I had a pension from my banking days and to be honest, it’s no longer compatible with my lifestyle. I’m not relying on the pension for my retirement income and when I obtained the CETV (Cash equivalent transfer value), I realised I wanted the flexibility to do more with my pension now.
I was introduced to Final Salary Transferwise via a colleague I trusted. My pension adviser and I looked at my current circumstance. I’m 58, single with a partner and son (aged 24). I run my own company and draw a comfortable income, dividend stream and a defined benefit pension with my bank worth £10,000pa (once I hit 65). I also own my home outright.
It was clear from the review of my circumstances that transferring out would benefit me.
I was looking for more flexibility and control over my pension. An opportunity to grow the pension to provide an income, when I wanted, was attractive. I also wanted to use the tax-free cash to help fund a second home abroad. I may or may not sell my company eventually, but having the flexibility to leave the balance invested and draw as income in the future, should I want to, is essential.
One clear benefit is that being unmarried but with a long-term partner, it was important that I could pass on my assets to my partner and son on death.
Yes, I did. I was being offered a CETV of £400,000. This compared favourably with the £200,000 value when valued against the Lifetime Allowance (20 times).
Final Salary Transferwise were very thorough. The review of my circumstances wasn’t taken lightly and the report that followed was distinctly created to identify how the transfer would be in my interest or not. Luckily it was, we knew this from our meetings but the report clearly showed it.
Having considered all my objectives, the recommendation was made and the monies moved into a personal pension arrangement. I took £100,000 tax-free cash for the second home and the remaining £300,000 was invested into a suitable portfolio. I now have the flexibility to draw income from it should I want to in the future.
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Brenda had a pension from her retail days which provided an income of £19,500 pa from the scheme assuming no tax-free cash was taken. She wanted to take benefits as she was retiring, but wasn’t sure if she was getting the best deal from the scheme and so decided to take advice.
Tina had a pension from her ex-employer that has a revalued deferred pension of £28,000pa (assuming no tax free cash was taken). She is 60 and is looking to take benefits now. The transfer value offered was £840,000
Simon had a pension from a previous employer that had a transfer value of £210,000. The deferred income was £8,400, however as he had accrued significant wealth elsewhere in investments and property, he felt that this income was surplus to his requirements and that the underlying value was more important to his family.
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