Retirement Income

Background

We were contacted by the 61-year-old friend of one of our existing clients. He asked for our help with his Pension. He had telephone his three existing pension providers and received a large amount paperwork in the post.  We offered an initial meeting without charge or obligation to see how we could help.

 Client Concerns & Immediate Issues

•  Client was about to retire and needed to generate an income
•  Had a number of pensions and investments including ISAs
•  The various ‘retirement packs’ gave him a huge number of options available
•  Nervous of relying solely on future investment returns for his income
•  Had never used a financial adviser previously and was not sure what we offered

Our Initial Recommendations & Actions

• We reviewed the pension information he had been sent and clarified his options
• We compared and contrasted the options of purchasing an Annuity or leaving his pension funds invested taking into account his individual circumstances
• Reviewed his non pension investments which were mainly in cash
• Established an acceptable investment plan relevant to his appetite for risk and created a ‘tax free’ income

Results so far

• Able to obtain an improved annuity income based on relatively minor health issues which was higher than the annuity available from his existing pension providers
• Consideration of the alternative of flexi-access drawdown

Please Note: This document is provided as a working example and for information purposes only this should not be taken as financial or investment advice.