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Summer Newsletter 2026

pfgl.co.uk

Contents

Welcome 03 MyPerspective – Client Portal 04 Putting You First – Our Commitment in Action 06 Looking Ahead with Confidence 08 Q2 2026 Financial Market Update 12

As we move into the summer months, we are pleased to share our latest newsletter, designed to keep you informed, supported and confident in your financial journey.

In this issue, we introduce MyPerspective, a secure digital portal designed to bring your financial plans into one place, providing greater clarity, control and convenience at your fingertips.

We also offer deeper insight into how our client-focused approach, supported by Consumer Duty, is embedded in everything we do.

Looking ahead, we explore key pension planning considerations, including making the most of contributions, simplifying your arrangements and preparing for upcoming changes to Inheritance Tax. With the financial landscape continuing to evolve, regular reviews and clear planning remain more important than ever.

As always, if any of the topics covered prompt questions or you would like to discuss your own plans in more detail, your financial planner will be delighted to help.

Kind regards, lan Wilkinson Chief Executive Officer

ludwig

MyPerspective brings everything together in one place, providing a clear and organised overview of your financial arrangements whenever you need it. Through a single, secure login, you can access your investments, savings, pensions and important documents - whether you're at home or on the move.

Ultimately, MyPerspective is about giving you clarity, confidence and control over your finances, helping you make more informed decisions with ease.

View your entire financial position at a glance, including assets and net worth, all in one simple dashboard Use MyPerspective across desktop, tablet or mobile, ensuring your financial information is always within reach

Track how your portfolio is performing with regularly updated valuations and historical performance data

Your data is protected with a high level of security, and you stay in control of who can view your information

Keep all your important paperwork safely stored and easily accessible, from policy documents to property and legal records Access regular market updates and client newsletters in one convenient location, making it easy to stay informed at a time that suits you

Receive important updates, reports and messages securely, with notifications when something requires your attention

Microsoft now applies additional security verification steps to documents received via secure links in emails (your financial planner can provide further details and assistance if required). Your documents through MyPerspective do not require these extra steps, making it quicker and easier to view important information

In addition, the portal can track the value of your property, provide a consolidated view across family members or entities and act as a secure digital filing cabinet - giving you confidence that everything important is organised and protected.

If you would like to access or learn more about our portal, please get in touch with your financial planner – they would be delighted to guide you through it.

Secured. Tracked. Organised.

POWERED BY MONEYINFO

Putting You First

We wanted to share how we work with the Financial Conduct Authority's 'Consumer Duty' regulatory requirement and what it means for you.

Business Monitoring Team who are on hand to respond to technical queries, and check recommendations.

Perspective has six key values which are at the heart of the business and the foundation of all of our actions. One of these values is 'We are Client-centric'. This value is important to highlight as it has been the basis of our approach since the business started. It also aligns specifically to one of the key regulatory requirements of the Financial Conduct Authority, namely Consumer Duty; which came into force principally from 31 July 2023; and built upon the principles of treating customers fairly, which have been in place since 2006.

Product Governance Team who keep under review the Providers/Platforms and Funds we recommend to ensure for example, value for money, with negotiations being undertaken to drive the best outcomes for you and to assess whether the Providers and Platforms have efficient, effective Administration Teams who can support clients with specific needs. Adviser Competence Team who ensure all of our Financial Planners, whether of many years' experience or new to the business follow a set of requirements to ensure they attain and remain competent.

The Consumer Duty has four key pillars which focus on Products and Services, Price and Value, Consumer Understanding and Consumer Support. The purpose of these pillars is to drive firms to provide the best possible outcomes for their clients.

For Perspective, Consumer Duty has formalised the approach which we have always applied to our clients.

Our approach goes beyond the four Consumer Duty pillars as we look at our entire business. Every action we take must be able to support the best outcome for you, our clients. By way of example, the introduction of the new client Portal through MoneyInfo; not only enables us to communicate more efficiently with each other but also provides additional levels of security in a world overtaken by scams and fraudsters.

