Savvy singers and songwriters can generate an annual income by releasing a Christmas hit. As you shop for loved ones, consider giving a gift that will continue to give value over time.

Many Christmas songs are replayed every year. Indeed, songs you’ve listened to this year can evoke nostalgic childhood Christmas memories. For the artists behind the tracks, a Christmas hit provides an income boost over the festive period.

According to The Standard (19.12.2024), Mariah Carey’s 1994 hit ‘All I Want For Christmas Is You’ brings in around $3 million (£2.28 million) a year. Similarly, Canadian newspaper Times Colonist (26.12.2024) suggests Michael Bublé could earn as much as $6 million (£4.56 million) during the festive season from two songs – ‘Holly Jolly Christmas’ and ‘It’s Beginning to Look a Lot Like Christmas’.

Despite being released years ago, these singles continue to make money for the artists.

While you’re browsing festive perfume sets or the latest gadgets, you may want to consider how you could offer a gift that will do the same for your loved ones.

Of course, singers can’t guarantee that their tune will be a hit the year it comes out, let alone decades later. Similarly, it’s impossible to know exactly what’s around the corner and guarantee how your gift might grow in the coming years. It’s important to weigh up the different options, understand the potential risks, and assess what’s right for you and the recipient.

3 ways you can gift wealth to support life goals  

1. Deposit money into a savings account

One of the simplest ways for your gift to increase is to deposit the money into a savings account, where it will earn interest.

This could be a great option if you want to improve the financial security of your loved one by creating a buffer or helping them reach short-term savings goals.

Keep in mind that interest rates might not keep pace with inflation, which could lead to the value of savings falling in real terms over the long term. Speaking to your loved one about how they intend to use the money could help you identify if a savings account is the best place for it.

2. Contribute to an investment portfolio

If your loved one is working towards a long-term savings goal, investing the gift might be an option you want to explore.

Investments provide an opportunity for your initial gift to grow at a faster pace than inflation and increase in real terms over a long period. However, volatility and risk are part of investing, and returns cannot be guaranteed.

Be sure to speak to your loved one about why they’re saving and their current financial circumstances to assess if investing the gift is the right option.

3. Add money to your loved one’s pension

Finally, you could aid your loved one’s retirement dream by adding money to their pension.

A pension provides a tax-efficient way to invest as the returns aren’t liable for Capital Gains Tax. Instead, the pension holder may pay Income Tax on withdrawals. With many workers struggling to balance short- and long-term goals, a pension boost could ease some of their concerns about security in retirement.

You should note you cannot usually access the money held in a pension until you turn 55 (rising to 57 in 2028). As a result, be sure that your recipient wants to use the gift to support their retirement.

Gifting assets could make sense from an Inheritance Tax planning perspective

If your estate could be liable for Inheritance Tax (IHT), gifting your assets during your lifetime might be tax-efficient.

In 2025/26, the nil-rate band is £325,000, and if the total value of your estate is below this threshold, no IHT will be due. In addition, your estate can use the residence nil-rate band, which is £175,000 in 2025/26, if you leave your main home to children or grandchildren.

You can pass on unused allowances to your spouse or civil partner. In effect, this means couples can leave behind up to £1 million before IHT is due, when planning together.

The portion of your estate that exceeds IHT thresholds will usually be taxed at 40%, so this could significantly reduce how much you leave behind for loved ones.

As a result, some people choose to gift assets during their lifetime to reduce the value of their estate. However, this isn’t as straightforward as it first seems. Not all gifts are considered immediately outside of your estate for IHT purposes.

So, working with a financial planner to make gifting part of your estate plan could help you pass on your assets tax-efficiently.

Contact us to discuss gifting

While gifting might be associated with the festive season, you can make it part of your wider financial plan too. Please get in touch to talk about how you’d like to pass on your wealth and ways to do so tax-efficiently.

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 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.

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 tax planning or Inheritance Tax planning.

One of the biggest factors affecting investment markets in November 2025 was concern about an AI bubble. Despite this, there were still market highs recorded during the month.

Remember to consider your risk profile when you invest and review your portfolio’s performance with a long-term outlook.

AI concerns led to volatility throughout November 2025

With UK chancellor Rachel Reeves set to deliver a fiscal Budget at the end of the month, speculation led to market volatility on 4 November. Indeed, the FTSE 100 fell during a speech Reeves delivered, but clawed back most of the losses, with shares in housebuilders rising.

On 5 November, worries that AI stocks were overvalued led to global volatility.

In Europe, the falls were modest, with London’s FTSE 100 down 0.1%, and Germany and Spain’s main indices both declining by 0.8%. The falls were more dramatic in Asian markets, including Japan’s Nikkei (-2.5%) and South Korea’s KOSPI (-2.85%).

