2018 Newsletter May


Here is my Spring Newsletter

All the evidence is that obtaining financial advice from a professional ensures you get better outcomes, however it’s clear that many still do not seek advice.

The chance of getting bad advice or being scammed stop them talking to a professional!  That is despite the fact that, on average, people are better off.

A long-running study by think tank the International Longevity Centre  found less than 17%  of people saw an adviser between 2012 and 2014 and savers are missing out as a result, particularly in retirement and as a result many run the risk of outliving their retirement savings .

The report found that those who took advice accumulated on average £12,363 more in liquid financial assets than those who didn’t, and £30,882 more in pension savings.

Do you have friends and family who have no adviser?
Please talk to them about your experience with us.
Tell them what we do.

In particular, if you have family members between the ages of 18 and 25 who need guidance, we offer a free coaching and guidance service .  Hopefully to set them on the right path for future financial decision making.

The FCA has published its Financial Lives Survey  revealing that 50% of UK adults (25.6 million) display one or more financial characteristics that signal “potential vulnerability”.

The research shows that 15 million people in the UK still don’t have a pension, in spite of the recent progress made by the auto-enrolment programme.

Just 35% of those aged 45-54 have given a great deal of thought as to how they will manage in retirement.

And 41% of those aged 55-64 who are receiving an income or have taken a lump sum from their defined contribution pension are still employed and a further one in six (17%) are self-employed.

A quarter are unclear how they have taken money out of their pension – whether it’s through an annuity or draw down.

Two million UK adults say they have a defined contribution pension, have received and read their annual statement in the last year, and did not understand it very well or at all.

Nearly half a million UK adults in the last two years have accessed a ‘DC’ pension and admit to not understanding their access options at all or even that options exist.

A DC pension is where the benefits are dependent upon the money being paid in, the charges and the performance of the investment funds

Kate Smith, Head of Pensions at Aegon, added:
“Today’s report paints a very mixed picture of the country’s long-term saving and points to large groups excluded from pension provision and others unwilling or unable to save the amounts required to secure a decent retirement.

“One of the most worrying trends identified is amongst the 45-54 year olds who have low levels of engagement with retirement planning. Just over a third has thought about how they will manage in retirement and a similar number do not know how much they or their employer are contributing to their pension.

“Five years into auto-enrolment, it’s shocking that 15 million people aren’t saving into a pension and many more are under saving. Too many people are excluded from auto-enrolment, low-paid workers, some with multiple jobs and the self-employed including gig workers.

“The review of auto-enrolment, due to report by the end of the year, must address what is clearly a huge gap in the nation’s savings policy. Pensions should be there as a default for all, no matter how much people earn, across how many jobs, in whatever form of employment.”

The fact that housing costs have increased dramatically means that many of our 20 to 30 year olds are struggling with rent, so no wonder pensions are at the bottom of their financial list.  However, it may be an attractive option for grandparents or parents to start a pension contract to help them. Anyone can have a pension account with payments of up to £280 each month.  That way you know they won’t be cashing it in at 18 and buying a motorbike, it’s for their pension, funded by you whilst they save for their own home.

Jan Oliff Financial Planning has reached the end it’s second year and we have plans to recruit during the coming months.
That way I can ensure that the business continues.  Being Independent and Fee charging, means that we are still ahead of the regulations and most of the other firms we come across.   We are also able to focus on bespoke solutions and portfolios for each client’s particular needs and valued.


Reminder :
Is your pension Expression of Wishes for benefits still up to date?

If you are not sure, you can check with me.


Care fees
The elephant in the room!!
Something successive governments have avoided, Health Service Manager and Consultants rant about and we don’t want to talk about.  It’s just too difficult a subject for all the political parties, the NHS is being overwhelmed by bed blockings and we do not want to talk about it because it’s the last stop before the end of the line.

However, like all difficult conversations, it has to be tackled.

My experience with clients and my additional qualifications means that I can help with minimising the costs and making the process easier.

I am always delighted to hear from you, even if it’s just a catch up.
Please feel you can make contact at any time, particularly if you have heard something in the media and are uncertain how it effects your finances.

Have a joyful spring,



Jan Oliff Financial Planning Limited      Noumena, Little Green, Broadwas, WR6 5NH
01886 822205     www.oliff.info

Authorised and regulated by the Financial Conduct Authority   Number 725129

Twitter @janoliff    LinkedIn linkedin.com/in/janoliff          Member   Ethical Investment Association