Hanover Pensions

Client Profile

• Name: Mr David Morgan

• Age: 58

• Marital Status: Married

• Pension Savings: Four defined contribution pensions totalling £250,000

• Other Income: Annual salary of £45,000

• Goals: Simplify pension arrangements and ensure growth aligned with retirement plans

 

 

Objective
Mr Morgan wanted to consolidate his multiple pension pots into a single scheme to improve oversight and reduce administration complexity. He sought to adopt an investment strategy aligned with a moderate risk profile to support growth over the next 7-10 years until retirement.

Initial Assessment
Key considerations included:

• Reviewing charges and benefits across existing pensions.

• Confirming no valuable guarantees would be lost in transfer.

• Assessing investment options suitable for his retirement horizon and risk tolerance.

 

 

Analysis
Our analysis showed:

• Significant fees on one small legacy pension.

• Investment mismatch across pots.

• Potential benefit from a streamlined approach with diversified funds.

 

 

Recommendation: Pension Consolidation into a SIPP
We advised transferring all pensions into a Self-Invested Personal Pension (SIPP) offering:

• Consolidated fund management and reporting.

• Access to a broad range of investment options tailored to Mr Morgan’s risk profile.

• Lower overall charges enhancing net growth potential.

 

 

Outcome
Mr Morgan successfully consolidated his pensions, enabling easier tracking and management. The diversified portfolio is regularly reviewed to ensure alignment with his retirement timing and goals. He feels confident about his financial future with a clear plan.

Important Notes

• Pension transfers may impact guarantees; professional advice is essential.

• Investment returns are not guaranteed and can fluctuate.

• This is a case study and not personal financial advice.

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