Mr C - paying off my mortgage


Mr C was aged 59 when he approached us and was married with a sixteen year old daughter. He was an accountant and had been working as a Financial Director for a major company, although had been off work for several months through ill health. He was looking to retire so wanted to know what his pensions were worth. It turned out he had eight Defined Contribution (DC) plans worth £243,951 and savings of £35,000. In terms of risk profile, he was classified as cautious risk.

The challenge

The main issue for Mr C was that he was only being paid a proportion of his salary through his private health insurance so he was looking for ways to pay off his mortgage and get rid of the monthly burden. He wanted to know if he could do that through the pension schemes he had as it would save him £700 a month.

The situation was quite complex - some of the schemes had internal guarantees of a specific return, a high annuity or a certain interest rate, which were all deemed as valuable benefits. It wasn’t a case of just merging all of them. Instead, we went through each one and worked out which were secure and which made sense to move or not depending on performance and the scheme charges.

The solution

Having done all the research and analysis, we helped Mr C understand the options open to him. We then consolidated six of the schemes and withdrew the maximum tax free cash which was enough for him to pay his mortgage off. We transferred the transfer values to a drawdown plan for future access. The other two schemes remained in place until his retirement date as they had guarantees of income and growth.

Alongside this, we drew up an investment strategy in line with Mr C’s attitude to risk and he adopted our Signature investment system which has given him a 51.21% return in the first six years.

Mr C was delighted with our detailed knowledge of the schemes and the possibilities that existed. What he particularly valued was the clarity we brought to the situation. As we often say, our clients only retire once in a lifetime, we ‘retire’ every week, so there is nothing we haven’t come across before. For Mr C, this meant we were able to give him the peace of mind he was looking for and a practical solution.

VouchedFor Asked: 'How did your advisor help you?'

November 2018

"Simon took on board my situation and delivered exactly what I expected."

November 2018

"Initially Simon RIchards provided me with easily comprehensible information on my options for investment while making it clear that the choices were mine. He also explained the costs of the service which I feel are very fair and for me totally of value. With great patience he sorted out the chaos that was my starting point with him. The ongoing support and information provision has been excellent."

November 2018

"Gave me advice, helped me understand in plain English , was very helpful, very professional and calm."

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Get in touch

Bailey Richards Wealth Management Ltd
9 Riverside Studios, Amethyst Road, Newcastle, NE4 7YL

Telephone: 0191 716 0009
Fax: 0191 716 0034

Regulatory Statement

Bailey Richards Wealth Management Ltd is authorised and regulated by the Financial Conduct Authority. Registration number 583487. Click here to review our registration.

Registered in England & Wales, Registered No: 08058075, registered address:
Suite 4, Earlshouse, Earlsway, Team Valley, Gateshead, Tyne and Wear, NE11 0RY
The guidance contained within the website is subject to the UK regulatory regime and is therefore primarily targeted at customers in the UK


* Please be aware that by clicking the above button you are now leaving a regulated site. Bailey Richards Wealth Management are not responsible for the content on VouchedFor.