Pensions

John is a professional in his mid-40s. Over his career, he's worked for several employers. This has left him with a mix of pensions scattered across providers. John's not sure if they are optimised or aligned with his retirement goals, so he consults a financial adviser. The adviser reviews John’s pensions and identifies several issues. The charging structure is opaque, and some funds are underperforming. There’s also an overlap in investments, a limited range of fund options tied to a single provider, and a lack of flexibility for income withdrawal, such as the absence of a flexi-access drawdown facility. Additionally, John’s old employer schemes don’t accommodate his preferences for ethical investments and fail to provide ongoing advice to ensure his plans adapt to changes in his circumstances, legislation, or risk profile. The adviser suggests that John consolidate his pensions into a more transparent, more aligned plan for better tax efficiency. The result? A plan that's true to John's values and the ability to receive ongoing advice as his goals and risk tolerance change.

Riley isn't quite at retirement age yet, but they're starting to think about maximising their nest egg. They seek out help from a financial adviser. The adviser uncovers opportunities for Riley to use tax reliefs on pensions and employer-matched contributions. This results in an additional £5,000 in annual savings.