JUNIOR ISA TO BE LAUNCHED

Junior ISA’s will be launched in the UK on 1st November 2011. These investments will be available to all children under 18 who do not have a Child Trust Fund.

The main features of the Junior ISA’s are:
* Total Yearly Limit of £3,600. Friends or family can make contributions, but account must be set up by parent / guardian
* Funds can be held in cash or stocks & shares
* A child can only have one cash ISA and one stocks and shares ISA at the same time
* Any gains will be tax free

Importantly, the child can become responsible for the account from age 16 and will completely control the account from aged 18. No withdrawals will be allowed before the age of 18.

Oakworth are fully up to date and ready for the launch of this savings scheme and we see it is an ideal way to save for University or to help buy a first house. If you would like to speak to an adviser regarding the Junior ISA, or any other investment, please contact the office on 01977 600020.

MARKET UPDATE - DON’T PANIC!

Stock markets have recently been experiencing a significant amount of volatility, primarily due to the uncertainty around European sovereign debt. With the markets this way it is important that you avoid the urge to panic and instead, ride out the storm.

By exiting your investments now you are crystallising your losses, whereas staying in your investment means you have the ability to catch the recovery. If you are still concerned about your investment, please contact your adviser who will be able to advise you on the best solution for your portfolio.

2011 MEMORY WALK A GREAT SUCCESS!!

The 2011 Prince of Wales Memory Walk managed to raise of total of £11,049.62. A fantastic total.

Thank you to everybody who sponsored or took part in the event. We will update the site once we get the dates for the 2012 walk.

For further information on the Hospice’s latest events click here

INCREASE TO ISA ALLOWANCE 2011/12

From the 6th April 2011 the ISA limit is set to increase from £10,200 to £10,680. This means you can put a maximum of £5,340 into a cash ISA and the remainding £5,340 into a stocks & shares ISA, the full £10,680 into stocks & shares or a mixture of the above as long as the cash limit is not exceeded.

If you still haven’t used your ISA allowance for 2010/11 then please get in touch with your adviser. These allowances cannot be recovered once they are lost.

For a free intial meeting to discuss your finances, please contact the office on 0800 018 6020.

InsureZone

DISCOUNTED WILL SERVICE

Oakworth Consultancy is collaborating with local solicitors - Hartley & Worstenholme to offer clients the opportunity to arrange their wills at a discounted rate. You will be able to access this service at a 10% discount when you quote ‘Oakworth’ when booking.

You can call at the Hartley & Worstenholme office on Gillygate, Pontefract on Wednesday 1st December to discuss details or telephone 01977 732222 to make an appointment with a solicitor.

Everyone should have a will

MARKETS HIT A TWO YEAR HIGH

November, traditionally the time for fireworks and big bangs, saw the markets around the world illuminated with stellar performances.

The markets, including the UK FTSE 100, reached a two year high and finally recovered the levels reached before the international banking crisis which caused share prices across the world to plummet dramatically.

This is good news for investors and pension holders who will have watched the value of their funds increase, particularly since the low point reached in spring 2009.

However, the events of the last two years merely emphasise the need for a properly constructed risk based portfolio. The worst of the volatility experienced over the last two years could have been limited using a risk related investment strategy.

Talk to your adviser about Oakworth’s pre-defined portfolios - specifically designed to reduce the level of risk and volatility involved in investment.

Teachers Retirement Seminars 2011/2012

NHS Seminars

ISA LIMIT IS NOW £10,200

From 6th April 2010, the ISA limits have increased to £10,200. This can be in:
* Max £5,100 cash
* £10,200 stocks and shares
A mixture of the above subject to the maximum cash limit.

If you would like to invest this year’s ISA allowance then please contact the office on 0800 018 6020.

LATEST MARKET NEWS - 11th MAY 2010

Markets have endured a rollercoaster start to May, aided and abetted by two factors:
1) The ‘Greek Crisis’
2) The General Election (and the corresponding political vacuum caused by the hung parliament)

The ‘Greek Crisis’ has been alleviated for the time being after a considerable bail-out from fellow Eurozone countries / IMF. The markets responded favourably to this, indicating that it should bring stability to the uncertainty around the most indebted members of the Euro. I mention that this problem has been alleviated for the time being, as all indicators show that Greece will require further lending down the line to satisfy its huge debt burden which is repayable at various intervals - this money merely means they can service the repayments that are due imminently.

