Allfield Financial Group - Patrick Spencer

 

At the Social Media Day I will be giving a brief presentation of Business Protection. Hopefully this will be thought provoking and ask a few questions of you and your business. Business Protection for key employees and directors will help keep the business trading, replace key individuals, protect corporate debt and buy out a shareholders estate if a shareholder dies.

Relevant life cover can provide standalone death in service, payable by the company, normally allowable for corporation tax relief and NOT a taxable P11D benefit in kind. If you or your business is not properly protected, or you wish to discuss your current arrangements, please contact me on 01273 208813 or email me on patrick.spencer@allfieldfinancial.com 

 

Allfield Financial Group are independent financial advisors based in Sussex. We offer advice to individuals and companies on all areas of financial planning. This can range from a small £10 a month life assurance plan, to running the pension scheme for a listed company. I am passionate about the advice we give, because the areas of advice are so important. Pensions effect how much money you have in retirement. Mortgages allow you to buy the home you want. Life assurance and critical illness cover ensure the financial security of your loved ones. Investments are your medium and long term savings. 

Generally I find that (especially with pensions!), there is a lack of understanding or some confusion about how you accrue benefits, and how and when pension benefits can be taken, which isn’t surprising given how often pension legislation has changed over the years. It is very important to me to explain what this all means, and to de-mystify some of the financial jargon that is often used. Most financial planning is very straightforward. It is about ensuring that your arrangements reflect your current circumstances, working within any financial constraints (ie not many people have an unlimited amount of money, so there will always be priorities!). As an example, the life cover arrangements that were appropriate when you bought your first house might not be sufficient any more if you are married with three children. Equally, if you have worked for four or five different companies, have you tried hunting down your pensions accrued with all those different employers? 
A quick note on Pensions: auto-enrolment & Nest begin in October 2012… this will effect all companies and doing nothing is not an option! In simple terms, all companies will have to enrol employees into a qualifying workplace pension schemes, and pay contributions of 8% by 2017 (including 3% employer contribution).

If your business is not up to speed with this legislation please contact me.