In addition, our Group Risk Committee meets monthly to discuss key risk metrics which link to the four Consumer Duty pillars and beyond. This is to cover the business at a more holistic level, taking into account key strategic matters such as war and conflict being a major consideration in the current climate; and its overarching impact across many aspects with which the business interacts. Strategic thoughts also link to cyber security and the levels of training undertaken by our staff to keep the business and you, as clients, safe. Although this article only gives a brief flavour of all that we do, we hope this is insightful, and brings to the fore, a deeper aspect of the overall business, showing how we interlink our services to you, Consumer Duty, being 'Client Centric' and our wider business considerations.

Adviser Competence Team who ensure all of our Financial Planners, whether of many years' experience or new to the business follow a set of requirements to ensure they attain and remain competent.

Our governance arrangements are the foundation of every action we take.

We have a detailed governance structure which means that as a business, we can easily communicate with each other and raise matters to the right forum for discussion and action.

Although this article only gives a brief flavour of all that we do, we hope this is insightful, and brings to the fore, a deeper aspect of the overall business, showing how we interlink our services to you, Consumer Duty, being 'Client Centric' and our wider business considerations.

Pensions are a great way to build long-term financial security. As well as providing an income in later life, they can also help with tax efficiency, estate planning and passing on wealth to your loved ones.

It's very common to build up several pension pots over the course of your career, whether from changing jobs, periods of self-employment, or different workplace schemes. Bringing these pensions together, known as consolidation, can be a helpful way to simplify your retirement planning.

Over time, it's easy to build up several pension pots, along with employer contributions and tax relief. With the upcoming changes to Inheritance Tax (IHT), now is a good time to take a closer look at how everything fits together.

By having everything in one place, it can be easier to keep track of how your savings are performing, manage your investments, and see a clearer picture of your overall retirement position. It can also make reviewing your beneficiaries more straightforward.

We'll guide you through the key areas to consider, helping you feel confident about your future.

That said, consolidation isn't always the right choice. Some older pensions may include valuable guarantees or special benefits that could be lost if they're transferred. It's important to fully understand what you already have before making any decisions.

Paying into a pension is still one of the most effective and tax-efficient ways to build up your savings for the future. Contributions can come from you, your employer, or a combination of both and with tax relief added; your money can go even further.

Over time, your circumstances are likely to change as your career develops, your income grows, or your priorities shift. That's why it's important to review your pension contributions regularly with your financial planner to make sure you're still on track for the retirement you desire.

Pension Planning Insight: In 2024, around 89% of eligible employees - approximately 21.7 million people - were contributing to a workplace pension. Much of this success is due to automatic enrolment, which has helped more people take positive steps towards their future.

For the 2026/27 tax year, most individuals can contribute up to £60,000 to their pensions each year, known as the Annual Allowance. However, this allowance may be reduced for higher earners.

For clients who have flexibly accessed their pension benefits, the Annual Allowance applies, limiting annual pension contributions to £10,000.

Employer Contributions Insight:

You don’t have to use your full pension allowance every year. If you haven’t, you may be able to take advantage of “Carry Forward” rules, which allow you to use any unused allowance from the previous three tax years (subject to certain conditions).

This can be particularly useful if your income varies, you receive bonuses, or you'd like to boost your pension savings later in your career. It provides a valuable opportunity to catch up and make the most of the tax benefits available.

3.3M

Employer contributions are one of the most valuable benefits of a workplace pension and can make a real difference to your long-term savings. In simple terms, it's money being added to your pension on top of what you contribute, helping your savings grow faster.

estimated lost pension pots in the UK, research suggests.

For employees, this extra support can significantly boost retirement savings over time. For business owners and directors, pension contributions can also form part of a tax-efficient way to plan income and rewards.

£31.1B

was paid into workplace pensions in 2014, with employers contributing around 62% of this.

estimated value of the assets they hold.

Building up your pension is just one part of the journey. As you get closer to retirement, the focus naturally shifts to how those savings can provide a reliable income for the years ahead.

