Author: Rob Bowers

Almost four months after Labour won the general election, chancellor Rachel Reeves has delivered her 2024 Autumn Budget, outlining the government’s plans for this tax year and beyond.

Arguing that the July general election had given Labour a “mandate to restore stability and start a decade of renewal”, Reeves described it as “a Budget to fix the foundations and deliver change”.

Against a backdrop of a manifesto pledge not to increase Income Tax, employee National Insurance, or VAT, Reeves also announced that her Budget would raise taxes by £40 billion, stating that any other chancellor would “face the same reality”.

Read on for a summary of some of the key measures and announcements from this year’s Autumn Budget – the first ever delivered by a woman – and what they might mean for you.

Extra investment in infrastructure

The chancellor argued that “the only way to drive economic growth is to invest, invest, invest.”

In the run-up to the Budget, Reeves announced she was making a technical change to the way debt is measured, which will allow the government to fund extra investment. This wider debt measure will allow for more borrowing to invest in big building projects such as roads, railways, and hospitals.

It’s important to note that this additional room for manoeuvre for spending on investment projects will not be used to support day-to-day spending, as the chancellor has committed to fund that with tax receipts.

A rise in employer National Insurance contributions

As many analysts had predicted, Reeves increased employer National Insurance (NI) rates by 1.2% from 13.8% to 15%, effective 6 April 2025.

Currently, employers pay NI only above a threshold of £9,100 a year. The chancellor reduced this threshold to £5,000 a year, effective 6 April 2025. The threshold will remain at £5,000 until 6 April 2028 and then increase in line with the Consumer Prices Index (CPI) thereafter.

These reforms will raise £25 billion a year by the end of the forecast period (2029/30).

At the same time, the government is increasing the Employment Allowance.

The current Employment Allowance gives employers with NI bills of £100,000 or less a discount of £5,000 on their employer NI bill.

From 2025, the Employment Allowance will rise to £10,500. Moreover, the government will expand the Employment Allowance by removing the £100,000 eligibility threshold so that all eligible employers now benefit.

Taken together, the government says that 865,000 businesses will pay no NI contributions at all, and more than half of employers with NI liabilities will either see no change or will gain overall next year.

An end to the freeze on Income Tax thresholds from 2028

Back in 2021, the then-chancellor, Rishi Sunak, raised both the Personal Allowance and the threshold at which higher-rate Income Tax is due by £70 and £270 respectively.

Importantly, however, he also fixed these thresholds until 2026. Then, in the 2022 Autumn Statement, Jeremy Hunt extended this freeze until 2028.

Unexpectedly, Reeves decided against extending the freeze beyond 2028. From 2028/29, personal tax thresholds will be uprated in line with inflation once again.

Capital Gains Tax reforms

The chancellor announced several changes to the Capital Gains Tax (CGT) regime.

Firstly, as of 30 October, the main rates of CGT have increased. The basic rate has risen from 10% to 18% and the higher rate has increased from 20% to 24%.

The government will maintain the lifetime limit for Business Asset Disposal Relief (BADR) – formerly Entrepreneurs’ Relief – at £1 million. Meanwhile, the lifetime limit for Investors’ Relief (IR) will be reduced from £10 million to £1 million.

The BADR and IR rate of CGT will continue to be charged at 10%, before rising to 14% on 6 April 2025 and 18% on 6 April 2026.

These measures will raise £2.5 billion a year by the end of the forecast period.

Furthermore, CGT on carried interest – paid by private equity managers – will rise from 18% (basic rate) and 28% (higher rate) to 32% from 6 April 2025. There will be further reforms from April 2026 to bring carried interest within the Income Tax framework, under bespoke rules.

Changes to some Inheritance Tax reliefs

As expected, the chancellor made key announcements that could affect estate planning.

Nil-rate bands

The freeze on Inheritance Tax (IHT) thresholds will be extended by an additional two years, to 2030. The nil-rate band and residence nil-rate band will remain at £325,000 and £175,000 respectively.

Pensions

Reeves announced she was closing the “loophole” that gives pensions preferable IHT treatment. She will bring unused pension funds and death benefits payable from a pension into a person’s estate for IHT purposes from 6 April 2027.

The government estimates this measure will affect around 8% of estates each year.

Agricultural Property Relief

Currently, individuals can claim up to 100% relief on agricultural property (land or pasture that is used to grow crops or rear animals).

