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So you’ve come to your retirement age – a day you have worked all your working life to get to. You have a pension fund built up and you receive your options from the pension provider. So you tick a few boxes and hey presto your pension starts yielding an income. It’s as simple as that ……….. right?


Wrong! We have recently advised a client where the spouse had died. The client was in her 60s and her husband had been self employed and had built up a nice pension pot at retirement age, just over 5 years ago. Unfortunately, for these clients they took the route outlined above, ticked a few boxes and received a nice income that set them up nicely for retirement. But what happened when the husband died?


When they took their retirement income, they didn’t sit down with an independent adviser and get expert advice. What has transpired is that the annuity (pension) that they purchased has a 5 year guarantee only and ZERO spouses pension. So now the surviving spouse is left with nothing! From a position of comfortable retirement, our client now finds herself having to survive a little more than the state pension.


If we were advising the clients, we would have undertaken a comprehensive customer review where we gather all aspects of their financial situation. This exercise would have clearly identified that there would be a major financial loss if an annuity was purchased.


We would have recommended at least a spouses pension be attached to the main pension and we would also have explored the Approved Retirement Fund options.


Suffice to say that Honest Expert Financial Advice at the point of retirement would have helped our client to have an independent financial future.

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Carl Widger, Director