Category: news

This month, Dan tells us all about his family trip to the AIG Women’s Open golf tournament in Wales.

We also have an important update about our plans for improving cybersecurity at Blue Wealth to ensure the highest standards of data protection.

Keep reading to find out more.

Sarah and Dan had a blast on their family day trip to the AIG Women’s Open golf tournament

Jack (6) and Isabel (10) enjoy taking their golf buggy for a spin

As a sporting family who love the outdoors, we couldn’t miss the opportunity to enjoy a day of world-class golf just over the border in Porthcawl.

The AIG Women’s Open is a major professional golf championship and the largest women’s sporting event ever held in Wales.

It ran over four days, from 31 July to 3 August, and attracted some of the biggest names in the game.

We had a fantastic day watching the ladies on the driving range and the course. There was plenty of entertainment for Jack and Isabel too – from face painting to mini golf.

The weather wasn’t quite as kind as we’ve been used to this summer. But we wrapped up and kept the wind and chill out enough to make the most of every minute.

The drive home was less fun, as we got stuck in a four-hour traffic jam. Overall, it was a great day, although we wouldn’t mind if the event was hosted a little closer to home next time!

Cybersecurity – Our commitment to protecting you

We know that recent TV programmes highlighting cybersecurity threats have raised understandable concerns. At Blue Wealth, protecting your data and financial information is something we take extremely seriously.

We’re currently in the process of applying for Cyber Essentials certification, a government-backed scheme that demonstrates our commitment to strong IT security practices. This includes protecting against the most common forms of cyberattack and ensuring our internal systems are resilient and well-managed.

In addition to our own defences, we apply the same scrutiny to our partners. As part of our due diligence process, we assess the cyber and IT readiness of any third-party suppliers we work with. We want to ensure they uphold the same standards we do when it comes to safeguarding your information.

The good news is that our core financial service providers — platforms, product providers, and custodians — operate IT systems with the same protections you’d expect from a high street bank.

Cybersecurity is constantly evolving, and so are we. We’ll continue to invest in the tools and processes that help keep your data safe.

Get in touch

If you’d like to know more about how the Blue Wealth team can help you with all your financial planning needs, or you have questions about our cybersecurity policy, please get in touch.

Email hello@bluewealth.co.uk or call us on 0117 332 0230.

Please note

This article is for general information only and does not constitute advice. The information is aimed at retail clients only.

All information is correct at the time of writing and is subject to change in the future.

With the Autumn Budget only a few months away, there has been growing speculation in the press about the possibility of tax increases.

You might have been keeping a close eye on this commentary and wondering how any potential changes could affect you. After all, higher taxes could mean that you have less disposable income to meet your ongoing needs and save for the future.

However, you may not realise that even if the chancellor makes no changes to existing tax rules, you might see your annual tax liabilities increase due to “stealth taxes”. These are indirect tax increases that often go unnoticed.

Keep reading to learn how these hidden taxes work and discover practical ways to protect your wealth.

Frozen Income Tax thresholds could push you into a higher tax bracket

Income Tax is a major source of revenue for the government. It is payable on most (although not all) types of income that exceed your Personal Allowance, which for most people is £12,570 in the 2025/26 tax year.

The amount of tax you’ll pay on earnings above the Personal Allowance depends on how much of your income falls within each of the following bands:

• Basic rate – 20% on earnings between £12,571 and £50,270.
• Higher rate – 40% on earnings between £50,271 and £125,140.
• Additional rate – 45% on earnings over £125,140.

Historically, these tax bands have increased each year in line with inflation and wage growth.

However, the Personal Allowance, basic- and higher-rate thresholds of Income Tax have not changed since April 2021. Moreover, the chancellor has confirmed that these thresholds will remain frozen until at least April 2028.

This is a classic example of a stealth tax. While there has been no direct increase in Income Tax rates, rising salaries and property prices could mean that more of your earnings fall into the higher tax brackets.

According to the Guardian, this “fiscal drag” means that the number of people paying higher-rate Income Tax is expected to increase by 500,000, to more than 7 million, in the 2025/26 tax year.

What’s more, the additional-rate threshold was reduced from £150,000 to £125,140 in April 2023, resulting in more people paying 45% tax on some of their income.

