Morfitt's Mailshot Issue 17...          Can't see this email properly? View in browser

Morfitt & Turnbull

Issue 17   

M&T - What's on the Telly?
So there seems to be a World Cup going on and as luck would have it, I go and draw England in the M&T sweep!!!

For those of you that are fed up to the back teeth of back to back matches from 5pm until the early hours, please look away now... as I give you five lesser known World Cup footy facts:
1. The biggest ever attendance for a World Cup match is 200,000 people. They all squeezed into the Maracana Stadium for a match between Brazil and Uruguay during the 1950 World Cup. Brazil lost but thankfully there were no biting Uruguayans!     
2. Despite the rather nifty dancing and some rather good goals, Roger Milla is the oldest player to ever take part in a World Cup. When he last laced up his boots at the finals, he was just over 42 years old.  
3. Norman Whiteside is the youngest player to ever take the field at a World Cup. He was just 17 years, one month and 10 days when he played for Northern Ireland against Yugoslavia at the '82 World Cup in Spain. That fact is pretty well known. What isn't so well know is that when he got back home, his mother grounded him for a week for not calling her to let him know he'd arrived safely in Madrid.  
4. The fastest goal ever scored at a World Cup was knocked in by Turkish superstar (and one time Blackburn Rover), Hakan Sukur against South Korea in the 2002 World Cup. It took him just 11 seconds.
5. India withdrew from the competition in 1950 when they weren't allowed to play barefoot in the tournament.
I'll leave it there in fear of football overload...!


M&T Fantasy Football League 
Well the football overload was short-lived as here I am talking about it even more, although this is just a quick update to advise that for the first time Gareth didn’t win the fantasy football with the winner being David McManus who has received his £100 booty! David has informed us that he will be using it to make a charitable donation towards some fundraising his son is putting together.

I’ll be sending a separate email about the start of the new season when the fantasy football website is updated next month.

We can see the Wood-for-d(e) Trees 
  In the last mailshot, Gareth gave information about the launch of his first fund by Neil Woodford, the ex-Invesco Perpetual fund supremo, which is now up and running with initial inflows of £1.6 billion.

Everyone who wished to get in were successfully invested and we will continue to monitor how well he does over the coming months and years. Watch this space!!!

Adam's Technical...  The Wonderful World of Pensions!
Following on from the previous mailshot where Adam summarised the budget announcement, here he goes on to more detail about the pensions bit...
The new flexibility announced was certainly a shock to me and I would say for all who have an eye on pensions. Under current rules pension funds must be used (after the maximum tax-free cash sum is taken) to provide an income for life, which is limited to the rates in force at that time, is usually paid monthly and is subject to Income Tax. The proposed legislation will allow a pension fund to be accessed in full from age 55.

This is a complete u-turn from the previous standpoint which was firmly to prevent people from having complete access to their pension fund, spending the monies and then only having State pension to rely on. The only way full access to pension funds is currently available is via flexible drawdown. For this option to be permitted it has to be proved that guaranteed income of £12,000 p.a. gross (this was £20,000 p.a. until the budget) is being received.
The reasons as to why the government has decided to provide this freedom is unknown and apparently there was little consultation with other public bodies. The government has stated they now believe people should be trusted with their pension fund and that they will not fritter it away!

The income paid from a pension is taxable as earned income and this will also apply if a pension fund is taken as a lump sum. An individual who wants access to the lump sum immediately on retirement could face paying income tax at the rate of 40% or even 45% on some or the entire amount depending on the fund size and any other income received in the tax year. Therefore it is essential that care is taken on any lump sum withdrawal to ensure excessive tax is not paid.
My feeling is that regardless of this proposed legislation, for a large number of people the most appropriate route will still be to secure an income guaranteed for life - just because there is the temptation of a larger capital sum it does not mean it has to be taken!

When providing advice on how retirement benefits are taken we have to consider many factors, one of the most important being that the income from the pension lasts for the remainder of the client's lifetime. This will still be the case from April next year and for anyone who does wish to ‘spend their pension' we will make sure they do so with their eyes wide open.
Of course the proposals may change before next April - it wouldn't surprise me. If you have any queries, please contact your usual Adviser at M&T.

Gareth Says... 
Eyes on the Stock Market

A comment on the stock market from Gareth...

"The UK stockmarket last peaked at 6950 on 30.12.1999, i.e. 14½ years ago, and we are getting close again. At the time of writing we are 2½% away from all time highs. The market has surged forwards for virtually the last 5 years and for both of these reasons we can expect some volatility as nerves and profit taking come into play.

That said, it's about time we got back to all time highs – Happy Investing!!!"

Staff Matters...
The Curious Case of Gareth's Moustache
As many of you may be aware, Gareth's increasing facial foliage of late has caused much amusement to clients, professional connections and staff, however we are happy to say that following his return from his golfing soiree to France where he was bound to sport said moustache, the squirrel's tail sweeping across his face has been removed.
  No animals were harmed in the creation and subsequent demolition of Gareth's furry friend.


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