Case studies

Investments

Care home fees

An elderly couple decided to move into a local residential home. Their solicitor approached SFS for advice as the residential home fees were far in excess of pension income. Once the family home was sold, SFS worked with the couple, their family and solicitor to recommend a selection of tax efficient investments, annuities and cash to help generate additional income while aiming to preserve their state benefits and capital, and pay the ongoing fees.

Managing personal financial affairs

A lady was referred to SFS when her husband died as she had never been involved in their financial matters. After a detailed review, SFS concluded that a large proportion of the lady’s assets were high risk shares and related stock market investments. It was decided to sell and simplify the investments and reduce risk which made it easier for her to manage and understand her portfolio. She now feels secure in the knowledge that SFS is managing her financial affairs and are on hand to answer any future queries.

Mortgages

Re-mortgage - reduced monthly payments:

SFS was approached by a lady who was struggling to afford the mortgage repayments. Her bank said that the way she received income (salary, commission, maintenance and family tax credits) restricted her from getting a new mortgage. Knowing that the mainstream lenders would not be able to assist, SFS approached a contact at a local building society. Not only did we negotiate and agree the mortgage at a lower interest rate but we also arranged the issue of the offer documents within 7 days! The mortgage transaction was completed within a month! The client was delighted and could continue to live in her home with a saving of over £300 per month.

Equity release solution:

We were recently contacted by clients who could not sell their property. They desperately needed funds to complete a building project. When assessing their financial situation we recommended a Lifetime Mortgage (equity release) on their property, which would release enough capital for their project. The funds were in their bank account within 4 weeks!

Pensions

Pension sharing in divorce:

Invariably a divorce settlement will involve sharing or splitting a couple’s assets, which includes both parties’ pensions. In a recent pension sharing case, the client’s solicitor phoned an SFS adviser from court to discuss a technical point. Having identified a significant issue with the existing structure, SFS proposed a new structure while on the phone to the solicitor which helped the client to avoid a £167,000 tax bill._Pension - with maximum benefit:

One of our clients wished to make a one off single pension contribution. After a thorough investigation of his existing pensions, we established that by topping up an existing pension policy he would qualify for a Guaranteed Annuity Rate (GAR). This was an extremely rare opportunity securing our client a GAR 40% higher than the equivalent annuity rates in the open market.