Defined Benefit pension transfer – Jonathan, Reading

Background

After working as a high-flying executive for most of his life, Jonathan had tragically been diagnosed with a life-threatening illness. As a result, he decided to quit his career.

The recent death of his wife had also made him re-evaluate his situation. As a father to three adult boys, one of whom has severe learning difficulties, Jonathan had begun to consider his own legacy when he was no longer around.

Jonathan owned his home and had a substantial SIPP pot to draw-down on. He had enquired with the trustees of an old Defined Benefit pension scheme as to what the transfer value was worth.  To his surprise, the figure was much higher than he had expected. He decided it was time to seek financial advice.

What did BlueSKY do?

The first step was to get to know Jonathan; we spent time discussing his current situation and his long-term aspirations.

Together we decided that Jonathan should investigate the possibility of transferring out of his Defined Benefit pension. After performing a thorough assessment of the scheme, accounting for Jonathan’s wider financial situation and his desire to leave a significant legacy to his boys, we recommended that a transfer out of the scheme made compelling sense.

The results

At each stage of the process, Jonathan made it known to us that he felt comfortable and well-informed about the decisions he was making. He appreciated the fact that, as transfer specialists, we had the experience and analytical tools necessary to make the process as straightforward as possible.

Jonathan was extremely satisfied with the service he received and is now confident and satisfied with the financial legacy he can leave behind for his boys.

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