Business owner getting control of his pension funds and improving returns
Anthony Barnes-Smith is a successful businessman. His Accountant many years ago, advised him to pay as much as he could afford into pension plans. Anthony did this continually for over 30 years and as a result he had numerous different plans with various insurance companies but until he met Simon, had nobody to advise him properly. The total value of his pension policies was over £400,000 but there was no overall plan.
The Problem The majority of the pension plans were old-style policies with pension companies who were either not even trading or had been taken over. Nearly 50% of his total pension fund was invested in one of the worst performing Managed Funds and much of the remainder was held in With-Profits funds where the bonus rate was as low as zero.
Anthony was completely unaware of any of this. He was mainly fed up with receiving so much paperwork and not understanding any of it!
Also he was not aware of his options regarding how to draw the benefits at retirement.
The Solution: Simon got to know Anthony's wishes and plans for the future. All the pension policies were moved into a Self-Invested Personal Pension to give greater choice of funds to invest in, thus providing greater potential for investment returns. Also it meant that Anthony would have all the flexible retirement options available to him including the facility to draw an income from the fund without the need to buy an Annuity or phase in his retirement by taking the benefits as and when he required them. These options provide him with complete flexibility both now and in the future.
What Anthony said,
"In a nutshell I feel more in control. I like having the facility to watch my funds grow, there is easy access and it's more manageable."
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