In each of our case studies, we highlight a specific issue or topic that our advisers have helped clients to manage. We also show how working with a trusted financial adviser provides continuity and peace of mind for our clients.
In this case study, we look at how pension consolidation and a review of existing pensions in preparation for retirement and later life was a stress-free experience for the client.
What first prompted you to seek financial advice?
A couple of years ago I took early retirement. I’d looked at the various pension schemes I’d accrued over my working life and the numbers added up. My biggest pension pot was from a company that I’d been with for 27 years and I also had a couple of others too, including one from a six-year stint in the Navy.
I also had a fair few savings dotted around and together I thought it all pointed to me being able to retire.
I wanted some financial advice and reassurance that the numbers were right and that I could, indeed, afford to retire! I also wanted to consider consolidating my pensions so that everything was in the same place and then I wanted to look over my other savings and make sure they were in the right format and housed effectively.
What did you want to achieve?
There were two targets that I was focused on when I retired. Primarily it was to organise a family trip back to my wife’s home country of Thailand and, secondly, to extend our kitchen.
When I confirmed my options, I chose a specific tax-free lump sum and reduced pension payments that would meet my desire to extend my kitchen and allow for travel.
The first six months of my retirement was spent working as a professional cargo bike rider for PedalMe. This generated a new small workplace pension and generated additional income for the trip to the Far East.
The trip to Thailand was planned for 2020 but had to be cancelled due to the pandemic. However, this meant that when I did fully in 2022, we were able to organise a longer trip to South East Asia than originally planned.
What was the ongoing advice process like?
My adviser was able to sanity check my goals and objectives alongside the desire to combine those pensions.
Once we had decided on what to do with the pensions, we then looked at my savings and did an overall health check to make sure everything was as it should be. I found this very reassuring. I consider myself financially literate, but I wanted reassurance that I was doing the right thing and advice on what, if anything, to move – and where to. I was particularly interested to find out if I should move anything under my wife’s name because she does not work, and I wondered if there was any advantage to doing that.
How important was the relationship with your adviser?
My adviser Andrew is personable and easy to get on with. Before I sought out financial advice, I had concerns about someone being overbearing or trying to foist things on me, but I am pleased to say this was not the case at all.
What I really liked was the way our adviser Andrew took time to listen to my concerns and then discuss options with me on my level. He wasn’t trying to do anything for the sake of it and there were quite a few things that he just said to leave where they were and that I’d made the right choice in the first place. It really did feel like a two-way discussion based on honesty and trust.
What really made a very good impression was that Andrew took the time to suggest things that we needed to think about but hadn’t, like making a Will and Power of Attorney. He also connected us with the right people to deal with that for us.
How do you feel about your finances now?
I now feel like I am well placed financially for this next stage of our lives and that I don’t need to worry about it. That is a huge relief, and it was all stress-free and done via natural and free-flowing conversations.
If you’re not comfortable with what you’re being told or not sure and not able to get reassurance from a financial adviser, then that’s difficult and something that some people worry about.
But in Andrew I found someone who can explain the things I don’t know about so much. He also provided reassurance around the things I had put into place already. I was looking for reassurance and I was looking for a straightforward approach, and I got both.
Get in touch
If you’re in a similar situation to Roy, find out how Flying Colours can help you achieve your retirement goals. Book a no-obligation consultation with one of our retirement planning experts today. It’s free and there’s no pressure to work with us afterwards, but after 45 minutes you’ll come away with:
- A clear picture of where you stand with your retirement planning from a qualified financial adviser
- Guidance on potential tax-saving opportunities you might be missing
- An understanding of your retirement income options and drawdown strategies
- An initial assessment of your pension arrangements
- Professional insight on whether you’re on track for the retirement you want and what you may be missing
So what have you got to lose? Book a consultation today!