The General Election and the hung parliament are, at the time of this article, no nearer to being decisive. The markets crave stability and the ratings agencies are desperate for Britain to tackle their large borrowing deficits. If the political situation resolves itself and the corresponding political party/parties can swiftly tackle the debt then we could quite possibly see another rise in the stock market.

As you can see, the markets are very twitchy and have a tendency to be reactionary in relation to current events. It is by no means against the realms of possibility for the recent volatility to continue for at least a few months more, meaning that your choice of investment is important.

Contact your adviser to discuss investing in one of our recent risk rated portfolios.

Oakworth Pre-Defined Portfolio’s

Over the past year, the Fund Committee at Oakworth have been designing a range of risk aligned portfolios for our clients. We are pleased to announce that these are now active and performing significantly above the weighted benchmark.

How do they work?
*The first stage is to identify your ‘attitude to risk’ by completing a questionnaire - this will allocate you a risk level between 1-10 (1=very low risk, 10 = very speculative).
*We have Oakworth portfolio’s which correspond to your results and thus your portfolio exactly matches your risk.

What are the benefits?
*The Fund Committee reviews the funds every quarter and will write to you with any changes that we recommend. This in depth monitoring is important in a fast moving environment.
*The portfolios are rebalanced every 6 months meaning that you will never be in a portfolio that has deviated from its initial allocations, therefore risk level maintained.

The performance of our Oakworth 5 portfolio (balanced profile) is below:

1 mth% 4.61
3 mths% 5.13
6 mths% 8.21
1 yr% 28.33
2 yrs% 15.14
3 yrs% 10.59
4 yrs% 19.96

Performance figures are effective from 23rd March 2010. Past performance is not an indicator of future returns.

If you would like any more information on these products please contact 0800 018 6020.

ISA SEASON ENDING SOON

The ISA season for 2009/10 is due to end on 5th April 2010. If you have not used your allocation for this year it will be lost unless you act quickly.

Please contact your adviser on 0800 018 6020 to take advantage of this tax efficient investment.

SAVE MONEY ON YOUR INSURANCE !!

The insurance on offer at most high street banks and building societies is very unlikely to be competitive. At a time when we’re all looking for ways to save money, a review of existing insurance policies may just be the answer.

For a free insurance quote or any other financial advice contact us on 0800 018 6020 or complete a form (here)and we’ll call you back.

ISA LIMIT FOR OVER 50’s HAS NOW INCREASED

From today (6th October 2009) the amount people can save in an ISA has risen from �7,200 to �10,200. The new limit is for anyone born on or before 5 April 1960. For everyone else, the limit will rise from 6 April 2010.

The whole �10,200 can go into share ISA’s or you can split the allowance between cash and shares, with a maximum cash amount set at �5,100.

If you have any queries regarding your ISA situation and would like to discuss this with an adviser, please contact us on 0800 018 6020.

BANK OF ENGLAND RATES STAY THE SAME

In the September meeting of the Bank of England, interest rates have been kept at the historic low level of 0.5%. The lack of change in interest rates means they have been at a record low for sixth months running.

OAKWORTH NEWS SUMMARY - AUGUST

The Bank of England have decided (in their August meeting) to keep interest rates the same - at 0.5%

Officially, the ISA contribution limits will increase for all savers at the start of the next tax year (6th April, 2010). However, those over 50 are set to benefit early and will see their total ISA allowance increase to �10,200 on 6th October, 2009. The treasury have confirmed that if your birthday falls between 6th October, 2009 and 6th April, 2010 you will be able to take advantage of the increased ISA limits on, or after, the day you turn 50.

PRINCE OF WALES MEMORY WALK - SPONSORSHIP SUCCESS

The success of the 2009 Prince of Wales Memory Walk has meant that over £14,000 in sponsorship money has been raised so far. The event, sponsored by Oakworth, proved to be a great day out in the glorious Yorkshire sunshine and we look forward to continuing our support in the coming years. 

MINIMUM PENSION AGE TO CHANGE

The Normal Minimum Pension Age (NMPA) is the lowest age at which a registered (tax-approved) pension scheme can normally allow a member to take pension benefits without incurring tax penalties. Prior to 6th April 2010 the NMPA is 50; on 6th April 2010 it jumps to 55.