For many people, the key isn't just how much you've saved, but how to use those savings to support the lifestyle you want in retirement.

Many people now choose a flexible approach to retirement. Pension drawdown lets you keep your money invested while taking income as needed.

While this offers greater control, it's important to consider things like investment performance, how much you can withdraw, inflation and how long your retirement may last. Different savings, such as pensions and ISAs, are also taxed differently, so taking a tax-efficient approach can help your money go further.

Pensions aren't just for retirement-they've also been a useful way to pass on wealth. In the past, unused pension funds could often be left to loved ones in a tax-efficient way.

From 6 April 2027, this is expected to change, with most unused pension funds and death benefits likely to be included as part of your estate for Inheritance Tax purposes.

This means pensions could play a bigger role when looking at the overall value of your estate. For those with larger pension savings, it may become more important to consider how pensions fit alongside other assets, such as property, investments and existing estate plans.

As a result, retirement and estate planning are becoming more closely linked, making regular reviews more important than ever.

Alongside the upcoming Inheritance Tax changes, it's also important to consider how your pension could affect your Residence Nil Rate Band (RNRB). This is an extra Inheritance Tax allowance available when your home is passed on to children or grandchildren.

While many people think of this threshold in terms of property and investments, pension savings may also become relevant from April 2027. Currently, pensions are usually excluded when calculating the value of an estate for Inheritance Tax. However, under the proposed changes, most unused pension funds may be included.

This means some individuals who are currently below the £2 million threshold could exceed it once pension assets are taken into account - potentially reducing the amount of RNRB available.

Financial plans naturally change over time, as your family circumstances, goals, assets and the rules around them evolve.

While the Inheritance Tax treatment of pensions is expected to change, there are still a range of valuable allowances and exemptions available. For example, transfers between spouses and civil partners are generally exempt and it may be possible to pass on unused allowances. The Nil Rate Band and Residence Nil Rate Band also continue to play an important role, depending on your circumstances.

Taking a joined-up approach to your planning can help ensure everything continues to work together effectively over time.

Regular conversations with your financial planner can help ensure everything remains aligned and continues to support the lifestyle you have in mind, now and in the future.

The second quarter of 2026 was shaped by developments in the Middle East and their impact on global energy markets. Concerns over disruption to shipping routes through the Strait of Hormuz caused oil prices to rise sharply, with Brent crude briefly reaching $126 per barrel before falling back below $73 by the end of the quarter as ceasefire progress helped improve market sentiment.

In the UK, political developments also remained in focus. Following a period of growing pressure on his leadership, Sir Keir Starmer resigned as Prime Minister and Labour leader. Despite the significance of the change, markets reacted relatively calmly, suggesting much of the uncertainty had already been anticipated by investors.

Artificial intelligence continued to be a major market theme, with technology stocks experiencing periods of volatility as investors balanced strong earnings against concerns over valuations and spending. The sector also saw significant milestones, including SpaceX completing the largest IPO in history at a valuation of $1.8 trillion, while AI companies Anthropic and OpenAI moved closer to public listings.

Overall, despite geopolitical and political uncertainty, markets remained resilient as investors continued to focus on longer-term growth opportunities.

US markets experienced a volatile quarter as investors responded to developments in the Middle East, changing expectations for interest rates and ongoing inflation concerns.

Despite periods of uncertainty, the S&P 500 recovered strongly and finished the quarter up 15.1%, reaching new record highs and surpassing the 7,000-point mark for the first time. Technology stocks were a key driver of returns, with strong results from companies including Alphabet, Nvidia and Micron helping to support investor confidence.

Economic data painted a mixed picture. Consumer spending remained relatively resilient, while employment figures were less consistent. Higher energy prices also added to inflationary pressures, creating a more challenging backdrop for the Federal Reserve as it considers the path for future interest rate decisions.

Overall, while short-term market movements reflected ongoing economic and geopolitical uncertainty, investors remained focused on the longer-term growth opportunities within the US economy.

