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Pension Review Client Story

The Importance of Understanding Your Pensions

Retired couple, Michael and Margaret, from the New Forest came to MFP for a pension review because Michael was concerned 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 be reliant upon income from the couple’s savings and investments. Their concern about making the best use of their various pensions and investments 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 full review of their pensions and investments, to identify the best way to provide the income needed. By asking a series of carefully designed questions we discovered this underlying desire which became the goal we worked towards when creating Michael and Margaret’s financial plan.

Not Just a Pensions Review Process

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.

They spent a wonderful six weeks with family in Australia creating cherished and lasting memories.
Shortly afterwards, Michael sadly passed away and Margaret has always been incredibly grateful they felt confident to take the trip together.

Thank you so much for our meeting on Friday – a great clarity and benefit to us both. It was music to my ears