Anthony had been retired for a number of years and was enjoying exploring all of what Europe had to offer when he first approached Chartwell.
Anthony’s main concern was a potential Lifetime Allowance issue arising from his SIPP (self-invested personal pension).
Prior to calling Chartwell, Anthony had carried out his own research on the Lifetime Allowance rules and soon came to the realisation that he was facing a potentially hefty penalty tax at aged 75.
We sat down with Anthony in a free of charge initial meeting and it some became apparent that Chartwell could help.
After gauging an understanding of Anthony’s overall personal and financial situation, we created a financial plan which included planning regular SIPP withdrawals, deferring non-pension income and making capital gifts to his children to help them get onto the property ladder. As well as mitigating Anthony’s potential Lifetime Allowance issue, Chartwell also ensured tax was saved on previously drawn income – resulting in a cost effective, simpler and more streamlined way for Anthony to access income and enjoy his retirement.