Static Inheritance Tax allowances could mean that your family pays more tax on your estate

If the value of your estate exceeds certain thresholds when you pass away, your beneficiaries might pay Inheritance Tax (IHT) – the standard rate is 40% in 2025/26 – on a portion of your wealth.

IHT thresholds have been frozen until at least April 2030:

• The “nil-rate band” is the amount you can pass on before IHT is payable. This has been frozen at £325,000 since April 2009.
• The “residence nil-rate band” – an additional allowance that may be available if you pass on your main home to your children or grandchildren – has remained at £175,000 since April 2020.

Unfortunately, this failure to keep up with inflation could mean that your family faces a larger IHT bill.

Imagine that your estate was worth £300,000 in 2009. This falls below the nil-rate band, so your beneficiaries would likely not have paid any IHT. Now fast forward to 2025.

According to the Bank of England’s inflation calculator, your estate could now be worth over £481,000. As such, around £156,000 falls beyond the nil-rate band and could trigger an IHT charge (assuming that you cannot benefit from the residence nil-rate band).

Put simply, while the government has not increased the rate of IHT, the freeze on thresholds means that more estates are liable for IHT or facing a higher bill than they might have previously.

Indeed, the latest figures released by HMRC reveal that gross HMRC Tax and NICs receipts for April to August 2025 were £22.1 billion higher than the same period last year.

3 clever ways to protect your wealth from stealth taxes

Fortunately, there are some practical steps you can take to protect your wealth from stealth taxes. Here are three:

1. Rethink your pension contributions

You could reduce your taxable income and potentially avoid moving into a higher tax bracket by paying more into your workplace and private pensions each month.

As such, increasing your pension contributions may help to reduce your tax liabilities while also boosting your retirement savings.

It’s also worth asking your employer if they offer, or would consider offering, a salary sacrifice scheme. This would allow you to exchange or “sacrifice” part of your earnings for other benefits, such as pension contributions.

Your Income Tax and National Insurance contributions would then be calculated based on your reduced salary. As a result, your take-home pay may increase while the amount going into your pension remains the same.

2. Top up your ISAs

In the 2025/26 tax year, you can contribute up to £20,000 in total across your ISA accounts without incurring Income Tax or Capital Gains Tax on any interest or returns. This annual allowance will reset on 6 April 2026 – you can’t carry any of this allowance over into the new tax year, so if you don’t use it, you lose it.

As such, topping up your ISAs could shield more of your wealth from tax and help you maximise tax-efficient growth.

In contrast, any interest you earn on savings held outside an ISA wrapper may be taxed at your marginal rate if you exceed certain thresholds. So, if the frozen Income Tax thresholds have pushed you into a higher band, ISAs could be a valuable tool for reducing the tax you pay on savings interest.

3. Make use of Inheritance Tax gifting allowances and exemptions

Passing on some of your wealth during your lifetime by using IHT gifting allowances and exemptions could lower the value of your estate and minimise future IHT liabilities.

For example, the annual exemption allows you to give away gifts worth up to £3,000 each year (2025/26), without them being added to your estate for IHT purposes.

If rising estate valuations and frozen tax thresholds are likely to increase the IHT bill on your estate, giving while living in this way could be a useful way to protect some of your wealth from stealth taxes.

Get in touch

If you think you might be affected by any of the stealth taxes mentioned above, we can help you keep your wealth as tax-efficient as possible.

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.

Please do not act based on anything you might read in this article. All contents are based on our understanding of HMRC legislation, which is subject to change.

The Financial Conduct Authority does not regulate estate planning, or tax planning.

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

Workplace pensions are regulated by The Pensions Regulator.

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.

Approved by Best Practice IFA Group: 18/09/2025

Financial planning can add real value to your life, helping you achieve your goals and enjoy the lifestyle you want.

When you think about financial planning, you might initially focus on the financial element.

Perhaps you’re interested in how planning can help you reduce your tax bill, invest to get the most out of your savings, or make sure you’re on track for retirement?

While financial planning can certainly help in these areas, it actually goes far beyond that. It’s all about helping you live the life you want, feel more confident about the future, and reach your goals.

When clients first approach a financial professional, it’s often because they need support with a specific question or concern, such as:

• Can I afford to invest more of my wealth?
• How much do I need to save to enjoy my lifestyle in retirement?

• What can I do to reduce Inheritance Tax for my loved ones after I’m gone?

While a planner can help you answer questions like those above, the process of financial planning is even more all-encompassing, designed to deliver greater value.

