The following case studies are prime examples of the massive impact transferring out of a final salary pension scheme can have. The figures quoted are taken from our client records and have been used with their permission.
Full details are available on request.
Utilities Company
Douglas – Utilities Company
40 year old Douglas came to Trentham Invest wanting to know whether he should keep his three pensions where they were or move them. One of these pensions was a final salary scheme from a national utilities company.
Read the Utilities Company case study
Global Engineering Company
Adam – Global Engineering Company
Adam came to Trentham Invest as a 48 year old finance director. During his career he had accrued six pensions from previous employments and change of employers’ pension provisions. Now, he wanted a financial plan that would ensure financial security for him and his family. One key question was what should he do to simplify the arrangements; could he put them altogether? However, one of these previous schemes included a final salary pension scheme. What should he do with that?
Read the Global Engineering Company case study
Computer Manufacturer
Edward – Computer Manufacturer
Edward wanted a formal assessment of his final salary pension from an international computer manufacturer. He had a transfer analysis report prepared by his previous adviser but was given no definitive conclusion.
Read the Computer Manufacturer case study
Global Finance Company
Bill F. – Global Finance Company
At age 57 Bill was made redundant and approached us when he had just enough money to cover his next two months of living. He was using liquid capital to service a large mortgage, had sold almost all of his investments and the rest of his wealth was tied up in his property and his pension…
Read the Global Finance Company case study
Major PLC In Maritime Industry
David M. – Major Plc In Maritime Industry
David, a 55 year old senior executive, came to us concerned about the value of his pension and AVC (additional voluntary contributionc). At the time, his final salary pension scheme AVC paid 3.1% of fund value. With David’s fund valued at £800,000 this would generate a relatively low income of £24,800 gross pa…
Read the Maritime Industry case study
National Broadcasting Company
Julian – National Broadcasting Company
Now running his own business, 55 year old Julian was previously a highly paid senior executive in the television industry.
He was a member of three final salary pension schemes, each with a different broadcasting company, but had no idea of the value of the pensions or whether he was in a position to retire. Neither did he know which pensions were good and which ones were bad…
Read the National Broadcasting Company case study
Long Established Importer
Charles P – Long Established Importer
Charles, a 55 year old senior executive at a family run importing business, was concerned about a 60% funding hole in his employer’s final salary pension scheme that he had identified on a pension statement. Other warning signs that his pension was at risk were:
- His employer was not keeping the pension contribution promises it had made.
- In 2007 the scheme closed to new members…
Read the Long Established Importer case study
NHS Orthodontist
Jenny – Orthodontist With NHS
57 year old Jenny is a partner in a successful practice. As well as having a private pension Jenny also had a significant NHS pension. Initially her primary objective was to understand her pension options including when she would be able to retire and what would be the effects on her pension of early retirement. However, research into her financial position quickly uncovered a potential tax issue, that, if not handled correctly, would generate a large tax charge; c. £165,000…
Read the NHS Orthodontist case study
Retail Chain
Anthony – Retail Chain
Anthony, 57, was a member of major department store’s final salary scheme which had a deficit of £68 million. He was aware that other board level directors had already transferred out of the scheme. It was likely the pension administrators would apply to the Pension Protection Fund (PPF) but to date there had only been discussions…
Read the Retail Chain case study
Information Technology Services – Serious Illness
Robert – Information Technology Services – Serious Illness
Robert, a 54 year old former HR director with a European ICT Services company, had stopped working due to the onset of Parkinson’s disease. He was being paid £3,581 per month net via the company’s permanent health insurance scheme (PHI). The company had closed their final salary pension scheme earlier in the year and Robert was worried about the future financial health of the company and what his wife Mary would receive in the event of his death. He had a large mortgage and substantial credit card debts…
Read the Information Technology Services – Serious Illness case study
Global Finance Institution
Thomas – Global Finance Institution
54 year old Thomas is remarried and wanted a clear understanding of what he should do regarding his final salary pension from a global financial institution. One the one hand he felt compelled to start drawing his pension now as he thought he would get a guaranteed amount if it later went to the Pension Protection Fund (PPF), but on the other he didn’t want to lose his chance to get at the funds in his ‘pension pot’ in the future…
Read the Global Finance Institution case study
Global Retail Group – Enhanced Transfer Value
Helen – Global Retail Group – Enhanced Transfer Value
Helen had received a letter from the trustees of her final salary pension scheme offering her an ‘enhanced transfer value’ if she opted to transfer out. At the time she was 52 and starting to think about retirement and even considering early retirement. However, the trustees wouldn’t give her any advice and she had no idea whether the offer was good or bad or how opting out would affect her personal finances in the long term…
Read the Global Retail Group – Enhanced Transfer Value case study
Mail Order Industry
Michael – Mail Order Industry
54 year old Michael had a deferred pension with a mail order company. He came to Trentham Invest with three questions:
1. “Should I leave it as a deferred pension?”
2. “Should I take early retirement?”
3. “Or should I transfer out?”
Read the Mail Order Industry case study
Property Company
Andrew – Property Company
57 year old Andrew is an executive in a large property development and management company and a member of their final salary pension scheme which closed in 2006. What once appeared to be a ‘gold plated’ pension, like many other FTSE 100 company schemes, now had a huge question mark over its dependability…
Read the Property Company case study