There were ups and downs for investors during September 2025, with disappointing economic data dampening the market at times. However, some positive outcomes also emerged. Read on to find out what might have influenced your investment portfolio’s recent performance.

Investors turn to gold as market uncertainty continues in September 2025

The price of gold reached a record high of $3,508.50 (£2,600) an ounce on 2 September. Gold is often viewed as a “safe” asset, so the rising value could signal that investors are feeling nervous about the outlook for the equity market.

As gold prices rose, markets in the UK, Europe, and the US declined.

On 2 September, the FTSE 100 fell 0.43%. Among the biggest losers were retailers Marks & Spencer (-3.6%) and Sainsbury’s (-2.5%), and housebuilders Taylor Wimpey (-3.4%) and Barratt Redrow (-2.5%).

Similarly, key indices fell in Europe and the US, including Germany’s DAX (-1%), Spain’s IBEX (-0.9%), Italy’s FTSE MIB (-0.9%), and the US’s S&P 500 (-1.2%).

Shares in airlines tumbled on 4 September after Jet2 told investors it expected earnings this year to be on the lower end of forecasts. The announcement sent the company’s shares down 14% and had a knock-on effect on other airlines, including easyJet (-4.2%) and IAG (-2.3%).

Rising tensions between Russia and Europe led to defence company BAE Systems’ share price rising 2.9% on 11 September. The jump made the company the biggest riser on the FTSE 100, which gained 0.37%.

On 11 September, hopes that the US Federal Reserve would cut interest rates lifted the major Wall Street indices, including the Dow Jones (0.5%) and S&P 500 (0.25%).

Then, on 24 September, after President Donald Trump said that Nato aircraft should shoot down Russian aircraft entering its airspace, European defence stocks jumped. The two biggest risers on the FTSE 100 were Babcock International (1.9%) and BAE Systems (1.5%). Other companies whose share prices increased included France’s Thales (1.7%), Germany’s Rheinmetall (1.4%), and Italy’s Leonardo (2.8%).

After signs that the US trade war had eased in August, Trump unveiled new tariffs on 26 September.

From 1 October, medicines and pharmaceutical goods will face a 100% tariff when entering the US. Unsurprisingly, this caused shares in firms within this sector to fall, including AstraZeneca (-1.4%). The US will also impose tariffs of between 25% and 50% on other goods, including heavy-duty trucks and kitchen cabinets.

UK

Official data for July showed GDP was unchanged from the previous month.

The inflation rate for the 12 months to August was 3.8%, prompting the Bank of England to keep interest rates static.

UK borrowing costs reached a 27-year high in September due to higher interest rates on national debt. The additional cost ate into the headroom available in the November Budget, placing pressure on the chancellor, who reportedly needs to plug a £50 billion gap in the public finances.

The effect of Trump’s trade war was also visible in the figures released in September. According to the Office for National Statistics, the trade deficit widened by £400 million to £10.3 billion in the three months to July 2025.

Data from S&P Global’s Purchasing Managers’ Index (PMI), an economic indicator, painted a weak picture for the manufacturing sector. The PMI reading was 47 in August (readings above 50 indicate growth). This was the 11th consecutive month the PMI remained below 50.

However, the PMI data wasn’t all negative. The service sector hit a 16-month high in August 2025 with a reading of 54.2. Encouragingly, sales to the EU and US rose, which could suggest long-term growth.

Technology investors welcomed the news that US tech giant Nvidia pledged to invest £2 billion in UK firms, which could boost the sector.

Europe

Inflation across the eurozone was 2.1% in the 12 months to August 2025, only slightly above the European Central Bank’s (ECB) target of 2%. Cyprus recorded the lowest inflation rate at 0%, while Romania had the highest rate at 8.5%.

The ECB raised its eurozone growth forecast for this year to 1.25%, up from 0.9% in June. However, it tempered this rise with a slightly lower forecast of 1% for 2026.

The bloc also received other positive news. HCOB’s eurozone manufacturing PMI was 50.7 in August, a 14-month high. Meanwhile, unemployment dipped to a record low of 6.2% in July, according to data from Eurostat.

