Financial Planning in Retirement

I had taken advice from the firm that looked after the company pension scheme at the place where I was working. After we ceased trading, and I retired, I was looking for another adviser to help me to manage my affairs. From previous experience, I was concerned that all advisers were salesmen and whomever I met would simply try to sell me a product.

I had various savings accounts which I relied on for income to maintain my lifestyle and a pension in drawdown to provide for my income in retirement. Interest rates had dropped significantly since I retired 5 years earlier, to the point that the income I was receiving from my pension had almost halved.

I approached Lexington and attended a Discovery meeting, at their expense. Warren explained how they work and evaluated my situation. Within the hour he presented a number of options for my consideration. I was suitably reassured and decided to arrange a Planning meeting, where I was provided with personalised advice on my situation.

We established my lifestyle goals and aspirations, as well as the level of risk I’m comfortable with and my capacity for loss. The team at Lexington then created a Financial Plan to link all of my deposit savings to my pension. They also prepared easy to understand charts, clearly showing where I was and what the future looked like using sensible planning assumptions.

Lexington recommended I secure enhanced deposit rates and explained the risks of inflation on my savings. They created a low risk investment strategy specifically for me, which improved the returns I could receive at an acceptable level of risk.

Given my income under the current pension arrangement was halved, Warren explained the details of my current scheme and offered some alternatives. I decided to implement a new strategy and my income has now been restored to the original amount (i.e. near what I had secured five years earlier!). This was due to their investment planning and setting up a more tax efficient income structure.

I was not a confident investor, but Warren explained matters in my own terms and allowed me time to make decisions without feeling rushed. Clear minutes were sent after every meeting, including a summary of our discussions and the different options.

I am delighted with the results and I will definitely refer others to the team at Lexington. I can now enjoy the odd cruise, knowing that it has been taken into consideration in my annual budget.

To speak to a member of our team about your financial affairs, call 01793 771093 or email [email protected].