Unexpected changes impacting your plans?
Even if you’ve always kept on top of your finances – topping up your pension, saving away extra income, not overspending – life doesn’t always go according to plan. Unexpected changes can have a big impact on how far your money can go, so it’s important to understand your options so you can readjust your plans if you need to.
This is the situation many of our customers are in when they come to us. We can help them understand their options to give them the confidence they need to make the right choices for their retirement.
Below we’ve put together an example based on our customers, showing how we help people take control of their future.
Meet Anna, a small business owner, age 58.
Anna’s business, a haberdashery, has been in the family since 1924 – so, understandably, it’s close to her heart. Rarely missing a day’s work, she has been one of the local community’s well-known friendly faces since she took over managing the shop when she was 25.
She took out a personal pension with us back in the ‘80s and has been paying into it ever since – even sticking to her plan of steadily increasing contributions as she got older.
She’d planned to work less in the coming years. After all, as much as she loved working in the shop, there comes a time to pass the torch onto the next generation.
Anna had counted herself lucky that she’d always enjoyed good health but unfortunately that changed, and a health scare forced her to reconsider her plans.
Looking for more security from her money, she called us to see what her long-standing pension provider could do to help.
She called us, and we took the time to understand her situation, then talked her through her options.
After some thinking and a good look at rates from different providers, Anna decided to stick with us and use the majority of her pension to buy a guaranteed income for life (annuity), recommended by our financial adviser. What’s more, her health issues meant she could actually get a better rate and the adviser arranged it all for her.
She also took out some tax-free cash (usually up to 25% of your pension pot) to clear the remainder of her mortgage and pay off a small business loan – there was even a little extra left over to take a holiday in the sun while she recovered from medical treatment.
Now Anna can enjoy her time in the shop safe in the knowledge that her family business, and her money, is in good hands.