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case study 4

Case Study Four
A saving and investment strategy to provide for Nick’s retirement income


After Nick divorced a few years ago, he didn’t have too many options and decided to move in with his mum while he got back on his feet. Nick’s two main priorities were to save as much as possible to get a deposit together for his own home and to make a start on being more pro-active about his plans for retirement.


My business is my pension – the risks

Nick owns and runs a specialist mini bus mechanics business.  Whilst it pays Nick a reasonable income, it’s unlikely to be of sufficient value to provide the income for Nick when he retires.  Many clients come to us having assumed that ‘their business would be their pension’ only to be faced with the realisation that they had put all their eggs into one basket.  Although Nick did have a pension policy in place, he knew it wouldn’t provide enough, even alongside anything he may get from selling his business, so he came to us to draw up a plan to ensure he would have the income he needed when he retired.  


How much is enough?

During our first meeting we discussed Nick’s personal circumstances and what he expected them to be when he retired, including his income requirements.  Nick confirmed that ideally he would like to have around £20,000 a year in today’s terms.  To his surprise, this meant he would need a pension pot of approximately £360,000.  This confirmed his fears that his existing pension provision would not generate that level of income.

We worked with Nick to establish what he could realistically afford to save every month to build up his pension pot. With a savings strategy in place, our next task was to review the pension policy he had in place and then research into the most suitable pension plan available that would meet Nick’s requirements.


The solution

Our recommendation was to consolidate Nick’s existing pension provisions into an Aviva Pension Portfolio, which enables Nick to have access to a wider range of funds.  This plan also enables Nick to play a more active role in his retirement planning.  By maintaining personal control over his plan, and with our ongoing support and advice, Nick now has the opportunity to achieve improved fund performance in line with his savings strategy. The plan is also flexible, meaning that as well as his regular monthly personal contributions, Nick is able to top up his funds as and when his budget allows. Most importantly, Nick knows what he’s got and what he needs, and has a plan in place to give him the best chance of being able to enjoy his retirement.




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