Case Studies

Building 1
Posted on 10th March by Vicky Harrison

PENSION TRANSFER CASE STUDY

Brian is age 62 and over his working life, he has accumulated 5 pensions plans, all with different providers, which combined equate to a transfer value of £320,000.

Brian is married and in good health but is about to be made redundant and wanted to discuss accessing his benefits.


Objectives

Brian’s state pension will not commence until 2020, therefore he is looking to bridge the income gap until then, specifically looking for flexibility and tax efficiency in accessing his benefits and also leaving a legacy if possible.

None of his existing plan allowed this, therefore we provided a recommendation to transfer all of his plans into a flexi access drawdown plan, which suited his needs more. We were then able to set up Brian’s income based on his needs and ensure he remained within the basic rate tax band. If Brian finds further employment, the income could be switched off, allowing complete flexibility.