Ian was a senior director in a large and successful pharmaceutical firm, whilst Olivia was retired from the civil service. They led a busy life between work, social and charity commitments.
Ian and Olivia asked us to review their various pension arrangements with a view to targeting Ian’s desired retirement date. The idea was to ensure his affairs were efficient and set up to deliver the lifestyle they wanted in retirement, allowing them to dedicate more time to their charity work.
However, Ian had a complicated pension situation, with a suite of occupational pensions that had complex rules surrounding them, and they were aware that professional advice was a must at this time.
We reassured them that our focus was on a long-term relationship with them, and not selling them a product.
After gathering all the information around their assets, liabilities, incomes and expenses, we were able to model their financial future. This showed that retirement was entirely achievable, assuming they made the right decisions around accessing pensions and minimised their tax bill.
Over the years, Ian and Olivia had been sold a variety of financial products but had no idea of the hidden fees or exit penalties. Equally, they were aware that previous advice had been delivered very much on a transactional basis, with no link to their long-term goals.
Olivia was already receiving her civil service pension, so this created a nice base layer of income for the family. We put together a thorough analysis and strategy of Ian’s pensions and provided advice on how best to take income, maximise guarantees, minimise tax and build an efficient investment strategy with the remaining funds.
During the planning process, we discovered that the actual return needed to maintain their lifestyle was very low. As a result, we built a portfolio that is focused on wealth preservation, outpacing inflation and tax efficiency.
He is busier now than he was when he worked, but he is doing the things he loves!
Ian and Olivia are now confident that their finances are well-organised, tax-efficient and on track to deliver the lifestyle they want. They are so delighted with the service that other members of their family have become clients of Clear Vision.
We schedule regular meetings with Ian and Olivia to provide updates and ensure their planning remains on track to meet their goals as they evolve in future years.