Tom McPhail

Tom McPhail, a pensions expert at The Lang Cat and former Head of Policy at Hargreaves Lansdown, shares crucial insights on retirement planning. He emphasizes making pensions a priority this year, discusses calculating retirement needs, and the importance of engaging with pension plans. Tom unpacks the benefits of salary sacrifice and tax relief, and highlights the need for a diversified savings approach, including ISAs. He also navigates the complexities of choosing investment strategies and the role of state pensions in today’s changing demographic landscape.

In this engaging conversation, pensions expert Tom McPhail shares insights from his wealth of experience, including his decision to take tax-free pension cash now, revealing both personal motivations and broader political contexts. He discusses potential risks of future cuts to pension tax breaks and how reinvesting outside pensions, such as through ISAs, could be a better financial strategy. The duo also explores recent inheritance tax changes, the government's focus on taxing wealth, and the pressing need for coherent tax reform.

Pensions industry expert Tom McPhail discusses the UK pension crisis, inadequate savings, state pension uncertainty, and the debate between a house or a pension. They delve into challenges in the pensions industry, the need for financial education in schools, and how pension funds can drive economic growth. Practical advice is shared on maximizing retirement savings and navigating financial trade-offs.

Chris Etherington, a leading tax analyst at RSM, and Tom McPhail, a seasoned pensions expert at the Lang Cat, join to break down the recent budget's impact on personal finances. They discuss the tax increases and implications for employment and property owners, including higher stamp duty and challenges for first-time buyers. The duo also highlights new retirement savings strategies, emphasizing early planning for younger workers. Expect insightful analysis on the complexities of fiscal policies and how to navigate these financial changes.

Helen Thomas and Tom McPhail discuss the financial impact of the upcoming UK election, potential changes in pension policies under a new government, the implications of a shift towards socialism, controversial industry ideas, and strategies for maximizing pension and investment allowances.