Contact Us

 

Omni Financial Ltd is authorised by the Financial Conduct Authority.

 

Omni Financial Limited is Registered in England and Wales under reference 05501958. Registered Office: 1 Townsend Road, Harpenden, Hertfordshire. AL5 4BQ.

 

Trading Address: 

 

Omni Financial Ltd

Unit D2, The Courtyard

Alban Park

St Albans

Hertfordshire

AL4 0LA

 

Tel:  01727 223 251

Fax: 01727 853 811

E:     guy.swinnerton@omni-financial.co.uk

 

The information contained within this website is subject to the UK regulatory regime and is therefore primarily targeted at consumers based in the UK. 

By clicking on this link you are now departing from the regulated site of Omni Financial Ltd.  Omni Financial Ltd cannot be responsible for any content created and published solely by a third party outside our regulated site. 

Copyright Omni Financial 2019

 

Privacy Policy

 

Site designed by Created by White and managed by Barker Online Marketing

CII

Omni Financial Ltd

If you require information about the Financial Ombudsman Service you can contact them directly:

0800 0234567
www.financial-ombudsman.org.uk

Omni Financial Blog

Featured Posts

What the Election Means for Your Retirement Plans

March 30, 2015

 General election time often creates both excitement and nervousness and for much the same reason – the prospect of change.  With the battle heating up, the economy in general and pension reforms in particular look like becoming key battlegrounds in the approach to May 7th.  With that in mind, let's take a look at what the three main parties have indicated is in store in terms of retirement planning in general and pensions in particular.

 

The Liberal Democrats

At the moment, the Liberal Democrats' proposals are still in "pre-manifesto"-stage, i.e. they are still to be made final.  Current indications are that they plan to adopt a tax-and-spending economic strategy.  Hence pension savers can expect there to be new levies on their pension pots.  There will also be a reduction in the amount people can save tax-free in these pension pots.  At current time, the Liberal Democrats are talking about capping them at £1M, which would be a reduction of 20% on the current figure. 

 

The Labour Party 

The Labour Party has also yet to release its manifesto; however it has shown itself open to reducing tax relief on pension contributions made by higher earners.  Specifically it has mentioned targeting those earning over £150K pa and slashing the relief on pension contributions to 20%.  Labour believes that this would raise over £1bn, which they say they would then spend on job creation.  This is in addition to reintroducing the 50p rate of income tax to incomes of over £150K pa Labour have indicated that they are in favour of a mansion tax, which they say they would use to fund the NHS.  As a final retirement-related point, Labour have also proposed abolishing the Winter Fuel Payment for the most affluent pensioners. 

 

The Conservative Party 

Again, the Conservatives have yet to release their manifesto.  They have, however, stated that they are committed to "dignity and security" in later years.  They also have a track record in government, which could give some clues to their outlook.  First of all it was the Conservatives who introduced the "Triple Lock" pension policy, i.e. the guarantee that the state pension would rise in line with inflation, wages or 2.5%, whichever is the highest.  While Labour and the Liberal Democrats are both in favour of this "in principle", neither has, as yet, made a commitment to keeping the Triple Lock, whereas the Conservatives have guaranteed to keep it until at least the 2020 election. 

 

Recently the Conservatives have removed the obligation to use a pension fund to buy an annuity, with effect from 6th April 2015.  This means that pensioners can choose between the freedom of keeping control of their pension pot versus the security of an annuity.  This has been the subject of some controversy; in that the elderly will splurge their earnings (possibly for the best of reasons) and thereby make themselves dependent upon state support in their latter years, particularly if they need long-term care.  Given that the logic behind offering tax relief on pension contributions was essentially to ensure that people were able to save enough to have an income in retirement, it is an open question as to how Labour or the Liberal Democrats would respond to this if they were to form a government.  They could choose to let sleeping dogs lie, they could choose to bring back the obligation to buy an annuity (albeit possibly at a later age) or they could use this change to justify changes to tax relief on pension contributions. 

 

The Conservatives have announced other changes, which essentially make it easier to transfer pension pots between generations upon the death of the saver.  Again, it is unclear whether or not Labour or the Liberal Democrats would continue to support this. 

 

 

 

 

 

 

 

Please reload

Auto Enrolment - Reaping the benefits of workplace pension savings

January 11, 2016

1/5
Please reload

Recent Posts

October 12, 2015

Please reload

Archive
Please reload

Search By Tags