Tom was almost 65 when we met. He had received the statement from his pension company which offered him a couple of options relating to the tax free cash and income he and his spouse could expect to receive.
Like many he didn’t appreciate the pension income would be liable to income tax, and that the tax free cash would also be liable to tax if he put it in the building society.
We showed Tom the alternatives, he didn’t have to accept his pension company’s offering, not only could we look around for a better deal on Tom’s behalf we could also explore other avenues. Through clever tax efficient strategies, we made Tom’s retirement financially better. The best bit for Tom however was that should he predecease Mrs Robinson she could potentially be thousands of pounds better off too.
More income, less tax, and any remaining fund left for his wife.