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.