Lynne Peacock, current interim chair, will step down from the Royal London Board on 9 February 2025.

Hudson has extensive financial services experience spanning insurance, pensions and regulation, together with non-executive roles in the telecoms and house building sectors. She is currently a non-executive director at AXA SA and Chair of Guide Dogs.

Among other roles, Hudson has served on the Boards of RSA Insurance Group plc, Phoenix Group Holdings, BT, National House Building Council, The Pensions Regulator and Standard Life.

Peacock said: “Isabel brings significant financial services insight and an impressive board portfolio, including experience from other sectors. Her deep understanding of the key markets in which Royal London operates will be of immense value to the Royal London Board and its members. I wish Isabel and Royal London the very best for the future.”

Barry O’Dwyer, group chief executive officer, said: “Isabel is an excellent choice to be the next Chair of the Board of Royal London. Royal London is a customer-owned mutual and Isabel shares my passion for mutuality. I am looking forward to working with her to deliver even more for the customers we serve.

“I also want to thank Lynne Peacock, Interim Chair, who will be stepping down from the Board, and I wish her every success for the future.”

Hudson said: “I am delighted to join the Board of a company with a long and distinguished history of mutuality and a strong sense of purpose. Royal London’s commitment to helping build financial resilience is particularly important to me. I look forward to working with the Board and wider management team and focusing on delivering long-term value for our members and customers.”

Representing AXA’s strategic expansion into the preventative health space, CEO Xavier Lestrade said the app is “so important” to AXA’s innovation journey and business strategy.

Global Healthcare is continuing its innovation journey by expanding into the wellbeing space with the launch of its new all-in-one digital solution. The AXA – Global Healthcare app integrates healthcare, insurance, and personalised wellbeing features1, to help members effortlessly manage their health journey all in one place.

As part of AXA’s commitment to proactive healthcare and exceptional customer experience, this app combines essential health insurance services, such as access to key policy documents and claims management, with virtual care services and bespoke wellbeing features. The AXA-Global Healthcare app is designed to support both physical and mental wellbeing through an “all-in-one” seamless experience in people’s pockets.

Launching in English and French with further language options planned for 2025, the app’s features are included within the policy cover2 and provides members with:

Virtual Care

• Unlimited real-time access 24/7 to over 450 qualified doctors worldwide on the phone or by video chat through the Virtual Doctor service. In a range of language choices.
• Appointments with a psychologist over the phone or by video call from anywhere in the world for up to 6 sessions through the Mind Health service4
• An independent second medical opinion on their diagnosis and treatment plan from more than 50,000 medical experts around the globe using the Second Medical Opinion service5.
• Multilingual service, available in 20+ languages.

Wellbeing

• Tools to set and track personalised wellbeing goals focused on mind health, physical activity and weight management.
• Track fitness progress, nutrition and synchronise wearable devices with the app.
• A wealth of wellbeing content aimed at reducing stress, improving sleep, and supporting mental wellbeing.

Insurance

• Access to a global network of over 1.9 million providers, which can be searched by location, speciality or even a specific health condition6
• The ability to authorise new treatments, submit invoices or manage and track claims
• A view of their remaining policy limits, insurance cover and policy information
• Access all their key documents, digital membership card and policy handbooks
• Real-time support with a customer service agent via Live Chat7 or send a message securely.

The app will also be accompanied by a new and updated desktop portal, allowing members to access the Insurance and Virtual Care services from their personal computers. “Healthcare without borders” is the hallmark of the new companion app and rings true within the numerous features aimed at helping members access and navigate healthcare anywhere in the world.

Xavier Lestrade, CEO of AXA – Global Healthcare, said: “The launch of our new all-in-one app marks a major milestone in our mission to lead innovation within the international health and wellbeing space. AXA-Global Healthcare plans to be a key player in the growth of preventative health. The app is paving the first steps, demonstrating our journey into wellbeing.

“We are committed to offering our customers advanced tools that not only streamline healthcare management but also support their physical and mental wellbeing. The app integrates access to policy documents, claims, and virtual care services but also to personalised wellbeing services which have been carefully curated in order to support people’s health and wellness no matter where they are in the world.

