Mr & Mrs Smith
Mr and Mrs Smith were personally referred to PenLife. They specifically requested a home visit, so our adviser Warwick drove just over an hour out of York to meet them in the comfort of their own home.
During the meeting, they explained that they were very confused about their pension plans and knew they needed a lot of help with retirement planning.
Candidly, their plans were all over the place. Collectively, they had over 15 pension plans which varied in size, type and provider. Not only were they clueless as to how much money they actually had (finding it impossible to keep track of), they didn’t even know which one to start with should they decide to retire. The couple gave a giant stack of files and paper to Warwick, bravely admitting they had no idea what any of it meant.
After carefully analysing all of the information that was given to us, we found that Mr and Mrs Smith actually had a company scheme pension plan with a Cash Equivalent Transfer Value of £450,000 that they didn’t realise they could access.
With both Mr and Mrs Smith still working and needing to stay in the local area, they decided they wanted a change. Mrs Smith had never owned a new house, and a new plot had just been built down the road. As they had already paid off the mortgage on their current home, our adviser highlighted that they could take the 25% tax-free cash from the company pension and outright buy any house on the new plot they loved so much!
After tidying up their finances through consolidating their pensions where possible (including state pensions and annuities), we were able to deliver the news that Mr and Mrs Smith could also retire whenever they chose to; without forfeiting any part of their life.
The fact that they would have enough money left over to travel too did leave them impressed – but not nearly as much as giving them the go-ahead to start house shopping!
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