A media opportunity sees our Financial Planning Manager Nick Onslow help a former Royal Mail employee access his pension.
Earlier this year, our Financial Planning Manager Nick Onslow was featured in national newspaper iNews.co.uk. He was contacted by personal finance journalist Elizabeth Anderson to provide advice on a case regarding a former Royal Mail employee who was having difficulty accessing his pension.
David Walker had worked as a postman for The Royal Mail for 18 years but suffered an accident in 2017 which left him unable to work. Mr Walker is now reliant on Universal Credit to get by, which after he has paid rent, leaves him with about £250 to spend each month.
To help his situation, David had been attempting to access his Royal Mail pension early, a pot which he estimated is worth about £150,000.
Despite multiple attempts, David had been unsuccessful, and the situation was made more complicated when the Royal Mail pension scheme was taken over by outsourcing group Capita in October 2018.
Mr Walker had paid into a Defined Benefit (DB) scheme which meant he was promised a certain income each year. In his case this was likely to be around £7,500. However, he now wants to give up his right to a guaranteed income and instead have more flexibility over how he spends the money. Although he cannot access the pension pot until he is 55, Mr Walker would like to access the cash slightly earlier, and should be able to as the Pensions Advisory Service allows some people to access pensions early on the grounds that they are either physically or mentally ill.
Going above and beyond simply providing a quote for the story, Nick Onslow looked into Mr Walker’s case on his behalf and was assured by Capita that his case would be progressed. Although it would usually be the case that someone retiring before 60 and accessing their pension pot would forfeit some of their annual pension income, this would not be the case if someone is taking the pension early due to ill health. In this case the pension would be paid in full.
Following the publication of the article, Mr Walker contacted Nick directly to share the wonderful news that Capita had agreed to allow him to access his pension! Mr Walker was so pleased that he even wrote Nick a poem thanking him for helping him to access his money.
Nicholas Onslow is the chap
To help you out the pension trap-
If there are choices, you must make
Then p’raps his guidance you should take
For he is wise beyond his years
And will dispel your qualms and fears
So ask his advice, just have a word
It may be quite the best you’ve heard!
So if pension stuff is driving you barmy
Speak to Nick (who was in the army)
The money minefield he’ll steer you through
and he will do his best for you!!
We are delighted that we have been able to help Mr Walker access his pension and that we have the kind of people in the business who will go the extra mile to achieve the right outcome for people, not just for our clients!