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The Herald Scotland
04-08-2025
- Lifestyle
- The Herald Scotland
The modern costs of a comfortable retirement in Scotland
How much do I need to retire? Once we hit 55, the average age at which most of us start to focus on pension planning, this is one of the most commonly asked questions. With inflation rates still see-sawing, and interest rates falling, the cost of a comfortable retirement may well keep rising. We look at the fine financial detail of what a rewarding retirement might cost you. Whether you've got 20 years to go before you retire or only a few, it's vital to have an idea of just how much money you'll need for a comfortable lifestyle once you stop earning a regular salary. Especially if you decide to retire before you reach State Pension age; which is rising to 67 from April 2026. How much money do I need to retire? The PLSA has calculated new figures indicating how much money individuals and couples will need to have a comfortable, moderate or minimum standard of living in retirement. The important thing to be aware of is, these figures have increased in the past 12 months, and may continue to rise if the cost of living also continues to creep up. The PLSA's latest figures, released in February 2025, show that a single person will now need £13,400 a year to achieve the minimum living standard. They would need £31,700 a year for moderate, and £43,900 a year for a comfortable lifestyle, which includes a two week holiday in Europe and several UK mini breaks. For couples, the price tag of these three lifestyles is £21,600, £43,900 and £60,000 per annum. What do we mean by a minimum, moderate and comfortable retirement? The minimum living standard covers most people's basic needs. For example, you could holiday in the UK, eat out about once a month and spend around £450 on clothes and footwear a year. But don't expect to run a car. Even with the 2025/26 full State Pension of £11,973 per year, there's still a shortfall. The moderate lifestyle provides for more financial security and, let's face it, fun. For example, you could afford a two-week holiday in Europe and eat out a few times a month. And you could have a small car. At the comfortable level, you could enjoy some luxuries and higher ticket items, such as regular beauty treatments, theatre trips and at least two weeks in Europe, plus some weekend mini breaks a year. Costing out real life scenarios and discussing them with a financial adviser will help you map out your own savings goals. If you're still working, this is the time to think about Additional Voluntary Contributions (AVCs) to boost a workplace pension and take advantage of your employer's contributions too. Thinking about those holidays, or friends you've been longing to visit, is a powerful psychological motivator to keep topping up your pension while you're still working. Whatever point you're at on your saving journey, having a specific income in mind can help you focus on the end goal – that deckchair in the sun! Read more Money HQ: Your pension income reality check Many people may be shocked to learn how little income their savings will provide, or worry that they've left it too late to start saving. Which is why it's vital to realise the power of saving 'sooner rather than later,' and not simply hoping for the best. Assuming you qualify for the full annual State Pension, the PLSA says you'll still need to build up a >pension pot of £540,000, to £800,000 (for a single person) to achieve a comfortable retirement. This is if you want to turn your pension into an annuity, which pays you a guaranteed annual income for life in retirement. As you get closer to your actual retirement, you'll be facing other decisions too, which will impact your retirement income and financial wellbeing. Choosing the best way to access your pension when the time comes can be quite complex, especially when you factor in tax implications. It's always a wise idea to speak to us so you know all your options. The good news is that with a combination of the full State Pension and a workplace pension, most people should be able to look forward to the PLSA's minimum level of retirement. However, a modest contribution level is unlikely to be enough to get you over the line between the PLSA's minimum and moderate lifestyle standards. That's why leaning into the process and starting to plan proactively for your later years while you're still working can – literally – pay dividends. Whether it's a three week holiday of a lifetime, escaping to the country, or simply being able to visit family and friends whenever you like, having those specific retirement goals to save for is the first step. We all deserve a comfortable retirement. And planning your longer-term finances now will make you feel confident and in control of some of the best years of your life. Ben Stark is a chartered financial planner with over a decade of experience advising businesses and families. He is partnered with St. James's Place Wealth Management.
The Hill
01-07-2025
- Politics
- The Hill
Trump refiles lawsuit against Iowa pollster in state court
Attorneys for President Trump refiled a lawsuit against the Des Moines Register and Iowa pollster J. Ann Selzer in state court Monday after moving to drop their complaint in federal court. The complaint filed in Polk County is nearly identical to the one Trump attorneys first brought against Selzer and the newspaper in December, alleging they had violated Iowa's consumer fraud laws by releasing a poll days before the November election that showed former Vice President Harris winning Iowa by 3 percentage points. Trump ended up carrying the Hawkeye State by 14 points. Bob Corn-Revere, the chief counsel of the Foundation for Individual Rights and Expression (FIRE), which is representing Selzer, called the move to state court 'procedural gamemanship.' 'This maneuver was not in response to any settlement and is a transparent attempt to avoid federal court review of the president's transparently frivolous claims,' Corn-Revere said in a statement. The Monday move came a day before a new Iowa law was set to take effect to curb lawsuits intended to chill public speech by burdening respondents with legal fees, commonly known as a SLAPP suit. Attorneys for Selzer, the Des Moines Register, and Gannett, the Iowa newspaper's parent company, are now attempting to keep the suit in federal court. 'President Trump's present Notice of Voluntary Removal would effectively escape the jurisdiction of the federal courts in time to restate his claims in Iowa's state court without being subject to Iowa's anti-SLAPP law,' they wrote in a motion to strike Trump's dismissal in federal court. Trump had sought several times to move the suit to state court. That was where the suit was initially filed, before attorneys for Gannett successfully moved it to have it heard in federal court instead. Trump then attempted to have the case returned to a state venue, filing an amended complaint that added two Iowa plaintiffs, Rep. Mariannette Miller-Meeks (R-Iowa) and former Iowa state Sen. Brad Zaun (R). A judge denied the motion on May 23 and dismissed Zaun and Miller-Meeks as plaintiffs. Trump's lawyers first appealed that ruling on May 30. Then, on Monday, they voluntarily dismissed the federal suit altogether. The complaint filed in Iowa state court the same day includes Zaun and Miller-Meeks as plaintiffs.
