Daniel is 42; he is married, with three children. He had recently changed jobs and had started investing in another company-sponsored pension scheme.
Daniel was looking to improve his investment returns in order to increase the size of his pension savings and reduce his administrative burden.
What did we do?
As a new client, we began the process by getting to know Daniel through a face to face meeting: his needs, goals and aspirations. We also completed a fact find to assess his financial circumstances and a risk questionnaire to assess his tolerance to risk.
In order to improve his returns, we recommended consolidating his three legacy pensions into one, and assigning a suitable asset allocation manager to actively manage the funds. Daniel also started making contributions to his new employer’s scheme, which were matched by his employer’s contributions.
Daniel now feels confident in the arrangement of his pensions.
As part of the process, we also reviewed his life insurance and recommended he increase his cover for a lower premium. We also negotiated his mortgage with his existing provider and reviewed his will.
The resultant savings from these reviews were reinvested in Daniel’s pension fund: as a higher rate tax payer, he gained 40% as an additional investment.