I have worked all my life and saved. I worked in retail for many years and I had a good pension but I’m not who I was all those years ago. I want to retire now, enjoy life, slow down. I never thought I’d say this!
I know that I have a deferred final salary pension which would give me an income of £15,000 a year and a cash lump sum of £103,000.
Or a higher pension of £19,500 a year if I didn’t take the cash lump sum when I retired at 65.
I’ve been unwell and I’ve needed to re-evaluate my finances but I wasn’t sure how to get the best deal and income for my current situation. Can I retire now? Is that possible? I felt that I needed some clarity as I didn’t know what was best for me so I decided to seek professional advice.
I needed a pension specialist but I didn’t want to be just another number to a company. I’ve worked hard for my money and your company was referred to me by a close friend.
I met Richard at their offices in the City of London and we had a very open talk about me. My life, my ambitions, my professional and personal situation, my assets, investments. I felt comfortable. That I was being listened to.
Yes. I’m 57 years young! Married with two grown up children. I was diagnosed with cancer last year and luckily, I’ve managed to beat it. It was a testing period in our lives and made me realise it’s important to enjoy what we have now and not wait.
It got me thinking, if the cancer didn’t go, what was the point of sitting on this pot of money that will never be used?
Now that I’m better, although I still have health issues, I want to enjoy myself! And if I had to leave John and the children, I’d like to know I did my best to make sure my hard earned money passed to them and they were looked after and that as a family we remained secure.
After our initial meeting, we agreed that I needed to explore alternative options. I requested a transfer value from my company and the value being offered by the scheme was £586,000.
Final Salary Transferwise carried out a detailed due diligence report on my personal circumstance. This combined my needs meant that they were happy to recommend a transfer.
I am able to take a guaranteed income of £19,000 gross a year and a tax-free cash lump sum of £146,500. The best news was I can take the income and cash now, which means I am now retired!
The guaranteed enhanced annuity they set up also meant that part of the money unspent when I died could be passed straight to John and my children. This was important to me.
Delighted! I received £43,500 extra in my tax-free lump sum that has allowed my family and I to enjoy a holiday of a lifetime together - a dream cruise, something we’ve always wanted - and not only have we had tax-free money to enjoy, they’ve managed to increase my income by £4000 a year with the assurance that John and the children would be looked after when I’m no longer around.
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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.
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
Alex had a pension from his banking days which, for him, no longer met his requirements. He did not need to rely on this income for his retirement plans and felt that in its current form, he lacked the control and flexibility he wanted.
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