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Family-run pet shop shuts after more than 60 years

Family-run pet shop shuts after more than 60 years

BBC News3 days ago
"All good things must come to an end." So says the owner of a family-run pet shop which is closing its doors after more than 60 years.Terry Smith took over from his dad as owner of Pet Needs in Wirral in 1980.He said he and his wife Orla, who have run the store together for the last 25 years, would miss the customers as they retired."We'll miss the daily contact with people, customers who have become friends and we will miss the banter," Mr Smith said.
"I've been here since I left school in 1980, the pet trade business is in the family," Mr Smith said."Originally my father ran the shop and his grandfather first opened a pet shop in Woodchurch Lane in Birkenhead before he moved to Prenton Road West opposite Tranmere's ground."
Mrs Smith said the shop on Liscard Crescent had been "incredibly busy" for the past few weeks as word had got around about the closure.She said the shop's success had been down to her husband's caring nature with customers."He has this way about him that just allows him to connect with people," she said."To run a pet shop you have to have that gentleness and kindness and he definitely has that."
Customer of 50 years Jo Cunningham said she would miss the shop "unbelievably"."There is nothing like Pet Needs anywhere else on the Wirral," she said."This is an amazing, unique shop. The personal service, the deliveries, the advice, you can just pop in whatever your need to ask them and they are here."Another customer Chris Fog said: "They are so knowledgeable in what they do."There is a personal sense of nothing is too much trouble for them and I'd like to think that they've become friends as well."She described the closure as "the end of an era" and wished the couple a "wonderful retirement".
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JEFF PRESTRIDGE: Why is it so difficult to get our pensions in one place?
JEFF PRESTRIDGE: Why is it so difficult to get our pensions in one place?

Daily Mail​

time8 hours ago

  • Daily Mail​

JEFF PRESTRIDGE: Why is it so difficult to get our pensions in one place?

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High taxes, a recession: my fears for young job hunters in Scotland
High taxes, a recession: my fears for young job hunters in Scotland

Times

time11 hours ago

  • Times

High taxes, a recession: my fears for young job hunters in Scotland

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I have a £900,000 pension pot, how much income will I be able to get in retirement?
I have a £900,000 pension pot, how much income will I be able to get in retirement?

Daily Mail​

timea day ago

  • Daily Mail​

I have a £900,000 pension pot, how much income will I be able to get in retirement?

I have a defined contribution pension that I built up through my working life and apart from a few years at the start of my career, I've never had a final salary scheme. My pot is worth £900,000 and I am 59 and hope to retire in two years. How much retirement income can I safely expect to get from my pension pot - and if I died would my wife face inheritance tax on it? Rob Morgan, of Charles Stanley Direct, replies: When you decide to retire you'll have two main options for your pension pot. Keep investing and draw a regular or flexible income out or buy an annuity – guaranteed income for life from an insurance company. An annuity is the safer but less flexible option. Once you have bought it you can't reverse the decision, and for lots of people 61 is too soon for an annuity purchase unless they are especially risk averse. Annuity rates are lower when purchased at a younger age meaning you lock in a less favourable income for life, and you lose flexibility. However, to give you an idea, a 61-year-old today could secure an annuity income of 6.82 per cent on a level basis and 4.44 per cent on an inflation linked basis assuming a 5-year guarantee period and 50 per cent per cent spouse's pension. So that's £46,021 a year or £29,961 a year, respectively, on a £900,000 pot after taking the maximum tax-free cash of £225,000 which could also be used to generate an income on top. Drawdown is a riskier alternative, but it can keep your pot growing further than inflation levels and therefore give you a better outcome, especially if you plan on leaving the pension pot to your wife should she outlive you. Although you can build in a spouse's pension and other guarantees into an annuity, the flexibility of leaving all the remaining pot to her is potentially good financial planning. Plus, should you unfortunately die before 75 she can also take all the money out tax-free. 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Many people like to use an annuity to match their essential spending and use drawdown for top up or more discretionary spending – and accept that they may need to be flexible about withdrawals to help preserve the pot in the event of poor investment performance. Also factor in that your State Pension will begin at 67, which serves as a guaranteed income stream increasing at present by the triple lock, which is the higher of 2.5 per cent, inflation or average wage increase, in which case you can potentially take a bit more from your pension in the early years of retirement in the knowledge you can dial back once that comes on stream. > Is it worth deferring state pension? Read Charles Stanley Direct's guide Don't forget tax There's tax to consider too. Many people automatically take their maximum tax-free pension lump sum in one go, and in many circumstances this can be a good strategy. You can use the cash in the early years of retirement, pay off any mortgage or use it to make Isa contributions to maximise tax efficiency. However, there are alternative ways of drawing on the pot to consider, notably the UFPLS – or 'uncrystallised funds pension lump sum'. This involves slicing off part of your pension and leaving the rest untouched. Every time you take money from your pension pot as an UFPLS, 25 per cent of the amount is tax-free with tax payable at your highest marginal rate of income tax on the other 75 per cent, and this can sometimes be more tax efficient and therefore offer more income. How Charles Stanley Direct can help With lots of moving parts it is hard to decide which is the right course of action, so I would encourage you to speak to a financial professional to help weigh up your options and decide what is right in your circumstances. Charles Stanley Direct offers a free, no commitment, 15-minute call with a qualified professional to discuss your needs. You can then decide whether further financial coaching or more in-depth and specific financial advice would be useful. An adviser can look at all your assets, model different scenarios and help you understand the risks and opportunities around different courses of action, as well as potentially add significant value from a tax perspective.

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