Press Relations: financial advice

Wednesday, January 5, 2011

NEW AGE PENSION SCHEMES – A SMALL BUSINESS LIFELINE SMALL BUSINESSES DON’T KNOW ABOUT

HW FINANCIAL SERVICES

MANCHESTER AND PRESTON

PRESS RELEASE

January 5, 2011.

NEW AGE PENSION SCHEMES – A SMALL BUSINESS LIFELINE SMALL BUSINESSES DON’T KNOW ABOUT.

Video.

Struggling North West small company owners may be sitting on a cash lifeline for their business – and not even realise it.

Ann-Marie Banks, a senior financial planner with HW Financial Services, part of UK top 20 chartered accountants Haines Watts, says business owners who have stayed abreast of pension developments are well aware that SSAS pensions - Small Self Administered Schemes, or company pensions – are designed to allow up to 50% of the pension value to be loaned back to the business.

“The pensions industry changed a great deal from April 2006, with lots of businesses taking out SIPPS – Self Invested Personal Pensions - which are still great vehicles to use, but for smaller owner-managed businesses there are other pensions vehicles such as SSAS – Small Self Administered Schemes, company pensions - schemes which are invested in same way as a SIPS is, but can still facilitate flexibility back to a biz when times might be difficult with regard to borrowing.

“Alternatively, these schemes can actually just provide a business with a lifeline for a short period while they get themselves back on track. SSAS schemes can generally lend up to 50% of the pension assets back to the company, so they’re not just about self-investment in, say, property, they can help the business to progress,” said Ann-Marie Banks, who is based in Manchester and Preston, and has responsibility for Merseyside and Cumbria clients. Video.

Haines Watts is a UK top 20 chartered accountancy firm specialising in the owner-managed sector, providing a broad range of services out of its 50 offices. The firm has 80 years experience and 30,000 clients.

Ends

Further information:

Iain Macauley

im@pressrelations.co.uk

07788 978800

www.hwca.com

Photos:

http://www.flickr.com/photos/pressrelations/5265365689/in/set-72157624275784545/

Monday, December 20, 2010

80% OF NORTH WEST BUSINESS OWNER MANAGERS HAVE HAD NO FINANCIAL HEALTH CHECK IN THE PAST 12 MONTHS.

HAINES WATTS

FINANCIAL SERVICES

MANCHESTER AND PRESTON

PRESS RELEASE

December 20, 2010.

80% OF NORTH WEST BUSINESS OWNER MANAGERS HAVE HAD NO FINANCIAL HEALTH CHECK IN THE PAST 12 MONTHS.

Video.

More than 80% of North West-based business owner-managers have had no sort of financial health check during the past year according to a financial planner based in the region.

Ann-Marie Banks, a senior financial planner with Haines Watts Financial Services, part of UK top 20 chartered accountants Haines Watts, says that despite the past 18 months being amongst the volatile in economic history, only around a fifth of owner-managers in the North West have kept on top of personal finance issues.

“The markets dived, and then have recovered by around 20% in the past year, which means that owner-managers who have had advice, acted upon it and stayed alert to the economic situation have quite possibly seen as much as a 20% increase in their holdings – and that could make a huge difference when they come to cash in their pensions,” said Ann-Marie Banks, who is based in Manchester and Preston, with responsibility for clients of HW’s Liverpool, Ulverston and Hale offices. Video.

“The very sharpest business minds work with their financial planners, keep looking at their assets, assessing the risks and potential rewards, and take on board the changes in the market – and those people have come through the past 12 months or so with a stronger financial holdings base as a consequence.

“But it’s not too late: there’s still great volatility ahead, and advice and agility could see recovery for those who have not yet gone through a financial health check – and potentially greater gains for those who continue to do so.

“We obviously press our clients to take advice, and, while there’s a cost, it is outweighed in the long term by the benefits of applying that advice. But as we meet with more and more owner-managers outside of the Haines Watts client bank, we’re coming to the conclusion that around 80% of them have simply not had any sort of financial health check.

“For instance, it has been widely reported that simply putting money in a savings account at the moment is yielding a loss – but there are many more options available to help money grow.”

Haines Watts is a

top 20 chartered accountancy firm specialising in the owner-managed sector, providing a broad range of services out of its 50 offices. The firm has 80 years experience and 30,000 clients.