Preparing for retirement – Andrew and Rachel


Andrew and Rachel are in their mid-50s. Their mortgage was almost paid off, and they had accumulated savings and investments of £225,000.

Rachel had pension savings of £60,000, as well as an NHS pension already in payment, whilst Andrew had five pensions totalling £305,000. These pensions had been accumulated over many years through various employer pension schemes and investments.

They were looking to retire in around a year’s time. However, they weren’t sure what to do with their various pensions and whether their ideal retirement age was realistic.

What did we do?

After an in-depth discussion with Andrew and Rachel about their objectives and aspirations, we completed a financial fact find. We identified that two of Andrew’s pensions had extra benefits and guarantees attached to them.

We implemented a plan, ring-fencing the pensions with the extra benefits whilst consolidating the rest of Andrew’s pensions into one place. This simplified his pension holdings, utilising more appropriate funds and reducing the charges being paid by 1.25% per year.

We went on to understand Andrew and Rachel’s expenditure needs in retirement and designed a strategy utilising the new pension freedom rules to allow them to draw income tax-efficiently and sustainably.

The results

Andrew and Rachel now have less pension plans to worry about and are paying less in charges whilst still being able to benefit from the valuable guarantees held within Andrew’s existing pensions at a future date.

They are now on track to retiring within the year and are looking forward to the future.

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