Blog – McCarthy & Associates – Galway Talks, 30/06/2016

Issue:  BREXIT and how it may affect your finances.

Comment:  Whilst there has been considerable publicity over Britain’s decision to leave the EU, there has also been a lot of “scaremongering” which has worried some people.  It will take many years for Britain’s departure to be completed.  In fact, stockmarkets have recovered dramatically over the last week or so, which shows how resilient the financial world is.

Because this is a protracted process, there is no doubt that the financial markets will move on and start looking at other issues.  For us, as individuals, we should have a long term outlook as regards investments and in time the Brexit issue may not have a material affect on us.  In fact it could be argued, that good opportunities have arisen for new investments.

Issue:  New rules benefit holders of Retirement Bonds.

Comment:  People who took out Retirement Bonds after they left a previous employment and were members of a Defined Benefit Scheme, had restrictions on how they could drawdown their benefits at retirement.  These restrictions have now been lifted, giving greater scope at retirement, to these people.

Rather than going into detail regarding the technicalities of the changes, I would suggest that any listener who has a question on this subject should contact me directly.