Case studies

The Newly Retired

Vanessa is 67 and married to Michael, 66. They have two sons aged 38 and 35 and three young grandchildren. Over the last few years Vanessa has enjoyed working as a consultant on a reduced basis following a successful academic career. Michael has recently retired from his healthcare profession.

Vanessa will retire in the next six months when she and Michael are looking forward to focussing on the enjoyable elements that retirement brings, including travel and spending more time with their grandchildren.  Vanessa and Michael are also aware that there is the possibility of releasing a cash lump sum from their pensions, which they have earmarked to update their sizeable house.

They recently sought advice to gain a greater understanding of their finances. They both have significant workplace pensions, a number of smaller Defined Benefit pension plans and other investments including ISAs.

Vanessa and Michael were introduced to NW Brown Wealth Management by one of the company’s directors, who they know through their social group.  They chose to seek advice from a company they are familiar with, so they contacted NW Brown.

After a fact-finding discussion with one of our wealth managers, the couple were able to gain a greater understanding of their financial position and the options available to them in a clear manner.

We were able to provide Vanessa and Michael with a long term investment plan which explained in clear terms how best to draw the desired cash lump sum, reviewed their academic and NHS pensions, their other Defined Benefit pensions and other investments. 

This involved defining what could potentially be drawn from the academic and NHS pensions in a tax efficient manner and the impact this could have on the income they would receive.  A variety of stocks & shares and cash ISAs made up the majority of Vanessa and Michael’s other assets. The plan included full use of future tax-free ISA allowances.

By having all their personal finances reviewed in one place, Vanessa and Michael significantly reduced the time and administrative burden that this can take.  With regular reporting, access to NW Brown’s online Client Portal and a scheduled annual review meeting, this has given them the confidence that their assets will support them through retirement and leave something to be passed on to their children and grandchildren.

For reasons of client confidentiality some of the information in this case study has been changed.

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