Newsletter May 2020
Furloughed savers warned over relaxed workplace pension rules
Furloughed workers saving into workplace pension schemes are being warned to be on their guard about employers cutting their contributions without their consent.
Around nine million employees in the UK have been furloughed since lockdown measures were introduced.
“We are continually reviewing and updating our guidance to respond to the challenges as they unfold.”
We at Herts & Essex Financial Services can discuss your savings strategy.http://www.handefs.co.uk/our-services/life-assurance
Coronavirus triggers surge in demand for will-writing services
Huge demand for will-writing services has been reported since the coronavirus pandemic hit the UK in March 2020.
As the awareness of mortality amid the COVID-19 pandemic rises, more people want to get their affairs in order.
However, not everyone has been able to write or update their wills with current restrictions making existing will-writing laws tough to uphold.
Contact us for help planning your estate. http://www.handefs.co.uk/our-services/estate-planning
One in nine homeowners take mortgage repayment holiday
More than 14% of homeowners whose finances have been hit by COVID-19 have taken up the offer of a mortgage repayment holiday, according to UK Finance.
It said lenders granted more than 1.6 million mortgage breaks between 17 March and 24 April 2020.
In the fortnight between 25 March and 8 April 2020, mortgage repayment holidays soared – from 392,130 to 1,240,680.
This was a rise of nearly 850,000 or an average of around 61,000 payment holidays being granted by mortgage lenders every day.
As of 24 April 2020, around one in seven homeowners had deferred instalments for up to three months.
Speak to us about your finances.http://www.handefs.co.uk/our-services/life-assurance
COVID-19 crisis wipes almost 9% off pension pots for near-retirees
The average saver who is approaching retirement has seen 8.7% knocked off their defined contribution pension pot in the first quarter of 2020, a report claims.
Market volatility saw pension savings among near-retirees slump by almost 9% in the three months to 31 March 2020.
This group of savers, who are two years off retirement, were better protected from market fluctuations as they were more likely to have investments in defensive strategies.
Get in touch with Herts & Essex Financial Services to discuss your retirement strategy. http://www.handefs.co.uk/our-services/pensions
Source: Practiceweb May 2020