From 6 April 2026, the first £1 million of combined business and agricultural assets will continue to attract no IHT at all. However, for assets above this threshold, IHT will apply with 50% relief.

Business Property Relief

From 6 April 2026, the government will also reduce the rate of Business Property Relief from 100% to 50% in all circumstances for shares designated as “not listed” on the markets of a recognised stock exchange, such as the AIM.

ISA subscription limits frozen until 2030

Prior to the Budget, there was speculation that the chancellor may make changes to simplify the ISA regime.

While these did not materialise, the Budget did confirm that annual subscription limits will remain at £20,000 for ISAs, £4,000 for Lifetime ISAs and £9,000 for Junior ISAs and Child Trust Funds until 5 April 2030.

Additionally, the starting rate for savings will be retained at £5,000 for 2025/26, allowing individuals with less than £17,570 in employment or pension income to receive up to £5,000 of savings income tax-free.

A change to business rates relief

The current business rates relief system is set to run until April 2025. It effectively serves as a reduction on business rate bills for eligible businesses, with retail and hospitality firms having been key beneficiaries.

The chancellor announced that, from 2026/27, permanently lower tax rates will be introduced for retail, hospitality and leisure properties.

Additionally, for 2025/26, some retail, hospitality, and leisure properties will receive 40% relief on their bills, up to a cash cap of £110,000 per business.

Corporation Tax capped at 25%

The government plans to support businesses to invest by publishing a Corporate Tax Roadmap. This confirms that the government will cap Corporation Tax at 25% for the duration of the parliament.

A rise in the national living wage

Reeves announced a 6.7% rise in the national living wage for workers aged 21 and over, from £11.44 to £12.21 an hour, effective April 2025. For a full-time employee earning the national minimum wage, this means a £1,400 annual pay boost and is expected to benefit more than 3 million workers.

In addition, the national minimum wage for people aged 18 to 20 will rise from £8.60 to £10 an hour. Apprentices will receive the biggest pay increase, with hourly pay rising from £6.40 to £7.55 an hour.

The announcement could significantly increase outgoings for businesses, particularly when coupled with reforms to employers’ NI.

A freeze in fuel duty

Fuel duty has been frozen since 2011, and the 5p cut brought in by the Conservatives in 2022 has been extended at every subsequent Budget.

Despite speculation that Reeves might increase fuel duty, she confirmed the freeze for another year and extended the 5p cut. This will save the average motorist £59 in 2025/26.

Second home Stamp Duty surcharge increasing

With effect from 31 October 2024, the Stamp Duty surcharge on the purchases of second homes, buy-to-let residential properties, and companies purchasing residential property in England and Northern Ireland will increase from 3% to 5%.

This surcharge is also paid by non-UK residents purchasing additional property.

Reforms to the non-dom regime

Currently, for UK residents whose main residence – or “domicile” – is elsewhere in the world, income and gains are taxed differently, depending on factors such as how long individuals are resident in the UK.

The chancellor confirmed that the tax regime for non-domiciled individuals (non-doms) will be abolished from April 2025, claiming that the rules will ensure that those who “make the UK their home will pay their taxes here”.

Moving forward, there will be a residence-based scheme with “internationally competitive arrangements” for those who come to the UK on a temporary basis.

Over the next five years, Office for Budget Responsibility (OBR) figures estimate that these reforms will raise £12.7 billion.

VAT on private school fees from January 2025

As they had promised in their election manifesto, Labour announced that, from 1 January 2025, VAT will apply to all education, training, and boarding services provided by private schools.

Additionally, the chancellor announced that she was removing business rates relief from private schools from April 2025.

An end to the £2 bus fare cap

The £2 cap on bus fares introduced by the previous Conservative administration is due to end on 31 December 2024.

Labour has announced that it will extend the cap for a further 12 months but that the cap will rise from £2 to £3.

Changes to duties for alcohol, tobacco, and vaping

The chancellor confirmed a reduction in the duty for draught alcohol, cutting duty on an average strength pint by a penny. Rates for non-draught products will increase in line with the Retail Prices Index (RPI) from 1 February 2025.

Furthermore, a new vaping duty will be introduced from 1 October 2026, standing at £2.20 per 10 ml of liquid. Meanwhile, there will be a one-off tobacco duty rise designed to maintain the incentive to choose refillable vaping over smoking.

Confirmation of the 4.1% increase to the State Pension under the triple lock

The basic and new State Pension will increase by 4.1% in 2025/26, in line with earnings growth, meaning over 12 million pensioners will receive up to £470 a year more.