It is crucial that those currently aged 50 to 54 who are thinking about retirement act now as they have less than one year to do something about it or else they will have to wait until they are 55.

If you would like to discuss your situation with any of our advisers please contact us on 0800 018 6020.

OAKWORTH NEWS SUMMARY - JUNE

Bank of England
The Bank of England announced that rates would remain at 0.5% at its June meeting.

UK house prices ‘up 2.6% in May’
UK house prices rose by 2.6% in May according to the latest Halifax survey. The increase in prices is the highest since October 2002 but house sales remain low with banks and building societies still reluctant to lend. Many first time buyers are having to find deposits of 10-25%. If you are looking for a mortgage contact Karen Clegg or Bob Jennings - our mortgage specialists.

Oakworth sponsored Martyn Woolford sends Scunthorpe into the Championship

Oakworth Consultancy Services, the official kit sponsors of Scunthorpe’s Martyn Woolford (pictured below), were delighted to see both Scunthorpe promoted to the Championship, and Martyn pick up the Man of the Match award at Wembley (full match report can be found here ). Oakworth Consultancy Services are firmly committed to helping local talent achieve their goals and we look forward to seeing Martyn progress next season.

Customer Charter / TCF

PRINCE OF WALES HOSPICE - MEMORY WALK 19th APRIL 2009 - UPDATE

This Sunday, April 19th, hundreds of fundraisers will complete the 10km walk in aid of the Prince of Wales Hospice. If you live in the Pontefract area you might like to join us on the walk. If you cannot manage the walk, you can always sponsor members of staff who will be participating in the event.

All sponsorship money will go to help the Hospice provide care and support to patients and their families in the Five Towns area. For forms or sponsorship details contact Jill at our office on 0800 018 6020or the Hospice on 01977 781479.

DATES TO REMEMBER

Q2

19th May - Deadline for filing P14, P35, P38 and P38a
31st May - Issue P60’s to employees

Q3

6th July - P9d, P11d and P11d(b) deadline
19th July - Class 1a NICs due
31st July - 2nd payment on account due

Q4

31st October - Self Assessment Tax Return (SATR) paper version deadline

Corporation Tax due 9 months and 1 day after the end of accounting period (or by quarterly instalments if large company)

INDEX-LINKED GILTS - IS IT THE RIGHT TIME TO INVEST?

As the benefits of cash have slowly subsided, we have been in contact with the Investment Management team at Rensburg Sheppards in order to give our clients alternative routes into the market. Tom Street, Divisional Director for Rensburg was responding to a query regarding Index-Linked Government Securities (Index-linked securities are financial instruments for which the amounts of the coupon payments (interest) and/or the principal outstanding are linked to a general price index, a specific price index or an exchange rate index) . We’d like to share his response with you.

“Whilst the majority of discussion at this stage is in relation to deflation in the economy, we are of the opinion that the measures presently being put in place by the Government will in due course lead to a pickup in inflation, and as a result, Index-Linked securities at this stage merit consideration. Whilst the principal attraction of Index-Linked Gilts is in relation to their ability to maintain capital values in real terms going forward, after the recent falls which you have recently seen in base rates, they are now, I believe, interesting to consider in terms of the income which the generate on an ongoing basis.”

“Typically, gilt-edged securities offer a running yield of approximately 2.5% gross per annum (a rate which compares favourably with many of the building society accounts presently available), with again the added benefit that not only is the capital increased to keep pace with inflation, but also the income return is also increased as and when inflation picks up. As a result of these factors, I do believe that Index-Linked Gilts do warrant consideration if clients are looking for an alternative home for part of their cash balances. I would of course stress that the return of inflation cannot be guaranteed and particularly, if we were to go into a prolonged deflationary cycle, the capital value of Index-Linked securities would decline as a result. However, I do believe that the balance of probability does still remain on the inflationary track.”

If you would like any further information on this, or would like to speak to an adviser please contact us on 0800 018 6020.

