How we have helped other
members
To help you understand the value of seeking advice and to explain why we ask the questions in the financial questionnaire that we do, here are some real member cases which show how the information we gathered helped each member to get the most appropriate advice.
Michael
Understanding member’s health issues
During Michael’s conversations with his Origen adviser, the details of his overall financial position were discussed, along with his medical history. Following further research, taking into account his medical history, Michael’s adviser recommended a transfer out of the pension scheme to purchase an “enhanced” annuity. This provided Michael with a guaranteed higher annual income than he would have received if he had stayed in the pension scheme and taken the scheme pension. This was possible because the annuity provide could take account of his health position. Michael had not been aware of enhanced annuities prior to participating in the advice service, and he was glad he took the time to meet with an adviser. As a result, he now had a higher income for his retirement.
Michael’s Profile
- Aged 64
- 20 years’ service and approaching retirement
- Suffered from a heart attack four years ago and now on medication
Susan
Understanding member’s attitude to risk
Susan was interested in the flexible cash and income options she may be able to access if she were to transfer out of her company pension scheme however she was not sure if this was the right approach as she did not fully understand the options available.
During the conversations with her Origen adviser, Susan outlined her financial position and her aspirations for the future, as well as her views on risk. The adviser took time to explain Flexi Access Drawdown, which would allow Susan to draw a flexible retirement income, and the fact that she would need to transfer her pension fund away from the scheme. By doing so Susan’s pension would have been invested in a personal pension where the funds could both rise and fall.
Based on her pension Scheme being her primary source of retirement income, and not being happy with taking a risk with her money, the adviser recommended that Susan remained in her company pension scheme and take the scheme pension.
Susan was glad she had taken the time to go through the advice process to fully understood the options and choices available to her and was confident that the Scheme pension would be the right choice for her.
Susan’s Profile
- Aged 64
- Worked for the company for 25 years
- Susan didn’t wish any risk with retirement income
Dave
Understanding member’s retirement plans
Dave is looking forward to retirement, he has lots of things that he wants to do and is now a proud grandparent, so retiring early is the plan. However, Dave understands little about his pension and decided that he would make use of the option for financial advice.
During the conversation with an Origen adviser, Dave outlined his overall financial position, including the pension plan he had with his new employer. His adviser pointed out that his current pension savings would not allow him to enjoy the retirement that he was looking forward to.
To help, the adviser then set out a financial plan which Dave could follow which would allow him to retire just before his 60th birthday, thus enabling him to enjoy his retirement with sufficient income to meet his needs.
Whilst initially disappointed that he couldn’t afford to retire quite yet, Dave was pleased with the plan and was delighted that he’d taken up the option of advice.
Dave’s Profile
- Aged 57
- Used to work for the company, with 15 years’ service
- Wants to retire and has lots of plans
Mary
Understanding partner’s financial position
Mary met with her Origen adviser, and, during their conversation, provided details of her other pension plans and retirement savings, her husband’s pension planning and their joint income requirements for retirement.
The adviser established that their essential retirement income needs could be provided from her other pensions and retirement savings, and, in particular, her husband’s pension. This allowed Mary to explore other options with her company pension to provide some choice and flexibility with future expenditure.
It was recommended that Mary transfer her pension benefits to a Flexi Access Drawdown plan that would enable her to have a flexible income source to satisfy her income needs outside her essential expenditure.
Prior to going through the advice process Mary had not fully understood the Flexible Retirement Options and was planning to take the company pension scheme. She was pleased she took the time to meet an adviser and as a result now has a more flexible retirement income which will better suit her plans and financial needs.
Mary’s Profile
- Mary is a deferred member of a scheme with 10 years service and now works for a different employer.
- Mary’s husband had pension benefits from his current employer where he had worked for 30 years
- They were are both retiring at the same time
