McLean’s Financial Services

Getting to grips with the language of retirement
Additional State Pension
The earnings-related part of the State Pension built up in the State Second Pension and/or the State Earnings Related Pension Scheme (SERPS).
Additional Voluntary Contributions (AVCs)
Employee contributions payable to a salary related occupational scheme that are over and above the normal contributions required by the scheme rules. [...]

Environmental and socially responsible investment
There are a number of questions that need to be answered before you can make an informed choose about what ethical or socially responsible investment fund (SRI) matches your profile. An ethical or SRI fund is one whereby the choice of investments is influenced by one or more social, environmental or [...]

Reform of the pension’s landscape
The Pensions Act 2007 put into law the reforms to the state pension system set out in the White Paper, Security in retirement: towards a new pension system that was published in May 2006. These reforms to the state pensions system covered the Basic State Pension and the State Second Pension.
The [...]

Your most frequently asked questions
Q: As a trustee do I have to pay capital gains tax?
A: As a general rule the liability to tax on gains arising to a trust falls on the trustee. There are however certain exceptions which are detailed on HM Revenue & Customs (HMR&C) help sheet HS294.
Q: As a beneficiary do [...]

Benefits and tax allowances
When you retire you may be able to get certain benefits on top of any State Pension you’re entitled to. Some of these benefits are age-related, others depend on your income. Tax allowances are also more generous from age 65 if your income is below a certain level.
Basic State Pension
The State Pension [...]

Who will your legacy end up with?
Without a will, the State directs who inherits your estate, so your friends, favourite charities and relatives may get nothing.
It is particularly important to make a will if you are not married or are not in a registered civil partnership (a legal arrangement that gives same-sex partners the same [...]

Your questions answered
Q: What is the State Pension?
A: The State Pension is paid to entitled people who claim it having reached State Pension age. It is based on National Insurance (NI) contributions and it is made up of different elements.
Q: What is the State Pension age?
A: The State Pension age is currently 65 for men [...]

GUARANTEES FOR THE OVER 60’S
Pension Credit is an entitlement for people aged 60 or over living in Great Britain. This could mean extra money for you every week. Pension Credit guarantees everyone aged 60 and over an income of at least:

£124.05 a week if you are single
£189.35 a week if you have a partner

Also, if [...]

A quick guide to making more of your money
There are a number of ways investors can take advantage of tax-efficient saving and investing, here’s a quick guide to get you thinking about the possible options available to you!
Cash ISAs
Cash individual savings accounts (ISA) are basically ordinary savings accounts, but the interest you accumulate is [...]