Laurence was 59 and worked for the local government; his wife, Jean, was 58 and worked for the NHS.
The couple had spent many years caring for elderly relatives, which had given them very little free time. As their relatives had now passed away, Laurence and Jean were considering retiring soon in order to do the things they had always wanted to.
However, they were unsure about their financial position and whether their pension plans and funds would allow them to secure the retirement they wanted. The couple had personal savings, Final Salary schemes and private pensions.
What did we do
We created a detailed financial plan and analysed Laurence and Jean’s current financial contracts and assets; this included establishing how their proposed income and expenditure flowed through the rest of their lives.
It became clear that their public sector pensions, combined with their forecasted State Pensions, provided a baseline of secure income. Jean had a private sector Final Salary scheme. Due to the generous transfer value, we advised her to transfer this into a flexi-access contract and take an immediate lump sum.
Laurence and Jean today
The plan we created gave Jean the confidence to take early retirement. Laurence was also to retire early, within two years.
The plan also made it clear that the couple had surplus capital. We recommended that this capital could be used to support their retirement in the early years, seeing as they had many plans to travel and enjoy their new-found free time to the full.