Sector Focus: Finance
A growing need to check your pension forecast
Debyshire-based chartered financial planners, Belmayne, are urging local residents to check their state pension forecasts with experts, after the Government system has proved unreliable. David Bashforth (pictured), Partner at Belmayne, said: “Some 300,000
people nationally are thought to have received inaccurate pension forecasts from the online portal.” Workers who have been ‘contracted out’ for periods of their employment
are most likely to be affected by the forecasting issue. This includes membership of defined benefit or final salary schemes, as well as those owning personal pension plans that were set up to receive the national insurance rebate. David, an independent adviser, added: “Checking your state
pension benefits is relatively straightforward using the Government Gateway portal, however, it has come to light in recent weeks that the information provided to some users is incorrect. It is, therefore, essential to seek guidance if you are thinking about retirement, especially if you know you were contracted out or suspect your forecast doesn’t reflect this.” Belmayne helps clients maximise their state pension entitlement by
identifying gaps in national insurance contributions and taking steps to fill them. The partners also advise people who may have been contracted out for their entire working life, for example, police officers, teachers and some NHS workers on how to rectify any shortfall. “For many of us, the state pension still forms the bedrock of
retirement,” added David. “This guaranteed, inflation-proof benefit is often the only index-linked income stream we have after finishing work and it is incredibly valuable. It keeps pace with rising living costs and is hugely expensive to replicate in the world of personal pensions.”
Visit:
www.belmayne-ifa.com Residential mortgage scheme revealed
Yorkshire and Derbyshire-based chartered accountants and financial advisers, Sutton McGrath Hartley (SMH), have set up a new residential mortgage company to further enhance the group’s offering to clients. SMH Residential Mortgages will
be headed up by a new Partner, Dan Lukic, who has over 15 years’ experience working in the sector. Going forward, SMH clients won’t
need to seek professional mortgage advice outside of the group, or work with advisers they don’t already know, safe in the knowledge that SMH can provide a complete financial service within one group of companies. Jonathon Dickens, Partner at
SMH, said: “It has always been part of our long-term plan to set up new companies within the SMH group to handle the ever growing range of financial needs of our clients. This is a perfect additional service to help achieve this objective. A larger number of our clients have residential mortgages,
80 CHAMBERconnect Summer 2019
whether it’s on their own home or on a residential property they rent out, therefore it makes perfect sense for us to bring this service in- house. We’re delighted to have Dan on board to develop this new service area.” Dan Lukic, Partner at SMH
Residential Mortgages, added: “The opportunity to join SMH and head up a new department in my specialist field is something that really appeals to me. I have worked in the banking industry providing this service for a number of years, so the transition will be smooth and I am confident that we can provide a valuable service to the SMH client base. “The objective at SMH
‘We have the resources
and capacity to fully develop
our residential mortgages service’
mortgaging, first time buyers and home
mover mortgages. We can help ensure that not only are
Residential Mortgages is to offer a fully independent ‘whole of market’ service, such as buy to let loans, re-
our clients getting the most appropriate mortgage for their requirements, but they also take into consideration the bigger picture when it comes to protecting and securing this against unforeseen circumstances.
“Having the backing of a full
service accountancy and financial services firm means we have the resources and capacity to fully develop our residential mortgages service offering to clients. I’m really looking forward to getting started.”
Visit:
www.suttonmcgrathhartley.co.uk/ residential-mortgages
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