The US technology-focused index, Nasdaq, was also down 2%. All of the “Magnificent Seven” – seven of the largest and high-growth companies in the world, made up of Nvidia, Amazon, Apple, Microsoft, Tesla, Meta, and Alphabet – suffered falls.

On 7 November, Wall Street continued to fall amid economic and valuation worries. The Dow Jones index, which consists of the 30 largest US companies, was down 0.45%, while the broader S&P index fell 0.6%.

The Financial Times calculated that $750 billion (£566 billion) was wiped off major AI stocks – including Nvidia, Meta, Palantir, and Oracle – in the first week of November.

Hopes that the US government shutdown was coming to an end led to both US and European markets rising, including London’s FTSE 100 hitting a new high on 10 November.

The rally continued in London, with the FTSE 100 hitting a record high on 12 November, nearing the 10,000-point mark for the first time. The biggest riser was energy company SSE. Its share prices jumped 11% after the firm announced a five-year investment plan.

Concerns about an AI bubble reared again on 14 November, with indices down globally, and the tech sell-off continued on 15 November.

Google’s boss warned that “no company is going to be immune” if an AI bubble burst happens. The FTSE 100 fell 1%, with mining companies Fresnillo (-6.4%) and Endeavour Mining (-4.7%) among the biggest losers. It was a similar picture across the wider European market, with the main indices in Germany, France, Italy, and Spain all experiencing volatility.

There was some investor relief on 20 November when AI firm Nvidia revealed its sales were up 62% year-on-year. The company beat expectations and reported revenue of $51.2 billion (£38.6 billion) from data centre sales in the third quarter of 2025. The firm expects revenue to reach $65 billion (£49 billion) in the final quarter of 2025.

The news led to Asian-Pacific markets soaring, including Japan’s Nikkei (2.6%), South Korea’s KOSPI (2%), and Taiwan’s TW50 (3.6%). Wall Street also rallied, and the Nasdaq was up 2.18%.

The UK’s Budget also affected markets, particularly the FTSE 100.

Ahead of the speech, it was reported that UK banks would be spared a tax raid, which led to shares in the sector jumping on 25 November. Among those benefiting were NatWest (2.2%), Barclays (2.9%), and Lloyds Bank (2.95%)

Betting companies didn’t fare so well. The chancellor revealed a new tax hike on gambling firms, which led to shares sliding on 27 November. Rank Group told its shareholders it expected a hit of around £40 million to its annual operating profit, leading to shares falling by 10%. Similarly, Evoke shares fell 5% after it estimated duty costs would increase by around £125 million a year.

UK

Inflation in the 12 months to October fell to 3.6%, suggesting it has peaked.

The Bank of England (BoE) opted to leave interest rates where they are, but the latest inflation data suggests a cut could happen before the end of 2025 or at the start of 2026. Indeed, Goldman Sachs predicts interest rates will fall to 3% by July 2026.

Economic growth was disappointing. Between July and September 2025, GDP increased by just 0.1%. Once GDP is adjusted for population growth, it remained unchanged when compared to the previous quarter. The figure is the slowest quarterly growth recorded since the short recession experienced in the second half of 2023.

The BoE’s data suggests that economic growth will pick up in the final quarter of 2025. The economy is expected to grow by 0.3% between October and December.

Official data also shows the impact of US trade tariffs on economic growth.

In September, the value of UK exports to the US fell by £500 million, or 11.4%, to the lowest level since January 2022. More broadly, UK goods exports fell by £1.7 billion, a 5.5% decrease. This led to the trade deficit widening to £59.6 billion in the third quarter of the year.

However, there was some good news, with UK factory output rising for the first time in a year. S&P Global’s Purchasing Managers’ Index (PMI) was 49.7 in October. While this is still below the 50 mark that indicates growth, it’s heading in the right direction.

Europe

The European Commission has increased its growth forecast for the eurozone economy.

The eurozone is now expected to grow by 1.3% in 2025, compared to the earlier spring forecast of 0.9%. The upward revision was linked to a surge in exports as companies tried to beat incoming tariffs. Looking ahead, the European Commission anticipates growth of 1.2% in 2026 and 1.4% in 2027.

As the largest EU economy, Germany’s economy plays an important role in the bloc. However, it’s a gloomy picture.

The German Economic Council revised its 2026 growth forecast down to 0.9%. In addition, an Ifo report found that German business morale is low, as companies lose faith in the economic recovery.

