FPS is already one of the oldest established bodies fighting for mil pensioners rights. I think I can trust Major General John Moore-Bick and David Marsh et al to spend my annual sub wisely on my behalf, although I am young enough to be able to justify an occasional kick in the nuts for the 'good' (mmm) of reducing the Defecit. But there's no point in banging on about one component in personal financial planning if;
- You aren't using both annual personal allowances wisely, and planning ahead now for the incremental rises when retired.
- You aren't getting 20% tax relief on pension contributions up to £3600 per annum for a non working wife/husband/civil partner.
- You are paying through the nose for chronically expensive (invariably) High Street Equity based ISAs.
- You aren't using your ISA allowance at all.
- You arent considering other tax efficient strategies.
- You are investing in a way that isn't best for you anyway.
- You are chucking money down the drain into a Cash ISA without assessing why - such as having the need for an amount of ready cash (it might be tax efficient, but it will be paying something like .5% with inflation running at nearly 5%).
- Your personal pension fund choices are not appropriate and/or expensive. What - you haven't considered one, or (FS) AVCs?
- You are not using Form R85 and getting bank interest paid to a non tax paying other half.
- You are not using Form JPA010 to reclaim some rated life insurance.
- You have money parked in cash that is being eroded in value because it is paying you nothing. Assuming an annual inflation rate of 5%, £1,000.00 in 2016 will be needed to buy the same that £773.78 can today.
- You haven't battered down your Utility providers in price, for at least 12 months.
- You haven't told the bank you want to renegotiate a bank loan (!) to your advantage.
- You haven't even thought about re-mortgaging options because its too difficult.
http://www.hmrc.gov.uk/forms/r85.pdf