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Mr Plowman

Case Study: Mr Plowman

Age: 60
Product: Fixed Term Annuity

 

Pension rules have changed significantly over the last couple of years. Today, you are free to access your pension pot from your 55th birthday, enabling you to draw a cash lump sum, an income, or both, well before you are eligible to receive your State Pension.

You can use the money in any way you choose, perhaps to clear debts, make home improvements, top up your salary, to reduce your hours if you are still working, or to take early retirement.

Richard Plowman, 60, decided he wanted to access his fund five years before he planned to retire, so contacted Retirement Line in 2016 to discuss his options.

“I already knew I was entitled to take up to 25 per cent of my fund as tax-free cash, and thought it would be useful if I could access some of my money now, while I’m still working. That way I could pay off debts and enjoy a higher disposable income before I retire at 65.”

“When I contacted Retirement Line I was pleased to hear that I could arrange a fixed term annuity for five years that would enable me to do exactly what I planned,” said Richard, a buildings site worker.

“I was never hurried”

Richard’s sales consultant, Roland Ewins, explained during the call how fixed-term annuities work and what Retirement Line could do for him.

“Roland explained everything to me in a very clear and understandable way, he made sure I really understood my options and I was never hurried. He provided me with a few different annuity quotations and gave me plenty of time to consider all my options before I made a decision.”

“I decided to take a tax-free lump sum now to clear my debts, but without taking any further income from the annuity while I’m still working.”

“In five years’ time when the fixed term annuity comes to an end, I will be able to purchase a lifetime annuity with my Guaranteed Maturity Amount, so I will have the certainty of a lifetime income from when I retire at 65. I was also attracted to this as there is no investment risk involved.”

“Better still, there were no upfront fees”

“All the forms were completed for me to sign, it went very smoothly and within a month I had my money. Better still, there were no upfront fees for me to pay. Roland explained that Retirement Line would receive commission from my chosen provider instead, so that was a bonus. I was very impressed with the service and would recommend Retirement Line to anyone in my position.”

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