Debbie wanted to make sure that her children could benefit from her pension on death, which isn’t typically the case for this type of pension.
Whilst transferring final salary pensions is not the right solution for many clients, for others it can make good sense.
Debbie had enough guaranteed retirement income from other sources, which meant that she could forfeit the income offered by her final salary pension without it impacting her ability to ensure her living costs were covered.
Whilst we don’t advise directly on final salary pensions, we introduced Debbie to one of the firms we work closely with, who were able to provide the advice she needed.
Once her pension had been transferred, we begun looking after Debbie under our ongoing advice service.
She also had some other personal pensions, which we were able to advise upon and consolidate with her transferred final salary pension.
Now all of her pensions were combined into a single arrangement, with instructions for the funds remaining on Debbie’s death to be paid to her children, meeting her original objective.
Following Debbie’s pension advice, she returned to ask for some investment advice, as she was was holding a high level of cash following an inheritance from her late mother’s estate.
We recommended a Stocks & Shares ISA. This investment was via the same investment platform as her pension, giving Debbie a consolidated view of her overall portfolio.
Pensions are a long term investment. You may get back less than you put in. Pensions are subject to tax and regulatory change; therefore, the tax treatment of pension benefits may change in the future.
The value of investments may fall as well as rise. You may get back less than you originally invested.