The Scoop

Why Not Now?

Financial plans don’t only protect yourself and your family, a financial plan covers a lot more than just that. It focuses your lifestyle goals and your choices. The main goal is to make sure your money works for you, especially in an unexpected event of emergency, and even when you’re not around anymore.

But the best thing is to plan ahead. You don’t know what you’ll be like in 10, 20, 30 years. Will you still be as healthy as you are now? Will you need to make alterations to your home to assist you with mobility and daily living? Will you be in assisted living? Who knows? You don’t want to think about it, and you certainly don’t want experience it either… But you don’t have to worry! By planning in advance years ahead, you can secure a higher quality future for yourself and the ones around you.

Two clients of ours, Mr and Mrs M’s story is a vital example of why it’s so important to plan ahead. Planning ahead can significantly reduce the stress, it provides you with answers to your queries, a sense of hope and security. Mr and Mrs M originally joined the PenLife community several years ago. But last year, we were given the unfortunate news that Mrs M had been diagnosed with an aggressive terminal illness – meaning she only had 12 months to live. Naturally, news like this is always hard to hear, although sadly it’s not uncommon in our profession. We’re responsible for both helping protect clients against such possibilities, as well as supporting them through the process should it actually become a reality.

As Mrs M had been a client for many years prior to this, we were already familiar with her financial situation. We knew she was a member of a Final Salary (or Defined Benefit) Pension Scheme, which we needed to request a value on before we could get started – and some weeks later, we received a Cash Equivalent Transfer Value (CETV) of £53,500 for this pension. Usually, schemes like this provide a regular, inflation-proofed income in retirement until you and your partner die. However, due to this client’s condition, she wouldn’t have been able to receive any significant amounts, and only 50% of this would have been passed onto Mr M. The two stated there was little difference this would make with no flexibility, and it would have taken 26 years for Mr K to receive the total amount it’d been valued at.

After careful and thorough analysis of the situation we did our research and found our final recommendation. A full pension transfer. As a primary benefit of being an independent advice firm, we were able to base this recommendation on bespoke, unbiased advice backed by expert knowledge and years of experience – which is the only sure-fire way to ensure the most suitable advice is given. After our advisers’ presentation, the couple agreed with our recommendations and Mrs M’s pension was transferred in the weeks following.

It means that she could choose to take her 25% Tax Free Cash, pass her wealth down to whomever she chooses or spend the whole lot (after tax of course)… Frankly, it means that she can spend her hard-earned money whichever way she pleases. And that’s exactly what this woman deserves.

Despite this case obviously being emotionally trying, and a really difficult time for everyone involved, we know the difference good advice can make in dark times like this. We’ve seen it take huge weights off struggling shoulders and we’re proud to be one of the first places our clients go for support.

So what’s next? It’s always important to have an efficient and effective plan in place in case of emergency, regardless of what stage of life you’re in. So we’ve created a simple tool to help you with just that.

This tool is a simple starting point. It provides you with a few options and then asks you to select the most relevant one to you and your circumstances. After answering the questions, you’ll receive a summary of your financial objectives (alongside your current position) to help you identify your financial priorities. Below the summary, there’s also an option to submit your answers to one of our qualified financial advisers, who’ll then get in touch for an initial chat. The form only takes a few minutes, so click the link below.

If you’re still not convinced, we offer a no-quibble money back guarantee. So if you’re not 100% satisfied with our service after the initial 12 months, we’ll refund all the advice fees you’ve paid us so far (not that anyone has ever taken us up on this offer…). We put this in place to ensure people feel as comfortable as possible when seeking advice from us. That’s also why all of our initial phone calls and meetings are held at our own expense, meaning you won’t pay a penny until you’re confident you’d like to work with us.