Morfitt's Mailshot Issue 37...          Can't see this email properly? View in browser

Morfitt & Turnbull

Issue 37   

It was Pension Awareness Day in the middle of September and to mark it, I unearthed seven curious facts to illustrate the importance of saving for retirement.
£40,000 The current annual allowance of £40,000 could buy you one night in The Ty Warner Penthouse at the Four Seasons in New York - the world's second most expensive hotel room in the world.  
1m The lifetime allowance of £1m in pound coins would weigh 9.5 tonnes.  
Age 55 TV presenter Phillip Schofield, who turned 55 earlier this year, is now able to access his pension. He was born in 1962, which is the year the first James Bond film, Dr No, was released.  
£159.55 The new state pension of £159.55 a week which would pay for a flight to New York from Edinburgh with Norwegian Air.  
8,000,000 The eight million people who are now auto-enrolled are equivalent to the population of Papua New Guinea.  
12,000,000 Meanwhile the 12 million people aged 30 to 65 who are not saving for a pension are equivalent to the population of Rwanda.  
£23,000 The average income people aged 22 to 29 expect in retirement - £23,000 - is the minimum salary for a London Bus Driver.  
And speaking of buses, pension experts from Pension Geeks and partners, Scottish Widows, Pension Wise and JLT Employee Benefits spent a week touring some of the UK's major cities in the blue Pension Awareness Campaign bus. Having already visited Edinburgh, Leeds, Birmingham and Cardiff, they also attended the actual Pension Awareness Day itself on London's Southbank to mark the big day.   Pension Bus
Automatic enrolment has undoubtedly been a success for millions of UK adults, who have started saving towards retirement for the first time - in fact, since the initiative was introduced in 2012, research by Scottish Widows shows the number of people saving towards retirement has increased from 45% to 56%.

Finally, if you will allow one more bus-related fact, the number of UK adults not saving anything towards retirement would be enough to fill 141,183 double-decker buses - themselves sufficient to stretch bumper-to-bumper from Land's End to John O'Groats.



Neil Woodford Apologises
Neil Woodford has apologised in a very unusual admission, rarely seen by any fund manager.

His fund had some high profile losses incurred during the summer. Unfortunately for him it goes with the territory, as he has put himself in the spotlight and he is there for both good and bad reasons.
There were three companies that fell, AA Group, Provident Financial and Astra Zeneca, which prompted the, "I am very sorry for the poor performance that we’ve delivered really now since 2016".

Throughout his long career his star has risen and fallen, he tends to pick large holdings in high yielding equities, which are cyclical and currently not in favour. He also has exposure to smaller more innovative stocks which are, by their nature, volatile. He has had some problems with both areas.
  Neil Woodford
Are we worried? No, we are keeping a watching brief - we have removed him from the ‘gold list’ to the ‘watch list’ which means we are not purchasing any more at present but we are not selling wholesale.

It may not feel like it when values are falling, but this has been the way his funds have performed throughout his career - as this will only be a relatively small percentage of most people’s holdings we’ll advise if we feel it is time to extricate.

Gareth Says... 

Gareth says "BEWARE".

I am becoming increasingly concerned about a rising number of clients being 'cold called', usually from America, with the offer to buy shares at a discount in a fantastic company!! Please do not fall for the scam.

Ask yourself these questions:

  • Why am I the chosen one?
  • Why are they ‘phoning from America when there are nearly 300 million people there?
  • How did they get my number?
  • If it is so good why aren’t they keeping the profits for themselves and their friends and family?

The answer to all these questions is because it is a SCAM! Remember “if it seems too good to be true, it probably is”. So please do not part with any money. If in doubt ‘phone me and I’ll convince you not to.


Staff Matters
Stuart likes to put something back into the community and often 'volunteers'. After a crisis call came from one of the youth leaders at his local church asking could he cook at a kids’ camp, for 5 days Stuart ably stepped in. Cooking for fifty five 8-11 year olds plus 25 adult leaders!
Stuart turned up in the Lake District and took a rather large delivery from Tesco and then set about preparing 750 meals from Monday night until Friday breakfast, ably assisted by 4 ladies!

After a long hard slog and a 4 hour clean down of the Kitchen facilities, Stuart declared that week was "well worthwhile".
But would he do it again? The call is out for a cook for next June, so watch this space!


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

Morfitt and Turnbull (Management Services) Limited 
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Registered Number 740613 England

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