirements.

Impact on brand and employee morale

On a personal level, mishandling redundancies can inflict long-lasting damage on a company’s reputation. For a brand like Dyson, known for its innovation and quality, public perception can significantly impact consumer trust and loyalty.

This could also have a detrimental impact on retaining the remaining staff. Poor handling of such processes can demoralise survivors, affecting productivity and potentially leading to further employee turnover. Employees who see their former colleagues treated unfairly might start looking for more secure employment opportunities.

Furthermore, a sudden and poorly managed redundancy process can lead to gaps in operations, affecting service delivery and business performance.

Navigating the redundancy process with care

For a company like Dyson, navigating the collective redundancy process with care and consideration is crucial. Every step needs to be meticulously planned and executed. While the process is primarily about compliance, it also strongly reflects the company’s values and regard for its workforce. A transparent, fair, and well-managed consultation process not only minimises legal and financial risks but also upholds the company’s ethos, maintaining its reputation as a responsible employer.

Navigating the complexities of collective redundancy procedures in the UK presents a significant challenge, involving both a deep understanding of legal nuances and a compassionate approach towards the workforce. For businesses transiting through such a phase, the importance of following each step meticulously cannot be overstressed, given the potential financial, legal, and reputational repercussions of failing to meet the required standards.

The dialogues around collective redundancies, from consulting with employee representatives to addressing final decisions, highlight an employer’s commitment to fair and ethical business practices. While this guide serves as a primer for understanding the critical aspects of the redundancy consultation process and its importance, each situation’s unique characteristics can introduce specific complexities that deserve personalised attention and expertise.

Should you require additional insights, detail on legal obligations, or guidance on managing the collective redundancy process within your organisation, our team at Tees Law is here to provide comprehensive support. Navigating such pivotal moments requires not just legal acumen but an in-depth appreciation of the human elements involved. Contact Tees Law for further assistance and advice to ensure that your redundancy procedures are managed effectively, compassionately, and in full compliance with current UK employment law.

Employment Rights Bill 2024: Worker protections and productivity

Posted on 10 October 202421 March 2025 by Sarah O'Sullivan

Understanding the Employments Rights Bill 2024

The Employment Rights Bill 2024 (the Bill), unveiled on 10 October, introduces significant changes to the UK’s employment laws, marking the largest overhaul in decades. With 28 reforms, the Government has presented the Bill as aiming to enhance worker protections and boost productivity across the economy.

One of the standout changes is enhanced “day one” rights, including the right not to be unfairly dismissed (see also below). With this, there is a proposed introduction of a statutory probation period for new hires. This may allow employers more time to assess employee suitability notwithstanding the new day one rights being introduced.

Key Reforms: Day-one rights and probation periods

One of the most significant reforms is the removal of the existing two-year qualifying period for protection against unfair dismissal. This change ensures that an estimated nine million workers will benefit from protection from unfair dismissal as soon as they start a new role.

Additionally, the bill includes day-one rights for paternity leave, unpaid parental leave, and bereavement leave, building on the existing day-one right to maternity leave. This is a major change.

The Government will consult on a statutory probation period, with the current proposal favouring a nine-month limit. This extension, which has drawn mixed reactions from businesses and unions, is intended to provide flexibility for employers, while maintaining worker protections throughout the probation period. Full implementation of this probation reform is expected by autumn 2026, following further consultations.

End of exploitative practices and strengthened sick pay

The bill also takes aim at so called exploitative zero-hours contracts and controversial fire-and-rehire practices. These reforms are intended to provide more job security and protections, especially for workers on flexible or irregular contracts. For those on zero-hours contracts, the bill introduces the right to guaranteed working hours after a set period, ensuring greater financial stability for over a million workers.

Another key reform is the overhaul of statutory sick pay. Under the new provisions, workers will be entitled to sick pay from day one of illness, removing the previous three-day waiting period and the lower earnings limit. This change aims to provide immediate financial support for those who fall ill, especially lower-paid workers who previously did not qualify for statutory sick pay.

Flexible working and gender pay gap action plans

Recognising the changing dynamics of the modern workplace, the bill makes flexible working the default, unless employers can demonstrate that it is impractical. This reform is designed to support workers with caregiving responsibilities and improve work-life balance across various sectors.

Large employers will also be required to implement action plans to address gender pay gaps and support female employees, particularly through menopause. This measure is part of a broader push to promote inclusivity and diversity within the workforce.

Fair work agency and long-term reforms

The bill establishes a new “Fair Work Agency”, tasked with enforcing key rights such as holiday pay and sick pay. This agency will consolidate existing enforcement bodies, providing better guidance for employers while ensuring compliance with the new laws. The government has also outlined future reforms in its “Next Steps” document, including plans for a right to disconnect, mandatory reporting on ethnicity and disability pay gaps, and a move towards a simpler, two-tier worker status framework.

