What should you include in a review?

A review should include a thorough assessment of your clients’ circumstances. A lot may have happened since your clients retired - or began the journey towards retirement. Decisions taken several years ago may not be the right decisions today.

This is not an exhaustive list of every issue you should consider, but it identifies key themes and some of the questions that should be asked:

 

It makes sense to have in place a power of attorney.  Also, the tax treatment of pension assets on death changes at 75. Does this have implications for estate planning?
Has there been any change in marital status that may cause earlier decisions to be reviewed?
 

Have pension assets grown in line with expectations and, if not, what are the implications? What has happened to other non-pension savings and investments (including property)? Are there any inheritance windfalls due?
What is the outlook for investment markets in the future? All of these factors should be considered.
 

Has the client taken too much income? What are income requirements in the future? Has essential expenditure as a proportion of total expenditure increased?
Can equity in property be released if additional income is required?  
 

On average, cognitive ability starts to decline around age 75 and physical health may also deteriorate. Are your clients still interested, in managing a drawdown portfolio if their health is failing?
Should they consider an underwritten guaranteed income for life solution? 
 

What is likely to happen over the next 10 or more years? How can you protect your clients as they age?
What is the likelihood of care being required? Anticipating further declines in health and cognitive ability, what steps should be taken to put in place future reviews?