The big theme of the week is pension fears. Again. It is an opening sentence that could have been used for scores of Money columns in recent years.
George Osborne yesterday announced that there would be no big pension changes in the budget on March 16 — but many are still fearful of what the future may bring, and what it will mean for their retirement.
The chancellor may have chickened out of making what promised to be highly unpopular reforms, possibly put off by regional elections and the small matter of a Europe referendum on the horizon, but the prospects of future pension policies, especially for high earners, remain fairly ominous.
The result of the seemingly endless speculation about possible reforms is that, despite the government’s claims to be encouraging pension saving, many people can no longer understand pensions and are more inclined to think: “sod it, my property’s my pension”, or to simply avoid the issue.
That is dangerous. It is important to try to keep on top of pension changes, despite the government’s apparent best efforts to thwart you. Give up, and you will likely retire on much less money.
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We will keep you posted on all the latest developments — watch this space.
The ostrich effect
In the sixth in our Portfolio Therapy series of financial makeovers you will find Jane Beattie, an active, single, 72-year-old who has no children or dependants and wants to know what to do with her inherited share portfolio and savings so that she can boost her income and better enjoy her money.
It is a refreshing scenario: while many readers are preoccupied with things like inheritance tax and grandchildren’s school fees, Jane wants to have more fun, travel a bit more and, possibly, buy herself a handbag.
The great thing about our makeovers is that, in every case, the experts’ comments have direct relevance to certain groups, whether that is couples getting onto the housing ladder, rich investors or grandparents, while individual points raised can apply to a wider readership. If a reader’s circumstances and the experts’ comments don’t benefit you, they will apply to someone you know.
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What is clear is that it is never too late to benefit from taking a proactive interest in your finances.
Both the readers I have interviewed for the slot admitted they hadn’t got their heads around their finances, at ages 45 and 72. Both stand to benefit from the experts’ comments. One thing that both readers said is that they weren’t sure how to find good professional advice.
The answer is to go to free, no-obligation initial meetings with several independent financial advisers. They should explain the sorts of strategies they would consider based on your circumstances, and exactly how their charges work. You can find contact details at unbiased.co.uk.
Of course, if you are after some expert pointers at no cost and are willing to share your details, email portfoliotherapy@thetimes.co.uk.
A question of value
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Hundreds of collectors gathered at Sotheby’s in New Bond Street on Wednesday for the sale of the personal possessions of Deborah, Duchess of Devonshire, who died in 2014. The sale realised almost £1.8 million, more than three times the pre-sale estimate of £500,000 to £700,000.
The youngest of the Mitford Sisters, the duchess (“Debo” to friends) was chatelaine of Chatsworth for half a century, a noted wit, and friends with everyone who was anyone, from Evelyn Waugh to Oscar de la Renta.
The items, from horsey pictures and chintz to glamorous jewellery and Elvis memorabilia, give a fascinating insight into the duchess’s life and tastes, and despite the sale total, many individual pieces sold for relatively affordable sums.
One surprise was the duchess’s bespoke pine and plywood hen boxes, which sold for £10,625 above an estimate of £200 to £300.
She was a serious poultry enthusiast and the portable boxes, with ventilation holes and “DD monograms” are arguably among the most evocative of all the lots, although evidently overlooked by the auction experts.
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My favourites, nonetheless, were the first editions of books by the likes of P G Wodehouse, Evelyn Waugh and Agatha Christie, including signed presentation copies.