Management Consulting

John and Barbara faced significant challenges in managing their retirement finances after John retired at 62 and moved to France. With a combination of small defined contribution (DC) plans, a reduced state pension for Barbara, and a £250,000 SIPP for John, their living expenses were mostly covered. However, they required additional income from a drawdown plan to enhance their quality of life. John was hesitant to pay for financial advice and struggled to manage his investments, leading to a constant worry about withdrawing funds. This reluctance resulted in them often being short of money, despite having sufficient savings. The situation worsened when John developed Parkinson's Disease and later suffered a stroke, leaving him unable to manage their finances. Barbara took over and successfully converted their funds into an enhanced annuity with a spouse's pension, seeking a secure income as John's health declined. This case highlights the emotional and practical difficulties retirees face, emphasizing the need for tailored solutions in the pension industry. Aon recognized the necessity for cost-effective drawdown investment solutions suitable for those unfamiliar with investing. They aimed to provide accessible tools and support throughout the retirement journey, helping individuals understand their income needs and withdrawal options. The goal was to simplify the process of changing course and accessing annuity options when life circumstances change, ensuring that retirees like John and Barbara could navigate their financial decisions with confidence and security.