James contacted us after participating in a pension surgery presentation that we conducted at his workplace. He wanted a full review of his pensions.
James is married and has two children. He had largely made his own investment decisions before seeking our advice, and his main objective was to achieve financial independence in the years ahead.
What we did
Our analysis over the first few years confirmed that James was on track to achieve financial independence within his desired timeframe.
We made some changes to James’ pension planning, particularly in relation to the lifetime allowance on pensions. We were able to save James a six-figure sum on taxation by drawing a pension lump sum early and applying for the appropriate individual protection whilst maintaining important guaranteed income streams and employer funded pension contributions.
In addition, we advised on a strategy to consolidate James’ investment portfolio and subsequently started an estate planning strategy to minimise the potential charge to inheritance in the future.
James and his wife have now started to move towards a semi-retired position. James has been able to work on a consultancy basis and combine work, travel, family and other hobbies and interests.
They are now enjoying a wonderful life that is supported by a robust long-term financial plan.
A pension is not normally accessible until age 55. The value of your investment (and any income from them) can go down as well as up and you may not get back the full amount you invested. The tax implications of pension withdrawals will be based on your individual circumstances, tax legislation and regulation which are subject to change in the future. The Financial Conduct Authority does not regulate Estate Planning.