Paul’s story

Reviewing retirement plans

Paul had been paying into a pension for a while but like most of us, he hadn’t considered what he might need to financially support himself and his family in his retirement.

We worked with him to establish when he would like to stop working, what his income would need to look like during retirement as well as what Paul’s attitude to investment risk was. Using the Cashflow Modeling tool, we reviewed Paul’s current assets and potential future sources of income and identified a shortfall.

Existing pension provision

In auditing Paul’s existing pensions we discovered some older personal pension schemes that were not being managed or monitored. There were also significant final salary pension entitlements from previous employers, which had not been reviewed since he left. None of these offered appropriate investment choices or access to the flexible retirement facilities Paul needed to meet his retirement goals.

Putting a financial retirement strategy in place

After we provided Paul with a number of tailored options, Paul decided to retain his final salary schemes as they would provide a reliable retirement income. Consolidating the remaining pensions into one single, more modern arrangement has given Paul a better selection of investment options and flexibility to make changes as his circumstances change.

In addition, having reduced Paul’s pension contributions we also helped him to avoid tax penalties and suggested other tax-effective strategies to help Paul bridge the shortfall.

We now manage Paul’s retirement portfolio, providing him with regular guidance and updates. We meet frequently to suggest any refinements, which ensures that Paul’s retirement plans stay on track as the saving markets evolve and circumstances change.