Accessing your pension should feel like a reward, a well-earned milestone after years of working and saving. Whether you’re planning a long-awaited holiday, helping family, or simply topping up your income, you expect it to be a smooth process. But many people are caught off guard when their first pension withdrawal comes with a surprisingly large tax bill, thanks to something called emergency tax.

So what’s going on, and more importantly, how can you avoid paying too much?

It’s become something of a tired joke: “If only you stopped buying avocado on toast and takeaway coffees, you’d be able to afford a house.” The implication being that millennials and Gen Z buyers may be unwilling to sacrifice their lifestyle to save for a deposit, rather than property prices have massively outpaced wage growth for over two decades. 

Of course, giving up your flat white won’t magically get you £60,000 for a house deposit. But it does raise a bigger question: how do people actually manage to raise the funds for a deposit in today’s market?

The term HENRY, short for High Earner, Not Rich Yet, is a popular acronym that’s gained traction over recent years in the world of personal finance. At first glance, it may seem like a contradiction: how can someone earning a high income still not be “rich”? The answer lies in lifestyle choices, financial behaviours and the very real impact of modern living costs.

In this blog post, we’ll unpack what it means to be a HENRY, why this group can be vulnerable to financial shocks despite earning well, and five practical tips to help HENRYs move from just earning more to building lasting wealth.

For many high‑earning UK earners, surpassing the £100,000 income threshold may feel like a financial milestone, but it also creates a surprising and unwelcome tax liability known as the “income trap”.

Administering an estate can be a complex and emotionally charged process, especially during a time of grief. That’s why choosing the right executor is one of the most important decisions you’ll make when putting your will in place. An executor plays a central role in ensuring your wishes are carried out efficiently and correctly. In this article, we’ll explore what the role involves and offer some practical tips to help you choose the most appropriate executor for your estate.

As income rises over the course of your working life, through promotions, bonuses, or a change in career, it’s natural to feel the urge to enjoy the fruits of your labour. Perhaps it’s a more expensive car, a larger home, or dining out a little more often. While these decisions can seem small and justifiable in isolation, they can collectively lead to a phenomenon known as lifestyle inflation, sometimes referred to as lifestyle creep.

For those reaching retirement with defined contribution pension pots, flexi-access drawdown offers flexibility and freedom. You’re no longer restricted to purchasing an annuity or taking just a limited income. Instead, you can tailor withdrawals to your lifestyle and retirement goals.

But this freedom also comes with responsibility. A common risk can be taking too much, too soon – something we refer to as the ‘Bamboo Trap’. Much like a bamboo plant that grows quickly and hollows out from the inside, a pension pot drawn too aggressively may flourish initially, only to collapse unexpectedly.

When considering how best to pass on wealth, many people focus on inheritance tax (IHT) planning. However, tax efficiency is only part of the equation. Equally important is ensuring your assets can be accessed quickly and efficiently by your loved ones after you die. This is where probate trusts can be especially useful.

In this blog, we explore what probate trusts are, how they work, and the types of clients who may benefit from them – including those with potentially no IHT liability.

Estate planning is a crucial aspect of ensuring financial security and peace of mind for our loved ones. For families with a disabled child or adult dependent, the stakes are even higher. One of the most effective tools available for such families is the Vulnerable Persons Trust (VPT), also known as a Disabled Discretionary Trust. This specialist type of trust is specifically designed to support individuals who are unable to manage their own financial affairs due to mental or physical disability, both during and after the lifetime of their primary carers.

When considering how best to pass wealth to loved ones during your lifetime, one commonly used strategy is making outright gifts. This can be an effective way of reducing the value of your estate for inheritance tax (IHT) purposes. However, these gifts can come with their own complexities – particularly if you die within seven years of making them. This is where a gift inter vivos policy can come into play.

In this blog, we’ll explain what a gift inter vivos policy is, where it may be used, and the advantages and disadvantages of using one as part of your estate planning strategy.

