Farsight Financial Planning

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When you're coming up to retirement you have lots of decisions to make, not least how to convert your pension pot into retirement income.

Unless you're in a pension scheme that pays you an income based on your salary once you retire, you're most likely to be saving in a scheme that provides you with a sum of money (known as your pension pot). If that's the case, you'll have to decide how you are going to use your pension pot to provide an income when you retire. There are lots of options available, some more complex than others, but deciding which is right for you is not straightforward.

Even before you get to that stage though, there are tricky questions you might need help with such as can you afford to retire? Should you bring all your pension pots together? How much will your state pension be?

In addition the options for how you can use your pension pot have changed; in the past you had to use most of the money in your pot to buy an annuity that would give you a guaranteed income for the rest of your life. However, now, if you're aged 55 or over, you're able to use your pension pot in any way you wish.

So, when considering retiring, you will need professional financial advice to help you decide which option is best for you. Even if you've never taken financial advice before, this is probably the time to do it; unless you're very sure about what you want to do and know what the best option for you is, taking advice could be the soundest financial decision you'll ever make.

Farsight can help cut through the complexity and find the right solutions to ensure you enjoy a prosperous retirement
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  • GUIDE TO ANNUITIES You can normally choose when to start taking an income from your pension at anytime from age 55. When you do this, part of your pension can normally be taken as a tax-free lump sum (most people can take up to 25 per cent of the fund). The remainder of the pension fund can then be converted into an annuity which pa …
Do you want to save towards a deposit on your new home, university fees, a child's wedding or perhaps towards your retirement? Have you inherited or saved up a capital sum and want to know how to invest to make it work best for you?

There are a bewildering array of products and funds in the market, such as NISA, unit trusts and investment bonds and sometimes it's hard to know which to choose. Farsight can help you select the most appropriate solution that will meet your needs and we will constantly review your affairs to ensure you are on track to achieve your objectives.

Farsight uses a sophisticated and robust approach to identifying each client's attitude to investment risk. This then enables us to select the most appropriate mix of asset classes such as equities, bonds, property and cash, which will ensure you are entirely comfortable with the volatility of your portfolio.

Once your investment portfolio is established we will regularly review it to ensure it continues to meet your objectives in light of any changes to your personal circumstances.
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  • GUIDE TO INDIVIDUAL SAVINGS ACCOUNT TRANSFERS (2018) Did you know you can transfer your Individual Savings Account (ISA) from one provider to another at any time? Transferring your ISA to another provider is easy and could boost the funds in your tax-efficient account – but it has to be done right. If you have accumulated a number of ISAs over the years, keeping t …
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Farsight can help you get your pension planning right. By looking at your earnings now, talking through when you plan to retire and considering your other assets and income we can help you set out on a route to achieving your goals and to make the most of the generous tax incentives available.

We will also look at all of the pension accumulation options available, including personal pensions, self-invested personal pension plans (SIPPs) and Stakeholder plans. We will consider whether you and/or your employer/company should be contributing as well as whether employer sponsored arrangements such as Small Self-Administered Schemes (SSAS) or Group Personal Pensions (GPPs) are more suitable.

If you are looking to consolidate your pension assets or to transfer away from previous employer arrangements and/or old style personal pensions we can assess your existing arrangements and recommend alternatives.

We are authorised to help and advise on occupational scheme benefits and to implement transfers should such a solution be prudent.
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Could you afford to pay the mortgage if you were off work due to a long term illness? Could your family cope if you were to die? Are you going to leave your loved ones with a large tax bill?

Whatever your answer to those questions it's accepted that in the UK we are significantly under insured. Whilst the majority will pay for car, home and even travel insurance, most of us neglect protection for what is probably more important - our loved ones!

From ‘simple' life assurance to critical illness cover, mortgage protection policies and income protection plans Farsight will source the whole market to recommend the most suitable and cost effective solution for your protection needs.
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We can help you structure your financial affairs in a way that will mean you get to keep more of your hard earned money in your own pocket rather than it going to the taxman.

There are many rules and allowances that can legitimately help you reduce the amount of income, capital gains and inheritance tax you pay. Farsight are able to advise you in all of these areas and help you plan for future tax liabilities.

Simple actions can result in substantial savings and with some advanced planning it is often possible to significantly reduce the amount of tax you pay.
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  • GUIDE TO YEAR END TAX PLANNING (2018) We provide suggestions for further consideration and discussion, enabling you to arrange your taxes, investments and wider financial affairs to reduce current and future tax liabilities. Please keep in mind that everyone's tax situation is different. Before implementing any of the strategies discussed here, you sh …
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Farsight Financial provides a wide range of services to corporate clients throughout the UK. We focus on two main areas:

Employee Benefits
We can ensure you drive the best possible value out of your employee benefits arrangements (also acting as a point of liaison between your business and the wide variety of insurers you may use to secure the most effective package of benefits). In addition, we have gained valuable experience with our existing clients in helping navigate their responsibilities around Auto Enrolment and Workplace Pensions.