The European Commission’s economic sentiment tracker improved in September, suggesting greater confidence in the outlook after the EU struck a trade deal with the US.

This month also saw an interesting initial public offering for investors. Swedish fintech company Klarna is set to debut on the New York Stock Exchange with a value of more than $14 billion (£10.9 billion).

US

US inflation continued to be above the Federal Reserve’s 2% target at 2.9% in the 12 months to August 2025. This was partly due to businesses passing on the cost of tariffs to consumers.

The data led to the Federal Reserve cutting the interest rate by 25 basis points, and economists expect further cuts before year-end.

Job data from the Bureau of Labor Statistics may suggest that businesses aren’t feeling confident enough to hire new employees. The US economy added only 22,000 new jobs in August, well below the expected 75,000.

Alphabet, Google’s parent company, reached a new high on 15 September after shares increased by almost 4%, pushing its value to $3 trillion (£2.2 trillion) for the first time.

News was less positive for Tesla. The company’s share of the US electric vehicle market fell to 38%, down from more than 80% at its peak, amid rising competition.

Asia

The effects of Trump’s trade war were evident in official figures from China.

Chinese export growth slowed to a six-month low in August. Exports increased by 4.4% year-on-year, down from 7.2% in the previous month. Shipments to the US fell 33%, and a 22.2% rise in exports to Southeast Asian nations wasn’t enough to offset the decline.

Please note: This blog is for general information only and does not constitute financial advice, which should be based on your individual circumstances. The information is aimed at retail clients only.

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.

This guest blog was written by Chris Budd, who wrote the original Financial Wellbeing Book as well as The Four Cornerstones of Financial Wellbeing. He founded the Institute for Financial Wellbeing and has written more than 100 episodes of the Financial Wellbeing Podcast.

For most people, retiring is a goal. Pick an age, create a financial plan to make sure that age is achievable, and then start dreaming of the day that you don’t have to work.

The trouble with this approach is that it focuses on achieving the goal of not working. As a consequence, many people move into retirement without having given sufficient thought to what they will actually do with all this free time.

Retirement planning isn’t about having enough money so that you don’t have to work. Retirement planning is about designing a life that will bring you wellbeing.

What Kevin Keegan tells us about retirement planning

Kevin Keegan was the greatest footballer of his generation. He retired rich and successful. He went to live in Spain to play golf, the dream of many people in retirement.

After a few years, a realisation dawned on Kevin. He was bored.

He had gone from training all week and scoring goals in front of thousands of adoring fans to hitting a ball around the golf course. He had lost his purpose.

He moved back to the UK and became the football manager for Newcastle United.

Kevin hadn’t planned his retirement. He just did what everybody else did and assumed it would make him happy.

The 3 things you lose when you retire

A person who is old enough to have retirement in their sights is likely to have three things from work:

1. They are probably pretty good at what they do by now. They have competence.
2. They probably have a good understanding of why they do what they do and how it impacts others. They have purpose.
3. And they probably work with a team of people with whom they get on and who respect them. They have a community.

When you leave the world of work, all of these are going to disappear. A happy retirement, therefore, is one which has been planned well in advance for how to replace each of these three things.

Beware the travel trap

If I were to ask every person reading this article, “What do you plan to do in retirement?”, virtually every answer would include the word “travel”.

The world is a huge place, and there is so much variety of culture which most people would like to experience.

Including a budget for travel in your financial plan is a great idea. However, many people don’t go any further in their planning. This can be a mistake. There are two potential drawbacks to having travel as the main, or only, part of your retirement plan.

Firstly, you come back. Once you have ticked one destination off the list, it’s time to come home until it is time for the next trip. This means the majority of your time is spent not travelling.

Secondly, whilst travelling is a very enjoyable experience, it does not give any of those three things that you have just lost from work: competence, purpose and community.

Kindness

If there was one word which sums up the secret to happiness, it is: kindness.

When they reach retirement, many people spend at least some of their time helping others, like working in a charity, being a trustee, mentoring, or helping to run community organisations.

In the words of the late great Archbishop Desmond Tutu: “Joy is your reward for the giving of joy.”

