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When Michael fell critically ill, we acted swiftly to secure his pension funds, giving his wife Sarah the financial security to cover essential expenses, protect their home, and plan confidently for the future.
Michael was critically ill in hospital with limited life expectancy, when his brother-in-law (an existing client) asked if there was anything we could do to help.
Micheal had been on long-term sick leave for two years. His employer had stopped paying his salary, and his family were relying on disability benefits and support from relatives just to get by.
Their mortgage had fallen into arrears. Life cover was minimal. And Sarah, Michael’s wife, had stepped away from work to care for him.
At an already heart-breaking time, Sarah was facing the very real possibility of losing both her husband and their home.
Michael had built up several pensions over the years, including defined benefit (DB) schemes. But the dependent benefits those schemes would provide to Sarah were modest and not enough to maintain even a basic standard of living.
They wanted to understand what options were available, whether anything more could be done with Michael’s pensions, and how Sarah could remain financially secure once he was gone.
Most importantly, they wanted peace of mind: that Sarah would not be left struggling with debt and uncertainty during an already devastating time.
Although Michael was critically ill, he remained mentally capable of making decisions. With his doctors’ consent, we met him at his bedside to begin carefully reviewing their financial position.
We started by assessing all of Michael’s pension arrangements and ensuring that the correct nomination forms were completed so benefits would be paid in line with his wishes.
Recognising that the DB scheme payouts would be inadequate, we prioritised securing lump sum payments through serious ill-health claims and transferring DB pension schemes to defined contribution (DC) pensions.
We successfully transferred three DB schemes into DC pensions and facilitated serious ill-health lump sum payments from existing DC plans prior to his death two months after we were appointed.
These lump sums allowed Sarah to clear the outstanding mortgage and cover essential living costs during the difficult months that followed before she returned to work.
One DB scheme could not be processed before Michael’s death, but it continues to provide Sarah with a small dependent’s pension.
We left the transferred funds in cash, refraining from applying any ongoing service charges for six months. During this period, Sarah supported by her children and TPO, developed a financial plan for her future.
At a time when everything felt uncertain, our priority was to move quickly, act compassionately, giving Sarah stability when she needed it most.
While nothing could lessen the emotional loss Sarah faced, securing her home and providing financial stability eased a significant burden.
With the immediate pressures removed, she was able to focus on her family and gradually return to work on her own terms.
For us, this case is a powerful reminder that financial advice isn’t just about numbers. It’s about stepping in when it matters most offering clarity, practical solutions, and human support during life’s most difficult moments.
Client names have been changed to protect their identity.
This case study is intended as illustrative purposes only, it does not constitute individual advice and should not be used to inform financial decisions.
They are based upon our understanding (at the time of advice) of current law, HM Revenue and Custom's practice, tax rates and exemptions, which are subject to change.
A pension is a long-term investment not normally accessible until age 55 (57 from April 2028 unless the plan has a protected pension age). The value of your investments (and any income from them) can go down as well as up which would have an impact on the level of pension benefits available.
The Financial Conduct Authority (FCA) does not regulate cash flow planning, estate planning, tax or trust advice.
