What prompted Clive and Karen to seek advice?

Clive and Karen both worked for a bank and had been offered voluntary redundancies. In addition to advice on their severance payments, they were also considering their options on their Defined Benefit pension. They were considering taking early retirement benefits and transferring to a Defined Contribution plan in order to flexibly access the benefits. They were both fit and healthy and led an active lifestyle which they were keen to continue.

How did we help?

We worked with Clive and Karen to fully understand their personal circumstances, attitude to risk and life plans. With this information, we were able to support them by explaining the benefits of their pensions and completing lifetime cashflow models to help them to make the right financial decisions.

How have Clive and Karen benefited from our advice?

Clive and Karen can live their ideal lifestyle in retirement while remaining in their Defined Benefit pension schemes. They were able to save significant amounts in tax by investing their redundancy payments into personal pensions. The new pensions could be flexibly accessed immediately, leaving their Defined Benefit pensions to become payable at their normal retirement age, thereby maximising the benefits payable.