PRINCE OF WALES HOSPICE - MEMORY WALK 19th APRIL 2009

Christine Talbot (pictured) of YTV’s Calendar will launch the event having had a long association with the Hospice. Oakworth Consultancy Services continues to support the Prince of Wales Hospice Memory Walk. The walk follows a scenic 10km route through Ackworth, Thorpe Audlin and Badsworth. Last year our efforts helped raise £14,500! If you live in the Pontefract area you might like to join us on the walk. If you cannot manage the walk, you can always sponsor members of staff who will be donning their hiking boots and braving the elements in April. All sponsorship money will go to help the Hospice provide care and support to patients and their families in the Five Towns area. For forms or sponsorship details contact Jill at our office on 0800 018 6020 or the Hospice on 01977 781479.

TAX FORMS / SELF ASSESSMENT

Following requests from a number of perplexed tax payers, we are offering existing clients who have to submit self assessment tax returns, an additional service. We will submit your forms on-line. Simple straight forward submissions will be free of charge - more complicated forms will incur a charge of £50.00.

ISA SEASON

Rumours of the demise of ISA investments have been greatly exaggerated.

There are still good reasons to invest in ISA’s - in fact now is probably the best time for several years. The basic reason to invest is that it is a tax allowance - free of both income tax and capital gains tax. You can invest in cash and / or stocks and shares. There is an annual limit of £7,200 per person and this can be a combination of cash (£3,600 limit) or stocks and shares (up to £7,200). You can invest in the whole range of funds from no/ low risk to the most speculative investment markets.

The ISA year is linked to the tax year and you have until the 5th April to invest in this year’s ISA. You can invest next year’s allowances from 6th April.

With funds prices as low as they are, this is a very good time to invest. You do not have to invest lump sums. You can save on a monthly basis - this has the dual advantage of phasing your investment in during good and bad times and deferring the cost over a 12 month period. Contact your adviser ASAP if you wish to invest this tax year.

BANK OF ENGLAND BASE RATE FALLS TO 1.5%

Record Low for Interest Rates

On Thursday 8th January 2009, the Bank of England lowered interest rates to 1.5%, the lowest level in the banks 314-year history. This will again bring mixed fortunes for borrowers and savers. Savings rates at most high street institutions have fallen to negligible levels, whilst the majority of borrowers on tracker / SVR mortgages will have seen a decrease in their repayments.

Please do not hesitate to contact us if you would like to re-assess your mortgage needs or discuss ways to provide a decent return on your capital.

OAKWORTH CONSULTANCY SERVICES – CUSTOMER CHARTER

Oakworth Consultancy Services Ltd prides itself on the quality and strength of its client relationships forged over many years and built on integrity and trust. The staff at Oakworth Consultancy services have extensive knowledge and expertise of financial services, supported by appropriate qualifications. We are paid by you, the client, to work on your behalf and ensure that you always receive quality advice, the most appropriate product and the highest levels of service appropriate to meet your changing needs.

In addition, Oakworth Consultancy Services believes that every client should receive:

• A choice in how we will work together
• Access to individuals who understand what you want
• Staff who are friendly, courteous and professional
• Clear explanations and time to decide
• Highest levels of expertise, advice and service
• Timely and appropriate responses
• Regular reviews and updates on products and services
• The opportunity to let us know if we fail to meet your expectations so that this can be redressed as a matter of importance

NEW STAR INVESTMENT FUNDS

Some clients may have read the reports in the press regarding New Star.  We have a number of clients holding New Star funds and hopefully this article will give you a greater insight into New Star’s current situation.

It is important to differentiate between New Star the company and the funds currently managed by New Star.  For your information, New Star is a company which is quoted on the UK stockmarket and over the last 12 months, their share price has fallen dramatically.  In addition, the company has built up a high level of borrowing – a combination which has caused the City a great deal of anxiety.  In order to restore the City’s confidence in New Star, the company has agreed in principle with its creditors – the banks, to exchange almost all of their loans to the company for equity in New Star.  When the transaction is completed, New Star’s loans will be reduced from £260 million to £20 million and as the company has £30 million in cash on its balance sheet, the company is hopeful that this will bring back stability to the business.

Fund Performance
New Star accepts that a number of their funds have not performed well over the last 2 years. The company has hired new fund managers and is looking to augment their management team following the departure of Stephen Whittaker and John Duffield.  If the company shares are taken over by the banks, further fund manager changes will undoubtedly follow. In the interim, we are recommending to our clients that they remain invested. Clients are reminded that any money invested with New Star is not under any form of threat. In the event of any investment company going bust, funds held in FSA regulated funds are ring fenced from the fund management companies and are therefore protected. The regulations protect 100% of the first £30,000 and 90% of the next £20,000 of any individuals investments. 

