A flexible route to share wealth with the family

Aug 19, 2018

Financial advisers at St. James’s Place assisted retired pilot Peter Rae with his pension arrangements so he could pass money on to his wife Toni, and in managing an aunt’s legacy so that the couple could help their children

Passing on pension money to your family

Peter Rae and his wife Toni first came across St. James’s Place when Peter took retirement from his job as a pilot with a major airline. Having missed out on the first round of a generous retirement packagebecause he believed that he was not ready to leave the job, Mr Rae decided he would be first in the queue when the package was offered a second time, as he regretted his initial decision.He says: “I spent the last two years flying part-time, which prepared me for retirement.”

Mr Rae opted to move an amount between pensions to give him added flexibility. In moving to a different pension environment it has now made it possible to pass that money on to his beneficiaries when he dies and enables him to decide how much of his pension he wants to take and when.“It was a big decision to make,” he says. “But now I can pass this to Toni, and then it can be passed down again.”

The couple, who live at Bray, near Maidenhead, in Berkshire have two daughters – Laura 32, and Nic, 26 – and have been able to help them financially thanks to their effective retirement and investment planning.“We set Laura up before she got married so she could get on the property ladder, which she did with a flat just outside Bracknell,” Mr Rae says. “She subsequently got married, is now living the dream in Australia and has had our first grandson, Jasper.”Mrs Rae says that Nic is currently studying in London for a master’s in environmental technology, and adds that her daughter has told her she “wants to do something that she really likes if she is going to be working until she is 70”.

Using a deed of variation

The couple were also left a legacy by an aunt and decided to create a deed of variation to allow their daughters to benefit from this money, which their St. James’s Place financial adviser dealt with for them.Mr Rae said: “To say that we were happy with St. James’s Place does not tell the whole story. We are actually delighted with them and with the way they have looked after our family.”

However, Mr Rae had not been without advice regarding his financial affairs before – from his father.“He told me that whatever job you get, make sure you get on the pensions ladder. Put in as much as you can, because it will pay dividends in the end. Being in my late twenties, I didn’t really know what he was talking about, but it made me more aware.”

Find out how to grow and protect your pension finances for you and your family by speaking with a Telegraph Financial Solutions expert from St. James’s Place in your local area today call: 0330 037 4237

St. James’s Place representatives represent only St. James’s Place. The Telegraph Wealth Management Service is provided by St. James’s Place Wealth Management plc. Telegraph Media Group is an introducer-appointed representative of St. James’s Place Wealth Management plc, which is authorised and regulated by the Financial Conduct Authority.

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