A wellbeing retirement

The trick, then, to a retirement of joy and wellbeing is to look past the finish line.

When you reach the financial position which means you are working because you want to, not because you have to, how will you spend your time?

A week spent with a blend of: doing things you’ve always wanted to do; helping others; doing so in a way that uses your skills; and which gets you involved in a community; is likely to add up to a happy retirement.

It is a good idea to discuss these issues with your financial adviser. They should dare you to dream, to go beyond a list of things to do or places to go, and create a retirement of purpose and wellbeing.

Please note: This blog is for general information only and does not constitute financial advice, which should be based on your individual circumstances. The information is aimed at retail clients only.

Chancellor Rachel Reeves is facing some difficult decisions ahead of the Autumn Budget, and one option that’s reportedly under consideration is the introduction of a wealth tax.

In August 2025, the BBC reported that the Labour government must increase taxes if it is to plug a £41.2 billion black hole in its budget. There’s a lot of speculation about how this will be done, from increasing VAT to cutting the ISA allowance. However, one option that’s gained a lot of attention is a wealth tax.

Rather than taxing your income, a wealth tax would be a levy on some or all of your wealth. This might include savings, investments, or property.

The introduction of a wealth tax would mark a significant shift in the UK’s approach to taxation.

While the news might be worrisome, a wealth tax hasn’t been confirmed, and it’s often wise to wait for an official announcement before you make changes to your financial plan.

This isn’t the first time that a wealth tax has been considered in the UK. The topic was raised under Rishi Sunak as a way to address the financial impact of the Covid-19 pandemic. It was also considered by Harold Wilson’s and James Callaghan’s governments in the 1970s.

A UK wealth tax could be an annual or one-off charge

So, if a wealth tax were introduced in the UK, what would it look like? There are several suggestions.

One option would be an annual charge based on the value of assets you own. This would differ from Capital Gains Tax, which is charged on the profit you make when you dispose of certain assets.

In July 2025, campaign group Tax Justice UK calculated that a 2% wealth tax on assets above £10 million could raise £24 billion a year and affect the top 0.04% of wealth owners.

Another option the chancellor may consider is a one-off wealth tax, which would be used to raise substantial revenue in one go. This type of tax could help fill the black hole in the budget, but could create fiscal challenges in the longer term.

Supporters of a wealth tax say it would reduce economic inequality while also raising much-needed revenue.

Critics of a wealth tax argue it could backfire and prove difficult to implement. Indeed, in August 2025, a Professional Adviser article noted that some experts cautioned there “would be barriers to implementation and that projections for tax take from a wealth tax could prove overly optimistic”.

Spain is just 1 of 4 OECD countries with a wealth tax

The Organisation for Economic Co-operation and Development (OECD) is made up of 38 member countries, and just four – Colombia, Norway, Spain, and Switzerland – have a wealth tax. In addition, France and Italy levy a wealth tax on some assets.

How these countries operate a wealth tax could provide some insight into how it may work in the UK.

Spain’s wealth tax dates back to 1978 and, after a pause during the financial crisis, it was brought back in 2011 at a regional level. In December 2022, Pedro Sánchez, the prime minister of Spain, introduced a “solidarity tax” on large fortunes to help with public spending after the pandemic.

According to an August 2025 article published by the Guardian, the Spanish wealth tax starts at 1.7% for net wealth above €3 million (£2.6 million). The rate rises to 3.5% for wealth above €10 million (£8.6 million).

The tax is payable on worldwide assets, and there are allowances, including exemptions for the first €700,000 (£605,000) and €300,000 (£260,300) for the main residence. In addition, combined income and wealth taxes cannot exceed 60% of income.

In 2024, the total amount raised by the wealth tax was €2 billion (£1.7 billion).

Interestingly, a predicted exodus of the rich following the wealth tax didn’t materialise in Spain, no doubt making it a useful case study for Reeves.

Working with a financial planner could ensure your finances reflect government changes

Remaining in the loop about potential government changes and what they mean for you can be time-consuming. As a financial planner, we can alert you when changes could affect your financial plan and make adjustments to manage your tax liability if necessary.

Please contact us if you have any questions.

