Do you need a mid-life MOT?

The government has combined several bodies including the Money Advisory Service, the Pensions Advisory Service and Pension Wise to form a new organisation to help people manage their finances and plan for their future beyond working life.  Temporarily called the ‘Single Financial Guidance Body (SFGB)’, the new body will be renamed during 2019.  Its purpose is to provide guidance on:

• Pensions
• Money management
• Debt advice
• Consumer protection
• Financial know-how

The new body is funded by levies on the financial services industry and pension schemes, and is sponsored by the Department for Work & Pensions.

As part of their service, a mid-life MOT is available for the self-employed, looking at money, work, health and family.  It covers the financial impact of pensions and tax relief, marriage/civil partnership, benefits, free health checks, ‘rainy day’ funds or insurance, retirement, wills and debt. 

Taking stock midway through your working life is a useful reminder to think about the future 

NHBF chief executive Hilary Hall said, “The day-to-day challenges of building up a business and breaking even are top priorities for self-employed business owners.  But longer term goals are also important, so taking stock midway through your working life is a useful reminder to think about the future and plan your finances accordingly.  The mid-life MOTs pull information together and tell you where you can get more advice and more information.”

For more information on a Mid-life MOT for the self-employed visit the Pensions Advisory Service website or GOV.UK.