Case Studies

Building 2
Posted on 10th February by Vicky Harrison


Martin, 54, works in the Construction Industry. Until last year he had spent 27 years in his employer’s final salary pension scheme.

He received the following information based on his final leaving salary:

  • Accrued pension at date of leaving £11,724.

  • 50% spouses pension

  • Cash equivalent transfer value £181,000


Martin wants to retire at age 60, but the normal retirement date is 65 under his final salary scheme. Martin values the security of income his ‘gold plated’ scheme will provide, but with changes in the UK pensions system, he wondered if there was a better fit for his family circumstances.

Martin has his basic income needs covered by secure income elsewhere. His main concerns were the death benefits available under the scheme, given his poor medical history, the financial security of his previous employer and flexibility on accessing benefits.

Martin called upon us for guidance to help him run through the pros and cons of retaining his final salary benefits against transferring to a personal pension.

We were able to summarise the kay areas for Martin to consider and ensure he understood clearly the benefits he would potentially be giving up.

Check out our retirement planning and final salary pensions service pages for everything you need to know.