Scottish Sun
27-06-2025
- Business
- Scottish Sun
‘Not the proudest moment of my life' – Darts star Rob Cross breaks silence on £450k tax issue that led to ban
Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) ROB CROSS admits being banned as a company director for unpaid tax is 'not the proudest moment' of his life. The World No.9 has spoken for the first time after being disqualified from acting as a company director for five years after his business failed to pay more than £450,000 in tax. 1 Rob Cross has broken his silence on his ban Credit: PA Four-time major winner Cross set about making it right and has entered into an Individual Voluntary Arrangement to repay the money. He said: 'It's not the proudest moment of my life. I've done wrong, and I'll hold my hands up to it. 'Going down this route with the IVA to pay the money back means I'm not running. I suppose you make mistakes in life. 'I'm willing to correct them; it's going to tarnish me, but I'm going to do the right thing. READ MORE ON DARTS Little bit of faith Littler takes next step with girlfriend Faith as she jets to New York 'It's been going on for two years. It has taken two years to get to something of a resolution. It's cost me a lot of money to get there. 'It needs to be paid back. This isn't new news to me. I was probably suffering more than two years ago with it.' He added: 'I have to admit it's the only thing I am happy with. It's sorted, it's there now. I can just carry on working, pay it back and move forward. 'I was surprised it took the best part of two years to come out. It was a long wait, but there were so many complicated things. JOIN SUN VEGAS: GET £50 BONUS 'The UK government didn't want me to go bankrupt, which is rightfully so, and I don't think I've needed to. 'I'm sorry to let all of my fans down. I will get it sorted and get back on my feet. Hopefully, it won't linger over me for the rest of my life.' Fans spot perfect way Rob Cross beat Gerwyn Price after Welshman showed off chippy on Sky Sports Former world champion Cross returns to action today as he begins the defense of his US Masters title against Danny Lauby at Madison Square Garden. Cross believes his game is in a good place and he is buzzing to defend the crown in New York. He said: 'Absolutely amazing. I was buzzing walking in. Such an iconic arena. I've been here twice. 'It's been my third time this year. I loved it from day one, but winning it last year was very, very special. 'I've had some new darts and I have to admit, I'm not going to lie, I've had a massive rest. 'I've rested up and sort of tried to build the batteries, that was the aim. 'Even basing it off Copenhagen, I thought I played steady and I was consistent and I never really practised there much, so I'm good. 'I'm mentally good and that's where I need to be.'
Daily Record
27-06-2025
- Business
- Daily Record
Rob Cross admits not proudest moment of his life and says sorry over unpaid tax bill
The former World Champion says he's working to make things right and is sorry for letting the fans down Apologetic Rob Cross admits it wasn't the proudest moment of his life to be found not to have paid his tax bill. But the former World Champion is adamant he's working hard to correct the situation and hopes it doesn't always linger over him. Last month, Cross was disqualified from acting as a company director for five years after his business failed to pay more than £450,000 in tax. The 34-year-old set about making it right and has entered into an Individual Voluntary Arrangement to repay the cash. Alongside the likes of Luke Littler and Michael van Gerwen in New York for the US Darts Masters, Cross opened up on the situation for the first time and told Online Darts: 'I think, look, I've got to talk about it to a certain degree, I think it's fair, it's not my proudest moment of my life. "I've done wrong and I hold my hands up to it and going down this route, obviously the IVA route to pay the money back, means that I'm not running and I'm going to pay that money back. Look, you make mistakes in life and I'm willing to sort of correct, well, say correct them, it's going to tarnish me, but I'm going to correct them, do the right thing. "Headspace? It's been going on for two years. It's took two years to try and get to sort of something of a resolve, it's cost me a load of money to get there, needs to be paid back the money, but at the same time, two years, so this isn't like new news for me. 'I think two years ago, I was probably suffering more with it at certain times trying to sort of get everything sorted, getting your eggs into one line, so you know where you're going with it and I have to admit, it's the only thing that I am happy with now is it is sorted. It's there now, it's out, I can just sort of carry on working, I can pay it back and I can move forward. 'I wasn't surprised, I knew obviously that was coming out. Obviously me personally to blame, no one else around me, but at the same time, I knew it was going to come out, I was probably more surprised that it took the best part of two years to come out, so it was a long way, but there was so many complicated things trying to set stuff up and as the UK government didn't want me to go bankrupt, which is rightfully so, and I don't think I've needed to. It's just getting a plan in and getting that paid, so it just gives me a bit more time. 