Location: - Primrose Hill, London, NW3

Client: - Married man aged 45 with no children

Problem: Six pension schemes all with different companies

This client had been both employed and self-employed over the last twenty years and had built up pension schemes with six different pension companies. He was concerned as he had lost contact with a couple of the pension companies and was not sure what pension he was likely to receive at retirement. A further concern was the perceived lack of fund growth within his schemes.

Solution: The first thing that needed to be done was to contact all the pension companies to ensure they had up to date contact details for the client. Following this an updated Pension Plan Schedule was provided that amongst other things listed current pension values and projections to give an indication of the pension to be received at retirement.

The performance of a number of the funds had been consistently poor and simply used the internal pension funds. They did not utilise the wider range of good external fund managers available to the client providing superior fund performance. Following further investigation all the pension funds were able to be merged into one scheme with no initial charge or loss of tax free cash available at retirement. A broad range of ten funds were chosen ranging from low risk funds such as corporate bonds to medium and medium high risk funds such as Large Cap UK Equity funds and Emerging Markets Equity funds.

Benefit: Following on from the consolidation of his pensions the client has now got one low charged easily manageable pension scheme. There are a broad range of funds in the client’s portfolio to help maximise fund growth and provide a broad spread of investment. No pension schemes are now likely to be lost and the client has a clear idea of his projected pension in retirement. His wife is now also a nominated beneficiary in the event of his death prior to retirement.