15 Feb 2017

Scottish people are now worth more than £850billion

Scottish people are now worth more than £850billion

The combined total wealth of Scottish households has increased to £856.6 billion, according to new statistics from the Scottish Government.

All components of wealth increased across the country, although pension wealth continues to be the largest component of private household wealth in Scotland, accounting for 48%

However, the distribution of household wealth in Scotland remained highly unequal.

The wealthiest 10% of households owned 43% of all private wealth in Scotland. The least wealthy 50% owned just 9%.

The wealthiest 1% alone owned more wealth than the bottom 5% of households.

Pension freedoms

Following pension reforms in 2015, anyone aged 55 and over can take their entire pension savings out as a lump sum, paying no tax on the first 25% and the rest taxed as if it were a salary at their income tax rate.

Taking a 25% tax-free lump sum could be a good idea if you have debt to pay of, such as a mortgage, but it will reduce your retirement income.

However, it's important to seek professional advice before removing your pension from its 'tax-efficient wrapper'.

Pension consolidation

It’s important to ensure that you get the best out of the contributions you’ve made and keep track of your pension portfolio to make sure it remains appropriate to your personal circumstances.

Consolidating your existing pensions is one way of doing this. Pension consolidation involves moving, where appropriate, a number of pension plans – potentially from many different pensions’ providers – into one single plan.

It’s vital that you review your existing pensions to assess whether they are still meeting your needs, considering various different aspects of the pension plan such as costs, performance, funds available and features.

What we do

Aberdein Considine’s independent financial advisers – who are authorised and regulated by the Financial Conduct Authority (FCA) -  can guide you through the pension maze and help you tailor a plan to your circumstances.

Our advisers can help you with the following:
  • Setting-up pension plans
  • Review existing pension plans
  • Pension consolidation
  • Pension drawdown
  • Annuity advice
If you would like to speak to someone about your retirement options, click here.

Please correct the errors below before submitting your request:

Get in touch

Our dedicated client contact team prefer to receive enquiries through our contact form. We'll endeavour to get back to you within 24 hours or during the course of the next working day.

Tick this box if you wish to receive news and offers from Aberdein Considine. By doing, you indicate your consent to receiving targeted email marketing messages from us. On each occasion that we contact you in the future, you will be given the option to opt-out from receiving such messages. You may also email marketing@acandco.com at any time to opt-out.

The personal information that you provide to us in this form will only ever be used by Aberdein Considine (as the Data Controller) for the following specifically defined purposes:

  • email you content that you have requested from us
  • with your consent, occasionally email you with targeted information regarding our service offerings
  • continually honour any opt-out request you submit in the future
  • comply with any of our legal and/or regulatory obligations