Justin approached us as a confused man.
He knew he wanted to retire in a few years, but had no idea whether this was achievable.
During his career Justin was a relatively high earner and paid into a number of different pensions, including a final salary / defined benefit scheme. However, he didn’t know what they were valued at, how they were performing, the charges he was paying, or what income they would provide in retirement.
Even more worryingly, he had not applied for ‘pension protection’; a problem, which if not rectified could lead to a large tax charge, possibly at a rate as high as 55%. Furthermore, Justin was not claiming the higher rate tax-relief on his pension contributions to which he was entitled.
To compound his confusion, Justin was being badgered by another adviser to transfer his final salary pension into a SIPP (Self-Invested Personal Pension).