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Frequently Asked Questions

Discover answers to frequently asked questions about our financial services and processes. If you have a specific inquiry not covered here, don’t hesitate to contact us for personalized assistance.

We’re here to ensure you have the information you need to make informed financial decisions.

How much should I invest in my pension?

Your pension contributions should align with what you can comfortably afford while adhering to the allowable limits. Striking the right balance is crucial – invest as much as you can without overstretching your finances. Most modern pension plans offer flexibility, allowing you to adjust contributions as needed.

What’s the difference between a Defined Contribution and a Defined Benefit plan?

A defined benefit plan guarantees a specified payment amount in retirement, typically based on factors like salary and years of service. In contrast, a defined contribution plan involves contributions from both employees and employers, with the retirement income depending on the contributions and investment performance.

What happens to my pension when I die?

The fate of your pension upon your death varies based on how you structured it. Many pension options permit anyone to inherit your pension, not solely your spouse or civil partner. Understanding the implications of your chosen pension scheme is crucial in estate planning.

What are my options for taking an income from my pension?

The fate of your pension upon your death varies based on how you structured it. Many pension options permit anyone to inherit your pension, not solely your spouse or civil partner. Understanding the implications of your chosen pension scheme is crucial in estate planning.

What is pension carry forward?

Pension carry forward is a valuable tool that allows you to make contributions to your pension in excess of the annual allowance while still receiving tax relief. It can be particularly beneficial if you have unused annual allowances from the previous three tax years.

What are the tax benefits of pensions?

Pensions offer several tax benefits, making them an attractive retirement savings vehicle:

  • Tax relief on your pension contributions, effectively reducing the cost of saving for retirement.
  • Tax-efficient growth on your pension investments, allowing your money to potentially grow faster than in a standard taxable account.
  • The ability to take a tax-free lump sum (usually up to 25% of your pension fund) when you reach age 55.
  • In some cases, pensions can be passed on without incurring inheritance tax, helping to preserve your wealth for future generations.
What are the different types of investments available in the UK?

The UK offers a wide range of investment options, including shares, bonds, unit trusts, ISAs (Individual Savings Accounts), investment trusts, OEICs (Open-Ended Investment Companies), and more. Each has its own characteristics and risk profiles, making it important to select investments aligned with your financial goals and risk tolerance.

How can I determine my risk tolerance for investments?

Your risk tolerance is a crucial factor in investment decisions. It depends on factors like your financial goals, investment time horizon, and comfort level with market fluctuations. Our advisors will assess your risk tolerance and recommend investments that match your profile.

What is the role of diversification in investments?

Diversification involves spreading your investments across different asset classes, such as stocks, bonds, and real estate, to reduce risk. It helps ensure that a poor performance in one asset class does not significantly impact your overall portfolio. Our experts will create a diversified investment strategy tailored to your goals.

Are my investments protected against market volatility?

No investment is entirely immune to market volatility. However, our team employs various strategies, including diversification and periodic portfolio reviews, to help manage the impact of market fluctuations on your investments.

What tax benefits are associated with ISAs (Individual Savings Accounts?

ISAs offer tax advantages to UK investors. Returns on investments held within an ISA are not liable for income tax or capital gains tax, helping you maximise your returns.

Can I withdraw funds from my investments at any time?

The liquidity of your investments depends on the type of assets you hold. Some investments, like stocks and bonds, are more liquid and can be sold relatively quickly. Others, such as certain real estate investments, may have longer lock-in periods. We can help you choose investments that align with your liquidity needs.

How often should I review my investment portfolio?

Regular portfolio reviews are essential to ensure your investments stay aligned with your goals and risk tolerance. We recommend reviewing your portfolio at least annually or when significant life events occur, such as marriage, retirement, or the birth of a child.

What is the role of inflation in investment planning?

Inflation erodes the purchasing power of money over time. When planning investments, it’s crucial to consider investments that have the potential to outpace inflation to preserve and grow your wealth effectively.