We can help you benchmark your benefits packages against industry standards and your key competitors. We also provide support in designing and delivering the effective communication of your benefits to your staff.

Key Person & Shareholder Protection
Every business has key people; without them the business might not function at all, or would only do so with major disruption and loss of profits. We can help you to ensure that you protect your business against the loss or illness of key members of staff.

If a major shareholder in your business died could you afford to buy out their shares, or could you accept their spouse taking a seat on your board? Without adequate funds you might have to resort to borrowing and lenders may not be keen if the shareholder was also a major driver in the business. A better route generally is to insure for this eventuality; putting the right amount of money in the right hands at the right time.

Farsight can help you structure the agreements, source the insurance, and establish the contracts needed to make your business better protected.
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  • GUIDE TO END OF YEAR TAX PLANNING With the end of the tax year rapidly approaching on 5 April, now is the time to focus on ways to mitigate any tax liability. To make the most of the opportunities available, if you've not already done so, you should start putting plans in place now. Here we look at some of the areas you may need to consider to min …
There are many rules and allowances that can legitimately help you reduce the amount of income, capital gains and inheritance tax you pay. Farsight are able to advise you in all of these areas and help you plan for the future Tax.
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For most business their people are their most important asset. Without the people there is no business!

Yet most business will insure their buildings, stock, vehicles & plant, and any manner of other items before they consider insuring their staff.

It is likely you will have certain employees who's absence, if they died or were off work for an extended period of time due to accidents or illnesses, would have a massive effect on profits - it might even threaten the very viability of the business.

Farsight Financial can you help source cost effective insurance to protect your key people in a tax efficient manner.
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  • GUIDE TO IHT 2018 When we die, we like to imagine that we can pass on our assets to our loved ones so that they can benefit from them. In order for them to benefit fully from your assets, it is important to consider the impact of Inheritance Tax. …
It's common in surveys for employee's to rank an employer sponsored pension scheme as the benefit they value most.

Pension planning has traditionally been a very tax efficient but often complicated area and ensuring you have the right scheme for employees is crucial in getting value for money from what is likely to be the most expensive of the benefits you offer.

In addition, due to legislation enacted by the Government all employers must set up a Workplace Pension for staff and then Automatically Enrol all those who are eligible. The rules surrounding this whole area are extremely complex but fortunately we've already helped several clients through the process and have extensive knowledge in this area.

Farsight Financial has very extensive experience of consulting in this area and can help you and your employees make the most of pensions. We can assist with:

Scheme Design - Should you reward loyalty or seniority? What do your competitors offer? Is there a legal minimum?

Scheme Communication - Do your employees understand what you give them, and more importantly do they value it?

Scheme Brokerage - The market for group pensions business is very competitive and product offerings and additional services can be complicated.

Farsight can help guide you to the most effective provider solution for your business.
Farsight can provide a range of sophisticated support in this area, details of each specialist area are in the links to the left. For each we can provide as many or as few of the services shown below.

Benchmarking
We can help you by providing benchmarking, i.e. assessing what benefits other employers in your market segment or geographical area provide - ensuring your benefit proposition is competitive.

Consulting
Employee benefits products themselves can be complicated, but clearly they also interact with employment law and both corporate and personal taxation. Farsight can help you avoid the pitfalls and exploit the advantages.
We can also help with workforce modelling, enabling you to run financial models of different employee benefit permutations.

Brokerage
Farsight acts as your agent and as an independent intermediary, able to select products and services from the whole market place. We have considerable experience in the selection and negotiation of products and you can be assured of us being able to source the most appropriate cover at the best possible prices.

Communication
Having a well designed and competitively priced benefit scheme is important but to really achieve value for money from what you spend on it your employees will need to understand and value it properly. This is where effective communication strategies are key and Farsight can help deliver every aspect of your benefits communication.

Administrative Support
You may outsource as much or as little of your benefits record keeping and administration to Farsight as you wish.
In most small to medium sized business their will be be just a handful of major shareholders.

If one of these shareholders where to die then the spouse or estate of the deceased shareholder is rightfully able to inherit their shares, the implications of this are;

The business may find it has to agree actions requiring shareholder votes with the deceased owners spouse or representatives of their estate. Where this happens it may well be that the level of shareholding effectively enables the spouse to take a seat on the board. This might be helpful but in most cases it is unlikely the spouse will have the knowledge, background, experience or understanding of the business that the deceased shareholder had. Alternatively the spouse or deceased personal representatives may look to sell their shares to any third party (perhaps even a competitor). Or they may ask the remaining shareholders to buy the shares - which might involve them requiring significant borrowing - this can be difficult to acheive, particularly where the deceased shareholder was also a senior manager of the business, and lender is likely to be nervous about lending to a business which has just lost a key individual. Neither situation is likely to be what you as a shareholder might want to happen. You can prevent these issues becoming a problem with a suitable shareholder agreement and adequate insurances. Farsight can help you source these.