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Minding her business

Article Abstract:

People who run their own business must give careful consideration when making financial arrangements to whether any debts will be covered in the event of long-term illness. It may be necessary to take out additional critical illness cover, which pays out a lump amount if a major disease is diagnosed. It is also important to consider taking out permanent health insurance. It may be worth deferring making contributions to a personal pension, waiting to see that the business is profitable.

Personal Financial Mgmt, Self-employed persons, Self employed persons

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Have pension, will travel

Article Abstract:

It is possible to have a retirement pension paid abroad in sterling, but such an arrangement will be exposed to future currency fluctuations. There are reciprocal agreements between the UK and European Union countries, the US and some Caribbean islands for paying the basic state pension. Where no reciprocal agreement exists, the benefit of indexation will be lost. It is advisable to use your Personal Equity Plan allowance, thus gaining entitlement to tax-free income and growth.

Personal Financial Planning NEC, Retirees

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