How do I get started with Haven Global Strategies for investment planning?

Initiating your investment journey with us is simple. Contact our team at 0161 519 8500 to schedule a consultation. During this meeting, we’ll discuss your financial goals and objectives, assess your risk tolerance, and create a customised investment plan that suits your needs.

What fees are associated with investment services from Haven Global Strategies?

Our fees vary based on the services provided and the complexity of your investment portfolio. We are committed to transparency, and all fees will be clearly communicated to you during our initial consultation.

What is Critical Illness Cover (CIC), and why do I need it?

Critical Illness Cover (CIC) is a policy designed to provide a lump sum payout in the event you are diagnosed with specific critical illnesses or require certain surgeries mentioned in the policy terms. It offers financial support during a challenging time, covering medical expenses and allowing you to maintain your lifestyle without the worry of financial burdens.

How does Income Protection work, and who should consider it?

Income Protection Insurance offers a regular monthly income if you are unable to work due to a severe illness or injury. This coverage is valuable for anyone who relies on their income to meet financial obligations, including individuals, sole breadwinners, and families. It ensures your bills are paid, even when you cannot work, providing financial stability during recovery.

What is Level Term Assurance (LTA), and how does it benefit my loved ones?

Level Term Assurance (LTA) provides a fixed lump sum payout if you pass away during a specified term, such as 15 years. This policy offers financial security to your dependents, ensuring they receive a predetermined sum to cover expenses, debts, and maintain their quality of life in your absence.

How does Mortgage Life Assurance work, and is it necessary if I have a mortgage?

Mortgage Life Assurance is essential if you have a repayment mortgage. It pays off the outstanding mortgage debt if you pass away within a set period. This ensures that your loved ones won’t be burdened with mortgage payments, allowing them to remain in their home without financial strain.

What distinguishes Whole of Life Assurance (WOL) from other policies?

Whole of Life Assurance provides coverage throughout your lifetime and offers a payout whenever you pass away, regardless of when it occurs. It may include an investment element and build a surrender value over time. WOL offers lifelong protection, making it suitable for those seeking extended financial security.

How do I determine which protection policy is right for me?

The choice of a protection policy depends on your individual circumstances, financial goals, and risk tolerance. Our experienced advisors will assess your needs during a consultation and recommend the most suitable options tailored to your unique situation.

Are protection policy payouts subject to taxation?

In the UK, protection policy payouts are typically tax-free. This means the lump sum or regular income your beneficiaries receive from a protection policy is not subject to income tax or capital gains tax.

How often should I review my protection policies?

Regularly reviewing your protection policies is essential to ensure they align with your changing circumstances. We recommend revisiting your policies annually or after significant life events, such as marriage, the birth of a child, or changes in your financial situation.

Can I have multiple protection policies simultaneously?

Yes, you can have multiple protection policies to address various aspects of your financial security. For instance, you may choose to have both Critical Illness Cover and Income Protection to cover different scenarios and needs.

How do I get started with Life and Protection Assurance from Haven Global Strategies?

Initiating your journey towards financial security is easy. Contact our team at [phone number] to schedule a consultation. During this meeting, we will assess your requirements, explain your options, and customise a protection plan that suits your needs and goals.

At Haven Global Strategies, we are committed to safeguarding your financial well-being and that of your loved ones. Our expert advisors are here to guide you through the process and provide the protection and peace of mind you deserve.

What is corporate financial advice, and why do businesses need it?

Corporate financial advice is a specialised service tailored to help businesses manage financial matters, make informed decisions, and plan for long-term success. Businesses need it to maintain financial health, navigate challenges, and identify opportunities for growth.

Is corporate financial advice only for large corporations?

No, corporate financial advice benefits businesses of all sizes, including startups and SMEs. Regardless of size, businesses can gain valuable insights and strategies to enhance their financial performance.

How does corporate financial advice differ from personal financial advice?

Corporate financial advice focuses on the unique financial challenges and opportunities faced by businesses. It includes financial planning, investment strategy, risk management, tax planning, and employee benefits, among other specialised services.

