You, or someone important to you is:

51-65 years of age


There were times when you didn't think you would get here, but hopefully, life is starting to look much rosier now. From a more solid financial foundation, and with the strength of the plans that you made earlier, you should now have more freedom to take greater investment risks if you so wish.


                                  A clear understanding of what the risks are and the conviction that the benefits outweigh them must be held before you do so, but Corrigans believe that you should make no investments unless you fully understand and are comfortable with what you are embarking upon.

Jane and Paul first came to Corrigans for advice about their pensions in their early 50s following the demise of Paul's employer. Thankfully their earlier decisions had been prudent and Paul was able to find fresh employment quickly.

After many months of discussion and consideration Jane and Paul agreed to invest the redundancy money into what would become a series of Stocks and Shares ISAs and other collective investments which have all been in high to very high risk funds. They understood that although retirement was only 10 to 15 years away that the investments would last long beyond that, perhaps into their 80s. With such a long time for the investments to operate it was perfectly possible to take high degrees of risk.

There have been moments of great delight and disappointment along the way, but both Jane and Paul are delighted to find that they can now afford to spend more than 4 months a year exploring the world through exotic holidays. This has been possible by taking income from their ISAs and tax-free profits from their collective investments to pay for the treats whilst using their pension income to maintain their normal UK lifestyle.

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  Sadly things do not always work out as you might like, but you can rely on Corrigans to help with the financial lows as well as the highs.

Neil fell terminally ill - a cruel blow when approaching retirement. He had been a client for many years and  substantial pension funds were now sitting there for him to enjoy. Some of these had been subsidised by employers over the years, both in Final Salary as well as Money Purchase schemes, and others bought by Neil himself.

Neil was already old enough to claim his pension but continued to work towards his planned retirement age until his diagnosis and then it was all change. The natural reaction at that point was to give up work and enjoy whatever time was left with his family, and that is exactly what Neil did.

What he did not do was claim his pensions.

The advice to Neil was in two parts:

1. To spend his savings and investments as freely as he liked, including making gifts to his children, without regard to the performance of those investments or the preservation of capital, and

2. Review all of his preserved pensions again now that the death benefits were more important than the promised income in retirement and, where appropriate, switch those preserved pension funds into a more modern policy that allows the entire fund to be paid out as a lump sum if death occurs before the pension has been claimed.

In this case every one of Neil's old company pensions were promising a great retirement income but very limited benefits if Neil were to die before the scheme pension age, in some cases six years away. After discussion Neil agreed it would be better to move everything into his latest pension policy and postpone the chosen retirement date by one year i.e. some eight months further away than his specialists expected him to live. To put this into perspective - and with different numbers for obvious reasons - Neil could have left things as they were and his widow would have received a return of Neil's contributions to those company pensions of £11,000 plus an inflation proofed pension of £4,000 per year for life. By moving those benefits there was actually more than £130,000 payable as a tax-free lump sum instead and Neil had the freedom to share this with others rather than leave it all to his widow.       

This meant Neil was able to pass most of his Inheritance Tax nil-rate-band on to his widow for use when she dies and several hundred thousand pounds on top of this was shared with his family without any death duty at all.

Thankfully Neil and his family had more time together than the specialists expected and Neil had the satisfaction of seeing everyone enjoy themselves whilst keeping as much of the wealth that he had built up within the family rather than allow it to pass to the Government.    

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You will probably start to take more holidays now than you did in the past and so an annual travel insurance is worthwhile.

These are usually bought on cost, and that is the one of the worst mistakes that can be made. Quality or value is far more important than cost if things go wrong but even with the most suitable policies you are likely to save enough money to pay for one more city break each year when compared to the cost of buying insurance for each individual trip.

This is now certainly the case for Delia. The savings she makes on one annual policy means she can afford to visit her sister in Barcelona far more often.

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If you have your own business you should be thinking about your own exit strategy, even if this is simply making everyone redundant, selling the assets, turning the key on the premises for the last time and going home. This, however, is very often considerably more costly than envisaged.

Although you may not have needed too much in the way of detailed plans to operate your business so far, you will need great clarity of thought to get the best possible outcome from the closure of your business in the long run.

Many business owners believe that their business will become the mainstay of their retirement plans and this thought is reinforced by the 'junk-mail' that regularly arrives claiming to be able to achieve fantastic sums when selling the businesses of other people. In the last 30 years Corrigans have acted for tens of thousands of businesses and yet no more than one hundred were lucky enough to sell the business for a substantial sum. Most businesses simply close, selling off the assets and compensating the workforce, but there is now a better way.

The owners of a business that did manage to achieve a very successful business sale have spawned a new venture that can take your business over, with a view to further develop and maximize its potential. Their aim is to increase the value for a future onward sale within a few years. This new option lets you keep a stake in the company and so you can directly benefit from their development of the business you have retired from. In the meantime you realise all of the net asset value of your own business, your workforce keeps their jobs, your customers and suppliers continue to enjoy the relationship with your business while you have much more free time and much less stress. 

Talk to Corrigans about the different solutions that may exist for you. Melvin did just that, and was able to fully satisfy all his personal criteria in terms of continuity for his staff, customers and suppliers, but more importantly, for his family and himself.


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You will probably find that you have more disposable income now than you have ever had before, and there are so many different things that you can do with it. Spending is always a very good option and so is saving or investing, but it will not take great effort to remember just how difficult life was when you bought your own property, got married or started a family.

Investing in the education of your grandchildren is an excellent way of giving them something that will last for ever and it is a luxury that few parents can afford to given to their own children out of unearned income. The children may even need help with the deposit for their first home or a move to a larger and more suitable accommodation when grandchildren are expected.

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Planning for your own financial security is clearly the first priority, but it also makes sense to consider how that wealth can ultimately remain within the family rather than become subject to Inheritance Tax.

You may make regular gifts out of your ordinary income without limit or alternatively up to £3,000 per year from any source without any tax complications for you or the recipients.

When your children marry, a further gift of up to £10,000 per parent can also be made, or £5,000 per grandparent - and much larger sums can also be given away into a variety of trust funds. Generosity on that scale needs exceptionally careful planning and so you should talk to Corrigans before discussing this with the possible recipients.
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