Client’s Situation:

Mr R was surprised to discover that the benefits in his previous final salary pension scheme were valued significantly higher than he anticipated. Mr R was aware that the benefits of the scheme were good, but limited when compared to his current personal pension plan, which he and his employer were funding.

Client’s Objectives and Needs:

Mr R required a detailed understanding of the final salary scheme and the benefits offered, along with the advantages and disadvantages of transferring out of this final salary scheme into a more flexible pension arrangement.

Actions Taken:

An initial meeting was arranged, free of charge, to obtain details of Mr R’s circumstances and to ascertain if a full report of the current pension scheme and analysis was appropriate. Following that meeting, a full Transfer Analysis Report was produced, which provided clear analysis and detail of the existing scheme, to help compare the advantages and disadvantages of a transfer.


After considering the report detailing the scheme and the option of a transfer, Mr R decided that due to the fact that he wanted to retire early (and would therefore require a higher income before his State pension was due along with a higher tax-free cash sum) it made a transfer to a more flexible pension arrangement a more attractive proposition for him.


Mr R’s benefits were transferred to a personal pension plan which allowed him to withdraw an amount of tax-free cash immediately to help his daughter with a house purchase. The flexibility of a new pension also meant that he was not forced to start drawing his pension and could leave the fund to grow until his planned early retirement in twelve months time.