I contacted Peter for advice on my pension, from which I was considering taking benefits. Whilst this was my main objective, when I spoke to Peter on the telephone, we subsequently gave Peter a more detailed summary of our financial circumstances.
In our first meeting with Peter he took a great of time to understand the ‘why’ of our retirement decisions. He also took time to understand our current health position, as well as my aspirations and concerns for the future.
With this information provided Peter gave Diana and me a detailed cashflow analysis, and highlighted how we could use our assets efficiently to meet our retirement objectives. Peter took the time to prepare a number of scenarios in order to present the potential outcomes, through our lives, in a face to face meeting.
Peter clearly explained the full range of retirement options, and identified that I had valuable guaranteed annuity rates on one of my pensions. Whilst he compared these to those available in the open market this rate was superior.
After the initial ‘enlightenment’ report, Peter invited us to Wingate’s offices in Caterham and took more time to show how each of the options might achieve the lifestyle we wished for in the future, as well as clearing some outstanding debt. Peter showed how we improve our joint cash flow whilst minimising the tax we would pay on our joint income.
Together, we agreed the most appropriate option was for me to take my pension tax free lump sum so we could meet our requirements for liquid funds. Peter also took the time to explain how each income option selected would provide provisions for Diana, should I die prematurely.
All of Peter’s conclusions were presented in a report to us, and Peter assisted in the preparation of the required documentation.
As our clients typically demand the utmost confidentiality, some of the information in this case study has been changed.
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