In the news
UK RANKED LOW IN TERMS OF RETIREMENT SECURITY
A recent Global Retirement Index highlights how the UK lags behind many global counterparts in terms of retirement security5. The Index compiles data from a series of sources to collate a comparable score across countries. In 2019, the UK was ranked 17th out of 44 nations. The lowest score was recorded in assessment of finances in retirement, where the UK languished 34th in the rankings. The UK was also ranked 17th in the 2018 Index, moving up from 18th in 2017. The top five spots were held by Iceland, Switzerland, Norway, Ireland and New Zealand.
GENEROSITY SPREADS BEYOND FAMILY
A significant proportion of the older generation are set to shun family in their Wills, a new survey reveals6. The research identifies that over a quarter of retirees intend to leave money to charities, friends or neighbours in preference to their children or grandchildren.
IHT RECEIPTS ON THE RISE AGAIN
In the last financial year, a record amount of Inheritance Tax (IHT) was collected, according to recent HMRC data. UK citizens paid a grand total of £5.4bn in death duties in the 2018-19 tax year; this represents an increase of 3% on the previous tax year. This escalation continues a long-term trend, as IHT receipts have doubled in the last nine years. This can be partly attributed to the freezing of the £325,000 nil-rate threshold since April 2009.
6Responsible Life, 2019