Tony needed help organising his pensions and wanted to get a plan in place so that he could enjoy retirement to the full. Here’s his story.
Tony was ready to retire.
He had several pension arrangements with different features and wanted to make sure he was making informed decisions with each of them.
Tony had plans to travel, explore and be more active in the early years of his retirement, so wanted to secure a higher level of income to fund this period of his life.
How we helped.
We analysed Tony’s various arrangements and discovered that a couple of his older pension plans had quite valuable guaranteed benefits that would secure him an inflation-linked guaranteed income in retirement. It was important for Tony’s long-term security that these plans were maintained and taken at the optimum time.
Tony also had a couple of personal pension plans that could be combined to provide a combination of income and tax-free cash. This fund was able to provide a higher level of income initially, allowing Tony to retire now.
We produced a lifetime cashflow forecast to work out whether Tony had enough money in the long-term. We made sure Tony’s withdrawals were structured correctly, ensuring he wasn’t paying unnecessary tax and making the most of his personal tax allowances.
We also made sure Tony’s personal pension fund was invested in a suitable portfolio that was consistent with his attitude to risk, giving him the best possible chance of maintaining his desired level of income throughout his retirement.
What was the outcome?
Tony experienced a smooth transition into retirement and is enjoying being able to travel and do the things he always wanted to do.
He is now confident that he has made the most of his accumulated pension arrangements. Tony has an ideal balance of guaranteed income and is able to make more flexible withdrawals to suit his needs.