Case Studies
CASE STUDY 1 – FINAL SALARY SCHEME
Lionel has worked for 20 years with his employer and is coming up to retirement. He has one main final salary scheme, and a second smaller final salary pension scheme. He would like to know if there are options instead of simply receiving an annuity, and he is seeking flexibility in using his funds in retirement to meet certain objectives. He also wishes to leave a legacy fund to his dependants of at least £20,000.

PX Pension Exchange undertakes a full analysis of Lionel’s pension scheme benefits through our CARE approach. One of his pension schemes provides an excellent level of benefits (compared to the transfer value), whereas the transfer value from the secondary pension scheme looks better to retain, considering Lionel’s overall position. We recommend Pension Exchange recommends Lionel retain one pension where it is and transfer the second scheme to a different type of pension arrangement, hence meting Lionel’s objectives and optimising Lionel’s financial position bearing in mind his risk profile, capacity for loss and retirement aims.

 

CASE STUDY 2 – MAKING LIFE SIMPLER

George has 4 pension schemes. He wishes to make life easier for himself and not have to look after 4 schemes ongoing. These include a blend of different pension types.

George would also like to ensure his pensions are properly invested in line with his risk profile. He approaches Pensions Exchange to help him find the most optimal pension arrangement to hold all his pensions in.

PX Pension Exchange uses it’s CARE approach undertakes a full review of the market to find the most appropriate and lowest cost fund for George, saving him a substantial amount in fees and charges. This makes life easier for George and sets his pension up to maximise growth in future.

 

CASE STUDY 3 – PENSION CASH IN

Michaela has a pension fund worth £200,000 and is considering cashing it in. She approaches PX Pension Exchange. We reviews Michaela’s fund and advise her whether a cash in is in her best interests and the most appropriate course of action.

PX Pension Exchange works out via our CARE approach that if Michaela was to stagger her ‘cash in’ payments over time, she would pay a lower overall rate of tax.We advise Michaela and  assists her to exchange her existing pension arrangement into one which provides her with the required flexibility for her retirement, saving Michaela tax in the process and allowing her to access the capital in line with her requirements.

 

CASE STUDY 4 – PENSION ON DIVORCE

Joe and Ruth have been married for 9 years and have recently been granted a divorce settlement from the courts. As part of the settlement, Ruth has been awarded a share of Joe’s pension scheme.

Ruth and Joe are unsure how to put the divorce settlement into action, to allow a share of Joe’s pension scheme to pass into Ruth’s name.

PX Pension Exchange works with both Ruth and Joe, considering the court documents, to ensure that the appropriate share of Joe’s pension is transferred into a pension in Ruth’s name.

 

CASE STUDY 5 – INTERNATIONAL CLIENT

John is over age 55. He emigrated to Australia a few years back and has a pension scheme worth £350,000. He approaches PX Pension Exchange to ascertain whether there is a more favourable set up available now that he has moved abroad.

PX Pension Exchange, through the use of available pension products designs a strategy via our CARE approach where John’s fund is optimally set up. The work we undertake for John will save him a considerable amount of future taxation and provides John with greater flexibility on how to draw his pension fund over time.

 

CASE STUDY 6 – PENSION LIFETIME ALLOWANCE

Matthew has a pension scheme valued at £900,000. He has a few years to go until retirement, but is aware that by that time, he may well exceed the UK Pension Lifetime Allowance limit (which is £1.55m from 6 April 2019).

Matthew approaches PX Pension Exchange to understand his options. We reviews Matthew’s situation and devises a strategy for him to save him the Lifetime Allowance tax (possibly 55%) which he would otherwise have to pay on the excess.

 

 Complaints


Our aim is to provide you with a professional and confidential service that delivers the highest possible standards. However, there may be a occasions where you feel this has not been achieved and should you wish to make a complaint about any aspect of the service we provide to you, you can do this by writing to enquiry@pensionexchange.com or by telephoning us on +44 (0) 208 610 9607 where we will try to resolve your concern at the earliest time possible.
A summary of our internal complaints handling procedures for the reasonable and prompt handling of complaints is available on request and if you cannot settle your complaint with us, you may be entitled to refer it to the Financial Ombudsman Service at www.financial-ombudsman.org.uk or by contacting them on 0800 023 4567.

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