Please note

All information is from the Autumn Budget documents on this page.

The content of this Autumn Budget summary is intended for general information purposes only. The content should not be relied upon in its entirety and shall not be deemed to be or constitute advice.

While we believe this interpretation to be correct, it cannot be guaranteed and we cannot accept any responsibility for any action taken or refrained from being taken as a result of the information contained within this summary. Please obtain professional advice before entering into or altering any new arrangement.

As an independent, Bristol-based firm, we are dedicated to supporting the local community and championing good causes.

As you’ll have read in previous team updates, throughout 2024 Blue Wealth has been supporting Mothers for Mothers by making quarterly donations and running various events, such as our annual charity golf day.

We’re delighted to announce that our new charity partner is Community of Purpose.

Read on to find out more about the important work this organisation does to support young people in Bristol.

Also, find out about an exciting new Blue Wealth charity event and get in touch to book your spot!

Our new charity partner: Community of Purpose

Community of Purpose is an award-winning, not-for-profit social enterprise in Bristol.

Brother and sister, Amy and Joe Kingston, founded the enterprise in 2016. The pair grew up in a loving, supportive family, with parents who fostered children for over 40 years. So, they understand the challenges some young people face.

Amy and Joe believe that everyone can contribute meaningfully to society and reach their full potential if they receive the right support and opportunities.

Community of Purpose aims to provide such opportunities to young people in Bristol, by engaging hard-to-reach groups and promoting social mobility through a range of programmes.

Bristol Young Heroes

These awards aim to celebrate young people who have overcome difficult circumstances, made a difference in the lives of others, or achieved something exceptional. The gala evening is an annual celebration for young people, their families, and their friends to enjoy.

Purposeful Pathways

Purposeful Pathways is a nine-month, 13-step programme that provides structured learning, mentoring and new opportunities. The programme supports Bristol Young Hero finalists and winners to improve their employability and engagement with the community, following the gala awards night.

Bristol Together Championships

In this initiative, primary schools across Bristol are partnered with schools based in communities that are radically different from their own. The twinned schools then take part in football-themed education sessions. The programme aims to break down perceived barriers and promote inclusion through sport.

Bristol 2 Bordeaux

Every year, the charity selects 30 children from six primary schools across the city to travel to Bristol’s twin city, Bordeaux, in France. For many of the young people taking part, this exciting four-day sporting, cultural, and educational programme is their first taste of travelling abroad. As such, the programme aims to broaden young people’s horizons and develop their understanding of the world.

The Blue Wealth team is excited to partner with this exceptional charity that works so hard to help young people in Bristol overcome adversity to achieve great things.

We look forward to contributing to their cause with donations and proceeds from charity events. Speaking of which…

Join us for our charity fundraising wine-tasting event

We’re excited to announce that Blue Wealth will be hosting a wine-tasting event to raise funds for Community of Purpose at Averys Wine Cellars in Clifton.

We’d love you to join us on Wednesday 27 November at 6.30 pm.

Come and chat with the team, enjoy carefully selected wines, and sample fine cheeses and bread from The Bristol Loaf.

If you’d like to sign up, please email hello@bluewealth.co.uk or call us on 0117 332 0230.

As you may know, the Blue Wealth team love a round of golf. Perhaps you’ve even been to one of our hugely popular annual golf days in Bristol?

Golf is a wonderfully relaxing and enjoyable sport that allows you to spend time outdoors and boost your daily step count.

What’s more, you might be surprised to learn that there are many parallels between playing golf and planning your finances.

Both require patience, commitment, and the ability to overcome challenges to keep moving towards your goals.

So, read on to discover five invaluable lessons golf can teach you about planning for your financial future.

1. Play your own game

One of the things we love most about playing golf is the opportunity to spend time with friends, colleagues, and valued clients.

Yet, the aim of the sport is to get the ball from the tee into the hole, and the only way to do this is to focus on your own game.

If everyone around you is offering their “expert” advice, it might be hard to tune this out – especially if you’re a beginner. Yet, what works for others may not work for you. Every player has a different set of skills and unique personal goals.

While you can certainly learn from watching great players, trying to imitate them rather than playing your own game could lead to problems.

Investing is no different. Your friend’s “hot” stock tip might be ideal for them, but it may not fit with your tolerance for risk. Likewise, following the herd and chasing the latest investment trend, could hamper your progress towards your long-term goals.