While the Employment Rights Bill boasts a sweeping set of reforms, many of the provisions will take time to implement, with some requiring further consultations before being fully enacted. Nevertheless, the bill represents a bold step towards improving worker protections and enhancing productivity in the UK economy.

For any questions, please contact us at employmentteam@teeslaw.com.

Employment Rights Bill 2024: Worker protections and productivity

Posted on 10 October 202421 March 2025 by Sarah O'Sullivan

Understanding the Employments Rights Bill 2024

Key Reforms: Day-one rights and probation periods

End of exploitative practices and strengthened sick pay

Flexible working and gender pay gap action plans

Fair work agency and long-term reforms

For more insights into how these changes may affect your business or employment, contact our Tees Law team. We’re here to provide legal guidance on navigating this new landscape and ensuring compliance with evolving employment laws. We’ll be running webinars and workshops on the new rules and how businesses can navigate these new waters over the coming weeks and months. Please get in touch with us if you are interested in these.

On Wednesday 6 November we are running a specific webinar around Employment Law changes that the Labour government has proposed. You can register your interest here: https://communications.teeslaw.com/27/178/landing-pages/rsvp-blank.asp.

For any questions, please contact us at employmentteam@teeslaw.com.

Navigating AI regulation in the UK: Essential insights for employers

Posted on 10 October 202421 March 2025 by Sarah O'Sullivan

This year, the European Parliament formally adopted the Artificial Intelligence Act (“AI Act”), the first comprehensive law designed to regulate AI on a broad scale across the European Union.

This landmark piece of legislation which was introduced on 13 March 2024 laid the foundation for AI governance within the EU but has left some UK employers wondering how these developments will influence the regulatory landscape, particularly as we observe the new long-term objectives for AI that have been proposed by our Labour Government.

The Current UK regulatory landscape

Last year on 3 August 2023, the Government released their AI Regulation White Paper which indicated that the UK had no plans to introduce a horizontal AI regulatory framework like the EU. Instead, the feedback received as part of the Government’s consultation on the policy suggested that the UK would lean more towards adopting a principles-based model that would allow existing sector-specific regulators to tailor AI regulations according to their respective industries. At present, this position remains unchanged, and it is likely that we will see AI-specific laws and regulations introduced in the UK in the not-so-distant future.

As the UK Government enacts its AI agenda, employers will have to navigate several considerations for effective AI regulation and compliance. Below, we have explored some of the essential areas that employers should focus on as they look to integrate AI systems into their businesses.

Sector-specific regulation

Employers should familiarise themselves with how AI regulations may differ across various industries. Each sector may be guided by unique regulatory bodies that impose different requirements for AI use, and which would necessitate a more proactive approach to compliance. In addition to this, businesses should conduct their own assessment of AI technology to ensure that it adheres to existing regulations and anticipate any future legislative changes.

AI development

The Government has emphasised the importance of responsible and ethical AI use. Employers will need to ensure they engage in best practices around transparency, accountability and inclusivity where AI is deployed, to mitigate potential risks (where possible) and maintain public trust. This may involve implementing new policies and guidelines for the ethical deployment of AI technologies.

Impacts on employees

As AI systems evolve, so do their effects on the workforce. Employers should understand the implications of AI on jobs and employment dynamics. Preparing the workforce for reskilling and deploying AI in underserved areas of business will be crucial for maintaining a productive and efficient working environment. Earlier this year, The Institute for Public Policy Research estimated that roughly 11% of workplace tasks are exposed to automation through existing generative AI, and that this could rise to 59% of tasks in the second wave of AI adoption as technologies develop to handle increasingly more complex processes.

Data privacy and security

With AI’s reliance on handling vast amounts of data, compliance with existing data protection regulations (such as the General Data Protection Regulations) is highly important. Employers must ensure their AI systems are secure and responsible in their data usage and align with the latest best practices.

Monitoring regulatory changes

The AI regulatory landscape is continuously evolving. Employers should establish mechanisms to stay informed about upcoming regulations, guidelines, and industry standards that could impact their practices. This could involve, among other things, engaging with industry associations, regulatory bodies, and participating in relevant forums.

As employers look to navigate the evolving AI landscape, it is crucial that they adapt and remain compliant with the latest legal requirements. Company policies, hiring practices, and data privacy protocols should be reviewed periodically to reflect the changes to AI tools and technologies. Encouraging a culture of continuous learning by helping employees upskill and adapt to these changes can be an advantageous strategy and help equip staff with the knowledge to use AI responsibly and effectively.

Balancing innovation with regulation always requires a strategic approach. Businesses should consider using AI effectively whilst adhering to new legal and ethical standards to stay compliant and support a responsible and sustainable AI-driven future.

At Tees, we have specialist Employment Law experts with many years of experience who can help businesses navigate the complex and evolving AI landscape confidently and clearly.

UK economic growth forecast upgraded

Posted on 3 October 202428 March 2025 by Sophie Soraf

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.

