Smart Money May/June 2025

Welcome to our May/June edition of Smart Money. Here’s a brief summary of what’s included in this edition:

On page 3, we examine the impact of pension freedoms and how they have transformed access to retirement savings. These changes have provided individuals over the age of 55 with more options for withdrawing and managing their pension pots. However, a decade later, research shows that many people are making important financial decisions without seeking advice or fully understanding the tax implications.

On page 06, we discuss the importance of bridging the financial gap across generations to help secure your family’s future. Discussing finances, especially with older relatives, is often challenging due to its sensitive nature. However, avoiding these conversations can lead to unnecessary stress and uncertainty down the line.

On page 12, we explore insights on how you could take control of your future by assessing whether you’re on the right track. Achieving a comfortable retirement is a common goal for many people, but it requires confronting challenging questions about your savings and your vision for retirement.

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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.