“At AXA-Global Healthcare, we are dedicated to putting customers’ needs and wellbeing first and protecting their life journeys by making global healthcare more accessible, seamless and holistic.”

The app launched in December 2024 to selected clients with a phased roll-out planned for 2025, marking a significant step forward in AXA – Global Healthcare’s mission to transform global health insurance and deliver unparalleled services and support to its members worldwide.

There is an opportunity for clients of advisers to stake stock and address some of those financial ideas and concerns that might have niggling at you through the year, ranging from pensions and family finances to wills, gifting and IHT.

Emma Sterland, chief financial planning director at UK wealth management firm Evelyn Partners said:  ‘There have obviously been changes announced at October’s Budget that will alter plans for some, but irrespective of evolving tax and other financial rules, our circumstances and needs also change constantly so it’s important to pause and take stock.’

Here she offers up twelve tips and ideas for 2025 based on her professional financial planning experience.

She adds: ‘Some of these are “low-hanging fruit” that could be enacted or set in motion with an hour on the laptop, while some might involve more ongoing efforts. But they are all very do-able, practical steps that might make a good alternative to daunting New Year resolutions.’

1. Boost your pension (by sacrificing your bonus?)

Sterland said: ‘Pension saving is treated very generously by the UK’s tax system, which means you get to keep in some case all of your earned income by putting it into a pension, plus a further boost from employer contributions. As many people are not saving enough for retirement, if there is room in their budget or they can make room, then increasing pension contributions can be something of a financial no-brainer.

‘Some employers offer pension contribution matching above the minimum levels, which are currently 5% from the employee and 3% from the employer. Individuals should consider taking advantage of such an offer which might mean that an employer would match higher employee contributions of say 8% of salary.

‘You can also add to your pension with one-off lump sums – an inheritance for instance – as long as you are careful to abide by the annual allowance rules, which limit how much you can contribute to a pension in a tax year while receiving the tax relief.

‘It is also around this time of year that many employees are asked how they would like their bonuses paid to them. Many firms offer the option of having a bonus sacrificed into the company pension, which means the full amount is paid into the workplace scheme, rather than losing a good chunk in income tax and National Insurance.

‘Bonus sacrifice can be especially beneficial for those around the £100,000 annual salary mark as they will lose their annual allowance if earnings go above this level and could potentially be paying a marginal tax rate of more than 60%.’

2. Start saving for a child, grandchild or niece/nephew

Sterland said: ‘Small amounts saved regularly over time can accumulate into quite substantial sums over many years thanks to the power of compound interest, or compound returns.

‘So the festive season is a good time to think about really lasting gifts that can create long-term By opening a Junior Individual Savings Account (JISA) for a young relative, with a relatively small monthly outlay, you could be giving them a real financial headstart in life. JISAs come with their own generous £9,000 annual allowance and does not eat into the adult’s annual ISA limit.’

If a family invested £100 a month in a Junior ISA, assuming an average annual 5% growth rate, the account would have just over £35,000 in it by the time the child turned 18. With the maximum £750 a month contribution, the pot would be worth more than £263,000.

She adds: ‘It is also possible to open and save into a pension for a child, where the potential growth is even greater because the contributions will benefit from tax relief at the basic rate of tax.’

With a gross annual pension allowance of £3,600 for the non-earner, a relative can invest up to £2,880 a year into a child’s Self-Invested Personal Pension (SIPP) from age zero, which is topped up by the Government with £720 in tax relief.

3. Check your pension is going to the right person

The Budget changes to IHT rules mean that from April 2027, if legislation goes ahead as expected, unspent pension pots will be Included in IHT liability calculations at death, unless the spousal exemption applies.

Sterland said: ‘This major change is a reminder to check who receives your pension savings should you die, and this applies to personal pensions and SIPPs as well as occupational schemes. In workplace schemes this can often be a separate form to the nomination for death in service benefits (see No.11).

‘It is a quick and straightforward step to make sure you have filled in the nomination form in your workplace pension scheme and to check it if your circumstances have changed.

‘Some people might currently have nominated one or more children as well as or instead of their spouse or civil partner. They might want to keep it this way, but should be aware that from April 2027 leaving this asset to a spouse or civil partner will probably be more tax-efficient.’

