Britannic Place Financial Management Limited

Pension Consolidation

Background

Male client aged 60. Legal Director of large firm of solicitors in Birmingham. He had a number of pension arrangements through various past employments. He was unsure of his overall financial position and when he could retire.

Challenges

1. Pension Position

  • Client wanted to know what he had in terms of pension provision
  • Wanted to know what to do with the various pension arrangements
  • Wanted to know what his options were in terms of taking benefits

2. Employment

  • Not sure how long he will continue working
  • Not sure how much he will continue to work for

3. Position on death

  • Worried about potential Inheritance Tax liability on death

What we did

  • Simplified and consolidated most of existing pension arrangements
  • Gave him a clear view of what he could expect from his pension arrangements
  • Explained all options in relation to taking benefits and how this could be structured tax-efficiently
  • Set up trust in connection with new pension arrangement
  • Introduced structured review programme to consider ongoing income needs

The results

  • Gave client control of his pension investments, creating peace of mind
  • Reduced paperwork and complexity of arrangements
  • Reduced potential Inheritance Tax liability by £80,000
  • He reduced hours to work part-time initially and then retired and took up temporary positions on his terms
  • In process of arranging a tax efficient ‘income’ so as to avoid higher rate tax liability

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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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