Elaine has run a number of hair salons and built up various pensions. She was looking to use her pensions to purchase one of the business premises and had been researching about setting up an SSAS (Small Self-Administered Scheme). She was referred to Audley to discuss her options.
Audley Wealth was able to provide details on the advantages and disadvantages of a SSAS, as well as the alternative Self-Invested Personal Pension (SIPP), so she could make a more informed decision.
We also carried out a review of her pension and explained how she could use these to fund the business premise along with the benefits and cost savings of consolidating her pensions.
Unfortunately, the premise fell through, but she still wanted to consider consolidating her pensions, as she no longer needed to transfer all of her pension to purchase a property.
We recommended that she retain one of her pensions due to the transfer penalties. Then we set up a new pension and transferred the other various pensions to the new plan.
We will continue to monitor the one with penalties as part of our ongoing service and when the time is right will look into transferring this also.