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- 65 years old
- Looking to retire
Margaret recently turned 65 and wants to retire soon. She contacted UniSuper Advice to find out more about setting up a Flexi Pension and confirm whether it was right for her.
She was referred to a Super Adviser who specialises in Flexi Pension set ups. Her Adviser gave her an overview of the Flexi Pension, which included:
- How much income the Flexi Pension would provide and how often Margaret would be paid.
- An investment strategy for her Flexi Pension.
- How long her Flexi Pension will last using model projections based on her life expectancy and investments held.
- Explaining death benefit nominations and how Margaret should structure hers.
During this phone consultation, Margaret discussed her goals in detail, and she was happy to pay $610 from her super account for the advice on starting a Flexi Pension.2,3
As Margaret is preparing for retirement she was extremely busy and appreciated that she could have her second meeting with her adviser online from her desk during her lunch break. During this meeting, her adviser presented Margaret with a written Statement of Advice. She explained the advice and Margaret was able to ask plenty of questions to ensure she understood the details.
At the end of this meeting, Margaret felt very secure knowing she will have enough money for her retirement based on the advice given. She applies for the Flexi Pension with the help of her adviser and a UniSuper Member Relationship Consultant sets up her Flexi Pension.
Once her pension is activated, Margaret receives a confirmation pack detailing her payment amount and frequency, plus the total starting value of the pension. Margaret also received a Centrelink schedule to help her with any Centrelink payments she might receive now or in the future.
Margaret retires knowing her finances are in shape because of the help from UniSuper Advice.
Could a UniSuper financial adviser help you? Get in touch to find out.
1.Margaret is a hypothetical member, but the relevant facts are based on a real member. 2. All outcomes in this case study are based on the specific factual circumstances detailed in this scenario. The outcomes are not guaranteed and will vary depending on your specific circumstances. 3. This case study is based on legislation applicable in the 2018-19 financial year.
The information contained in this case study is not legal, taxation or accounting advice. It is intended to provide general information only. It has been prepared without taking into account your objectives, financial situation or personal needs. Prior to making any investment decisions, you should speak with a financial adviser to consider whether this information is appropriate for your needs, objectives and circumstances. You should also obtain a copy of the relevant product disclosure statement (PDS) prior to making a decision regarding any investment in any financial product. Whilst care has been taken in the preparation of this information, the accuracy or completeness of the information is not guaranteed. This case study was prepared and issued by UniSuper Management Pty Ltd ABN 91 006 961 799, AFSL No: 235907, which is also the administrator of, and wholly owned by, the UniSuper Superannuation fund (ABN 91 385 943 850). UniSuper Limited (ABN 54 006 027 121) is the trustee of the fund. UniSuper Advice is operated by UniSuper Management Pty Ltd, which is licensed to provide financial product advice to members.