Case Study 1
Mark saw a couple who both had personal pension plans and pensions from previous employers. They had not heard from their existing Financial Adviser for some time and wanted to find out what was best to do with the existing pension they had.
They need help with
- Wanting to understand what pensions they actual had
- How much they currently had in their pensions
- Simplifying the amount of paperwork they got from all the pension providers
- What income in retirement they may get
- Could the pension plans be improved to get better returns
- Should they be paying into a pension
Mark undertook a detailed analysis of their existing schemes and chatted through the options they had in a way that the client could understand.
Mark was able to transfer the existing pension funds into a pension plan for each of them and select a potentially better investment to enable the pension fund to grow at a higher rate than they had done.
This meant that
- Clients understood what pension benefits they had
- One pension plan to deal with rather than many, so clients can keep track of what they have.
- They are now aware of the potential income they may get in retirement
- Potentially better returns as better performing investments have been selected
- They are now paying into the pensions to help improve their retirement
- Mark contacts the clients every year to review the pensions.