Smart Money July/August 2025

Welcome to Smart Money July/August 2025. Here’s a brief summary of what’s included in this edition:

On page 5, we discuss the importance of keeping your pension beneficiary nominations up to date, how life events can affect your choices, and what simple steps you can take to help make sure your wishes are reflected. Pension savings are often among our most valuable financial assets, yet many individuals remain unclear about who will inherit them when the time comes.

On page 10, we explore the key steps to getting your financial plan in order, from setting clear goals and building an emergency fund to optimising your investment and tax strategies. With a practical and proactive approach, you can help bring structure to your financial decisions, build resilience against uncertainty, and create a plan that reflects your long-term aspirations.

On page 12, we explain how to manage your retirement income needs, prepare for potential care costs, and pass on your wealth to your loved ones in a tax-efficient manner. By understanding Inheritance Tax rules, making use of gifting allowances and trusts, and keeping your legal documents up to date, you can help make sure that your wishes are respected and your wealth is preserved for future generations.

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Foster Denovo Private Wealth is a trading name of Foster Denovo Limited, which is authorised and regulated by the Financial Conduct Authority.

A pension is a long-term investment not normally accessible until age 55 (57 from April 2028 unless the plan has a protected pension age).

The value of your investments (and any income from them) can go down as well as up, which would have an impact on the level of pension benefits available.

Your pension income could also be affected by the interest rates at the time you take your benefits.

The Financial Conduct Authority doesn’t regulate trust planning and most forms of inheritance tax (IHT) planning.

The financial conduct authority does not regulate tax and trust advice and will writing.

Some IHT planning solutions put your money at risk, and you may get back less than you invested. IHT thresholds depend on individual circumstances and the law. tax and IHT rules may change in the future.

The tax treatment is dependent on individual circumstances and may be subject to change in future.