This article was published on: 07/17/18

Why did Joanne come to us for advice?

Joanne had recently moved from full-time to part-time employment, with the hope to transition into retirement soon. She was a longstanding member of her employer’s Final Salary pension scheme.

Joanne is single and has three grown up daughters. She has suffered from ill health over the years and, as a result, wanted to ensure her pension funds could be passed down to her daughters on her death.

What did we do?

During our meetings with Joanne, we encouraged her to share her personal goals and preferences. We discovered that Joanne only required a relatively modest income to meet her retirement needs and goals; less than her Final Salary pension would have provided. It was also important to Joanne that her children could benefit from her pension upon her death. This would not have been possible if she’d stayed in the scheme, whilst she would have been taking more income than was necessary. In light of these factors, we recommended that she transfer out of her employer’s Final Salary pension scheme.

By doing so, Joanne’s pension funds would be in a position where she could take the modest level of income she needed, but on a flexible basis. It also allowed her more flexibility when it came to the future of her pension in the event of her death.

The results

Joanne is now happily retired and her flexible income is serving her well.

Most importantly for her, the transfer has meant that her pension funds are now in a position where, upon her death, they can be passed down to her daughters. This has given her significant peace of mind.

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