Pension Transfer Advice – Alan’s Story

Pension Transfer Advice

Alan's Story

As a lot of us are now healthier in retirement, when Alan turned 66 he still felt motivated to continue working at his Property Development business.  This business more than provided enough income for him to live on.  He came to us for advice on an old final salary pension from over 30 years ago which he had only just discovered.  We contacted the Scheme and they advised that as he had passed the Scheme retirement age, he could not take a tax-free lump sum, only taxable income.  As Alan already had sufficient income, he wanted to be able to use these funds to invest in more property.  We arranged a transfer to a personal pension whereby he could take 25% of the fund tax-free, and the remainder could remain invested and be passed to his beneficiaries upon his death.

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Audley Asset Management Pension Transfer Advice Alan

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