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Seven Miles Financial Planning offers holistic financial planning and advice to steer you through the 7 key milestones of life

02/06/2026

WEEK WATCH: Pension withdrawals on the rise 📈

Growing numbers of people are taking money out of their pensions ahead of April 2027, when unused pots will fall into an estate for inheritance tax (IHT) purposes.

Several reports suggest that hundreds of thousands of UK pension savers are cashing out their pension pots in full, in anticipation of the proposed changes coming into force next year. Historically many savers have used pensions as a way of passing on family wealth to beneficiaries, as pensions were exempt from IHT.

But it means many people could be paying more tax than necessary. The lump sum allowance (the amount a pension saver is allowed to take tax free) is typically 25% of the pension pot, to a maximum of £268,275. Any withdrawals above this level are taxed at the individual’s marginal tax rate.

This means that withdrawing a pension in one go could push many people into higher tax bands, potentially triggering avoidable tax bills.

Government estimates suggest that bringing most unused pension wealth into scope for IHT from the 2027/28 tax year could have a noticeable impact. Around 10,500 more estates are expected to become liable for IHT, with a further 38,500 likely to pay more. On average, affected estates could see
their IHT bill rise by around £34,000.*

Read more here:
https://partnership.sjp.co.uk/article/detail/sjpp/weekwatch-01-06-2026.html

*SOURCE: UK government: Inheritance Tax on pensions: liability, reporting and payment - Summary of responses, July 2025

The levels and bases of taxation and reliefs from taxation can change at any time. Tax relief is dependent on individual circumstances.

29/05/2026

Financial planning is often viewed as a destination, a point where everything is finally sorted.

In reality, it’s usually an ongoing process of adjusting, reviewing and adapting as life changes.

Future planning works best when it evolves alongside careers, families, businesses and priorities.

26/05/2026

The Pensions Commission has warned that 15 million people across the UK are not saving enough for retirement.

In an interim report published last week, the government-backed Commission highlighted the key challenges facing the current system. Low and middle earners, the self-employed and women are among those groups most at risk of inadequate pensions, it said. This is because they are failing to save enough for retirement.

The report also revealed that around 18 million people, equivalent to 45% of working age adults, are not saving into a pension. In addition, only 4% of the self-employed are saving for retirement.

The Pensions Commission will publish its final report in early 2027.

In its recently published Financial Health Report 2026, the fifth in the series, St. James's Place found cost of living pressures have caused a drop in financial resilience among UK households.

The survey, conducted by Opinium among 6,000 adults, found fewer people now describe themselves as financially comfortable, compared to 12 months ago (37% in 2026 compared to 42% in 2025).

Read more in this week's WEEK WATCH:
https://partnership.sjp.co.uk/article/detail/sjpp/weekwatch-26-05-2026.html

22/05/2026

Many parents and grandparents worry about what the future will look like for younger generations.

Higher property prices, rising education costs and longer-term financial uncertainty mean that helping children financially has become increasingly important for many families.

One of the biggest advantages younger generations have is time. Starting early allows savings and investments to benefit from compounding over many years, where growth itself has the potential to generate further growth.

There are several ways families can help build long-term financial foundations, including:
• Junior ISAs (£9,000 annual allowance for 2026/27)
• Children’s pensions, including tax relief benefits
• Investment accounts held in trust
• Tax-efficient gifting strategies

Importantly, different options offer different levels of access and flexibility, so understanding how and when money may be used is key.

Even relatively small contributions made consistently over time can create meaningful opportunities later in life.

The value of an investment may fall as well as rise. You may get back less than you invested.

21/05/2026

One of the most difficult conversations families can have is also one of the most important.

This week is Dementia Action Week, a reminder that planning ahead matters, not just financially, but personally too.

There are currently almost one million people living with dementia in the UK, with numbers expected to rise to 1.4 million by 2040.

