Retirement Annuity

Summary:

We advised a client on the best way to take their pension annuity income from a variety of pension plans. This helped them to achieve a better income than was offered by their current providers. We also helped them to understand the key decisions and options open to them, while securing their income for life.

Background:

The client was approaching retirement age and had been contacted by 2 existing pension providers offering retirement annuities. The paperwork was confusing and there were important decisions to be made on the options open to them. This was a vital time because the client realised that once these decisions were taken, they could not be altered.

Problems/Challenges:

The client was initially confused by the different types of pensions, as well as the sheer weight of the paperwork provided to them.

They wanted to be able to assess the different products and options open to them in a straightforward way so that they could choose the income that was right for them. Added to this, they needed advice on whether to take a tax-free lump sum.

In this case, the client also had a pre-existing medical condition, which we needed to take into consideration.

Our Approach:

We started by gathering all the technical information from the client’s existing pension providers. We also obtained as much detail as possible on their medical situation.

We then talked through all the different options open to the client for taking an income from a pension product, so that they were able to select the ones important to their situation.

From here we could shop around for the best rate available to them in their particular circumstances, given their age, medical history and options selected. 

We were able to present this in a clear format so that they could easily decide which options were best for their needs. 

Since the client’s medical history indicated a reduced life expectancy, we were able to obtain enhanced annuity rates; this meant an increased income for them for life. 

After completing this stage, we made sure that the paperwork was correctly completed and managed the administration stage of the project.

Outcomes & Impact:

Ultimately the client was able to increase their pension income by more than 40%, each month for the rest of their life. We achieved this by researching the best income for their needs, and taking into account their medical condition.  

The cost of our advice was more than paid for after a few months of receipt of this extra income. 

We were also able to take away the hassle of the process by managing the administration between the various pension providers.

Further Information:

Contact Details

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