Put simply, your financial situation and aspirations are unique to you, so your financial plan needs to be too.

2. One hole does not decide the round

Golf is not a quick game. With four players, a round typically takes around four to five hours on an 18-hole course.

That means there’s plenty of time to recover from a bogey, or to fall from grace after a birdie!

Indeed, you’ll likely have peaks and troughs in your playing career, and often within a single round. The key is to focus on your overall score.

Similarly, one financial gain or loss is unlikely to seal your financial future. So, focusing on your long-term goals could help you bounce back from any financial bogeys and capitalise on the birdies.

3. There’s a club for every situation

Imagine playing a round of golf with just one club. Even Tiger Woods would probably struggle to give his best performance.

That’s because there’s a club for every situation. You’d select a different club on a par three than you would a par five, because your goals and approach to the specific challenge would be different.

Likewise, you might be stuck if you don’t have a sand wedge to hand if your ball lands in a bunker.

When it comes to investing, think of your assets as golf clubs. Different asset classes are likely to perform differently at various times. Some may fall in value while others make gains.

So, a diversified investment portfolio that includes a range of asset classes from different sectors and geographical regions, could help you progress towards your investment goals. In contrast, relying on a single asset class could leave you vulnerable to sudden downturns in the market.

It’s why you have a bag full of different clubs!

4. Don’t let external factors blow you off course

There could be many unpredictable factors that affect your golf game, from bad weather to a poorly maintained course.

This might be frustrating. You may even feel like packing up your clubs and heading home. But, if you only play when the conditions are perfect, your time on the golf course may be very limited and your progress will probably be fairly slow.

The only way to reach the 19th hole, and continue improving your skills, is to tune out any distractions and play on.

The same is true of financial planning. It’s impossible to predict or control all the factors that could affect your financial situation – the government may change tax legislation in the next Budget, the markets could dip, and so on.

While reviewing your plans after any significant life events could help you keep your financial plan on track, tuning out the “noise” of external factors and focusing on your long-term goals, is often the most beneficial approach.

5. A coach could be a valuable investment

Of course, it’s entirely possible to learn to play golf on your own. However, it’s likely to be much more challenging, a lot less enjoyable, and it could take you a long time to progress to the level of play you want to achieve.

On the other hand, a coach can provide valuable support and guidance. They will help you avoid forming bad habits, boost your confidence, and deliver results much more quickly than if you were left to your own devices.

Whether you’re a beginner or an advanced player, an experienced coach can quickly assess your playing style and identify areas for improvement.

As financial experts, the Blue Wealth team can do just the same for you and your finances.

We can review your financial situation and work with you to build a strategy that helps you achieve your goals. If you hit a hazard, we can help you reassess and readjust your plan.

As an independent firm, we can create a financial plan that is specifically tailored to your needs, helping you to achieve more financial birdies and fewer bogeys.

If you’d like to find out more about how we can help you up your financial planning game, we’d love to hear from you. Please email hello@bluewealth.co.uk or call us on 0117 332 0230.

Please note

The content of this newsletter is offered only for general informational and educational purposes. It is not offered as, and does not constitute, financial advice.

Blue Wealth Ltd is not responsible for the accuracy of the information contained within linked sites.

Blue Wealth Ltd is an appointed representative of Best Practice IFA Group Ltd, which is authorised and regulated by the Financial Conduct Authority.

Retirement on your terms is likely to be one of the key elements of your financial plan.

So, as you approach or reach retirement, now is the time for you to start thinking about enjoying a comfortable life when you stop working.

Many people see retirement as the start of their “second life” – the time when you have the chance to do all the things you want to do. You may have been planning this moment for many decades and have grand plans for what you might like to do in the years ahead.

If you haven’t already done so, now is also the time to start thinking about your income in retirement, and how long it may need to last.

Aside from taking all your fund in one go – or not taking it at all and leaving it to pass to your heirs – there are four main options:

• Buy an income for a fixed period or for life, known as an “annuity”.
• Take an adjustable income, known as “flexi-access drawdown” (or sometimes just “drawdown”).
• Take lump sums from your pension fund, sometimes known as “uncrystallised funds pension lump sums” (UFPLS).
• Mix and match different options.

This useful guide explains the advantages and disadvantages of each option, as well as some other areas you might want to consider when planning for retirement.

Download your copy of ‘Your retirement choices: How to generate an income in later life’ to find out more now.

If you’d like to talk about your retirement plan, please contact us to arrange a meeting.