US

On the surface, US manufacturing data appears positive, with output and new orders rising, according to S&P PMI data. However, Chris Williamson at S&P Global Market Intelligence said the underlying picture is “not so healthy”. He explained there was an unprecedented rise in unsold stock due to weaker sales, especially in export markets.

Job data also appears positive initially. Official figures show more than 119,000 jobs were created in September, helping to recover from a summer lull. The figure is more than twice the number expected.

However, data from recruitment firm Challenger, Gray & Christmas, suggests the data could be very different in October. The firm suggests job cuts hit a 22-year high as employers embraced AI, which led to employers shedding more than 153,000 jobs in October – up 175% when compared with 2024.

Asia

Economic data from Japan revealed the economy contracted in the third quarter of 2025. The country’s GDP was down 0.4% between July and September when compared with the same period a year earlier. The fall was partly linked to exports falling 4.5% when compared with 2024 amid US trade tariffs.

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.

The last 12 months have been interesting for investors, with the market experiencing volatility. Read on to discover valuable insights from 2025.

1. Many markets have performed well despite volatility

If you simply read the headlines from 2025, you might think the markets performed poorly. Worries about high inflation, trade tariffs, and sluggish economic growth have dominated the media.

Yet in many cases, the overall trend has been upward.

The FTSE 100 is an index of the 100 largest companies listed on the London Stock Exchange by market capitalisation. On 2 January 2025, the FTSE 100 was at 8,260 points. During 2025, there were dips, but on 21 November 2025, it stood at 9,539 points.

It’s impossible to guarantee market performance. However, when you look at long-term trends, markets have trended upwards. Even after experiencing sharp dips, markets have typically recovered when you analyse market performance over several years.

While investors might worry about short-term dips, 2025 suggests focusing on the long-term can be reassuring.

2. Investors could benefit from tuning out the noise

One of the biggest factors influencing short-term market movements in 2025 has been trade tariffs imposed by the US.

Indeed, the FTSE 100 reveals several steep falls in April 2025 that coincide with announcements from US President Donald Trump about tariffs. Fears about the effect these tariffs might have on businesses around the world led to markets dropping.

However, as the overall trend of the FTSE 100 emphasises, the initial strong reaction was followed by a market bounce back as fears eased.

Investors who held their nerve through these downturns may have benefited from the subsequent recovery. By contrast, investors who panicked and sold their holdings might have suffered losses.

Tuning out the noise and focusing on your objectives and financial circumstances might deliver a stronger long-term performance.

3. The markets are impossible to consistently and accurately predict

If you made predictions about the markets at the start of the year, how accurate were your guesses?

So many factors affect market movements that it’s impossible to consistently and accurately predict what will happen. Even seasoned professional investors with a trove of resources at their fingertips get it wrong at times.

If you can’t foresee the exact market peaks and troughs throughout the year, it’s impossible to time the market. As a result, you may miss out on potential gains.

Rather than timing the market, investing in assets that align with your goals and holding them over the long term could yield better results.

4. Avoid following trends that don’t align with your investment strategy

2025 has seen a huge popularity boost for AI. More companies are adopting AI into their operations, and people are increasingly using it in their daily lives.

This led the value of some AI companies to soar, and towards the end of the year, fears of a market bubble emerged. According to the Guardian (18 November 2025), Sundar Pichai, CEO of Alphabet (Google’s parent company), said “no company is going to be immune” if the AI bubble bursts.

Those concerns caused the market valuations of AI companies to fall in November 2025.

Investors who only invested in AI stocks because of the hype may have been disappointed and suffered losses. While it can be difficult, avoiding herd behaviour and focusing on your strategy could be valuable.

5. Your investment goals are central to your strategy

As the above points highlight, short-term market volatility isn’t going anywhere. As an investor, sticking to a strategy that reflects your goals could deliver long-term returns.

So, reviewing your goals as you head into 2026 might be beneficial. If your objectives have changed, you may want to update your investment strategy to reflect this.

Talk to us about your investments

We can work with you to review or create an investment strategy that suits your objectives. Please get in touch to arrange a meeting.

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.

How your pension is invested will affect its value and the income it will provide you later in life. If you’ve put off reviewing your pension fund, find out why it could be a worthwhile task.

While most pension providers offer savers plenty of fund options to choose from, many leave their money in the default option. Indeed, according to PensionBee (19.02.2025), more than 90% of pension savers remain in the default fund.

When you start contributing to a pension, you will usually be paying into the default fund option. This is convenient, as you don’t need to do anything, you simply make your contributions and the money will be invested through this fund.

The default fund is designed to be suitable for most savers, but it doesn’t consider personal circumstances or long-term plans.

