Financial Spring Clean


We’re sure many of you are taking the opportunity to do a bit of spring cleaning or sprucing up the garden. The same should apply to your financial planning as now is a good time to get everything in order. Here are a few  suggestions:

  • Take the opportunity to go through old statements and correspondence and shred anything that may no longer be required. We suggest keeping any statements within the last 13 months, and any tax/HMRC information for 6 years
  • If you have not started taking your Basic State Pension, it’s worth getting a BR19 forecast (regardless of your age). This will serve the following purposes:

It will confirm your current State Retirement Age

It will confirm the amount of State Pension you have accrued to date and the amount of pension you can expect to receive.

A copy of the statement helps us when looking at your retirement based financial planning as it provides ‘secure’ income.

When requesting the forecast you can nominate that a copy is sent to Mantle Financial Planning. Alternatively, once you receive it please scan or post a copy to us.

You can apply via the following web site. The response normally takes a few weeks:

Alternatively, if you have a Gateway account you can get a more immediate forecast. If you haven’t got a gateway account, it is relatively easy to request one and it serves many other purposes (such as querying tax codes).

  • If you normally complete an annual tax return you should soon start to receive annual statements from banks/building societies, investment companies and pension providers etc as well as your P60. For peace of mind, start collating this information together so that you can complete your tax return sooner rather than later. If you require any assistance in completing your tax return, or with any other tax matter, please speak to your consultant and we can refer you to a member of our tax team.
  • This last  point is not intended to be morbid, but whilst you may have some free time, please review your wills and check whether or not you have your own Power of Attorney in place, If anything needs updating you should contact your solicitor. Alternatively, if they are unavailable, or you are starting from scratch, we can provide options that can do this at ‘arms length’ via email/letter/telephone.

Please mention Mantle Financial Planning. By working together we can ensure that issues such as life policies being placed in trust and beneficiary details on pension plans are up to date.

We hope that at least some of the suggestions will be useful. If you have any queries, please contact your consultant who will be happy to help

Written by Sean O'Shea | Senior Consultant

Sean joined has been an IFA for over 20 years. Read more >>

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