September marks the start of a new school term for some of the team’s children. We also bid farewell to a much-valued member of the Blue Wealth family, as Naomi moves on to pastures new.

What’s more, we have an exciting new event to tell you about.

Read on to find out more…

Rob and Dan wave their children off to school after the long summer holiday

The start of a new school year can be an exciting time for parents and children alike. In September, both Rob and Dan watched their children return to school with mixed emotions.

Rob’s children couldn’t wait to meet their new teachers

Rob’s six- and nine-year-old entered years two and five in September.

While Rob has loved spending time with the family during the summer holidays, he was quite relieved to see them return to school!

Both children have new teachers this year, so they walked through the school gates with a healthy mix of anticipation and excitement. They were also thrilled to be reunited with their friends.

Rob is looking forward to seeing his two little ones grow and develop over the next school year. They surprise him every week with how much they’re learning and questioning everything!

For Rob, school feels like a lifetime ago. His fondest memories were playing football in the playground and learning about interesting topics, such as the Egyptians. He can still recall a lot of his primary school lessons to this day and hopes his children get as much out of their time at school as he did.

Dan’s children couldn’t wait to be reunited with their friends

This month, Dan’s children joined year one and year five. His nine-year-old daughter and five-year-old son were excited to see their friends after the long summer break.

While Dan and Sarah were keen to return to their term-time routine, they were reminded how time-consuming and exhausting all the organisation and school admin can be!

However, they’re getting excited about the school year ahead. The infant nativity and the various sporting events the children take part in, such as a cross country run and sports day, are already causing much excitement in the Britton household.

Dan has fond memories of his time at primary school. He loved running around on the huge playing fields and sports day was his favourite event of the year. So, he’s looking forward to seeing his children take part in the school’s sports events throughout the year.

We bid farewell and best wishes to Naomi

While September is a time of new beginnings for some of the team’s children, it’s also the month we say goodbye to Naomi Davidson.

Naomi joined us in 2022 and completed her training as a paraplanner during her time with us. She said, “I had a fantastic time working at Blue Wealth and the team has really supported my career development.”

We’re always sorry to see members of our team move on, but we wish Naomi all the best for the future, and we know she’ll excel in her next role.

Save the date for your next Blue Wealth social event!

We’re excited to announce our next Blue Wealth social.

We’ll be holding a wine tasting at Averys wine cellar in Bristol on Wednesday 27 November. This will be a great opportunity for clients and partners to enjoy an evening of lovely food and wine in excellent company.

We’ll send out an email with more details in the near future. If you’re interested in coming along, keep your eye out as places will be limited!

Ahead of the 2024 general election, one of Labour’s most eye-catching manifesto pledges was to add VAT to private school fees.

Set to come into effect on 1 January 2025 – subject to a High Court legal challenge – the BBC reports that this could raise £1.6 billion a year in revenue, enabling Labour to hire 6,500 more teachers at state schools.

The policy comes at a time when school fees have already been increasing sharply. The Institute for Fiscal Studies (IFS) reports that the average cost of private school fees has risen by 20% in real terms since 2010, and by 55% since 2003, even without VAT.

While some famous schools like Eton and Harrow charge about £50,000 a year, the average across the UK is about £15,000.

If you have a grandchild at a private school, or you’re looking to help their parents to fund a private education, there are several tax-efficient options available to you. Read on to find out more.

Use your Inheritance Tax gifting allowance

In the 2024/25 tax year, you can usually pass up to £325,000 on your death without Inheritance Tax (IHT) being due. This threshold can increase by £175,000 if you leave your main residence to a direct descendant such as a child or grandchild.

If you’re married or in a civil partnership, you are normally able to transfer any unused allowance, meaning you could leave up to £1 million before IHT is due.

If this may be a concern for you, making gifts – for example, to pay for school fees – can help you mitigate any potential liability.

Each individual has an annual gift exemption of £3,000. Gifting this amount means the sum falls outside your estate for IHT purposes. You can carry forward the exemption for one year if previously unused.

So, two grandparents using their exemptions for the first time can gift £12,000 in total initially, and £6,000 in each subsequent year.

Make a potentially exempt transfer

Gifts that you make above your annual gift exemption will usually fall outside your estate providing you live for seven years after making them. This is known as a “potentially exempt transfer” (PET).

Planning early can help you to make use of this exemption.

For example, if you made a gift of as large a sum as possible (to pay several years’ school fees) you would start the seven-year clock running on the gift. This increases the chances that the gift will not be subject to IHT.