UK markets remained resilient during the second quarter, supported by the FTSE 100's exposure to global businesses and strength in energy and commodity sectors. Improved sentiment following ceasefire developments helped support returns, although political uncertainty and weaker domestic economic data created some headwinds. Overall, the FTSE 100 finished the quarter up 4.0%, leaving it 7.6% higher for the year to date.

Energy companies such as Shell and BP benefited from higher oil prices earlier in the quarter, while some consumer-focused businesses faced pressure from rising costs and softer demand.

The UK economy delivered stronger-than-expected growth at the start of the year, with GDP rising by 0.6% in the first quarter. However, as the quarter progressed, attention turned to the potential impact of higher energy costs, inflationary pressures and weaker consumer spending on economic growth in the months ahead.

Overall, while challenges remain, the UK market continued to demonstrate resilience against a backdrop of economic and political uncertainty.

Inflation and interest rates remained a key focus for investors during the second quarter, with higher energy prices adding to market uncertainty. While the Federal Reserve and Bank of England kept interest rates unchanged, the European Central Bank increased rates by 0.25% to 2.25%, while the Bank of Japan raised rates to 1.0%, its highest level since 1995.

Bond markets also experienced volatility, with UK and US government bond yields rising during April and May. The UK 30-year gilt yield briefly exceeded 5.8%, its highest level since 1998, before easing back towards the end of the quarter as geopolitical tensions began to subside.

Inflation trends remained mixed. UK inflation fell from 3.3% in March to 2.8% in April and remained stable in May. In contrast, US inflation rose to 4.2% in May. Encouragingly, lower oil prices towards the end of the quarter may help ease inflationary pressures in the months ahead. 2.8%

Key Highlights

2.8%

UK inflation fell from 3.3% in March to 2.8% in April

4.2%

US inflation rose to 4.2% in May

5.8%

What's on the Horizon? As we move into the third quarter, geopolitical developments are likely to remain an important focus for investors, particularly as energy markets continue to respond to events in the Middle East.

As we move into the third quarter, geopolitical developments are likely to remain an important focus for investors, particularly as energy markets continue to respond to events in the Middle East.

Central banks will also remain in the spotlight as they balance easing inflation against signs of slower economic growth. While inflation has started to moderate in some regions, underlying price pressures and tight labour markets continue to influence interest rate decisions.

In the UK, Sir Keir Starmer's resignation has provided greater clarity around the political landscape. Investors will now be looking for further details on the economic priorities of any new government and how these may influence the UK's fiscal outlook.

Overall, while uncertainty remains, markets will continue to focus on economic fundamentals, policy decisions and long-term growth opportunities.

CAMBRIDGE INVESTMENTS LIMITED

This article has been provided by Cambridge Investments Limited and is for information purposes only and must not be considered as financial advice. We always recommend you seek financial advice before making any financial decision.

Cambridge Investments Limited has a heritage of expertise as a discretionary portfolio manager. Cambridge Investment Limited is a subsidiary of Perspective Financial Group Limited. Cambridge Investments Limited is authorised and regulated by the Financial Conduct Authority.

Past performance is not a guide to future performance. The value of your investments can go down as well as up and you may get back less than you originally invested.

Source of financial market data: Morningstar Direct

environment. All of the paper we use is either FSC or PEFC accredited and sourced from managed, sustainable woodland.

All paper we use is carbon captured & printed by a Certified Carbon Capture® Company, which supports The Woodland Trust initiatives. Perspective Financial Group Ltd is certified by Carbon Neutral Britain reducing our carbon footprint and impact on the environment. All of the paper we use is either FSC or PEFC accredited and sourced from managed, sustainable woodland.

All calls to and from our landlines and mobiles are recorded to meet regulatory requirements.

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PerspectiveFGLTD

Tel: 01773 599585

10 Chapel Street, Belper, Derbyshire DE56 1AR

Belper Office

www.pfgl.co.uk/beIper

Perspective (Belper)