Austen Birkett Financial Planning Ltd - Independent Financial Advisers

Pension review – keep what you have

We were referred to a client who had six different pension policies which had been accrued from past employments.

We conducted a full analysis of each policy after receiving all the information back from the companies and scheme trustees involved.

The client had two final salary pension schemes which offered valuable benefits, which we felt could not be bettered with any alternative new arrangements. We recommended that no action was taken with these two pensions.

One of the other policies was an older style pension, which on the face of it, did not offer good value. However, we knew this type of policy offered guarantees at retirement age. Again, we recommended that no action should be taken with this policy. It was confirmed that the contribution could not be increased to take further advantage of the guarantees.

The other three policies offered no form of guarantees. One of these policies offered better value than the other two, based upon product charges and investment funds. Therefore, as there was no penalty for transferring the two policies, we recommended they were transferred to the client’s existing plan, which offered better value.

As a result of our advice, the client now appreciates the value of his accumulated pensions and has a clearer understanding of what income he can expect in retirement.

The above case study is for information and illustration only. It is not intended to be individual advice and it should not be taken as such. If you have any questions relating to your own circumstances, please contact us.

"On behalf of my wife and myself I would like to express our appreciation and gratitude for your professional guidance and that personal touch of excellence in dealing with my pension arrangements. Thank you once again for being our financial adviser."

Mr & Mrs S

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Do you have several pensions with different providers and want to know if you should consolidate them with one provider. Maybe you want to know how to reduce your inheritance tax liability?

Austen Birkett Financial Planning have answered many questions like these from individual clients.

Planning for Individuals

Austen Birkett Financial Planning
Trebeck Hall
Bishops Drive
NG25 0JP

T 01636 812255