Practical reasons the default pension option might not be right for you

The default fund doesn’t align with your risk profile

One of the main reasons you might choose to switch your pension fund is if the risk profile of the default option doesn’t suit your financial goals or circumstances.

For example, if you’re young and have decades until retirement, a default pension fund might be more risk-averse than is appropriate for you. As a result, you could miss out on investment returns, which, thanks to the power of compounding, may mean the size of your pot is significantly smaller at retirement than it had the potential to be.

According to the PensionBee research, a worker earning £25,000 a year at the age of 21 who benefits from a 2% average annual salary increase, and contributes 8% of their salary, would have £194,185 in their pension at age 68 (after an annual management charge of 0.7%) if their pension returned 3% a year.

If this individual changed their pension fund and received a 7% annual return, their pension would reach £697,247 over the same period. The higher returns could make a dramatic difference to the retirement lifestyle you can afford.

Before you switch your pension to a fund with a higher potential return, remember to balance the risks and assess what’s appropriate for you. Investment returns cannot be guaranteed, and typically, the higher the potential returns, the greater the risk.

As your financial planner, we can work with you to assess which pension fund is right for your circumstances and goals.

You are paying higher fees in the default fund

The fees you pay to your pension provider will affect the value of your pension. Take some time to review the fees you’re paying now and whether alternative options could reduce these charges.

Often, you’ll pay an annual management charge, which is typically a percentage of the value of your pension. You might also pay management or service fees.

Over the decades you’ll be saving for retirement, even a small difference in the fees you’re regularly paying could have a sizeable effect on the value of your pension when you retire.

You want your pension investments to reflect your values

Alongside financial factors, some investors may choose to consider ESG (environmental, social, and governance) factors. This could align your personal values with your financial decisions. For example, you might want to ensure your pension isn’t invested in fossil fuel companies if you’re concerned about climate change.

Pension providers will usually offer one or more ESG funds for you to switch your pension to. However, you should note that the aim of the funds can vary, and the investment decisions might not perfectly align with your values.

In addition, it’s still important to consider your risk profile and other financial factors when deciding if an ESG fund suits your needs.

Switching your pension is usually simple

The good news is that pension providers usually offer a range of funds with different risk profiles and goals. If the default pension fund isn’t the right option for you, you can often switch online in minutes.

When comparing options, you may want to look at the risk profile, the aim of the fund, and what the fund is invested in.

If you’d like to talk to a financial planner about the different investment options offered by your pension provider, and which might be right for your goals, please get in touch.

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.

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.

While phasing into retirement can offer you greater flexibility, it may make your finances more complex. Read on to find out more about five key considerations.

1. Calculate if you’ll need to supplement your income

While you might still earn a salary as you phase into retirement, if you’ve chosen to reduce your working hours or switch roles, it might not be enough to maintain your lifestyle.

If this is the case, you may opt to supplement your salary with income from other sources. For example, you might start to take an income from your pension or deplete your cash savings.

A financial plan can help you assess what income you need and whether there’s a gap to close.

Remember, money taken from your pension will usually be added to your other income when calculating your Income Tax liability. As a result, it’s important to keep track of your different income sources so you don’t face an unexpected bill.

If you’re using assets to support your lifestyle as you phase into retirement, it’s also important to consider longevity and the effect of triggering the Money Purchase Annual Allowance (MPAA) if you access your pension. Both points are covered in greater detail below.

2. Decide if you’ll continue to contribute to your pension

Contributing to your pension as you phase into retirement could mean you’re able to afford a more comfortable lifestyle when you give up work. A financial planner can help you assess how your contributions will add up and whether contributing is advisable for you.

If you’ll be supplementing your income, you should be aware of the MPAA and how much you can add to your pension each tax year.

In 2025/26, the maximum amount that can be paid into your pension before paying an extra tax charge is £60,000. This is known as the Annual Allowance. However, if you withdraw a flexible income from your pension, you may trigger the MPAA, which would reduce the amount to £10,000.

According to a Wealthify survey (17.09.2025), just 3% of pension holders understood what “MPAA” meant. Yet, this little-known allowance could limit your future pension contributions and affect the income you receive later in life.

3. Determine when to claim your State Pension

The current State Pension age is 66, and it will rise gradually to 68 by 2046.

When you reach State Pension Age, you won’t automatically start receiving payments. You must claim it. This means, if you choose to, you can defer claiming your State Pension until you stop working completely.

The money you receive from the State Pension is added to your other sources of income when calculating Income Tax liability. Deferring your State Pension might reduce your overall tax bill as a result.

In addition, for every nine weeks you defer the State Pension, the income you’ll receive from it when you do claim it will rise by 1%.

