- 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.