4. Review your financial strategy and don’t leave it too late to get advice

Sterland said: ‘Research also tells us that many people only turn to financial advice late in life by which time most crucial decisions around retirement saving, investments or pension access have already been made.

‘Many middle-aged and older women only seek advice when their partner dies, leaving the survivor assets that they are just not sure what to do with. A surviving partner will often come to us to “sort out their financial affairs” in such a way that it will provide them with security and an income into old age.

‘Ensuring a comfortable retirement is a lot easier if someone has a trusted adviser already, before these things happen. Not just because with a background of sound financial and investment advice the family’s assets would be in a better state of preparedness – whether that is getting your pension retirement-ready or a first death.

‘But also because a relationship of trust would have been established, so that the person feels comfortable later in life with the advice on their financial future. Suddenly entrusting a whole estate to a new adviser can be a difficult and fraught process for someone who is on the cusp of retirement or grieving and possibly elderly.

‘So the message is: don’t leave advice too late if you think you might need it, even if it doesn’t seem like the most urgent thing right now.

‘For those who aren’t advised, time can overtake even the most savvy among us. It’s entirely possible that your finances are currently in a great place – according to plans made a decade ago. Our circumstances and needs can change significantly and unexpectedly for all sorts of reasons – births, marriages, deaths, inheritances, career change, divorce, illness, the list goes on.

‘It might be for instance that a couple who both earn decent incomes never bothered with life insurance because they – quite logically – deemed it unnecessary. But that could become a priority with the arrival of children or if one partner takes a back seat in the bread-winning stakes, or both.’

5. Use allowances efficiently to shelter from tax

Sterland said: ‘In a higher tax environment, tax wrappers like ISAs and pensions become even more important, and as the end of the tax year approaches in April, individuals and couples should make sure they are making annual allowances work for them.

‘Investments held outside a tax-protected wrapper are now vulnerable to a higher rate of capital gains tax, particularly so as the annual exemption is now just £3,000. The new higher rates of 18% for basic rate taxpayers, and 24% for higher and additional rate, apply already so many investors might be reluctant to realise big gains in a higher tax environment.

‘But if there is a good investment case for taking some profit, investors can put some serious thought to using their annual CGT exemption in the next three months to realise some gains before the end of the tax year.

‘For couples it is time to look at whether both sets of allowances are being used efficiently and whether – in the case of married couples – spousal exemptions can be used to remedy this situation by transferring investments, which could also allow the couple to take gains more tax efficiently.

‘Likewise, one partner might have a higher personal savings allowance which means the couple could earn more interest tax-free if savings are held by the lower-rate taxpayer.’

6. Claim your higher or additional rate tax relief

Sterland said: ‘Yes it’s the tax return time of year, and most of those who are used to annual self-assessment will need no reminding of the 31 January deadline and the cost of missing it.

‘But some of those not doing one might be unaware that they should be – or forgetting to include important information. This can be especially costly for higher and additional rate taxpayers who are owed pension tax relief. Research suggests that a third of higher-rate taxpayers every year could be missing out on an additional 20% tax relief on their pension contributions.

‘Anyone paying into either a relief at source pension scheme or a self-invested personal pension will contribute sums out of net pay, after income tax has been deducted. Basic rate tax relief at 20% will be added automatically by the pension administrator – but if you have paid tax at the higher rate of 40% or additional rate of 45% you will then need to claim back the extra 20% or 25% from HMRC.

‘A higher-rate taxpayer paying £50,000 into a private pension each year could potentially miss out on £12,500 due to the unclaimed pension tax relief, while that sum would be even higher for an additional rate taxpayer.

‘This tax relief can be claimed on a tax return, but if you are PAYE and have no other reason to register for self-assessment, it is possible to write to HMRC with all the details of your contributions and the scheme you are paying into, in order to claim the extra tax relief.’

7. Start the financial conversation – for couples and the ‘sandwich generation’

Sterland said: ‘So many financial problems and worries arise and grow because of a lack of communication, whether that is between partners or between parents and their children. The so-called “sandwich generation”, who in middle age have both parents who are dependent in some way and children at school or university, can find life particularly difficult if they don’t talk with their family about important financial issues.

