Britannic Place Financial Management Limited

Flexible Retirement

Background

Male client aged 62. Formerly Sales Director of UK arm of global manufacturing business. He has recently set up a new business venture and is taking a much reduced income from this.

Challenges

1. Income needs

  • Client needed more income to supplement much reduced income from employment
  • Needed flexibility to change income levels depending on success of new venture

2. Pensions and investments

  • Had a number of pension arrangements with various providers
  • Had investments with various different providers

3. Position on death

  • Client and his wife did not have a will in place
  • Worried about potential Inheritance Tax liability on death

What we did

  • Simplified and consolidated existing pension arrangements
  • Set up phased drawdown pension arrangement providing tax-free ‘income’
  • Set up trust in connection with new pension arrangement
  • Referred client to Legal Professional to put appropriate wills and trusts in place
  • Introduced structured review programme to consider ongoing income needs
  • Set up investment portfolio for non-pension investments, providing further tax-free income

The results

  • Gave client control of his pension investments, creating peace of mind
  • Provided tax-free ‘income’ of £12,000 per annum from pension arrangements
  • Improved performance and tax efficiency of investment portfolio
  • Provided further tax-free income from non-pension investments
  • Reduced paperwork and complexity of arrangements
  • With estate planning now in place the client and his wife have peace of mind
  • Reduced potential Inheritance Tax liability by £120,000

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Britannic Place Financial Management Ltd. is registered in England & Wales - Company No. 589908 - Registered Address: 20 Camp Hill Road, Worcester, WR5 2HE
The information contained in this website is subject to UK regulatory regime and is therefore restricted to consumers based in the UK. Decisions should not be taken based solely on the content of the website and individual advice should be sought first. The regulations, levels and bases of taxation are subject to change.
Britannic Place Financial Management Ltd. is Authorised and Regulated by the Financial Conduct Authority. Our FCA No: 588420
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