This week our Personal Finance expert, Gaynor Pengelly, answers your questions and joins forces with Lesley Collins from Edinburgh based investment consultants Independent Women
Are you confused by an aspect of your money or are you seeking help with a more specific financial matter? Then please send your query to our Ask Gaynor section.
Each week we choose up to five questions for our panel of experts to answer – and publish the results on the FMWF site. Unfortunately we are unable to answer all the questions we receive or send personal replies.
To increase your chances of being chosen, please write your question carefully in simple, concise English and include any facts and figures that you feel will help us fully understand your situation.
Email: women@financialmail.co.uk
Can I move all my pension policies to one company?
I have several pensions with different providers. Would it be best to move them all to one company? Jill, Birmingham
Lesley Collins from Edinburgh based investment consultants Independent Women replied: Not necessarily, each pension would have to be looked at it in its own merits to establish what type of pension, the provider it is with and also the charges applicable to the type of pension. A full review will need to be carried out by one of our Financial Consultants who will in turn be able to advise you on the best course of action and recommend any changes if required.
Do I need life cover on my property now that I am divorced?
I took out a life insurance policy with my partner when we bought our first house. Unfortunately, we have separated and I now own the property alone. Do I still need to pay this life cover premium?
Lesley Collins from Edinburgh based investment consultants Independent Women replied: There is a good chance you will still need to keep some form of life cover going but a full review of your other benefits will need to be done at the same time to establish what level of cover will be needed. You certainly won’t need joint life cover any more as any cover required will be on your life only and therefore one of our Wealth Consultants will be able to recommend a suitable product for your needs.
Can my wife take over my ISA investment after my death?
I have built up my ISA over the years but, should I die before my wife, can she keep the account open, change it into her name and retain the tax-free status?
Lesley Collins from Edinburgh based investment consultants Independent Women replied: Unfortunately, no, your ISA will end on the date of your death. There will be no tax to pay on income or capital gains up to that date, but your personal representatives will have to account for tax on any income or gains arising after your death, which in your case will be your wife. ISA investments form part of your estate for Inheritance Tax purposes
The ISA manager will either sell the investments and pay the proceeds to your personal representatives (or a beneficiary of your estate) or transfer the investments directly into their hands. The terms and conditions of the ISA may specify which it will be.
Lesley Collins is CEO of Edinburgh investment consultants Independent Women
www.independentwomen.co.uk
Established in 1993, EIC Ltd is our Group company, providing straightforward, clear-cut independent financial advice for companies and individuals and is one of Scotland’s leading financial advisers.
Independent Women is a trading division, specialising in the provision of independent financial advice tailored to the style, needs and preferences of women. Established in 1997 it is one of the UK’s leading financial services companies delivering female-focused services
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