🔔 A view from Concierge

A view from Concierge

This is a regular update provided by our Concierge advisers to give a taste of topical matters.

The vast majority of our clients are in the over 55 age bracket. This means that they are experiencing the impact of pension reforms, particularly the need to get advice on their options. 

(Please note that Savings Champion will shortly be publishing a guide on Pensions. If you wish to register your interest, please call 0800 321 3581).

The reform on pensions has had a very significant effect on how people view their pensions in relation to their other assets and how this influences their retirement planning. In particular, the level of risk taken and where income in retirement is sourced.

Recently we have been working closely with the financial planners at our sister company, The Private Office, who have been advising an increasing number of people in this area.

One recent example of this, is a client that initially enquired about cash savings. The client was approaching retirement and was thinking about opening a new cash ISA but hadn’t considered their options on income in retirement. The client had a pension pot of £500,000, which was held in lower risk investments, as a result of previous advice. They also had approximately £600,000 in other investments (higher risk) and £100,000 in cash.

After meeting with The Private Office, the client was advised that they should de-risk their investment portfolio and hold more in cash savings, whilst reviewing the investment of the pension. This resulted in Savings Champion assisting the client in setting up a cash savings portfolio with five different providers holding £75,000 in each account to take advantage of FSCS protection from the New Year.

If you have any queries on savings accounts or any other financial planning matter, then please call us on 0800 321 3581.