Pension Wise Advice
Mohammed, aged 64, contacted Pension Wise as his employer was making drastic changes to his working conditions, and he wanted to retire early.
Mohammed had a defined contribution (a pension pot based on how much is paid in) of around £15,000 with his current employer, and a small defined benefit (a workplace pension based on salary and length of service) due at 65. Mohammed had papers relating to a pension he had forgotten about, from his first job, worth around £45,000. This meant that he was now in a position where he could retire early.
And thanks to the ‘surprise pot’, Mohammed was able to help pay for his daughter's wedding and also give her funds towards a house deposit.