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Reviewing Retirement Goals and Pensions

This case study demonstrates the importance of reviewing your pension plans regularly.

The problem: Pension had not been reviewed for a number of years

The benefit: Knowing clearly how your pension pot will support you in retirement

Suitable for: Everyone with personal pension plans

How long ago was it since you reviewed your existing pensions plans? Do you know if they meet your current attitude to risk? If you are closing in on retirement have you considered de-risking your pension portfolio to avoid potentially large fluctuations in the value of your pension pot as you near retirement?

From our experience at Goldstone Wealth, many people do not know where their money is actually invested in their pension pot or whether or not it meets their attitude to risk.

Brian had 2 large pension pots that had not been reviewed by a financial adviser for a number of years and was planning to retire within in 9 years’ time. He was unsure if these pots met his attitude to risk and if his portfolio of funds were doing the best they could for him.

Goldstone Wealth got Brian to sign a transfer of authority and wrote to both pension companies to get full details of each fund. They then conducted a full review with Brian exploring his current circumstances, retirement goals and his attitude to risk.

After this review and the subsequent whole of market research, our adviser discovered one of the pension plans offered very good existing benefits however both plans were invested in higher-risk funds then Brian’s current attitude to risk.  Our adviser used independent research to select a new portfolio of funds that met Brian’s current attitude to risk for both pension plans. He then completed a pension transfer for one of the plans which based on cost alone could improve Brian’s fund value by around £80,000 prior to his retirement date. The adviser then provided a fund switch to more suitable funds within the existing plan that had very good benefits attached, preserving these benefits but providing a portfolio which met Brian’s attitude to risk at a lower cost.

Brian is now saving money on his pension plan costs each month, understands how his pension pot can help him fund his retirement plans,  is in more suitable funds which meet his now lower attitude to risk as he approaches retirement and is overall very happy with the peace of mind he received by having his plans reviewed via Goldstone Wealth.

Contact Goldstone Wealth today to review your pensions and retirement planning.

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