In this guide, you can find out why.

Download your copy here: “Revealed: The value of financial planning” to discover how financial planning could help you achieve your long-term aspirations.

If you have any questions or would like to discuss how we could work together to build a financial plan, please contact us.

Please note: This article is for general information only and does not constitute advice. The information is aimed at retail clients only.

We were so excited to add a new event to the Blue Wealth social calendar this year – and it was a huge success!

On Thursday 3 July, we hosted our first summer boat trip on The Matthew, in Bristol.

Keep reading to find out more.

A gentle float along the water aboard a historic ship

A group of 40 clients and members of the Blue Wealth team met late afternoon at Princes Wharf on Thursday 3 July.

After an enjoyable 5 or 10 minutes catching up with familiar faces and meeting new ones, we boarded The Matthew, Bristol’s historic floating harbour, for a relaxing one-hour boat trip.

Great weather, delicious food, and exceptional company

We planned this event to show our appreciation to loyal clients, so we’re delighted that it was such a fantastic evening.

The weather was excellent – never a given during a British summer! – and everyone enjoyed soaking up a few rays under glorious blue skies as we coasted along the water.

We were particularly impressed by the knowledgeable, friendly crew and it was fascinating learning about The Matthew, which is run as a charity. All the money it raises is used to maintain the ship in peak condition for trips and educational visits.

After docking, we sat and chatted while eating some excellent food from The Jolly Hog.

It was a fantastic event, and we were thrilled to receive positive feedback from both staff and clients.

One of our guests said, “Thank you for treating us to such a delightful evening on board The Matthew. It was a very pleasant experience. The food from The Jolly Hog was delicious too!”

Keep your eye on team updates for news of future events. If you have any feedback on our summer boat trip or would like to share ideas for future socials, we’d love to hear from you.

Get in touch

To learn more about the Blue Wealth team and how we can help you with all your financial planning needs, please 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.

Pensions are a crucial part of retirement planning. Even if you have multiple sources of income to support you and your loved ones when you leave work behind, pensions offer a valuable, tax-efficient way to save.

Yet, a recent survey by Aviva has revealed a critical “knowledge gap” about UK pensions. While 53% of respondents claimed to be knowledgeable about pensions, 20% did not know what type of scheme they were signed up to and 57% were unaware that the government pays tax relief on pension contributions.

With the Pension Awareness campaign running from 15 to 17 September, it’s the ideal time to take control of your retirement savings.

Read on to discover four important facts that could boost your understanding of pensions and help you build financial security for later life.

1. How much State Pension you’ll receive depends on your National Insurance record

The State Pension provides a valuable source of income for many UK adults. If you’re entitled to the full new State Pension (for those who reach State Pension Age on or after 6 April 2016), you will receive £230.25 a week in 2025/26, which is equivalent to £11,973 annually.

Under the triple lock arrangement, the new State Pension will increase each year in line with whichever is higher of:

• Average earnings growth
• Inflation
• 2.5%.

However, the amount you’ll receive depends on your National Insurance (NI) record. You’ll typically need 10 qualifying years of National Insurance contributions (NICs) to receive any new State Pension and 35 qualifying years to receive the full amount.

The government website allows you to check your NI record online. If it looks like you may not have enough years of NICs to claim the full new State Pension, you may be able to pay voluntary contributions to fill any gaps in your record.

It’s important to note that you can only pay voluntary contributions for the past six tax years. For example, you have until 5 April 2032 to make up gaps for the 2025/26 tax year.

2. The State Pension is not paid automatically; you’ll need to claim it

You can claim your State Pension entitlement when you reach State Pension Age, which is currently 66 (2025/26), but will start to gradually increase from 6 May 2026.

The Pension Service should send you a letter around four months before you reach State Pension Age, explaining how to claim. You can do this in one of three ways:

• Online
• By phone
• By post.

You’ll be asked to provide certain information, such as your banking details and the date of your most recent marriage, civil partnership, or divorce. If you’re applying online, you’ll also need the invitation code from your letter.

If you’re still working or have other sources of income to draw on, you might choose to delay claiming your State Pension to increase the amount you receive. Your entitlement increases by the equivalent of 1% for every nine weeks you defer, as long as you defer for at least nine weeks.

3. Pension providers invest your money to help it grow over time

Research published by PensionsAge found that more than half of adults in the UK don’t know that their private and workplace pension funds are invested.

