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Chartered Financial Planner - Partner
Specialism: Financial Advisory & UHNW Services Family Wealth Advisory, IFA, Insurance, Philanthropy, Alternative Investments
Location: London , England
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Average client size: Under £5 million
Fixed fee offering: No
Number of offices globally: More than 5
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Saving clients £1.4m in inheritance tax and passing on an additional £7m of assets to their children and grandchildren
I was introduced to a company executive and his wife through their accountant at a time when they were considering plans for retirement. The couple had a variety of planning objectives but felt constrained by the continued need to work due to short term illiquidity and an ultimate need to rely on an inflexible defined benefit pension.
The couple set themselves some focused and challenging objectives including early retirement, a generous travel budget, additional property purchase for themselves as well as establishing their children with property purchase, all the while minimising tax levied on the estate and ultimately passing as much as possible to children and grandchildren.
By undertaking some forensic analysis we determined that waiting until retirement to access pension assets would not be in the couple’s best interests. We then advised to transfer the husband’s enhanced DB pension, valued at £7.5m, to a SIPP and start retirement.
By taking advantage of the new pension freedoms and putting in place some advantageous pension protection we confirmed to the clients that they could retire immediately and start enjoying their desired expenditure and generous holiday budget, purchase a new foreign property as well as a property for their two children.
We estimate that our advice will save the client’s £1.4m (today’s terms) in inheritance tax and pass on an additional £7m of assets to their children and grandchildren.