Things clients say #3

A client came to me a couple of years ago, just three months before he was due to retire, with five pension schemes, three small personal pensions and two large final salary pensions. He wanted me to help work out what they were worth. He had imagined the personal pensions were worth most money, but actually they amounted to peanuts. The final salary schemes were more substantial though. All five were to be his only source of income, he had no assets or savings. The schemes would pay out £18,000 in total a year, and would provide his wife with £9,000 per annum. The only problem was...