If you could gift sufficient funds to pay for the entirety of a child’s education, this could be invested so only the required sum is drawn down each year to fund the liability as it arises.

Gift from income

If you have a significant income, you may be able to use a further, powerful IHT relief.

The “normal expenditure out of income” exemption means that you can provide regular gifts, such as to pay for school fees, provided they:

• Come from income and not capital
• Do not affect your standard of living
• Are regular.

Any gift from surplus income that satisfies these requirements passes immediately out of your estate without you having to survive for seven years.

It’s important to maintain comprehensive records of income, expenditure, and gifts each year to claim this relief.

Trusts

A trust is created by a “settlor” who settles assets into the trust. These assets typically comprise property, cash, shares and so on (this would likely be cash if you are considering funding school fees).

The assets are held and managed by the “trustees” – these will typically be the child’s parents, but you could also be a trustee to retain some control over the use of funds – for the benefit of the “beneficiaries” (your grandchildren).

Bare trust

As your grandchild cannot have funds in their own name when under the age of 18, a bare trust holds assets in the name of the trustees for the grandchild’s benefit. The funds would have to be spent for that grandchild’s benefit or invested for them.

If the sum is large enough, the trustees could invest the funds and draw down each year to pay the school fees. If there was a balance left over upon completion of education, that would belong to the grandchild.

Discretionary trust

A bare trust doesn’t work if you want to set aside funds for future grandchildren or you seek flexibility as to how to provide for a group of grandchildren.

A discretionary trust is a “pot” of assets managed by trustees (that you appoint) for the benefit of the trust beneficiaries (in this case, your grandchildren).

The trustees decide how the funds should be invested and used for the benefit of those beneficiaries. Such a trust would normally be accompanied by a “letter of wishes” from the settlor (you) setting out how you would like the trust to be used.

The disadvantages of a discretionary trust are that there are costs for setting it up and running it, and the tax position is more complex.

For example, in almost all cases you are restricted to putting £325,000 into a trust. If you transfer into trust more than your available IHT nil-rate band, an immediate 20% charge arises on the balance.

Moreover, during the lifetime of the trust, there are potential charges to IHT every 10 years, at a maximum rate of 6%.

As trusts are a complex area, seeking professional advice can add value.

Finally: think about your future needs

There’s one final point to consider here, and that’s your own future financial needs.

For example, even if you are comfortable that you can provide financial support now, what would happen if you needed to fund expensive nursing care in future?

Before rushing into providing help, it’s important to review your financial position and be confident you can afford to maintain what could be a 15-year commitment.

A financial planner can help here. Using sophisticated cashflow modelling, they can establish your current and future financial position and consider the impact of any immediate or regular gifts you want to make.

This can help you to understand whether the gifts are affordable and give you the confidence to assist with school fees, safe in the knowledge your own financial position is secure.

If you’d like to explore whether helping with private school fees is an option for you, get in touch. Please email hello@bluewealth.co.uk or call us on 0117 332 0230.

Please note

The content of this newsletter is offered only for general informational and educational purposes. It is not offered as, and does not constitute, financial advice.

Blue Wealth Ltd is not responsible for the accuracy of the information contained within linked sites.

Blue Wealth Ltd is an appointed representative of Best Practice IFA Group Ltd, which is authorised and regulated by the Financial Conduct Authority.

The Financial Conduct Authority does not regulate estate planning, cashflow planning, tax planning, trusts, Lasting Powers of Attorney, or will writing.

Throughout 2024, Blue Wealth has been supporting Mothers for Mothers through quarterly donations and their annual charity golf day, which was held at Bristol and Clifton Golf Club in April.

We are delighted to have raised a fantastic £1,700 so far.

We know this will make a huge difference to their work offering maternal mental health and wellbeing support, advice, and information to women and their families in Bristol, North Somerset and South Gloucestershire.

Everyone at Mothers for Mothers has a lived experience of depression, anxiety and isolation during pregnancy or after the birth of one or more of their babies. They understand how hard early parenthood can feel and how difficult it can be to ask for help.

Between 10% and 20% of women develop a mental illness during pregnancy or within the first year after having a baby. In the financial year 2023/24 Mothers for Mothers supported an average of 39 new clients each month. In the first quarter of 2024/25, they have seen an average of 49 new clients, an increase of 25%.