What types of businesses can benefit from corporate financial advice?

Corporate financial advice is relevant to businesses across various industries. Whether you’re a small family-owned company or a multinational corporation, tailored financial guidance can enhance your financial strategies and outcomes.

How can corporate financial advice assist with long-term planning?

Corporate financial advisors help businesses create and execute long-term financial plans that align with their objectives. This includes strategies for sustainable growth, financial stability, and succession planning.

What are the key services offered by Haven Global Strategies Limited for corporate financial advice?

HGSL provides a range of services, including financial planning, investment strategy, risk management, tax planning, succession planning, and employee benefits design. Our goal is to help businesses thrive financially.

How can I get started with corporate financial advice from Haven Global Strategies Limited?

Initiating corporate financial advice with HGSL is simple. Contact us at 0161 519 8500 or reach out online to schedule your initial consultation. Our experienced advisors will guide you through the process.

What is the cost associated with corporate financial advice?

The cost of corporate financial advice may vary depending on the scope of services and the complexity of your business’s financial needs. HGSL offers an initial complimentary financial health check to assess your requirements and provide a transparent cost estimate.

Can corporate financial advice help with employee benefits planning?

Yes, corporate financial advice includes designing competitive employee benefits packages to attract and retain top talent. HGSL can assist in creating customised benefit programs that align with your employees’ needs and your budget.

Is corporate financial advice necessary for businesses in today's economic climate?

Yes, especially in today’s competitive and ever-changing business landscape, corporate financial advice is essential. It helps businesses adapt to economic shifts, mitigate risks, and seize growth opportunities while maintaining financial stability.

What exactly is a mortgage, and how does it work in the UK?

A mortgage is a loan taken out to purchase property or land in the UK. Typically, mortgages have a standard term of 25 years, but this can vary. The loan is secured against the value of your home until it’s fully paid off. If you fail to keep up with your repayments, the lender has the right to repossess your home and sell it to recover their money.

How does the monthly payment for a mortgage break down between principal and interest?

Each month, a portion of your mortgage payment goes towards paying off the principal, which is the amount you borrowed (the capital), and another part covers the interest charged by the lender for lending you the money.

What types of mortgages are available in the UK, and how do I choose the right one for me?

In the UK, there are various types of mortgages, including fixed-rate, variable-rate, tracker, and more. The choice depends on your financial situation and risk tolerance. We can help you navigate the options and choose the one that suits you best.

How can I benefit from exclusive mortgage deals offered by Haven Global Strategies?

We provide access to exclusive mortgage rates and products that are only available through us. These exclusive deals can help you secure favourable terms and potentially save money over the life of your mortgage.

What steps should I take if I'm facing difficulties in making my mortgage payments?

If you are concerned about making your mortgage payments, it’s crucial to contact your mortgage advisor at 0161 519 8500 before missing a payment. We can provide guidance and explore options to help you manage your situation effectively.

What is the difference between a Will and a Trust in the UK?

A Will is a legal document that outlines your wishes regarding the distribution of your assets after your death. A Trust, on the other hand, is a legal entity that holds and manages assets for the benefit of specified individuals or entities. Trusts can offer more flexibility and asset protection than Wills.

What is the primary purpose of having a Will in the UK?

A Will in the UK serves as a legally binding document that outlines your wishes regarding the distribution of your assets after your passing. It allows you to specify how your estate should be divided among your beneficiaries and can also address important matters like guardianship for minor children.

Do I need both a Will and a Trust in the UK?

The necessity of both documents depends on your specific circumstances. In many cases, having both a Will and a Trust can provide comprehensive estate planning, ensuring your assets are distributed efficiently and according to your wishes.

Can I make changes to my Will or Trust over time?

Yes, you can update and modify your Will and Trust documents as your circumstances change. It’s important to review these documents regularly to ensure they reflect your current wishes and situation.

When should I consider updating my Will in the UK?