This is how pensions providers aim to increase the value of your savings over time. They’ll usually invest your money in a range of asset classes, such as bonds, cash, stocks, shares, and property.

If you have a defined contribution (DC) pension scheme, your retirement income will depend on how well these investments perform (in addition to how much you and your employer contribute).

Some pension schemes allow members to choose how their funds are invested. This could give you the flexibility to align your retirement savings strategy with your goals, values, and preferred retirement age. However, it’s wise to seek financial advice before changing how your pension funds are invested, to avoid costly mistakes.

Alternatively, you could leave your pension wealth in your provider’s default fund and entrust them to make investment decisions on your behalf. For example, they may automatically move your money into lower-risk investments as you approach retirement. While this “lifestyling” approach could protect the value of your pension wealth, it may not fit with you retirement plans.

A financial planner can help you weigh up the relative pros and cons of both approaches and create a pension strategy that works for you.

4. You can “carry forward” unused Annual Allowance for up to 3 tax years

When you pay into your workplace or private pension, you benefit from tax relief on contributions up to the Annual Allowance until you turn 75. For most people this is £60,000 in 2025/26 – your tax-efficient contributions are limited up to 100% of your earnings.

Your Annual Allowance may be lower if your income exceeds certain thresholds or you have already flexibly accessed your pension.

However, you can carry forward unused Annual Allowance from the previous three tax years. This may be especially useful, if you have surplus income or receive an unexpected windfall.

Let’s take a look at an example.

Assuming you have an Annual Allowance of £60,000 in 2025/26, you could carry forward your unused £40,000 allowance from the past three years and contribute up to £100,000 tax-efficiently this year.

As you can see, carry forward can be a valuable tax and retirement planning tool.

Get in touch

If you’d like help reviewing your pensions and taking control of your retirement savings, 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.

Please do not act based on anything you might read in this article. All contents are based on our understanding of HMRC legislation, which is subject to change.

The Financial Conduct Authority does not regulate tax planning.

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.

Workplace pensions are regulated by The Pension Regulator.

Approved by Best Practice IFA Group: 04/08/2025

Average life expectancies have increased significantly in recent years, both in the UK and the rest of the world. While people living longer is always good news, it also brings new challenges for your health and, crucially, your finances.

Maintaining your physical and mental wellbeing over a longer life requires more than just good luck. It involves making intentional choices about your diet, exercise, mental health, and lifestyle. 

At the same time, increased longevity means your financial resources need to stretch further, and financial planning is an important part of ensuring you can enjoy later life without stress.

As well as practical wellbeing tips that could help you enjoy a longer retirement, this useful guide looks at how you might strengthen your financial security in the future. The guide explores some of the potential challenges that may arise, such as:

• Living longer may mean you want to delay your retirement 
• Rising life expectancy could mean it’s more important to plan for care
• Estate planning strategies may need to change if you’re planning for a longer life. 

Download your copy here: “Planning for a longer life: Wellbeing tips and financial management strategies” to find out how a longer life could affect your long-term plans. 

If you’d like to talk to us about planning for a longer life, please get in touch. 

Please note: This article is for general information only and does not constitute advice. The information is aimed at retail clients only.

Please do not act based on anything you might read in this article. All contents are based on our understanding of HMRC legislation, which is subject to change.

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

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 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. 

As you may have noticed, the Blue Wealth team loves sport, and we’re just as passionate about supporting the local community.

So, Rob has decided to combine the two and sponsor a rugby club.

A little bit about Frampton Cotterell Rugby Football Club (RFC)

Frampton Cotterell RFC is a well-established grassroots club on the outskirts of the city, about a 25-minute drive from our office.

It’s a real hub for rugby across all age groups and abilities. There are three senior teams, a ladies touch team, and a thriving minis and juniors section (from under 5s to under 18s).

The club is also a registered charity, which aims to promote community participation in healthy leisure activities, including rugby union and other sports. It champions community spirit and offers a warm welcome to all enthusiastic players.

Our sponsorship

Rob’s 10-year-old son is a devoted member of Frampton Cotterell RFC. So, the Blue Wealth team knows what a wonderful experience it offers young people in and around Bristol.

That’s why we’re delighted to sponsor the club.

We have helped fund 140 items of kit for 40 junior coaches, including t-shirts, shorts, heavy-duty winter coats, and more.

