Case study – Retirement Planning Made Easy

Tom reached his 65th Birthday in May 2011. This coincided with the decision of his employer to close the business and retire as well. Tom required a complete review of his Retirement options and his existing Pension Plan, as well as his personal savings, from which he now required an income to meet his needs and objectives over the coming years.

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Stage 1: Discovery Meeting

We quickly established that Tom was a ‘defensive’ investor. We then established the levels of retirement income he would need from all sources, including his state pension and private savings. After completing a comprehensive retirement planning meeting and questionnaire, we determined which options were available to him from his existing pension plans, and agreed to provide him with a full review of those options.

Stage 2: Research and Reporting

After meeting with Tom, we conducted a full review of all options and also used our independent access to Annuity Market Rates and established that we could improve the pension quote from his existing provider by over £800 per annum – or a whopping £16,000 based on life expectancy. We also immediately switched Tom’s funds out of the Market and into cash whilst we decided what option to take: which proved very timely in the wake of the tragic Japanese earthquake and Greek sovereign debt bailout, as markets became extremely volatile. Finally, we identified all options for Tom, and agreed to send him our written report.

Stage 3: Recommendations and Planning

After reviewing all options and preparing our report, we had a further meeting with Tom to discuss all available strategies, ranging from buying an Annuity on a fixed or conventional basis to moving into what is known as ‘capped drawdown’ via a Self-Invested Pension. After a further meeting and discussions on all the advantages and disadvantages of each option – and the associated risks, costs and benefits – we reached our decision and agreed to implement the plan and strategy which would best meet Tom’s needs and objectives.

Stage 4: Implementation

Once we had decided on the best route for Tom’s pension and investments, we completed all the paperwork and oversaw all of the new investments – arranging transfers and income payments to be made into Tom’s bank account as part of our administrative services.

Stage 5: Maintain and Review

As part of our relationship-based service, we will regularly meet with Tom to review and ensure that our advice and asset allocation remains consistent with his needs and risk profile.

Tom says:

I had no idea until taking independent advice from Cockburn Lucas that my retirement options covered so many areas, and am really grateful for the professional and clear way in which these options have been explained. As you can imagine, the decision on how to take my pension was something I couldn’t afford to get wrong or take chances with, so I am grateful for all the help and expertise they have provided in dealing with my need for advice.


I wish to thank you [Cockburn Lucas], not only for your excellent advice, but your friendship. It has been very reassuring during these years that you have only been a phone call away.

- Don Nelson, Private Client