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Pension Review Case Study


Retired couple, Michael and Margaret, from the New Forest sought a pension review from MFP due to Michael’s concerns that Margaret may not be financially secure in the event of his death. Michael was in receipt of a pension that would only provide a 50% spouse’s pension on death. This pension income would be enough to cover Margaret’s basic needs, but not allow for any discretionary spending.

Margaret would therefore also be reliant upon income from the couple’s savings and investments. Their concern about making the best use of the couple’s various pensions to provide an income for Margaret in the future was stopping them taking a longed-for holiday to visit family in Australia. They were in need of a holistic review of their pensions and investments, to identify the best way to provide the income needed.


Outcome of our Pensions Review

We established that Margaret was entitled to a war widow’s pension from her first husband who had died whilst on military service, but only in the event of Michael’s death. With the understanding that the war widow’s pension would be significant – and having secured it for the couple by liaising with the pension provider – they felt confident to spend some of their capital on the holiday they had dreamed of.

Shortly afterwards, Michael sadly passed away and Margaret has always been incredibly grateful they took the trip together.


The bigger picture

Understanding and carefully explaining your pension options is core to providing personalised pensions advice. But understanding our clients’ fears, dreams and full family history enabled us to deliver a financial strategy that allowed their dreams to be fulfilled and concerns to be dispelled. This is a process that we call financial life planning, which puts the client at the heart of the process.

And this is at the heart of how we operate at MFP Wealth Management.