BANK OF ENGLAND BASE RATE CHANGE

Bank of England Base Rate falls to 3%

On Thursday 4th December 2008, the Bank of England reduced base rates to 3% - a level that has not been seen in the UK since 1939.  Whilst this is good news for borrowers, it is bad news for savers and the Banks and Building Societies have already started drastically reducing their rates.  Please do not hesitate to contact us if you are looking for a better Bank or Building Society interest rate and to discuss the alternative methods of providing a decent return for your capital. 

SUMMARY OF THE PRE-BUDGET REPORT

Pre-Budget Report - 2008
The following is a brief summary of the main proposals in the Chancellor of the Exchequers Pre-Budget Report.

Income Tax Rates allowances / limits and National Insurance contribution rates / thresholds
Over the next 3 years, the Government plans to introduce a top level tax rate of 45%.  This will apply to individuals with incomes above £150,000 per annum. 

In the financial year 2009/2010, the basic personal allowance will increase to: £6,475.  For individuals earning more than £100,000, the personal allowance will reduce and will reduce further for those earning above £140,000.  These changes will be introduced from 6th April 2010.

Changes to the standard rate of VAT
As you will probably know, the standard rate of VAT reduced from 17.5% to 15% from 1st December 2008.  This will apply until the 1st January 2010 when it will revert to 17.5%.

Corporation Tax – Small Company’s Rate
The planned increase of the small company’s rate of corporation tax from 21% to 22% from 1st April 2009 has been deferred until 1st April 2010.

Pension Schemes – Lifetime Allowance
The lifetime allowance will increase to £1.8 million in 2010/2011.  The annual allowance will increase to £255,000 in the same year.

Summary
The Pre-Budget Report adds more complexity to an already complex tax system.  Our view is that clients should remember that these are proposals and there maybe alternations both financial and political along the way.

CURRENT MARKET CONDITIONS

To describe this year, and the last few weeks as a ‘rollercoaster’ in terms of the financial markets would be a massive understatement. We have endured the most radical upheaval of our financial system, with household names in banking and investment moving from “blue chip"to “in need of rescue” status overnight. Slumps in the value of shares and commercial property have led to the returns of our clients’ portfolios dropping sharply. What seemed like a distant problem for the USA and people seeking mortgages has had an impact on us all.

But What Now?
It is impossible to say if we have reached the bottom of the falls in the markets, but we would reiterate our advice to remain invested. History tells us that the stockmarket downturns of the 1990’s, 1980’s, 1970’s and indeed the Great Depression of the 1930’s did not last forever. Even when the country is nearing or in recession, the markets start to recover and recover quickly. Taking money out of your investments and putting it into cash may mean you miss the best of the recovery. So please be patient and sit tight.

Looking Forward
It is a daunting time but as many financial experts have stated over the last few weeks, the stock market is forward thinking and the market rally will come before the economy comes out of recession. Therefore, if you are brave and have surplus cash, this may be the right time to invest. Seasoned fund managers such as Neil Woodford (Invesco Perpetual) have started to buy equities and the worlds most successful investor, Warren Buffet, has summed up his reasoning for being proactive in the markets “If you wait for the robins, spring will be over”.

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GOING GREEN!

As part of our push towards a more environmentally responsible company, Oakworth Consultancy Services will be offering our clients the chance to go “paper-free”. Newsletters, Business Updates and Statements will be available via email or the website. If at any time you require a paper copy of a document you can print it from your home computer or request one from ourselves.

PRINCE OF WALES HOSPICE

Oakworth Consultancy Services has a proud record of supporting organisations within the community and our chosen charity is the Prince of Wales Hospice. In April we sponsored the Hospice Memory Walk and a record number of entrants braved the wind and rain to complete a scenic, but rather soggy, 10k walk. Money is still filtering in but, so far, the Hospice has raised £14,600 from this event. TV personality Christine Talbot opened the event and took her dog on the walk. We intend to support the Memory Walk in 2009 and if you wish to take part, or sponsor a member of staff, please contact us.

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