It’s essential to review and update your Will in the UK whenever there is a significant change in your life circumstances, such as marriage, divorce, the birth of a child, or acquiring substantial assets. Regular updates ensure that your Will remains current and reflects your wishes accurately.

How can a Trust help protect my assets in the UK?

Trusts can provide asset protection by legally separating your assets from your estate. This separation can help shield your assets from potential creditors and can also be used strategically to minimise inheritance tax liabilities in the UK.

How can Wills and Trusts help with inheritance tax in the UK?

Properly structured Trusts can help mitigate inheritance tax liabilities by removing assets from your estate. This can significantly reduce the amount of tax owed upon your passing, preserving more of your assets for your beneficiaries.

Are there any tax implications to consider when creating a Will or Trust in the UK?

Yes, there can be tax implications associated with Wills and Trusts in the UK. Properly structured Trusts can help minimise inheritance tax liabilities, while a Will can specify your intentions for any applicable tax reliefs or exemptions.

What is tax planning, and why is it important for individuals and businesses in the UK tax system?

Tax planning is the process of strategically managing your financial affairs to legally minimise your tax liability while ensuring compliance with UK tax laws. It’s crucial because it can help you optimise your financial resources, invest wisely, and achieve your financial goals efficiently.

Why should I choose Haven Global Strategies for tax planning in the UK?

Haven Global Strategies boasts a team of experienced accountants with in-depth knowledge of the UK tax system. We stay updated with the latest tax regulations and have a successful history of helping individuals and businesses in the UK optimise their tax strategies for financial success.

Can tax planning really save me money in the UK tax system?

Absolutely. Our tax planning services are tailored to identify legitimate deductions, allowances, and tax-efficient strategies specific to the UK tax system. This can lead to substantial reductions in your tax liability, allowing you to retain more of your income.

How can I initiate tax planning services with Haven Global Strategies in the UK?

Starting with us is straightforward. Reach out to us to schedule an initial consultation. During this meeting, we’ll discuss your financial objectives and assess your unique tax circumstances. From there, we’ll create a personalised tax strategy to help you efficiently achieve your financial goals.

Is tax planning suitable for individuals and businesses of all sizes in the UK?

Yes, tax planning is beneficial for individuals and businesses of all sizes and income levels in the UK. Whether you’re a sole trader, a small business owner, or a high-net-worth individual, our tax planning services are designed to help you make the most of your financial resources while ensuring compliance with UK tax laws.

What happens to my shares if I die in service?

If you die in service, the fate of your shares typically depends on the terms outlined in your shareholders’ agreement and any relevant legal documents. To ensure a smooth transition and avoid potential complications, it’s crucial to have a well-drafted shareholders’ agreement in place that includes provisions for the transfer or purchase of your shares upon your death.

How do I replace a key worker who has died?
Consider implementing key person insurance, which provides a financial safety net in the event of the death of a critical employee. The policy payout can be used to cover recruitment and training costs for finding a suitable replacement and helping your business navigate the transition.
I don’t want my business partner's spouse coming into the business when they die; how do I stop this?

To prevent unwanted changes in ownership or control of the business in the event of your business partner’s death, you can establish a Shareholder Protection policy along with a well-crafted shareholders’ agreement. These documents can specify that shares are offered first to the remaining business partners or the company itself, preventing unwanted outside involvement.

What death in service benefits can I offer my staff?

You can offer death in service benefits to your staff as part of their employment package. These benefits typically provide a lump sum payment to an employee’s beneficiaries if they pass away while employed by your company. The specific benefits can vary, but they are usually based on a multiple of the employee’s salary.

What happens if I fall out with my business partners?

To mitigate potential conflicts and protect the interests of all parties involved, it’s essential to have a well-drafted shareholders’ agreement in place. This agreement can outline dispute resolution mechanisms, exit strategies, and the process for selling or transferring shares in case of irreconcilable differences. Seeking legal advice and mediation may also be necessary to address conflicts effectively and ensure the best outcome for the business.