Geoff’s Retirement Plan
How Verus Helped Him Secure His Financial Future
Meet Geoff
Meet Geoff – a successful businessman who had been considering his retirement plans. Although he had held several jobs over the years and currently ran his own business, Geoff was concerned that he might not have enough money to retire comfortably without financial worries. He knew he needed to speak to someone who could help, so he contacted Verus – who had been recommended to him by a close friend.
The “Eureka” Moment
After discussing his situation with the adviser at Verus, Geoff discovered that his old pension plan from the 1980s included a valuable Guaranteed Annuity Rate (GAR) option. This guaranteed rate would be used to calculate his income when he retired, providing him with a valuable pension when he turned 65. Geoff’s deferred pension from his previous employer’s Final Salary scheme also included inflation-proofing and a pension for his wife, Liz, in case anything happened to him. Verus also obtained a forecast for Geoff’s State Pension, which surprised him with a weekly amount of £230 starting when he turns 67.
A Clearer Path Forward
Combining these three elements, Geoff felt reassured that he would have enough secure income to cover his main living costs every year from age 65, with the State Pension providing additional support. Verus explained that he could catch up on pension contributions from up to three years ago by paying into his Self-Invested Personal Pension (SIPP) and that his company could make the payments on his behalf. Verus created a plan for the remaining underpayments, making it achievable for Geoff.
What We Achieved
With the SIPP providing flexibility to take income or lump sums whenever required and with his family benefiting from what is left if anything were to happen to him, Geoff felt much better about his retirement prospects. He now feels in control of his future and is looking forward to enjoying his retirement without financial worries.
Geoff said:
I cannot thank Verus enough for their help in securing my financial future. As I turned 57, retirement planning became a priority for me. The adviser at Verus took the time to listen to my concerns and understand my hopes and fears. They went above and beyond to assess my current pension plans and obtain a forecast for my State Pension. The plan Verus gave me felt achievable and the flexibility of the SIPP means that I can enjoy my retirement without money worries. I feel reassured that my family will benefit if anything happens to me, and I am now in control of my future. Thank you, Verus, for providing me with peace of mind and allowing me to look forward to my retirement with confidence.”