I just havenât had to worry from the minute I walked out of my first meeting with Tom. I thought he was going to do whatâs right for me and thatâs proven true.
This case study was featured in the VouchedFor Top Rated guide, distributed by The Times in March 2023.
In June last year, Liz was already retired, but had a defined benefit or final salary pension that would soon be accessible. After frustrating discussions with one specialist, she teamed up with Tom Hatley, a financial planner at Christopher Little & Co in Otley, Yorkshire, to work out a plan.
Liz says the meeting with the initial expert left her concerned, as he expected her to make a decision after just a five-minute conversation. Understandably, she wanted more help making sure that her pension would build a secure future for her and her partner. However, working with Tom eased those fears.
âI asked locally for recommendations and Tomâs name came up, so I made an appointment,â Liz explains. âFirst, he had a chat about what I wanted in the long run. It wasnât just about me, but also my partner. He got an understanding, talked through the options, went away and got numbers and then we took it from there.â
Tom advised Liz to transfer out of her defined benefit scheme and purchase a joint life annuity. Annuity rates had recently shot up, which meant Liz could secure a much higher starting income than the defined benefit scheme was offering â enough to ensure financial security for the rest of their lives.
Liz says that sheâd not considered an annuity previously, having read that they were poor value for money. However, Tomâs expertise gave her new options to meet her goals. The higher amount comfortably covers the household bills, and the tax-free lump sum is also sufficient to pay off Lizâs mortgage balance when it is due.
There was also money left over to make home adaptations for care needs and plan a trip to see Englandâs Test cricket team tour the West Indies.
âItâs been absolutely fantastic,â Liz says. âI just havenât had to worry from the minute I walked out of my first meeting with Tom. I thought he was going to do whatâs right for me and thatâs proven true. It had been hanging over me for five years⌠and to have that all sorted by somebody completely confident was a huge relief.â
Tom says: âRetirement planning can be a daunting prospect. Look for help from a suitably qualified professional. Take time to gather all your paperwork together and meet with at least two advisers to discuss your circumstances, needs and concerns. Advisers can work and charge in different ways so find the best fit for you.â
Liz adds that trust is the most important thing when choosing an adviser. She says: âI have conversations with Tom, and itâs obvious that heâs listened, and he picks out facts that Iâve told him months ago. Youâre not just giving your financial details, it is your home situation, what you want in the future, what your dreams are.â