Greetings!
Welcome to the Summer 2011 edition of 'Your Money Matters'.
Articles covered in this edition include competitive deposit accounts being offered by Scottish Widows Bank, a summary of the the death benefits paid by the State Scheme, an update on the mortgage market and a new concept in income protection from the Cirencester Friendly Society.
We are delighted to announce that Firth & Scott Insurance Brokers Ltd (our sister company) have recently joined the Financial Services company in achieving Chartered status. An article explaining this in more detail is included in this newsletter. Do let us know if you have any suggestions for topical financial issues you would like to see included in future editions as we value your feedback and hope that you are continuing to find these quarterly newsletters of interest. |
| Financial Tips | In each edition of 'Your Money Matters' we aim to provide you with financial strategies that we follow when advising clients.
Income Protection
Our last newsletter compared the benefits provided by a Critical Illness policy and an Income Protection plan (sometimes also referred to as Permanent Health Insurance).
Click here for an update about a plan now being offered by Cirencester Friendly Society where the premium charged is NOT based on the applicant's occupation, which is the case with most income protection plans.
If you would like to know more then please contact your Financial Adviser here at Firth & Scott who would be only too delighted to discuss the plan with you and obtain personalised illustrations.
State Death Benefits
When advising clients we find that many of you are not familiar with the benefits that you can receive from the State following the death of a loved one.
In fact we wonder if everybody does claim all they are entitled to from the State during very difficult times?
Click here to read an article summarising the various benefits your spouse or civil partner may be entitled to receive in the event of your unfortunate death. |
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Scottish Widows Bank | 
The Scottish Widows Group have for a number of years now been offering mortgages and deposit accounts through their subsidiary Scottish Widows Bank. The bank's range of deposit accounts are competitive and for the individual they offer an E-Cash ISA and a Direct Transfer account.
The Direct Transfer account is particularly competitive, currently paying a rate of 2.8%, with the facility for no-notice withdrawals and no restriction on the number of withdrawals made during the account year.
The account links into the account holder's current account (whoever that might be with) and monies are transferred from and to the current account using the BACS system, which normally takes between 3 to 4 working days. The account does include a bonus for the first 12 months included in the 2.8%, with the rate falling to 1.91% after 12 months, which is still competitive when compared to similar accounts available from other organisations.
Should this particular account be of interest to you this can be arranged by ourselves with a very simple application form. Please contact your Financial Adviser here at Firth & Scott who will be only too delighted to discuss and arrange the account for you.
Article written by Steve Hopkins FCII |
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Chartered Insurance Brokers | 
We are delighted to announce that Firth & Scott Insurance Brokers Ltd (our sister company) have recently joined the Financial Services company in achieving Chartered status. The company is the first firm in the city to be awarded this qualification and only the 72nd in the entire country. They follow our example, as in 2008 we were the first firm of Independent Financial Advisers in Nottingham to be awarded the prestigious Chartered Financial Planners title by the CII. The insurance brokerage is run by Managing Director Justin Hevness and Director Steven Blair-Allwright, offering specialist advice on all forms of insurance.
- Do you need travel insurance this summer?
- Is your car insurance policy coming up for renewal soon?
- Are your contents adequately covered?
Call Justin Hevness or Steve Allwright on 0115 8400 300 or email them ibenquiries@firthandscott.co.uk and they would be only too delighted to discuss with you your personal insurance requirements at any time. We congratulate our sister company and wish them every success in the future and look forward to the 50th anniversary of Firth & Scott Insurance Brokers Ltd in three years time. |
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Mortgage Update |
"Make hay while the re-mortgage sun shines"
Despite the reduction in lending over the last few years for many people the importance of seeking out professional mortgage advice has thankfully not diminished. In fact statistics from the Council of Mortgage Lenders show that when looking to move house or re-mortgage financial advisers still play a leading role in the eyes of the majority of consumers.
Please click here to find out how you could potentially reduce your mortgage repayments this summer before the predicted base rate rises later this year.
Here at Firth & Scott advice is offered on all forms of mortgages, from residential properties to Buy to Let and commercial.
Mortgage advice can be very complex and your adviser will guide you through the process, explaining the various stages and the legal implications of buying a property.
Many of our clients take advantage of a free appraisal and review of their mortgage situation, re-mortgaging to obtain improved terms and rates.
Your home may be repossessed if you do not keep up repayments on your mortgage.
Article written by Simon Hill, Financial Adviser |
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Protected Rights Pension Schemes | |
Protected Rights benefits result from you having been contracted out of the State Second Pension (S2P), which was formerly known as the State Earnings Related Pension Scheme (SERPS).
From 6 April 2012 you will no longer be able to contract out of the State Second Pension by means of a Rebate Personal Pension contract (Protected Rights) and the last payment made into these contracts by the State will be in respect of the tax year 2011/2012.
However, there are also changes to the way that the benefits can be taken from a Protected Rights contract. After 2012 the benefits within this contract can be taken in exactly the same ways as any other personal pension policy. Previously the annuity rates being taken were based on unisex annuity rates (the same for both men and women) and in the event of your death these benefits must be used to provide a spouse or a civil partner with an income. If you are not married or do not have a civil partner then the benefits would be paid outside of the estate so long as a nomination has been made.
After April 2012 Protected Rights pension funds can be taken and paid out on retirement or death in exactly the same way as a conventional personal pension policy. |
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If you wish to discuss any of the points raised in the articles above please do not hesitate in contacting me here at Firth & Scott Financial Services Ltd.
Regards,
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Firth & Scott (Financial Services) Ltd, Tel No (0115) 8400 333, are authorized and regulated by the Financial Services Authority.
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Registered Address:
579 Mansfield Road, Sherwood, Nottingham, NG5 2JN.
Registered in England, No. 2167753 |
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Financial Services Ltd
Independent Financial Advisers
Chartered Financial Planners
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| Meet the Advisers | |
To see more details about each of our Financial Advisers please click on the links below
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Client Services Charter |
Click on the link below to view a copy of our Client Services Charter. This gives details of the different levels of service that we offer to our clients.
Client Services Charter
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Business & Personal Financial Planning |
- Pensions & Retirement Planning
- Life Assurance
- Critical Illness
- Income Protection
- Investments
- ISA's
- Annuities
- Building Society & Bank Accounts
- Mortgage Advice
- Tax Planning
- School & University Fees Planning
- Private Medical Insurance
- Equity Release
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The company holds the status of Chartered Financial Planners, an exclusive title only awarded to those firms which meet rigorous criteria relating to their professionalism and capability. As of March 2011 Firth & Scott Financial Services Ltd were one of only 306 firms across the UK to hold this prestigious title, which is granted to the leading professional firms within the financial services sector.
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IMPORTANT NOTE | |
This newsletter is designed to provide you with general information only and does not attempt to give you advice on any particular investment or to recommend any particular investment to you. If you have any doubt as to whether a particular investment is suitable for you you should contact Firth & Scott Financial Services Ltd for advice.
Firth & Scott Financial Services Ltd are independent financial advisers and are authorised and regulated by the Financial Services Authority. |
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