The role of a junior coach can be a thankless task. Rob says, “We’re all volunteers and give up a lot of time to help run the club, both on and off the field. It’s nice to be able to support the coaches with kit to show some appreciation”.

“We’re proud to be able to support the local community. With my involvement in the club, this is a cause close to home.

“Helping grassroots sport and any other local worthwhile causes will always be something we’re interested in. So, we’re proud to offer this sponsorship in addition to our charity incentive, which is our commitment to make a £50 donation to a good cause for every initial meeting that comes from a client recommendation.”

Get in touch

If you’d like to find out more about our charitable efforts or how we can support you with all your financial planning needs, we’d love to hear from you.

Please email hello@bluewealth.co.uk or call us on 0117 332 0230.

Please note

This article is for general information only and does not constitute advice. The information is aimed at retail clients only.

All information is correct at the time of writing and is subject to change in the future.

The Guardian recently reported that the tech mogul Bill Gates has vowed to give away most of his $200 billion fortune to support African health and education causes.

While you may not have a bank balance to rival that of Gates, giving back some of your accumulated wealth could benefit both your emotional and financial wellbeing.

What’s more, according to the BBC, an estimated 4 million fewer people in the UK are donating to charity compared to before the coronavirus pandemic, due in part to the ongoing cost of living crisis.

So, your help may be needed now more than ever before.

Keep reading to learn about the emotional and financial rewards of philanthropy and discover three practical steps for supporting a worthy cause.

Gain a sense of purpose and fulfilment

Personal success – be that in your career, business, or family life – may bring an immense sense of achievement and satisfaction.

Yet supporting causes that are close to your heart could provide further purpose and fulfilment.

Bill Gates is a huge advocate of philanthropy at all levels and encourages people to “judge yourselves not on your professional accomplishments alone but on how well you treated people a world away who have nothing in common with you but their humanity”.

Whether your passions lie in supporting a local community project or an international aid organisation, factoring philanthropy into your financial plan could allow you to make a meaningful contribution – while bolstering your emotional wellbeing.

Indeed, the University of Alabama at Birmingham has reported that engaging in acts of generosity activates the brain’s reward system, which triggers positive emotions and a sense of purpose.

Mitigate a potential Inheritance Tax bill

In her 2024 Autumn Statement, Chancellor Rachel Reeves announced several key changes to Inheritance Tax (IHT) rules. These included extending the freeze on IHT thresholds to 2030 and bringing pension wealth into a person’s estate for IHT purposes from April 2027.

As a result, the Office for Budget Responsibility has forecast that IHT receipts could double by 2030, rising from £7.5 billion in 2023/24 to £14.3 billion in 2029/30.

If you’re concerned about the potential IHT bill your loved ones may face, charitable giving could be a useful way to reduce your liability. This may be especially true if you have no dependants, or your children and wider family are financially independent.

Any gifts you make to registered charities are not usually included in IHT calculations. Moreover, if you donate at least 10% of your estate to charity, any IHT that is due will be charged at 36% rather than the standard rate of 40%.

So, perhaps it’s unsurprising that Professional Adviser has reported increased demand for estate planning advice since the Autumn Statement, with financial planners predicting a rise in charitable legacy giving.

Reduce your Income Tax liability

If you donate through Gift Aid, your chosen charity or community amateur sports club (CASC) could claim an extra 25p for every £1 you donate – at no cost to you.

What’s more, if you’re a higher- or additional-rate taxpayer in England, Wales, or Northern Ireland, you can claim back the difference between your tax rate and the basic tax rate (which the charity or CASC reclaims).

For example, if you pay additional-rate tax (45% in 2025/26), you could claim back the 25% difference between this and the basic rate (20% in 2025/26).

As such, with a small amount of admin, you could reduce your annual Income Tax liability.

To claim back the difference between the tax you’ve paid on your donation (your Income Tax rate) and what the charity will get back (usually, the 20% basic Income Tax rate), you’ll need to:

• Complete a short Gift Aid declaration form provided by the charity or CASC
• Submit a claim via your self-assessment tax return or by contacting HMRC to amend your tax code.

3 thoughtful ways to embrace philanthropy

1. Consider charitable donations as gifts

When a special occasion arises, such as a birthday or wedding, consider asking for charitable donations in your name rather than gifts.

