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Case Study – Maximising Pension Benefits

By April 16, 2015February 12th, 2019No Comments

The situation

A 60-year old business owner and chief executive had acquired various pension arrangements during his career. Naturally, he wanted to ensure his pensions were structured to provide the maximum possible benefits on retirement.

We discovered that due to unforeseen circumstances one of his company pension arrangements was at risk. Without taking action, he could have lost a proportion of his pension benefits.

We also assessed the advantages of transferring his other pension schemes.

The solution

Following our review, we transferred the pension from his previous arrangement to a new pension scheme. We also recommended moving his other schemes to more advantageous arrangements. These actions reduced the charges that applied to his pension plan and provided an opportunity for more effective investment planning.

Additionally, our team identified a potential issue with his lifetime allowance. We investigated various tax-efficient options for the client to enhance his benefits when he comes to retire.

The results

By transferring his pension arrangements, we have secured a significant sum of additional money every year for the rest of his life when he retires. In addition, through increased flexibility, our client now has more control over his retirement income. Through our restructuring work, the value of his wife’s annual pension also rose significantly.

The client is delighted with our help in securing his retirement, and has appointed Cullen Wealth to look after his entire portfolio.