Please note: This blog is for general information only and does not constitute financial advice, which should be based on your individual circumstances. 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 tax planning.

From April 2027, pensions are expected to fall within your estate and could be liable for Inheritance Tax (IHT). That date might seem far away, but the policy change has the potential to significantly affect your estate plan, so thinking about it now could be useful.

While the policy change is still in the initial stage, the government has signalled that it intends to move forward with the plans.

Under current rules, your pension usually falls outside of your estate when calculating a potential IHT bill. As a result, pensions are often used in tax-efficient strategies to pass on wealth to loved ones.

The inclusion of pensions may mean some estates might need to consider IHT for the first time, or that estate plans need to be updated.

In 2025/26, the nil-rate band is £325,000. If the total value of all your assets, including your pension from April 2027, exceeds this threshold, your estate may be liable for IHT.

The good news is that there are often steps you can take to reduce an IHT bill, which an estate plan could help you identify.

Most pensions are set to be liable for Inheritance Tax, but there are some exceptions

The current proposals suggest most pensions are set to fall within the IHT net from April 2027, including defined contribution pensions, defined benefit pots, workplace pensions, personal pensions, and self-invested personal pensions.

However, there are some exceptions, including pensions that provide an income during your retirement years and certain types of annuities.

In addition, if your pension has a death in service benefit, which may provide your spouse, civil partner, or dependent children with a lump sum or regular income if you pass away, this is expected to be outside of your estate for IHT purposes.

Under current rules, beneficiaries don’t usually pay IHT on inherited pensions, but they may pay Income Tax in some circumstances. Assuming this doesn’t change, it could mean inherited pensions are subject to double taxation as they’ll be liable for both IHT and Income Tax.

The changes could significantly reduce how much you leave behind for loved ones, and could mean that passing on wealth through a pension no longer makes sense from a tax perspective.

3 ways you could pass on wealth and reduce Inheritance Tax

If you’d previously planned to use other assets to fund your retirement so you could pass on your pension tax-efficiently, your wider financial plan may need to change as a result of the incoming policy.

For example, you might choose to deplete your pension during your lifetime and pass on different assets to loved ones now or in the future. Here are three alternative options you might want to consider.

1. Gift assets to loved ones during your lifetime

One option is to pass on assets now. This could provide support for your loved ones when they need it most, such as when they’re buying their first home or are paying a child’s school fees.

However, there are two key things to be aware of before you start gifting assets.

First, review your financial plan to ensure you’ll still be financially secure in the long term after gifting assets.

Second, not all gifts are immediately outside of your estate for IHT purposes. Some may be considered part of your estate for up to seven years after they were gifted; these are known as “potentially exempt transfers”.

Gifts that are immediately considered outside of your estate include:

• Up to £3,000 each tax year
• Small gifts of up to £250 per person each tax year, so long as you have not used another allowance on the same person
• A wedding gift of up to £1,000, rising to £2,500 for grandchildren or great-grandchildren and £5,000 for children
• Regular payments to another person that are from your regular monthly income. For example, you may pay into a savings account for a child or cover the rent of an elderly relative.

So, you might want to make gifting part of your financial plan to make the most of gifts that are immediately exempt from IHT.

2. Place assets in a trust

A trust is a legal arrangement where assets are held on behalf of beneficiaries. For IHT purposes, you may use a trust to remove some assets from your estate. In some cases, you might still retain control or benefit from the assets.

There are several different types of trust, and it’s important to ensure yours is set up correctly, as it may not be possible to retrieve assets once they have been placed in a trust. Seeking professional legal and financial advice could help you assess if a trust is the right option for you before you proceed.

3. Take out life insurance to cover an Inheritance Tax bill

A life insurance policy won’t reduce the amount of IHT your estate is liable for, but it can provide your loved ones with a way to pay the bill.

You’ll need to pay regular premiums to maintain the cover. When you pass away, your nominated beneficiary will receive a lump sum, which they can then use to pay the IHT due. It could reduce stress for your loved one at a difficult time and help ensure your estate is passed on intact.

It’s important that the life insurance is written in trust. Otherwise, the payout could be considered part of your estate and lead to a larger IHT bill.