Likewise, you might like to donate to a cause of your loved ones’ choosing when their special day rolls around.

2. Leave a charitable legacy in your will

In 2010, Bill Gates founded The Giving Pledge with the investor and philanthropist, Warren Buffett. This charitable campaign encourages wealthy individuals to give generously to charity, which many famous faces, such as Sir Elton John, have since chosen to do by leaving a legacy in their wills.

As mentioned above, this could be a valuable IHT planning tool.

There are several different ways to include charitable beneficiaries in your will, so you may benefit from speaking to a financial planner who can explain your options.

3. Give as you Earn

If you have an employer, find out whether they offer a “Give as you Earn” or “Payroll Giving” scheme.

This is a tax-efficient way to give to charity directly from your salary or your pension, as your donation is made before Income Tax is calculated.

It’s also a simple way to make regular contributions to worthy causes, which many charities rely on for funding their good work.

Get in touch

If you’d like help balancing your philanthropic interests with your long-term financial goals, 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.

Please do not act based on anything you might read in this article. All contents are based on our understanding of HMRC legislation, which is subject to change.

The Financial Conduct Authority does not regulate estate planning, tax planning, or will writing.

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.

Workplace pensions are regulated by The Pension Regulator.

Approved by Best Practice IFA Group: 1/7/25

A few months ago, we shared details of an exciting new Blue Wealth social event that’s taking place this summer.

If you’re keen to join us for a fabulous evening floating along the water in Bristol, time is running out to book your spot!

Here’s a little reminder of what we’ve got planned…

Join us for a boat trip on Thursday 3 July

We love meeting up with our clients both in and outside the office. There are some staples in the Blue Wealth calendar, such as the annual golf day, but we also enjoy coming up with new ideas.

So, this summer, we’ve planned our first summer boat trip.

Here are the key details:

• The event will take place on Thursday 3 July, 5 pm to 7 pm.
• We’ll meet at Princes Wharf, which is around a 10-minute walk from the city centre.
• After boarding, you’ll enjoy a gentle one-hour trip around Bristol harbour aboard The Matthew.
• There’ll be another hour to relax and chat after we dock, with food provided by The Jolly Hog.

The Matthew of Bristol is a unique heritage attraction

The Matthew is Bristol’s historic floating harbour. It’s a fabulous and faithful reconstruction of the vessel used by explorer John Cabot when he sailed from Bristol and discovered Newfoundland in 1497.

It is continually being improved and updated by The Matthew of Bristol Trust to ensure it remains in tip-top condition for all those who come aboard.

Offering an unrivalled view of the city from the water, a trip on this beautiful ship is sure to be a memorable experience.

So, why not join us for a few drinks on board? Soak up the history, enjoy the evening sunshine (we hope), and chat to the team.

It’s going to be a fabulous evening, and we’d love to see you there.

If you’d like to book your place or if you have any questions about this event, please email your adviser.

Get in touch

If you’d like to find out more about our upcoming social events, we’d love to hear from you.

Please email hello@bluewealth.co.uk or call us on 0117 332 0230.

Please note

This article is for general information only and does not constitute advice. The information is aimed at retail clients only.

All information is correct at the time of writing and is subject to change in the future.

Keeping an up-to-date will gives you control over how your assets and personal belongings are distributed after you’re gone. Without a will, your wealth could be passed on in ways you do not intend.

As such, will writing is a fundamental part of your financial plan – no matter what stage of life you’re at.

Yet, despite its significance, the law governing wills in England and Wales remains rooted in the outdated Wills Act 1837 – which has not been changed or updated in over 200 years.

So, on 16 May, the government welcomed the publication of the Law Commission’s final report, Modernising Wills Law, as “an important and timely review of the existing law.”

The report is accompanied by a draft bill, which is currently under consideration by the government.

While the report sets out 31 proposals, here are four of the key recommendations for reform.

1. The introduction of electronic wills

An electronic will or “e-will” is one that is created in digital form and signed using electronic signatures. It is typically stored and transmitted online.

However, UK law does not currently recognise this type of will.

Under the Wills Act 1837, you (the testator) must sign your will in the presence of two witnesses. To make the document legally valid, these must all be physical “wet” ink signatures – pen on paper.