'I think the difference was, if that would have come out when that was going on, two years ago, I think I would have suffered mentally with it, but where it's been going on in the background for two years. Copenhagen, I think a lot of people sort of expected me maybe to pull out, not play because it come out. I think I've never had so many texts and I think people have texted me and made sure I'm alright and it was more like I should be more suicidal, to be honest. But I'm fine with it, I know what I've done wrong and I know what I've got to do to correct it. 'It's not like it's just breaking in my head, it's breaking in front of everyone else and look, I'm sorry to let all my fans down and other stuff, but I will get it sorted, I will get myself back up on my feet and, hopefully, it won't always linger over me for the rest of my life. If it does, then so be it, we still work.' Cross is defending the title in New York and said: 'Absolutely amazing. I was buzzing walking in. Such an iconic arena. I've been here twice. It's been my third time this year. I loved it from day one, but winning it last year was very, very special. I've had some new darts and I have to admit, I'm not going to lie, I've had a massive rest. I've rested up and sort of tried to build the batteries, that was the aim. Even basing it off Copenhagen, I thought I played steady and I was consistent and I never really practised there much, so I'm good. I'm mentally good and that's where I need to be.'
Time Business News
24-06-2025
- Business
- Time Business News
What Is Members' Voluntary Liquidation and How Does It Benefit Company Directors?
For directors of solvent companies, choosing how and when to close their business is an important decision — especially when looking for a tax-efficient and structured exit. Members' Voluntary Liquidation (MVL) offers a formal solution that allows directors to wind up a solvent company in a way that maximises returns and ensures legal compliance. A Members' Voluntary Liquidation is a formal process for closing a solvent limited company — meaning the company can pay all its debts in full, including any outstanding taxes and liabilities. It is governed by the Insolvency Act 1986 and must be administered by a licensed insolvency practitioner. The MVL process begins when directors make a formal declaration of solvency, confirming the company is financially stable and able to settle all debts within 12 months. Once this declaration is made, shareholders pass a resolution to wind up the company. From this point, the insolvency practitioner takes control of the company's affairs. Their role is to: Realise the company's assets Settle all outstanding liabilities (if applicable) Distribute the remaining funds to shareholders. One of the primary reasons directors choose an MVL is the potential to significantly reduce their tax liability when extracting profits from the company. Funds distributed via an MVL are generally treated as capital gains, not income. This means shareholders may benefit from Capital Gains Tax (CGT) treatment, often at a lower rate than Income Tax. Even more attractively, many directors qualify for Business Asset Disposal Relief (formerly Entrepreneurs' Relief), which reduces the CGT rate on the first £1 million of lifetime gains. For directors with large retained profits, this tax saving can be substantial compared to withdrawing funds via dividends, which could attract tax rates of up to 39.35%. An MVL is initiated by the company's directors and shareholders, which means it offers a high level of control and transparency throughout the process. This flexibility makes MVLs particularly appealing to directors who want a well-planned exit, allowing them to: Prepare for the closure in advance Choose the right time for tax planning Ensure a smooth transition, especially if retirement or business restructuring is involved. An MVL provides a definitive legal end to the company's existence, ensuring all loose ends are tied up and all creditors are paid in full. For directors, this offers peace of mind. Once the MVL is complete and the company is removed from the Companies House register, there are no lingering obligations, outstanding paperwork, or compliance issues to worry about. It also demonstrates to stakeholders that the business was closed properly and in full accordance with the law. An MVL is often a reflection of success — used when a company has achieved its goals and is no longer needed. It offers a dignified and professional way to close down. Directors can present the closure as a strategic move, whether stepping into retirement, relocating, or simply moving on to a new venture. It also ensures that any remaining profits are distributed fairly and efficiently among shareholders, preserving goodwill and supporting future opportunities. A Members' Voluntary Liquidation is only suitable if the company is solvent — that is, it can pay all of its liabilities in full, usually within 12 months of liquidation starting. If your company has unmanageable debts, owes money to HMRC, or cannot meet its obligations, an alternative procedure such as a Creditors' Voluntary Liquidation (CVL) may be more appropriate. At Clarke Bell, we offer a free consultation to assess your company's position and determine whether an MVL is the right route. We work closely with directors and accountants to provide clear, tailored advice. A Members' Voluntary Liquidation is an excellent option for directors looking to close a solvent company efficiently, reduce tax liabilities, and make a clean break. Whether you're planning for retirement, restructuring your business affairs, or winding down a dormant company, an MVL offers control, tax benefits, and legal certainty. TIME BUSINESS NEWS
