Portafina client Michael avoided financial difficulty by accessing part of his tax-free cash allowance despite not having the money available to pay for advice upfront.
Michael wanted to access tax-free cash but wasn’t sure how to do this, or if his current scheme would allow it. And crucially, he wasn’t in a position to pay for financial advice upfront. Michael turned to Portafina for help.
Having transferred his pension, Michael released part of his tax-free cash which massively helped to improve his way of life. He knows exactly what he has left in his pot and what he can do with it in the future.
The full story: Michael, Glasgow
No upfront free
He was aware of the pension freedoms but was not entirely sure what his current final salary pension entitled him to. “My pension company were quite obstructive. I knew I could access my pension to get lump sums out of it but they were unhelpful, so I thought right, I’ll get a firm to do it for me who knows the ins and outs.”
For Michael, using Portafina meant he could find out exactly what he could do with his pension and get specialist advice without having to pay a fee. “Could I have paid for the advice upfront? No. I guess I would have just had to borrow or continue with living on a very limited income.”
Many financial advisers charge a fee upfront to check your pension for you; at Portafina we do things differently. So, depending on what you decide to do, you could end up walking away fully informed with nothing to pay.
Presented with all of the facts, Michael decided to take some of his pension money. Portafina then did all the hard work. We liaised with Michael’s existing pension company, arranged the transfer of his scheme and for the tax-free cash to be released.
In most cases the money for our fee would be taken directly from your pension so you would not have to find it elsewhere – and of course we factor the impact of this into our recommendation for you.
Find out how our service works, what you get and what it costs.
Taking money early from your pension might not be right for you, as it could leave you with less to live on than you need; it shouldn’t be seen as an easy way to raise money. That’s why it makes sense to get financial advice before making any big decisions.
More success stories...
It’s always great when clients get in touch to let us know how we’ve helped them and most importantly, how they are getting on.
Find out how Barbara used her pension
Barbara wanted to take money from her pension to build a new home. We helped her to take tax-free cash and transferred her remaining savings into a new fund.
Pension cash enabled Alan to clear debts
Alan had credit cards charging high rates of interest. Taking some tax-free cash from one of his pensions allowed Alan to clear the cards, and the rest remained invested for the future.
Finding old pensions changed Mark’s future
Mark wanted us to find his pensions from previous jobs. Tracking them down gave him almost £20,000 more for the future. We then combined them into a single pension fund.