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Time for ISAs?

Statistics provided by HMRC have revealed that just over two thousand people now have ISA pots worth in excess of one million pounds with sixty people having ISA valuations in excess of £3million. It’s not known if some of those individuals have benefitted from the regulation change in 2015 which enabled ISA pots to be transferred to a spouse or civil partner on death; but it would imply that individuals may have made the most of the available allowances every year since PEPs, the forerunner of ISAs, started. We should also note that these savers may have benefitted from market movements and remember that the value of savings can go down as well as up.

 Having said that, does the potential to save sums of this nature mean that ISAs are the best option for all savers? Well, the answer will vary according to the individual, their current circumstances, and their future expected needs. For some people a pension or other form of savings may be preferable; whilst for others an ISA may be more advisable. And we should not ignore the potential to spread savings across ISAs and pensions in order to best meet expected future needs.

 If you are looking for advice on ISAs, or if your situation has changed and you may therefore need to review your existing pensions or investments, contact Beckworth by using one of the links on our website.