Statutory Sick Pay (SSP)

Payments made from day 1, rather than day 4, of your absence from work

If you think you are entitled to Statutory Sick Pay (SSP), you can receive £94.25 per week if you’re too ill to work. It’s paid by your employer for up to 28 weeks.

If you are self-isolating because of COVID-19, from 13 March, you can now claim SSP. This includes individuals who are caring for people self-isolating in the same household and therefore have been advised to do a household quarantine. If you were self-isolating before 13 March because someone in your household had symptoms, you cannot receive SSP.

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Self-employment Income Support Scheme (SEISS)

Financial support for those impacted by coronavirus

Chancellor of the Exchequer Rishi Sunak unveiled unprecedented government aid for the self-employed. There are around five million people who are self-employed and freelance across the UK, and many will be relieved to hear that financial support is on the way to help those impacted by coronavirus.

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Second self-assessment payment deferment

Strengthening the safety net for those who work for themselves

The Chancellor, Rishi Sunak, said he will ‘strengthen the safety net for those who work for themselves’ with a package of measures to support the self-employed and freelancers, offering improved benefits and tax deferrals.

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Moving closer to retirement

Delay taking your pension if you can

For those people moving closer to retirement that may have been impacted by the recent market volatility, another option to consider is deferring your private pension. If you’re in a defined contribution scheme, delaying when you claim means that you leave your pension pot invested for longer, so you could secure a bigger pension pot when you do eventually come to retire.

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COVID-19 effects on retirement planning

Remember that pension savings are for the long term

The current global stock market turbulence will no doubt be concerning for individuals whose pension savings are invested partly or fully in these markets. If you have a defined contribution pension scheme – whether private or through work – your savings have probably also been impacted as a consequence of coronavirus (COVID-19).

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Diversification, diversification, diversification

Providing more balance to your portfolio when market shifts occur

Investment options span every sector of the stock, bond and property markets, but allocating your assets based on performance alone is often ill-advised because the market is a moving target. One year, a particular type of security can be a star performer, only to severely underperform the very next year.

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Market fluctuations

Investments that best align with your financial goals

Without a plan, investors are prone to making knee-jerk reactions when there are swings in the market. A well-thought-out investment strategy provides the guidance needed to help you stay on track when inevitable market fluctuation occurs. It can also point you toward the types of investments that best align with your financial goals.

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Pulse of the market

Volatility and returns: a fundamental part of being a good investor

Understanding the interaction between volatility and returns is a fundamental part of being a good investor. This is especially important at times such as now when we’ve seen daily sizeable swings in market values as global markets try to get to grips with the fallout from the coronavirus (COVID-19) outbreak.

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