‘Many families find it easiest to do this with an outside expert. Those with both elderly parents and growing children have the most to gain from careful, generational financial planning as the potential gains from good advice around cash-flow, investments, wealth transfer and tax-efficiency are myriad.

‘With couples, there does tend to be one who is more comfortable with managing the finances and that can work to an extent – partnership after all is partly about playing to each other’s strengths. But even if one person tends to take the lead it’s always best if both individuals have a decent grasp of the household finances and are at the very least engaged in the more important decisions.

‘It’s up to both partners to make that happen as lack of financial communication can be as much about one person showing no interest as the other’s tendency to take control. This is especially important if one or both partners are elderly, when loss of health or certain capabilities – which could affect the financial reins-holder – is a potential issue.

‘Women can often be the financially under-informed partner in many marriages and relationships, but anyone in this situation should remember that they might end up in a weaker state financially should anything go wrong. The more equally informed both parties are the easier and it will be to cope with a change in circumstances, and even a separation.’

8. Make or change your Will(s) and/or put in place LPAs

Sterland said: ‘If you don’t have a Will then making one is often a huge step in establishing financial security and peace of mind for your family. It can prevent unnecessary stress and even disputes for the administrators and beneficiaries of an estate and could save them having to pay unnecessary inheritance bills.

‘Having wills in place is especially crucial for unmarried couples in long-term relationships – as the intestacy rules could lead to an unwelcome distribution of assets at death – and for blended families where uncertainty and misunderstanding can arise. Where the family home is not jointly owned, that could also create issues at death and couples can consider how their property is owned at the same time as looking at Wills.

‘Even where wills are in place, and especially if they were made some time ago, make sure that they still do what you want them to, and that new tax rules do not require a rethink.

‘To take one example, after the changes to business relief and agricultural property relief in the Budget, for many families with businesses or farms the traditional mirror wills for married couples – where the couple leaves everything to one another and then to their children – might no longer be the best option to maximise the use of available IHT reliefs.

‘It’s also a good time to reflect on articulating your wishes at a time of lost capacity and possibly arrange lasting power of attorney. You can register an LPA at any time and nominate one or more trusted persons, but you do not have to grant it until the need arises.’

9. Check your tax-free cash pension allowance

The lump sum allowance – introduced from 6th April 2024 – provides all pension savers with the potential to draw up to £268,275 (assuming they had no Lifetime Allowance protection in place) from pensions tax free, less any previously withdrawn lump sums.

Sterland said: ‘There is a calculation that is used for lump sums that were taken prior to 5th April 2024 and, if the tax-free cash previously withdrawn was less than 25% of the value crystallised, then this could mean that you might be entitled to more tax-free cash than you thought.

‘This situation is more common for those who have already taken final salary pensions or purchased annuities. Care is however needed to ensure that you do not do something that could reduce the amount of lump sum allowance available to you, so please seek advice before doing anything as a good adviser can clarify the position for you and a simple solution is available to ensure you fully benefit from this new allowance.’

10. Is it time to start the seven-year clock ticking?

Sterland said: ‘We have mentioned how fulfilling it can be to start saving for a young family member but gifting can also benefit the whole family by reducing a future IHT liability.

‘So once you’ve recovered from Christmas generosity, the new year is a good time to give some thought to a longer-term gifting plan. Should you start the “seven-year clock” ticking on larger gifts? Do you want to gift your pension tax-free lump sum now that pension pots are due to come under the ambit of IHT by April 2027?

‘Could you start making regular gifts using the ‘normal expenditure out of surplus income’ exemption? Could you use your own pension savings to start or boost the pension of a loved one, which would benefit from tax relief at their marginal rate?

‘All these questions have been given extra urgency by the Budget changes to IHT rules and reliefs, and those who would currently benefit from the more generous business and agricultural property reliefs must have a big rethink with the help of an adviser whether their current plans are fit-for-purpose.’

11. Check your death benefit situation

Sterland said: ‘While the IHT reforms at the Budget are still under consultation it does look like a number of death benefits paid out as part of pension plans will be subject to IHT.

‘Many employers offer life assurance benefits as part of a workplace pension, in the form of a tax-free lump sum – often three to four times salary – paid to a person of your choice if you die while working for the company. This is obviously a crucial payout for loved ones should anyone die at an age when they are still employed, which would usually be a huge shock.