Get in touch to talk about your estate plan

Whether you’re starting from scratch or have an existing estate plan that you’d like to review, we can help you assess what the upcoming changes mean for you and the legacy you want to leave behind. We can work with you on an ongoing basis to ensure your estate and wider financial plan continues to reflect current policy and your needs. Please get in touch to talk to us.

Please note: This blog is for general information only and does not constitute financial advice, which should be based on your individual circumstances. 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 Inheritance Tax planning or trusts.

Almost half of Brits doubt the State Pension will exist by the time they retire, according to a PensionsAge report published in July 2025. While scrapping the State Pension may not be on the cards yet, there are suggestions that significant changes, which may affect your retirement, could be introduced.

In 2025/26, the full new State Pension is £230.25 a week and can be claimed from age 66. Even though the State Pension may not be enough to cover all your retirement expenses, it often provides a reliable base income. So, changes could affect your long-term financial security.

Spending on the State Pension is estimated to reach 7.7% of GDP by the 2070s

The State Pension is the second-largest item on the government budget after health, and the cost of maintaining it has soared. 

According to a July 2025 report from the Office for Budget Responsibility (OBR), spending on the State Pension has increased from 2% of GDP in the mid-20th century to around 5% today, the equivalent of £138 billion. By the early 2070s, the OBR estimates the cost of the State Pension will reach 7.7% of GDP.

Two main reasons are driving the cost of the State Pension, and the solution to them could present challenges when planning your retirement.

1. Shifting demographics could lead to the State Pension Age rising

The number of adults below the State Pension Age compared to those claiming the State Pension has fallen. In the early 1970s, there were around 3.4 adults of working age for every pensioner, which fell to 3.2 in the 2010s. Due to rising life expectancy, the OBR expects the ratio to fall even further to 2.7 by the early 2070s.

As a result, there’s speculation that the Labour government could increase the State Pension Age to reduce the cost. In August 2025, the Independent reported that the State Pension Age could rise as high as 80 over the long term unless major changes are made.

2. High inflation could lead to the triple lock being reviewed

The triple lock was introduced in 2010 and commits to the State Pension rising by the highest of three measures – the increase in average earnings, inflation as measured by the Consumer Prices Index, or 2.5% – each year.

This annual rise may be important for pensioners as it helps to preserve the spending power of their State Pension. However, the triple lock could be reviewed or even scrapped as the OBR report suggests high inflation and volatility have led to it costing around three times more than initial expectations.

A robust financial plan could help you overcome potential State Pension changes

It’s important to note that the Labour government hasn’t announced any changes to the State Pension yet. However, the speculation highlights why a robust retirement plan is essential.

By taking other steps to secure your retirement, you could continue to work towards your later-life goals and be confident about your long-term financial security, even if the State Pension Age or triple lock are reviewed. 

Your financial planner could help you assess your options if you’re concerned about the potential changes.

You may find that you’re already in a position to mitigate the potential effects of State Pension changes, which could ease your mind. Alternatively, you might discover a possible gap in your finances. The good news is that by identifying the gap now, you could make changes to bridge it, such as increasing your pension contributions, delaying your retirement date, or reducing your expected retirement income.

Changes to the State Pension are likely to happen over the medium or long term. In the past, when the State Pension Age increased, it was over a period of several years.

So, the potential changes may not affect you, but they could significantly affect the long-term financial security of younger generations. 

Speaking to your children and grandchildren about the importance of saving for their retirement could lead to them engaging with their long-term plan and potentially mean they’re more comfortable later in life.

You might also want to offer financial support to secure their retirement, such as making contributions to their pension now or leaving them an inheritance, which we could work with you to make part of your financial or estate plan.

Get in touch to talk about your retirement plan

Regular reviews with your financial planner could help ensure your long-term plans continue to reflect government changes, including those relating to the State Pension. If you have questions about your retirement or would like to update your plan, please contact us.

Please note: This blog is for general information only and does not constitute financial advice, which should be based on your individual circumstances. 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.

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 Financial Conduct Authority does not regulate estate planning.