4. Assess how your pension and other assets are invested

Your pension is typically invested, and you might have other investments that are earmarked for retirement. If your plans have changed to include a period of phasing into retirement, you may benefit from assessing how your money is invested.

Often, your pension will be moved to investments that are more stable as your retirement age approaches. If your money will now remain invested for longer, this may not be the most appropriate option for you.

5. Establish your long-term income needs

It can be difficult to understand how the value of your pension and other assets will change during your retirement, particularly if your income needs will shift.

Setting out your income needs at each phase of your retirement and using a cashflow model could help you visualise how your pension and other assets could change. This can help you see if your assets will provide you with security for the rest of your life or if there’s a shortfall.

A cashflow model will make certain assumptions, such as the average annual return of your pension or the rate of inflation. The outcomes aren’t guaranteed, but they can provide a useful insight into your long-term finances and the effect of your decisions.

A financial plan can identify retirement considerations that are important to you

Alongside these five considerations, you might have other important questions to weigh up when you’re retiring, including whether to phase into the next chapter of your life. A tailored financial plan can help you understand your finances now and how they might change as you gradually give up work and eventually stop completely.

Please get in touch if you’d like to talk to us about your retirement plan.

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 tax planning or cashflow modelling.

Humans are programmed to act in certain ways. We have behavioural biases built into us, created over the history of mankind, to keep us safe in the face of danger.

For example, we don’t like losing things. This is because our ancestors would be faced with a very nasty situation if they stumbled across a beast while out hunting, and realised that they had left their spear at home.

In today’s society, however, we are considerably less likely to be faced with a sabre-toothed tiger. Some of our behaviours don’t always act in our best interests, and some can even be taken advantage of by others. This is especially true around financial decisions.

Here, then, are three behaviours that we all exhibit to one degree or another, how they might not be serving us well, and what we might do about it.

The endowment effect

Researchers asked candidates to value a coffee mug. Half of those candidates were given the mug in advance, and half were not. The candidates who already owned the mug valued it around twice as highly as those who had not seen it before.

This is called the endowment effect. It describes how we tend to value something we already own more highly than its real worth.

There could be many reasons for this. Perhaps it holds sentimental value. Perhaps we overpaid in the first place, but we don’t want to admit it.

This also means that we often pay more for something than it is worth. Marketing and advertising take advantage of this. Take the trial period. At the end of that trial period, you are not only more likely to buy, but you are likely to be willing to pay more than you would before you had used the product.

Awareness is the enemy of the endowment effect. To stop ourselves from overpaying for something, or overvaluing stuff we already own, we should try and take a dispassionate and arm’s length view, and perhaps do some research on real valuations.

Framing

Framing describes a form of expectation.

An example of this is the 17-year-old daughter going to a party. She wants to be out until midnight, but knows that her parents wouldn’t normally allow this.

 As she’s getting ready, her father asks: “What time will you be home?”

The daughter replies: “About 2 o’clock.”

“You will not, my girl,” says the father. “You’ll be back by midnight.”

Framing happens all the time with money. For example, when you visit a financial adviser, what are you expecting? Presumably, advice on your finances. And yet the adviser is just as interested in hearing about your plans for the future.

Framing is used in marketing all the time. It is why prices are so often stated as £9.99. Why is yoghurt 90% fat-free, not 10% fat? Once you understand framing, you will start to see it everywhere.

We can also positively use framing. Just a focus on strengths rather than weaknesses can result in making better financial decisions. This can make us feel more able to manage our finances and address some of those issues that we might have been avoiding.

Loss aversion

We feel the loss of something significantly more than its equivalent gain. Consequently, we try to avoid losses.

This is why the special offer with a limited time is used so much. Research from Which? suggests that most products on sale on Black Friday are actually cheaper at other times of the year.

Loss aversion is often applied to investments, whereby we might be less likely to invest if there is a risk of loss, even though the potential upside might be high. It can also lead to poor financial decisions as we try to avoid poor outcomes, which prevents potential positive outcomes.

Framing can actually help here. Taking some time to properly understand the potential loss (‘What’s the worst that can happen?’) can reframe the decision to fully take into account the upside.

Bonus tip: Avoid advertising

I go to great lengths to avoid adverts. When I go to the cinema, my family go in to watch the trailers and adverts. I sit outside.

Research has shown that advertising makes us unhappy. It presents unrealistic and unattainable images, then suggests that the only way we might achieve those versions of success is to buy that particular product.

Marketing and advertising are all around us, and they’re all designed to get us to spend money that we might not necessarily want to, or even able to afford to, spend. A little bit of work and knowledge to understand our behaviours and how to change our habits can make a big difference to our relationship with money.

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.