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

Posted on 2 October 202425 March 2025 by Sarah O'Sullivan

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

Posted on 2 October 202428 March 2025 by Sophie Soraf

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

Posted on 2 October 202428 March 2025 by Sophie Soraf

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

Posted on 2 October 202428 March 2025 by Sophie Soraf

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

Co parenting: Legal considerations every parent should know

Posted on 25 September 202422 March 2025 by Sarah O'Sullivan

Separating from your child’s other parent can be one of the most difficult and stressful experiences in life. Amber Kennedy, an expert in parental legal rights, shares key legal considerations for parents contemplating separation.

Prioritising your child’s needs

The best starting point is for both parents to collaborate and decide what arrangements will work best for their child. In some cases, an equal time-sharing arrangement may suit your family dynamic. Focusing on your child’s well-being rather than parental “rights” often leads to better long-term outcomes.

For helpful guidance, consider downloading the free Parenting Through Separation Guide from Resolution, a community of family justice professionals.

Can One Parent Prevent the Other from Seeing Their Child?

The law presumes it is in a child’s best interests to maintain a meaningful relationship with both parents, unless there is evidence that such involvement could cause harm. Active participation from both parents generally supports a child’s emotional and psychological development.

However, if there are safeguarding concerns, the court may decide to restrict contact to protect the child’s welfare. A court may prevent contact in cases involving:

Domestic abuse
Substance abuse
Other behaviours that pose a risk to the child

In some situations, supervised or supported contact may be appropriate. This can involve the presence of extended family members or contact centre staff to ensure the child’s safety. If face-to-face contact is not safe, indirect contact through phone calls or letters may be considered.

If you are being prevented from seeing your child, it’s crucial to seek specialist legal advice promptly. Resolving disputes swiftly can make it easier to rebuild your parent-child relationship.

Understanding Co-Parenting

Co-parenting involves both parents working together to make joint decisions about their child’s upbringing. This collaborative approach creates a calm and stable environment, benefiting the child’s emotional well-being. Effective communication and shared decision-making are hallmarks of successful co-parenting.

What Is Parallel Parenting?

When communication between parents is challenging due to high conflict, parallel parenting may be a more suitable approach. This method allows both parents to remain actively involved in the child’s life while minimizing direct interaction.

With parallel parenting:

Each parent makes day-to-day decisions independently when the child is in their care.
Communication is limited to essential matters, such as medical or educational concerns.
The child benefits from a relationship with both parents, without exposure to ongoing conflict.

While parallel parenting can be beneficial in cases involving domestic abuse or significant conflict, parents should be mindful of how differing parenting styles might affect the child’s sense of stability.

Seek Legal Support

Understanding your legal rights and responsibilities is essential when navigating separation. Consulting with a family law specialist like Amber Kennedy can provide tailored advice to protect your child’s best interests.

For more information or personalised legal support, contact a legal professional experienced in family law matters.

Understanding Collective Redundancy in the UK

Dyson’s Workforce Reduction: An Overview

The UK’s Collective redundancy framework

Key legal precedent: The woolworths case

The procedure and timeframes

Implementing Dyson’s redundancies

Potential pitfalls if the process goes wrong

Impact on brand and employee morale

Navigating the redundancy process with care

Understanding the Employments Rights Bill 2024

Key Reforms: Day-one rights and probation periods

End of exploitative practices and strengthened sick pay

Flexible working and gender pay gap action plans

Fair work agency and long-term reforms

Understanding the Employments Rights Bill 2024

Key Reforms: Day-one rights and probation periods

End of exploitative practices and strengthened sick pay

Flexible working and gender pay gap action plans

Fair work agency and long-term reforms

This year, the European Parliament formally adopted the Artificial Intelligence Act (“AI Act”), the first comprehensive law designed to regulate AI on a broad scale across the European Union.

The Current UK regulatory landscape

Sector-specific regulation

AI development

Impacts on employees

Data privacy and security

Monitoring regulatory changes

Economic review September 2024

Index

Value (30/09/24)

Movement since 30/08/24

Retail sales stronger than expected

National debt looks set to soar

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?

Key responsibilities of a conveyancer

Why you need a conveyancer

Who else is involved in a property transaction?

Risks of not using a conveyancer

The conveyancing process: Step-by-step

How long does the conveyancing process take?

Why Choose Tees

Navigating the financial storm

Your guide to retirement planning

What are the different types of pensions?

How to make your workplace pension better for the future?

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

When can I access my pension?

Navigating uncertainty

Care funding: A personalised approach

Equity release: Achieving your financial goals

Separating from your child’s other parent can be one of the most difficult and stressful experiences in life. Amber Kennedy, an expert in parental legal rights, shares key legal considerations for parents contemplating separation.

Prioritising your child’s needs

Can One Parent Prevent the Other from Seeing Their Child?

Understanding Co-Parenting

What Is Parallel Parenting?

Seek Legal Support