© 2019 Bluecoat Wealth Management

Decisions should not be taken based solely on the content of this website, individual advice should be taken first. Content is aimed at UK residents.

Bluecoat Wealth Management is an appointed representative of Best Practice IFA Group, which is authorised and regulated by the Financial Conduct Authority (FCA), FCA no. 223112. Registered Office: 11 Lady Bee Enterprise Centre, Albion Street, Southwick BN42 4BW. Registered in England and Wales no. 6828686. The Financial Ombudsman Service (FOS) is available to sort out individual complaints that financial services businesses and their clients are unable to resolve. To contact FOS please visit www.financial-ombudsman.org.uk

Please reload

Recent Posts

The current renewed volatility in financial markets is reviving unwelcome feelings among many investors—feelings of anxiety, fear and a sense of power...

Living with volatility

November 24, 2011

1/1
Please reload

Featured Posts

Pension Drawdown - avoiding disaster

June 4, 2018

 

Nearly 80% of people using pension freedoms to manage their retirement income, face a potential financial crisis if they have not set up a Lasting Power of Attorney (LPA). 

 

According to research by Zurich, more than 345,000 retirees using income drawdown to fund their retirement, have not yet given a family member or friend the legal authority to make decisions on their behalf, if they no longer can.

 

Flexi Access Drawdown is becoming ever more popular following the Pension Freedoms introduced by George Osborne, and Zurich estimates 1.7 million people will be using it by 2025.

 

It is important that all clients using Drawdown have a Property and Financial Affairs LPA in place, because in the event of a client losing mental capacity, advisers are unable to alter income payments, rebalance investments nor replenish pension cash balances to continue paying income. 

 

In addition to pension problems, all the client’s other assets, including joint assets, are likely to become inaccessible while an application is made to the Court of Protection for a Legal Deputy to be appointed. It’s important to note that a Deputy’s powers are very limited compared to someone who has been appointed with Power of Attorney, and there is an annual fee for them to renew their deputyship.

 

Please speak to us to find out more about the importance of LPAs. Our sister company Bluecoat Wills & Trusts Ltd can arrange these for you if you require professional advice on this matter.

Please reload

Follow Us
Please reload

Search By Tags