With so many women experiencing maternal mental health issues, the need for Mothers for Mothers services will continue to grow. With the right help and support, women can recover from these illnesses. But they can only do it with the support of our local communities, which is why we are thrilled to be able to help in this way.

Laura Ward, vice chair of the charity says: “Mothers for Mothers is delighted to be supported by Blue Wealth. Such recognition is vital to our work with families whose lives have been affected by maternal mental health and emotional wellbeing needs.

“For us and for the families we work with, it means so much to be held and supported by a local business. Not only does this allow us to fund our work, but it also raises awareness of our lifesaving services and helps us to reduce the stigma associated with maternal mental health.

“We would like to extend our thanks to everyone at Blue Wealth and we look forward to sharing our future work and progress with you.”

Look out for future Blue Wealth updates to keep up to date with our fundraising efforts.

The film Thelma – currently showing in cinemas – is a comedy-drama that tells the story of a 93-year-old woman who loses $10,000 to a phone scammer pretending to be her grandson. Outraged by this deception, Thelma sets off on her motorised scooter to track down the crooks and reclaim her money.

Sadly, such tales are not limited to the world of fiction.

According to data reported by PensionsAge, since the beginning of 2020, more than £2.6 billion has been lost to investment scams.

During the same period, the research revealed that pension liberation fraud – when someone convinces you to access your pension pot before the age of 55 – affected almost 1,500 people and cost £19 million.

If you want to know how to protect yourself from pension and investment scams, read on to discover the red flags to look for and learn how to keep your wealth safe from fraudsters.

Knowing how to spot a financial scam could help you protect your wealth

Anyone could fall prey to a financial scam, no matter how financially savvy they are.

Scammers often come across as convincingly professional. Plus, over the years they have developed increasingly sophisticated techniques to persuade their victims to part with their money.

So, it’s important to learn how to spot the warning signs.

Had Thelma been more aware of how financial fraudsters operate, she might not have fallen for the scam about her grandson and saved herself a treacherous journey across LA!

The following red flags could help you identify suspicious activity and avoid becoming a victim of financial fraud.

Pension scams aim to persuade you to transfer your entire pension savings or release funds from it

The following red flags have been identified by The Pensions Regulator as warning signs of a scam:

• Cold-calling – The former Conservative government introduced a pensions cold-calling ban, which came into effect in January 2019. So, anyone who makes an unsolicited phone call to you regarding your pension is breaking the law and is most likely a scammer.
• Using key phrases – If someone tries to persuade you that they can help you with “pension liberation”, obtaining a “savings advance”, or taking advantage of a ”loophole”, you might be wise to walk away.
• Offering early access to your pension – An offer to help you gain access to your pension before the normal minimum pension age of 55 (57 from 6 April 2028), with no tax liability. Generally, this is only possible in special circumstances, such as if you’re suffering from ill health or have a protected pension age.
• Hard-sell tactics – Many scammers will try to pressure you into a decision by telling you their offer is only available for a limited time. Or, they might play on your emotions, just as the phone scammer duped Thelma by pretending to be her beloved grandson and begging for help.
• Guarantees of incredible returns – Fraudsters may try to tempt you to hand over your money by promising that they can offer better returns than your current pension provider.
• Unusual high-risk investments – Investments such as renewable energy bonds and forestry are often overseas. This could make it hard to trace ownership of the investment or even to verify that it exists.

Investment scams aim to get you to hand over your money

Investment scams come in all shapes and sizes, from promoting an opportunity that doesn’t exist to cloning the website of a legitimate company.

Any of the following red flags should set alarm bells ringing.

• Unsolicited contact – Legitimate investment firms won’t typically contact you out of the blue to offer an opportunity. So, if you receive a “cold” email, phone call, text message, or even a knock at your door, treat this as a significant red flag.
• Guarantees of high returns and low risk – Generally, the potential for higher investment returns increases in line with the level of risk. What’s more, returns cannot be “guaranteed”. If something seems too good to be true, there’s a good chance it is.
• Being forced to make a quick decision – A favoured tactic of scammers is to make you feel that if you don’t snap up their offer immediately, you’ll miss out. Legitimate investment firms are unlikely to pressure you in this way.
• Questionable contact details – Thelma is caught out by a scammer who asks her to send $10,000 in cash to a PO Box. If the only way to get in touch with a company is by writing to a PO Box address or ringing a mobile phone number, this could be a reason for caution.
• The company is not registered with the Financial Conduct Authority (FCA) – The FCA’s website lists all registered providers of financial services. It also has a Warning List of firms that may be operating without permission. If the FCA doesn’t recognise a company, it may be best to steer clear of it.

