Pension Transfer Advice – Simon’s Story

Pension Transfer Advice

Simon's Story

Simon had just left his Employer to set up his own business. As part of his employment he was fortunate to be a member of their Final Salary Pension. He requested a transfer value and the Trustees offered him nearly £2,000,000.

Simon had two concerns. The value of his pensions if he transferred to a personal pension were over the Lifetime Allowance which meant he faced a 55% charge when he took his benefits. He also wanted to ensure that when he died, his wife would not suffer a reduction of 50% in her pension. He asked Audley if we could help.

We advised him to set up a new Company Pension (SSAS) and he transferred his funds. The SSAS would also pay out defined benefits that he could design. This meant he could specify that his wife still received 100% of his pension should he predecease her. It also meant that based on the Lifetime Allowance formula for Final Salary Pensions, he would not trigger any charge when he took his pension. This planning has saved him in excess of £350,000.

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