“Now the banks cash in on wills”

Jun 20, 2018 | Wills

Tags: Banks
An independent (financial adviser’s) view

Unlike the Mail to go for a shock headline, I know, but on this one a word in defence, believe it or not, of the banks. I’d bet that, had it not been for those ‘rip-off wills’, at least a million of those 1.5m would have no wills at all, would die intestate and cause their grieving families far more grief and expense. Just as many sold ‘rip-off’ pensions in the 80’s and 90’s by the Allied Dunbars of this world now have pensions they wouldn’t otherwise have from money they otherwise wouldn’t have saved. And if you did make your will over 15 years ago, high time it was reviewed anyway.

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“Record year for annuity sales driven by advisers”

“Record year for annuity sales driven by advisers”

I was asked this week whether annuities are now ‘a good investment’. They’ve been recommended very rarely in recent years, since ‘pension freedoms’ allowed pretty much unlimited drawdown on pension funds and anything left to be passed on to beneficiaries free of Inheritance Tax.