The client arrived with assets accumulated over twenty-five years and no consolidated view of them: six pension schemes from four employers, three ISAs with different managers, and a general investment account nobody had reviewed since 2016.
The problem
Total charges were running at 1.84% a year. Two of the pensions held overlapping funds, producing a portfolio that looked diversified on paper but carried a heavy concentration in UK large-cap equity.
What we did
- Full audit of every scheme, including exit penalties and safeguarded benefits
- Retained two schemes where guaranteed benefits made transfer inadvisable
- Consolidated the remainder into a single platform with a target allocation
- Rebuilt the portfolio to the client's assessed risk capacity
- Restructured the estate position ahead of a planned gift to children
Outcome
Ongoing charges fell to 1.23%. The client now receives one consolidated report each quarter and a full review annually.