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Morfitt & Turnbull

Issue 8  

Mulligan spots our very own Tabeart on the telly!
It's only fair that I don't continue to hog the opening lines of the mailshot so it has been gatecrashed by our Senior Consultant Stuart Tabeart in this edition.

As conversations go on within the walls of M&T it's surprising what materialises from each person's past... and so it goes that our very own Stuart revealed his claim to fame as having a starring role on the game show Eggheads!
Eggheads    Stuart pitted his wits against the glamourpuss "Millionaire" winner Judith Keppel as part of a local pub quiz team several years ago but the outcome overall was unfortunately a defeat to the brainy tv quizzers.
We are all still proud to have our very own star of the small screen, who is available for signed photos at your request!

My search for hidden stars in the office will continue into 2013...


Stuart Tabeart Stuart with his special goggles for extra scrutiny on client files

  Adam's Technical...
  Chancellor's Autumn Statement - the bits we have focussed on

The highlights (or lowlights) of the latest government plans from the Chancellor's office are set out by Adam as follows...
  • ISA allowance raised to £11,520 from 6th April 2013
  • Inheritance Tax threshold increased to £329,000 from April 2014
  • Basic rate Income Tax threshold raised to £9,440 (£235 more than expected)
  • Basic State Pension rises by 2½% next year to £110.15 per week
  • Corporation Tax (main rate) cut by an extra 1% from 6th April 2013 and an additional 2% from 6th April 2014
  • Pension lifetime allowance (maximum allowed in a pension fund) reduced from 6th April 2014 from £1.5m to £1.25m
  • Pension annual allowance (maximum contributions) reduced from 6th April 2014 from £50,000 to £40,000
  • Income drawdown maximum income limit increased from 100% of the equivalent annuity to 120% but no date has been set as yet

Please contact your usual Adviser if you have queries on any of these or if you think they may affect you in some way.

Gareth Says... 
How we are paid in 2013 and beyond

There have been a number of messages from Gareth about the Retail Distribution Review (RDR) that is implemented on 1st January 2013, which began last year and continued throughout this year. He continues in this vein with particular focus on the way M&T are paid for the advice that we will provide from next year.
"We have had quite a number of clients that have read articles about the RDR and the fact that we will be charging fees and are asking questions such as 'Will I be charged a fee every time I speak to you?'. The answer is 'no, you will not!'. We will run our model on similar costings and in a similar manner to before but there will be no 'commission' and fees will be charged. These will be explained and agreed before recommendations are made.

One aspect that surprises many is that advice has never been free and the new system will allow you to agree the cost for the service you require up front as costs will no longer be included in the products you purchase.
We have also had to decide whether our model will be 'independent' or 'restricted'. The former means we would offer advice on all products within the market or select the latter so that we specialise. We have always been specialists and if the distinction had been drawn ten years ago we would have been seen as 'restricted' since then, so nothing will change with the advice given.

So do you have anything to do? The answer is 'no' - as and when you need to do anything we will advise you. Your existing investments will stay as they are and are unaffected by the changes."

Staff Matters - when we close and (hopefully) re-open!!!

Please note the M&T office will be closed for the festivities as follows:

Office closes: 12.30p.m. Friday 21st December 2012
Reopens: 8.30a.m. Tuesday 2nd January 2013

Ho ho ho and a very Merry Christmas to you all from everyone at M&T!

See you all in the New Year (...providing the Mayans weren't correct all along!!!).

Autumn Statement image courtesy of

No. 1 Booths Park, Chelford Road, Knutsford, WA16 8GS
Tel: 01565 624 370   Email: 

Morfitt and Turnbull (Management Services) Limited 
Authorised and Regulated by the Financial Services Authority.
Registered Number 740613 England

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