Lifetime ISA

Pension nest egg

I don’t think I was the only one who expected this year’s budget to be heavily pensions focussed. Thankfully it wasn’t, and that left a big space for the ‘headline act’. Step forward the new Lifetime ISA! Much like a ‘normal’ ISA.

You can save money in a tax free environment, there are differences though. You can save up to £4,000 each year, and receive a government bonus of 25% – that’s a bonus of up to £1,000 a year. You can use some or all of the money to buy your first home, or keep it until you’re 60 – it’s up to you.

  • You can open a Lifetime ISA account between the ages of 18 and 40, and
  • Any savings you put into it before your 50th birthday will receive an added 25% bonus from the government
  • Accounts will be available from April 2017
  • You can save as little or as much as you want each month, up to £4,000 a year
  • The total amount you can save each year into all ISAs will also be increased from £15,240 to £20,000 from April 2017

That all sounds very straightforward, we like it when the tax man gives us money, so if you’re saving for your first home, or want to bolster your retirement savings, come and talk to us!

If you withdraw the money before your 60th birthday you will lose the bonus and an interest/growth on this. A further 5% penalty charge will also have to be paid so consider any withdrawals carefully. They are also limited to one account per person.

Malcolm Wallace

Here's a little more information about our team.

Q: Qualifications Include

A: After my French degree, I moved into financial planning.  Here is my list:

B/A French

R03 - Personal Taxation (CII)
R04 - Pensions and Retirement Planning (CII)
R05 - Financial Protection (CII)
R02 - Investment Principles (CII)
R01 - Financial Services, Regulation and Ethics (CII)
R06 - Financial Planning Practice (CII)
Dip PFS - Personal Finance Society Diploma (PFS)
CeLM - Certificate in Lifetime Mortgages (IFS)
CeMAP - Certificate in Mortgage Advice and Practice (IFS)
CeRCC - Certificate in Regulated Customer Care (IFS)
CeRER - Certificate in Regulated Equity Release (IFS)
CF2 - Investment and Risk (CII)

Q: Do your clients have anything in common with each other?

A: I work a lot with people who are building wealth as their career progresses, particularly GPs and other people with NHS connections.

I'm very familiar with the NHS pension scheme and benefits, so it is easy for me to give advice that fits in well with your benefits. That helps when I advise you about moving home or saving for the future around your NHS pension.

Our office is in Altrincham, and I live in Liverpool. Also, I work in Oxfordshire approximately one day per week. Any of those locations are convenient for me.

Q: What type of work do you enjoy most?

A: At retirement work gives me the most satisfaction because the clients realise that it is an important time to take professional advice and show genuine gratitude for the work that we do.

Q: Where would you be right now if you weren't at work?

A: Outside somewhere, enjoying the fresh air

Q: In the film of your life, who would play you?

A: Ben Affleck

Q: Curry or Hot Pot?

A: Curry

Q: Sherbert or Chocolate?

A: Chocolate

Q: Lawn or Flowers?

A: Lawn

Q: What are you most likely to do whilst being 'on hold'?

A: Check emails