Big dreams need a little help

Client Stories

Perhaps the best way to understand what we can do for you is to see what we have been able to do for others.

Below you can follow the journeys of some of our clients and discover how we worked together to create a personalised investment plan and arrive at their dream financial destination.

“I was apprehensive about reducing my hours to part time as I didn’t know what that would mean for my future and the thought of running out of money when I needed it was a frightening prospect but working with the team at Lomond Wealth gave me total peace of mind and the confidence I needed to make the move.”

Joanne

Easing into Retirement

Joanne has spent most of her working life as a senior executive in a private sector bank. As she moves into her 60’s she wants to take a step back and free up more time for family and other things she is passionate about in her personal life, such as travel. However, she feels it is a little early to stop working altogether and would like to ease into retirement by cutting back to three days a week at work.

In order to make sure Joanne is able to enjoy her additional personal time to the full, we advised her to start to drawdown from her pension as she moved into part-time work. This allowed Joanne to gain the freedom she wanted at this stage in life, without any sacrifice in the quality of lifestyle and financial flexibility she enjoyed while in a full-time role. Her drawdown plan also allowed for lump sums, meaning holiday funds are on hand to continue her travels.

As Joanne reaches state retirement age and stops working entirely, she will start to receive her state pension as well as continuing to receive income from her drawdown plan. However, as time moves on, the financial demands of Joanne’s lifestyle will become less and while still enjoying holidays she does not plan to travel as frequently. As a result, we would reduce the income from her drawdown plan to ensure its longevity.

This plan gives Joanne the financial freedom to fully enjoy her retirement, with peace of mind that when she eventually passes away, her remaining pot will be there to pass down to her chosen beneficiaries.

Defined Benefit Pension

Henry is 55 and was recently made redundant by his employer. He isn’t very keen to return to full-time work, but he doesn’t feel comfortable that he has the financial resources to fully retire and wants to consider his options.

However, Henry previously worked for an employer with a ‘Defined Benefit Pension Scheme’ and found out he could request a cash-equivalent transfer value. He approached Lomond Wealth for further advice and is pleasantly surprised at the transfer value figure he was quoted. He now wanted to assess the possibilities.

After our triage process, Henry decided he would like to use our Defined Benefit (DB) transfer service. For a standard fee we provided him an independent report that explains the advantages and disadvantages of transferring out of his pension scheme in easy, simple terms that avoid industry jargon.

From the report, it was clear that taking the transfer is in his best interest and means he would not need to find new employment. Henry wanted to make the most of his early retirement with his wife and was pleased to learn of the flexibility to take more income in the early years when they would most require it.

Henry’s wife also has a public sector pension and, combined with their state pensions, they have enough guaranteed income for their later retirement.

By transferring Henry’s DB scheme, it allowed him to retire early and not go through the process of looking for new work. It also gave him and his wife the flexibility they wanted to enjoy their early retirement. He is fully aware of the risks associated with transferring out of his DB scheme, however for him the pros far outweigh the cons.

“Lomond Wealth were a pleasure to work with and really helped myth bust around my Defined Benefit Pension Scheme making my choice simple and easy to understand.”

Henry

“Without the help from Lomond Wealth we would still be working. The way that Lomond Wealth planned out our future gave us the confidence to live the life we have been dreaming of together.”

Steve & Karen

Enjoying more time together

Karen is a 40-year-old receptionist and Steve is a 50-year-old builder. They have been working long hours for years to give their three children the best possible life.

Now their goal is to retire early, at 55, and make the most of life using the money they have saved. And as they will be spending more time at home, they would like to create some additional space by building an extension.

However, they first wanted to know how long their savings would last, when they would need to start accessing their pensions, and the impact these retirement plans will have on their lifestyle.

We brought Karen and Steve’s scenarios to life by creating a ‘Financial Plan’ that demonstrated various options of drawing down their pension.

In Steve and Karen’s case their savings were predicted to run out at age 60. We anticipated them drawing down their pension at age 60 and reducing their income level when they are receipt of their state pension at age 67.

We also take into account and plan for the unexpected death of either Karen or Steve, and what their lifestyle would look like in this event. For example, should Karen pass away, Steve doesn’t like the thought of having to worry about lifestyle costs as Karen usually manages their finances. Our plan ensures we use some of the available pension funds to buy an annuity for the equivalent of the annual bills, providing peace of mind they are taken care of.

By bringing their plan to life and helping them visualise their financial future in this way, we provided Karen and Steve with clarity and confidence that retiring early is an achievable goal.