4 smart ways to protect yourself from financial fraudsters

While financial scams have become more sophisticated as technology has advanced in recent years, there are steps you could take to protect your wealth.

1. Research new opportunities thoroughly

Scammers often appear professional and knowledgeable. They can also be extremely charismatic and persuasive.

Thelma is quickly taken in by the phone scammer posing as her grandson and rushes to hand over her money. Had she checked that the caller was legitimate before parting with her cash, she could have avoided the scam.

Before committing to a new opportunity, check that the company has the contact information you’d expect, look for customer reviews, and search for any scam reports online.

2. Don’t rush a decision

If you feel pressured to make a decision fast, take a step back.

An amazing pension or investment opportunity may feel hard to resist and the fear of missing out can be powerful.

However, a genuine opportunity is unlikely to disappear overnight. So, take the time to research the opportunity and seek advice before making any financial commitment.

3. Use the FCA’s free online tools and registers for identifying scams

The FCA’s ScamSmart Investment Checker is an excellent place to start your research.

This is a free online tool for verifying investment and pension opportunities. It’s quick and easy to use, and it could help you avoid falling victim to a financial scam.

4. Speak to a financial planner

If you’re uncertain about a pension or investment opportunity, seeking independent financial advice from an FCA-regulated firm could give you the confidence to proceed or help you avoid a scam.

It’s also crucial to report any suspected fraud to prevent scammers from targeting other people. In England, Northern Ireland, and Wales, you can report any concerns to Action Fraud using the online reporting tool. If you live in Scotland, you should call Police Scotland or Advice Direct Scotland.

Get in touch

If you’re concerned about financial fraud and would like to learn more about how to protect your wealth, we can help. Please email hello@bluewealth.co.uk or call us on 0117 332 0230.

Please note

The content of this newsletter is offered only for general informational and educational purposes. It is not offered as, and does not constitute, financial advice.

Blue Wealth Ltd is not responsible for the accuracy of the information contained within linked sites.

Blue Wealth Ltd is an appointed representative of Best Practice IFA Group Ltd, which is authorised and regulated by the Financial Conduct Authority.

A pension is a long-term investment not normally accessible until 55 (57 from April 2028). The fund value may fluctuate and can go down, which would have an impact on the level of pension benefits available. Past performance is not a reliable indicator of future performance.

The tax implications of pension withdrawals will be based on your individual circumstances. Thresholds, percentage rates, and tax legislation may change in subsequent Finance Acts.

The value of your investments (and any income from them) can go down as well as up and you may not get back the full amount you invested. Past performance is not a reliable indicator of future performance.

Investments should be considered over the longer term and should fit in with your overall attitude to risk and financial circumstances.

Even for professional investors, consistently delivering above-average market returns on investments is challenging. Those who have delivered high returns over a long time frame are remembered among the world’s greatest investors.

While you may not have the same resources that a professional investor may have at their disposal, you could learn valuable lessons from their work. Renowned investors might have unique philosophies and strategies, and sometimes they share their market wisdom.

This useful guide covers some practical lessons you can learn, including:

• Learn the value of investing from Warren Buffett
• Take the time to understand your investments like Peter Lynch
• Be prepared for the ups and downs of the investment market like John Templeton
• Embrace diversification like Thomas Rowe Price Jr
• Include a margin of safety like Benjamin Graham.

Download your copy of ‘5 insightful lessons you could learn from the world’s most successful investors’ now to discover investment lessons that could guide your decisions.

If you’d like to talk to us about your investment portfolio, please get in touch.

What makes an Olympian? Natural talent or the hours put into training might be the first things that come to mind. However, their approach and mindset play an important role in their achievements too. 

An athlete’s mentality will have a huge effect on how they pursue goals and their ability to perform well when it matters most. Getting in the right frame of mind for success could mean the difference between making the Olympic team and missing out. 

With Paris hosting the Olympics in 2024, now is the perfect time to look at what you could learn from Olympians when it comes to managing your finances effectively, such as:

• Being goal-oriented
• Breaking down your performance
• Keeping your emotions in check
• Working with professionals. 

Download your copy of ‘How an Olympic mindset could help you manage your finances effectively’ to discover how you could benefit from adopting an Olympic mindset.   

If you’d like to talk to us about your financial plan, please get in touch.