A Lasting Power of Attorney (LPA) allows someone you trust to make decisions on your behalf if you lose mental capacity. There are two types:
• Property & Financial Affairs
• Health & Welfare

Without one in place, loved ones may need to go through a lengthy and expensive Court of Protection process before they are able to help manage affairs.

It’s easy to assume these conversations can wait. In reality, putting plans in place earlier often gives families far greater clarity and peace of mind later on.

Powers of Attorney involve the referral to a service that is separate and distinct to those offered by St. James's Place and are not regulated by the Financial Conduct Authority.

15/05/2026

The latest SJP Financial Health Report reinforces something I see regularly in practice: long-term financial resilience is usually built gradually, not through one-off decisions.

Among those who had been investing for five years or more, 71% said their wealth had increased over the past decade.

Consistency, planning and remaining engaged with your finances over time tends to produce stronger outcomes than reacting to short-term events.

Financial planning is rarely about perfection. More often, it’s about staying focused on the long term.

You can read the full report here:
https://partnership.sjp.co.uk/article/detail/sjpp/financial-health-report-financial-resilience-falls-but-a-plan-can-boost-confidence.html

Source: Opinium survey of 6,000 UK adults between 17 March and 9 April 2026. Quotas and post-weighting were applied to the sample to make the dataset representative of the UK adult population.

12/05/2026

WEEK WATCH: Local elections and government borrowing

Following bruising local election results, media reports have been awash with gossip around the prime minister Keir Starmer’s future. Judging by the UK bond market, however, lenders appear to prefer the stability of continuity over the uncertainty of a leadership challenge, at least for now.

UK borrowing costs haven’t been kind to the current government. Since the general election nearly two years ago, 10-year gilt yields (i.e. the interest the government pays on the bonds) have climbed from under 4% to a peak of over 5%.

Higher yields make life difficult for governments, as it means more expensive borrowing, limiting their options around taxes and spending.

Many of the causes of this rise are outside the government’s direct control – an aging population, a large debt pile and the actions of foreign powers, for example.

Over the past two weeks, a combination of high oil prices and local election predictions helped 10-year gilt yields spike to over 5% for the first time since 1998.

Read more here:
https://partnership.sjp.co.uk/article/detail/sjpp/weekwatch-11-05-2026.html

06/05/2026

Research for the campaign, carried out by the Financial Conduct Authority in association with Opinium, reveals that ten million people say they want to learn more about investments, while 37% of savers would be more likely to invest after a conversation with someone they know. Yet 69% rarely or never talk about investing.

Furthermore, around seven million adults in the UK hold at least £10,000 in cash savings. Yet nearly half (44%) of those who save have no investments.

You can read more about the findings here:
https://partnership.sjp.co.uk/article/detail/sjpp/strong-uk-savings-culture-but-persistent-investment-gap.html

The value of an investment may fall as well as rise. You may get back less than you invested.

01/05/2026

Financial stress is rarely caused by a single issue. It tends to build gradually with factos like rising costs, difficult decisions and plans and policies left unreviewed.

Across the UK, millions of adults are experiencing financial stress linked to rising living costs and uncertainty.*

Financial planning doesn’t remove every challenge, but it introduces structure.

A plan that evolves over time, adapts to change and provides direction can make a meaningful difference to how people feel about their finances.

Consistency, more than anything else, creates stability.

*Source: Salad - What Financial Stress Statistics Tell Us About Life in the UK, Nov 2025

29/04/2026

This chart shows the energy component in UK consumer inflation during March and April going back to 2019. What stands out is 2022, when the invasion of Ukraine caused the previous sharp rise in energy prices. For 2026, the purple bar in March captures the first month’s effect of the Iran war, almost mirroring 2022. April’s 2026 data is not yet available, but a similarly dramatic rise could be on the cards.

Read more here:
https://partnership.sjp.co.uk/article/detail/sjpp/weekwatch-27-04-2026.html

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