‘At the moment such payments paid out by occupational pension schemes are not counted as part of an estate for IHT purposes, but under the new rules they probably would be. Although the IHT issue might only occur if you have nominated someone other than your spouse or civil partner, because of the spousal IHT exemption.

‘So it is a wake-up call for everyone to check they have the correct person nominated for this benefit, and those concerned about the IHT implication of such a payout should check with their employer as to the type of death-in-service scheme they have in place.

‘Newer types of “excepted” death in service benefits could mean that IHT is avoided on the payout in all cases and for most employers it is relatively straightforward to switch to such a scheme.’

12. Get your pensions together

Almost all employees are now enrolled in workplace pensions and many are accumulating multiple pots. Research shows that the value of lost pension pots in the UK has risen by 60% since 2018, and that 3.3 million pension pots are now considered dormant or lost, at an average size of £9,470.

Sterland said: ‘The new year is a good time to sit down and make sure you have all the details of your savings, and if not then call previous employers or providers, or failing that the Government pension tracing service, to get them together.

‘This is the first step towards taking control of your retirement fund, and not just because it’s daft to let hard-earned money go missing. You also need to keep track of how much you have saved and where it is invested to have any idea whether you are saving enough for retirement.

‘Consider also whether life would be easier and your investments easier to manage if you consolidated some or all of the pots. It’s possible to do this yourself but where you’re looking at larger sums this is really an area where advice can pay dividends, both around whether and how to consolidate and how to make your investments work harder in the future.

‘For defined benefit pensions worth over £30,000, advice is in any case mandatory before they are transferred or cashed in, but even money-purchase schemes can have various rules and benefits attached that an adviser will spot.

‘If you don’t take advice, then check that you are happy with how your pension savings are invested, and watch out especially for any lifestyling or target-date funds that your pension could be saved into, which might no longer be fit for purpose.’

The move follows the announcement from Canada Life that it closed its onshore bond proposition to new business in January 2024.

The transfer is subject to regulatory approval and FSMA Part VII court proceedings, which are expected to complete by the end of 2025.

Sean Christian (pictured), managing director for Wealth at Canada Life UK, said: “We are delighted to partner with Chesnara plc. on the sale of Canada Life’s onshore bond business.

“They have strong existing expertise in the onshore bond market, and we are confident they have high standards of customer service and a commitment to delivering good customer outcomes that will support the future needs of our customers and their advisers.

“This represents an important milestone in Canada Life’s transformation journey and will enable us to strengthen our focus on our core markets.

“The international bond market continues to be a strategic focus for the organisation, and our recent A (Superior) rating by AKG demonstrates our commitment and growing capability in this area.”

“This deal is excellent news for the customers and shareholders of Aviva and Direct Line,” said Direct Line’s CEO Amance Blanc today (23 December).

“It builds on our track record of delivering four years of strong financial performance and, in line with our strategy, it accelerates our growth in capital light business.”

In reaction, Matt Britzman, senior equity analyst, Hargreaves Lansdown said Christmas had come early for Direct Line investors: “The terms of the deal remain unchanged from what was floated to the markets earlier this month, and the festive confirmation has wrapped up what many investors had already baked into expectations, leaving little surprise under the tree.

“This deal strikes a balance that seems to deliver value for both parties. Direct Line has been navigating choppy waters, with its market share steadily eroding and a history of missteps from previous management leaving the ship off course.

“While the new management team has been working to steady the vessel, even they couldn’t deny that Aviva’s offer was the golden ticket they’d struggle to replicate on their own. Though they’ve expressed confidence in their independent strategy, this proposal was simply too compelling to pass up.

“For Aviva, the price tag is sitting on the edge of what might be considered a bargain, but the strategic potential could prove to be a real cracker. Acquiring Direct Line cements Aviva’s status as the heavyweight champion in the UK home and motor insurance markets.

“Beyond bolstering their market dominance, the deal unlocks opportunities to put the Direct Line transformation on the fast track, while capitalizing on the efficiency gains that come with increased scale. It’s a bold move that could turn out to be a gift that keeps on giving.”