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CASE STUDY
Change in employment circumstances due to illness
We are proud to provide sound financial advice to clients having wide-ranging financial circumstances and goals.
CASE STUDIES
The Client
Following life-changing illness and changes to his work circumstances, Paul* wanted to gain more control over his financial future. A long-time pension saver and homeowner, Paul had never received professional financial advice in the past.
PAUL'S STORY
Seeking pension drawdown flexibility
Paul sought advice from the Financial Options Group because he felt concerned about the potential impact that his unavoidable change in employment status could have on his ability to support his family.
Having various retirement savings in different places, Paul wanted an easy way to manage his pension, one which enabled both himself and his wife to receive an income flexibly and tax-efficiently.
PAUL'S STORY
The Outcome
Through face-to-face meetings, Paul and his wife worked closely with a Financial Options Group adviser to establish their financial circumstances, objectives and appetite for risk. A full fact-find was conducted to ensure that all financial planning would be comprehensive and in alignment with their big-picture financial prospects and goals.
With support from their adviser, Paul and his wife decided to consolidate their Defined Benefit pensions and Defined Contribution pensions into a new pension plan which offers Flexi Access Drawdown, as this would give them the flexibility in drawing down their income that they had been seeking.
This new pension also provided better death benefits for Paul’s family. Should the worst happen, Paul’s family would receive a lump-sum pay-out rather than a spouse’s scheme pension, with this and all aspects of planning being arranged for the client’s peace of mind and the long-term financial wellbeing of his loved ones.
Paul now feels he fully understands the financial options available to him, especially those which will help him to build future financial stability for himself and for his family. He receives ongoing support and advice from his adviser and our Client Services Team, including regular reviews which ensure his planning continues to align with his needs.
Paul has described his adviser as his “pillar of support” providing proactive help and supportive guidance, with whose help he has been able to accomplish his immediate financial objectives and who has helped put him on the road to long-term financial health and wellbeing.
If you would like to discuss your own financial circumstances and objectives with a professional financial adviser, please contact our team via the form below or call us on 0161 764 9944.
*Names and identifying details have been redacted.
The case studies shared above are intended to illustrate the financial planning process. They should not be considered a replacement for individual tailored investment advice. The value of investments and the income from them can go down as well as up and investors may not get back any of the amount originally invested.
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