What does your ideal retirement look like?

Well, I’m almost there, 60 this year!

I’ve been given the opportunity to take early retirement and suddenly I’m planning all the places I’ve always wanted to visit but never had the time to. So, I would say my ideal retirement would mean travelling - to have enough funds to pursue my passion without worrying I will run out money.

After all, fulfilling dreams is what a healthy retirement is all about isn’t it?

What are your current financial circumstances?

I have a pension from my ex-employer that has a revalued deferred pension of £28,000pa (assuming I don’t take the tax-free cash) and the transfer value offered was £840,000.

I own my property outright and have no debts or liabilities and, apart from my pension, no other savings or investments.

I need at least £1,500 pm and would love some extra cash to fund my world travel plans over the next 5 years.

What was in your pension transfer report?

Essentially, it said I had the opportunity to improve on the income that my current pension scheme offered.

It was a very thorough discussion and the report reflected the level of detail covered.

Final Salary Transferwise secured a guaranteed level pension using £630,000 of the transfer value to generate £2,000pm of net income and paid out £210,000 (i.e. 25% of £840,000) in tax free cash.

Out of that, £150,000 was invested in a suitable portfolio to generate supplementary income and £60,000 was available as my travel fund.

Had I taken the scheme pension in full, not only would my net income be less, there wouldn’t have been the £210,000 available to me which meant I would have had to decrease the scale of my travel plans. I am so pleased with my decision!

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Brenda

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.

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Simon

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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Alex

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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