Review Questions

Question 1

List the key events, other than an annual review, which should trigger a financial review for Jim and Sandra

Answer 1

• Birth of more grandchildren
• when they decide to retire/age 65
• when they can claim state pension/age 66
• death/ill health of either Jim or Sandra
• Anna - marital breakdown/divorce
• before the end of the tax year/use of ISA and CGT exempt amounts/gift allowances
• changes in tax legislation
• change in risk profile/portfolio rebalancing
• adverse market conditions

Question 2

Jim and Sandra have retired and entered flexi-access drawdown arrangements; Identify 7 issues relating to this arrangement that you should discuss with them at your annual review

Answer 2

• change in personal circumstances
• income needs/income taken/tax planning
• charges on existing plans/new products available
• health changes/annuity rates
• review of investment funds/performance/rebalancing/attitude to risk
• change in taxation/legislation
• any change to nominations