Our client, a limited company, had been trading in a specialist area of the medical market for many years; they had been offered the opportunity to take on new product lines which complement their existing offering.
The company owned their business premises from which they operated with a value of £350,000, debt free other than a floating charge held by the bank for the overdraft. The MD had a personal pension plan valued at £450,000.
Mr & Mrs X were in their early 50s and Mrs X was off work on long term sick and was considering her options around taking ill-health early retirement from her company pension scheme. Mrs X had been offered early retirement figures from the scheme of around £25,000pa income and £170,000 as a tax-free lump sum. On her death her husband would receive around £16,500pa as a spouse’s pension which would be subject to Income Tax. At the same time Mrs X had received a transfer value for her benefits of £1.4 million, £1.25m of which represented her Final Salary scheme benefits.
Mr & Mrs H came to us as their previous adviser had retired and they now had assets with a number of companies who were being paid legacy commission but they were not receiving any advice.
They were both in their 80s and had large sums of money spread across predominantly equity based investments and a discretionary managed portfolio with no real investment strategy. Their total Estate was in excess of £2.5m, yet no one had talked to them about Estate planning. They also had an existing trust with multiple standalone investments.