Yet, legalising electronic wills may offer several benefits:

• Greater accessibility and convenience – Allowing people to create, sign, and store their wills online could make the process much easier for those with mobility issues or whose witnesses live in another country.
• Enhanced security – Digital security measures, such as encryption, could reduce the risk of wills being lost, damaged, or tampered with.
• Increased engagement – Research by Canada Life has revealed that over half of UK adults do not have a will. Streamlining will writing by introducing electronic wills might encourage more people to complete this important estate planning task.

However, there are potential drawbacks too, such as the risk of technical issues and data breaches compromising the integrity of e-wills.

Law Commission recommendation

Electronic wills should be expressly permitted, provided they meet the existing “formality requirements” that make a paper will valid.

The Law Commission has also proposed additional requirements to safeguard against events such as fraud and undue influence.

2. Reduce the age at which a person can make a will from 18 to 16

Under the current legislation, a person must be at least 18 years old to make a will in England and Wales.

This means that if a child dies before they reach 18, their estate is usually distributed according to the intestacy rules – these dictate how a person’s assets are distributed if they die without a will.

Where this occurs, a young person’s estate may not be passed on in line with their wishes.

On the other hand, reducing the minimum legal age for creating a will could:

• Protect vulnerable young people – If a young person has a substantial estate, allowing them to make a will could give them control over how their assets and personal belongings are distributed. This may be especially important for terminally ill minors or those who are estranged from their parents.
• Reflect modern realities – Many under-18s have significant responsibilities and assets, such as bank accounts and digital assets. Allowing 16-year-olds to create a will could bring the law in line with the legal and financial responsibilities many young people face.
• Enhance consistency in the law – At 16, an individual has the legal right to make significant decisions, such as whether to get married or give medical consent. Moreover, in Scotland, the minimum legal age to write a will is 12 (provided the individual has the mental capacity to do so). As such, this change could align will writing laws in England and Wales with other legal capacities and jurisdictions.

However, concerns remain about the risk of undue influence and whether a 16-year-old may have the maturity to make well-considered decisions about the distribution of their estate.

Law Commission recommendation

The minimum age at which a person can make a will should be reduced from 18 to 16 years.

The court should also have the power to authorise a child under 16 to make a will.

3. Abolish automatic revocation of wills on marriage or civil partnership

Currently, a will is automatically revoked if a person marries or enters a civil partnership – unless the existing document contains specific instruction for this not to happen.

So, if you fail to make a new will under these circumstances, your estate will likely be distributed in line with the rules of intestacy.

Moreover, some individuals may exploit this rule by entering into “predatory marriages” for inheritance purposes.

The proposed change could:

• Remove the financial incentive for predatory marriages – Reducing the risk of financial abuse for vulnerable individuals.
• Avoid unintended consequences – Many people are unaware of this rule. As a result, their estates may be passed on in ways they would not have chosen at the time of their death.

However, these benefits are reliant on effective public education about the proposed changes.

Law Commission recommendation

The final report recommends that this rule be abolished.

This would mean that an existing will remains valid after a marriage or civil partnership, unless explicitly revoked or updated.

4. Increase the power of the courts

The Law Commission’s report proposes several important changes that could affect the role of the courts in deciding issues relating to wills.

Deciding whether a will is valid or not

Under the current law, a will is deemed invalid if it does not meet strict legal requirements.

The report recommends that the courts be granted the power to recognise a will as valid if the person’s intentions are clear.

Reforming the test for testamentary capacity

You must have the mental ability and legal capacity to make or alter a valid will. This is known as “testamentary capacity”. There are currently two tests to assess this.

The Law Commission has recommended that a single test is sufficient. It proposes that the more recent criteria, set out in the Mental Capacity Act 2005, should be applied to all assessments.

Strengthening protections against undue influence

It can be difficult to prove that a will has been created due to the influence of others. The burden of proof is high, and it lies with the person who is disputing the will. Moreover, undue influence often occurs behind closed doors.

Under the Law Commission’s proposed change, the court would have increased powers to identify and quash such behaviour. The report also recommends that the burden of proof should move to the person seeking to enforce the will.

Get in touch

If you need to create or update your will, our financial planners can help you review your financial situation to give you a clear picture of your estate.

We can also advise on Inheritance Tax and help you structure your estate to maximise the wealth that is passed on to your loved ones.

While we do not write legal documents, our team works closely with solicitors who can help you craft a legally compliant will that meets your specific needs.

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 or will writing.

Approved by Best Practice IFA Group: 12/06/25