Buying a home is one of the most exciting – and financially significant – decisions many people make. Whether you are a first-time buyer or moving up the property ladder, it’s easy to focus on the headline figures: the price of the property and your monthly mortgage repayments. However, beyond these costs, there are a number of hidden expenses that, if unaccounted for, can turn your dream move into a financial strain. In this article, we’ll explore the key costs that buyers often overlook and explain how careful planning can help you budget more accurately for your new home.

When we think about threats to our financial wellbeing, we often picture stock market crashes, property downturns or unexpected personal events. However, one of the most persistent and quietest threats is inflation. Unlike a sudden economic shock, inflation slowly but steadily eats away at the purchasing power of your money, often without you even noticing. In simple terms, inflation is the rate at which the prices of goods and services increase over time. When inflation rises, every pound you hold buys you a little less than before. While a small amount of inflation is a sign of a healthy, growing economy, unchecked or high inflation can cause real damage, particularly to those who are relying on savings for their future financial security.

In recent decades, the financial landscape has undergone significant shifts, leading to a pronounced wealth gap between generations. Older generations, particularly Baby Boomers, have accumulated substantial wealth through home ownership and defined benefit pensions. In contrast, younger generations face challenges such as high housing costs, student debt, and less secure employment, making it harder to build wealth. As parents, it’s crucial to understand these changes and equip our children with the tools to navigate this new financial reality.

When arranging life insurance for couples, one of the most important decisions is how the policy should be structured. Most people are familiar with joint life cover – it’s the traditional option for partners taking out life insurance together. But a less well-known alternative – dual life cover – could offer significantly more value and protection.

In recent years, the conversation around sustainability has extended well beyond reusable shopping bags and electric vehicles – it’s made its way firmly into the housing market. As homeowners grow increasingly aware of their environmental impact, coupled with rising energy costs, so too has demand risen for eco-conscious living. But while investing in a greener home may sound appealing, many people are unaware of the financial products designed specifically to support this goal.

When it comes to planning for retirement, there are few decisions more important than how to turn your pension savings into income. One option that is becoming popular once again is a lifetime annuity, which a product that provides you with a guaranteed income for the rest of your life. On the surface, the concept is simple, but not all annuities are created equal. In fact, failing to shop around could cost you thousands of pounds in lost income over your retirement.

The start of a new financial tax year presents an excellent opportunity to review your finances, set new goals and take full advantage of available allowances and tax-efficient savings. Planning early can help you maximise returns, reduce tax liabilities and help ensure financial security for the year ahead. Below are seven key actions to consider at the beginning of the tax year.

The Money Purchase Annual Allowance (MPAA) is a little-known but crucial pension rule that can significantly impact your ability to save for retirement. It applies to individuals who have accessed their defined contribution pension flexibly and restricts the amount they can contribute to their pension whilst still receiving tax relief.

The NHS Pension Scheme is a valuable benefit for healthcare professionals in the UK, providing financial security in retirement. With guaranteed, inflation-linked income and a structure designed to support long-term financial wellbeing, it is often regarded as one of the most generous pension schemes available. As such, many NHS employees may consider making additional contributions to boost their retirement savings. While this can be a wise financial decision, it is important to weigh the benefits and potential drawbacks before committing to additional contributions.

When purchasing a buy-to-let investment property, one of the most important decisions you’ll need to make is how to structure the ownership. If you’re buying with a partner, spouse, or family member, you generally have two choices: joint tenancy or tenants in common.

Under joint tenancy, both owners hold an equal interest in the property, and if one person dies, the other automatically inherits the whole property under the right of survivorship. In contrast, tenants in common allows owners to hold different proportions of the property (e.g., 70/30 or 80/20) and to pass on their share as they wish in their will.

For buy-to-let investors, the tenants in common structure with unequal shares can offer some financial, tax, and estate planning benefits. Here are five key considerations when choosing this approach: