A tale of satisfaction!

An existing client hit some financial difficulties and unfortunately ran out of options as to how to solve his financial woes. During his working lifetime he had accumulated a reasonable size pension fund and as this was the last remaining financial assets, other than the house, I provided some financial advice on ways that this could be used to release tax free cash and to provide some much needed income for the household economy. He had lost his employment and was retraining to follow another career path which would provide sufficient annuity income for him and his wife to clear their debts and get themselves back on their financial feet.

Although taking benefits early, which is usually not advisable, we agreed that the best course of action was to use the pension fund to release tax free cash and annuity income (via an Open Market Option) and the future looks brighter for the client, having qualified for his new role and with his finances in better order.

The reason why I am blogging about this, is that it very easy to get tied up in the technical facts, pension rules and tax calculations of our work, after all that is what we train for. However, particularly in this example, our advice made a real and positive difference to a clients life and prospects for the future. The client is delighted and correctly feels that he has turned a corner and I feel satisfaction that we have helped a client to realise their potential with the help of independent financial advice (IFA).

Churchouse Financial Planning Limited is authorised and regulated by the Financial Services Authority. This example does not provide any financial advice and each individual should seek independent financial advice before taking any action with reference to their own arrangements.