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February 2012
- New Year resolutions to get your finances in shape
- Devising a strategy to
maximise income
- Employers and
employees should
prepare for NEST
- Critical illness cover
for your mortgage
repayment risk
- Funding your children's
future with a Junior ISA
Yours sincerely,
Keith Tadhunter Dip PFS
Director
futurefinancial
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During Many brave resolutions are made at the
beginning of the year. Why not add improving
your financial situation to the list? With our
support and advice, it is highly likely that you
will be able to reinvigorate your savings and
investments. Here are a few ideas…
You should aim to have three to six months' salary on deposit in case of emergency. We can
point you in the right direction for the best interest rates.
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With the returns on cash deposits so low at present, and with
inflation so worryingly high, many people are searching for
a way to squeeze more income from their investments and
savings. As your adviser, we're in the ideal position to tell you
about income-generating opportunities.
There are a few key points to consider...
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| This year will see a huge change to the way pensions are
organised in the UK, thanks to the introduction of autoenrolment
and the National Employment Savings Trust - or
NEST. By specified staging dates between 2012 and 2016,
dependent mainly on their size, all employers will need
arrangements in place to auto-enrol the bulk of their
employees in an approved workplace pension scheme or in
NEST. The self-employed will also be able to participate.
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Mortgage borrowers require insurance that can pay off
their loan in an emergency. Most people recognise that life
insurance is essential for anyone with dependants - the
proceeds of the policy can help minimise debt and disruption
in the wake of a tragedy.
Less well understood is the need for insurance that will pay out
if the policyholder contracts one of a list of about 30 critical
illnesses such as heart attack, cancer, stroke and coronary artery
by-pass surgery. Other conditions that might be covered – each
policy has its own list – include multiple sclerosis, Alzheimer's,
Parkinson's, paralysis, blindness, deafness, kidney failure, major
organ transplant and any diagnosed terminal illness.
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For Parents and grandparents naturally want to provide for
their children's future. The previous Labour government
introduced the Child Trust Fund (CTF) for this purpose in
2002. The present government has replaced the CTF, for
children born on or after 3 January 2011, with the Junior
Individual Savings Account - the Junior ISA.
As with the CTF, the essence of the Junior ISA is that it is a taxfree
savings account that runs until the child reaches adulthood.
Children under 18 who were born before the CTF was introduced
in September 2002 are also eligible.
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