A lot has been happening at Carrington over the last 6 months and we thought we would give you an idea of some of things that we have been up to.
A fitting start, which is big news for the company and the best news of the year, is that Carolyn is engaged and getting married in December. We are thrilled for her and her partner Dave and are looking forward to celebrating with them.
A QUICK UPDATE ON THE INVESTMENT SIDE…
Following on with more good news, we are pleased to report that all our portfolios have comfortably beaten their benchmarks in the first 6 months of the year. Our investment committee is happy that performance continues to provide clients with excellent real and comparative returns.
Markets are moving quickly at the moment, with Greece obviously the hot topic and we have already recently communicated on this. Our focus is on producing returns over the medium to long term and we continue to work hard at this.
There have been big changes to pension legislation in the last 6 months, which will affect anyone with a private pension and also an employer pension. In essence they have become more flexible, but at the same time the use of them in your personal planning and how they fit in will be more complicated and you will need advice around all decision making. The main changes are:
- Pension Death benefits have become more tax efficient and you are now able to pass your pension plan on through the generations free of Inheritance Tax.
- You can take income from your pension in whatever amount you want, whenever you want after reaching pension age (55 for most people), but you should be aware that you may well pay more income tax than you thought and planning is essential.
- The Lifetime allowance will reduce from £1.25 million to £1 million in April 2016 and will be indexed in line with CPI from April 2018.
Pensions on the face of it have become simpler and more flexible, but they will require more planning and advice.
The Budget is being delivered on Wednesday and it is likely that there will be several announcements which are likely to affect you. For example, an increase in the nil rate band and the possible removal of additional rate tax relief for pension contributions. We will of course be back in touch with our thoughts after the Budget.
The team have remained studious over the Winter months, with Matthew having passed his Investment Management Certificate (IMC) exam and also recently having taken the Chartered Financial Analyst exam, for which we are eagerly awaiting the results! Mohsin is set to take his IMC exam at the end of the Summer and Carolyn is preparing to take a Financial Services exam in Trusts and Estate planning.
As a first for Carrington, we have two summer interns starting over the next few weeks, both of whom have just finished their degrees and are looking for some work experience. Olly and Cecily will each spend a week with us, learning about what we do, attending meetings and assisting the team. We are looking forward to having them with us!
OUTSIDE OF WORK
Eric is now President of West Herts Golf Club, which as well as being our Investment Director, this is quite an honour for him. It is now all about that fine balance between watching the charts and fund manager meetings, whilst perfecting his swing!
Alistair on the other hand recently took on the challenge of completing a gruelling cycle ride from Geneva to Cannes, straight across the Alps. As if he hadn’t spent long enough in the saddle, upon his return he promptly signed up for a charity ride (supporting a very good cause) from London to Amsterdam.
Getting in on the action, in May, Mike was given the opportunity to fulfill a lifelong ambition of playing at Lord’s. We understand that he will be receiving a call from Trevor Bayliss any day now.
For a fifth year running, Nicola worked as a massage therapist with Oxford University in preparation for the Boat Race. Making it a hat trick of wins for both the Blue Boat and Isis (the reserve boat), we can say her hard work paid off. She will be heading off shortly to support a group of cyclists tackling the l’Etape du Tour.
ASSETS AND GROWTH
And then finally, another cause for celebration, we have recently gone through £100 million of assets under management and we thank you for your continued support.