Your midlife can be an exciting time; you may have ticked off some goals or bucket list items and are looking forward to what the future holds. Yet, it might also present some new challenges. Arranging a financial midlife MOT could help you overcome obstacles and feel confident as you prepare for the next chapter. 

While you might have a better understanding of what you want to get out of life than when you were younger, finances can often become more complex, making it difficult to understand what’s possible. A financial midlife MOT gives you a chance to examine your finances now and calculate if you’re on track to reach your aspirations.

Here are five common challenges a financial MOT could help you navigate.

1. Merging your finances with a partner

As you start to consider retirement and your future, you may opt to merge finances with your partner if you don’t already.

Bringing together your finances can be challenging at any time, but particularly when you’re older, as you may both already hold assets, such as pensions or property. Working with a financial planner could help you take stock of your assets and start to understand how they might form part of your financial plan as a couple.

As well as juggling two sets of assets, you might have different views on financial priorities and long-term goals.

As your financial plan places your aspirations at the centre, a midlife MOT could help you clarify your priorities and balance them with your partner’s.

2. Planning for your retirement

66% of people aged between 45 and 49 feel unprepared for retirement, according to research from LV published in June 2025.

Retirement might feel years away, but it’s a milestone that benefits from early preparation. The decisions you make now could affect your income in your later years, so weighing up your options is essential.

A financial midlife MOT can include reviewing your pensions and other assets you intend to use in retirement to calculate if you have “enough” to live the retirement lifestyle you’re looking forward to.

You could find you’re already on track and enjoy peace of mind as a result. If you discover there’s a potential shortfall, knowing this sooner puts you in a stronger position to bridge the gap, and a financial plan highlights the steps you might take.

3. Balancing care responsibilities

While you might no longer have young children to care for, you could find that you still have care responsibilities during your midlife.

In fact, according to December 2024 research from Legal & General, 1 in 6 middle-aged people support other adults financially, such as grown-up children or elderly parents.

If this isn’t something you’ve considered as part of your financial plan, it could make it harder to budget now and may affect your financial security in the future.

It’s not just your finances that care duties may affect. 1 in 7 midlifers said they provide unpaid care, with hours equivalent to a part-time job. Around half said they feel overwhelmed by their weekly commitments. This can take a toll on your overall wellbeing.

A financial plan that’s focused on what’s important to you could help you balance new responsibilities with your personal goals. For example, you might pay for a carer a few times a week so you’re still able to attend social clubs that you enjoy.

4. Improving your financial resilience

While you might have ticked off some financial commitments, such as paying your mortgage or children’s school fees, it’s still important to ensure you could withstand a financial shock. Your income stopping or facing an unexpected bill often has the potential to derail your plans.

A midlife review gives you the opportunity to evaluate your financial security and assess how you’d cope with an unexpected event.

You might check if you hold enough cash in your emergency fund or review your financial protection to see if you have an adequate safety net. While you hope never to need it, a financial safety net can provide reassurance and protection if the unexpected happens.

5. Setting out your legacy

It’s easy to think that you don’t need to consider how you’ll pass on assets to your loved ones yet. However, it’s impossible to know what’s around the corner, and there may be benefits to passing on wealth during your lifetime rather than waiting to leave an inheritance.

Putting together an estate plan can be difficult. Not only are you bringing together all your assets and considering how circumstances may change in the coming decades, it’s also an emotional topic. So, if it’s something you’ve been putting off, you’re not alone.

It may be daunting at first, but your estate plan allows you to take control of your legacy. As your financial planner, we can help you create an estate plan that gives you long-term security while supporting the people who are important to you.

Contact us to arrange a financial midlife MOT

Get the most out of your life by feeling confident about your finances. Please contact us to talk to one of our team members and arrange a financial review.

Please note: This blog is for general information only and does not constitute financial advice, which should be based on your individual circumstances. The information is aimed at retail clients only.

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.

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. 

Note that life insurance and financial protection plans typically have no cash in value at any time, and cover will cease at the end of the term. If premiums stop, then cover will lapse.

Cover is subject to terms and conditions and may have exclusions. Definitions of illnesses vary from product provider and will be explained within the policy documentation.

The Financial Conduct Authority does not regulate estate planning.