Defined Benefits Schemes

Check the transcript of the video here:

Hi, I am Imran Amjad, senior financial adviser at Veurr Financial Planning. Today, I will share with you the power of Defined Benefit Schemes (as shown on screen) and how they can provide a comfortable retirement.

I’ll also share an example of a situation where I helped my clients achieve their desired outcome using my knowledge of these schemes – I know them back to front and upside down!

I have vivid memories of meeting Steve and Bec. Steve was in the CSS defined benefit scheme. He was told by his employer that he had been made redundant. Steve and Bec had no idea how to cope with the situation. They had never seen a financial adviser and did not understand the defined benefit scheme.

Here they were sitting in front of me in extreme stress and as soon as I asked how I could help them, Bec was in tears and Steve dropped his head in his hands. Long story short, I got them talking about the outcome they wanted from this situation.

They wanted to achieve two things: pay off their mortgage balance and live comfortably. Bec also told me through tears that since they got together 30 years ago, they had a dream of travelling around Australia as grey nomads. They never had the chance with other liabilities and she felt now there was no possibility.

As an expert adviser on the CSS scheme, I understand the incentives that come with a redundancy in that scheme and how to maximise those benefits. I told them to leave their stress with me and go home. I would contact them in a few days with the strategies to achieve their desired outcomes.

A few days later, they were sitting in front of me again. Based on my expertise, I was able to explain how they could: pay off their mortgage in full and be debt free and have a guaranteed income indexed for life. And as a bonus, I was also able to: set up an account to invest a significant lump sum to cover any ad hoc needs they might have in retirement.

A few weeks later, Steve calls me. He says, ‘Imran, we found a camper and 4×4 on the coast at a dealership, costing this much. Can we afford it?’ I said to Steve that I’d call him back in 10 minutes. Knowing about their dream, I had considered this in their financial plan already. I checked the figures and called him back. I said, ‘Steve, go for it.’ I explained that his income is there for life. They are debt free. It’s time to live their 30-year-old dream.

Two weeks later, there is a knock on my front window in the office. Moving the blinds, I see Steve and Bec with big smiles on their faces and he waves to me to come out. I go to the front and there is a brand new 4×4 pulling a massive campervan. With tears in his eyes, Steve says, ‘Mate, you made it happen.’ But this time these were tears of joy.

So, if you have a defined benefit scheme, let me help you achieve your goals and you could be my next success story!

HEAD OFFICE

Level 2, 11 National Cct
Barton ACT 2600
02 6171 1777
infofp@veurr.com.au


Veurr Financial Planning Pty Ltd, ABN 16 635 751 423, is a Corporate Authorised Representative of Lifespan Financial Planning Pty Ltd, ABN 23 065 921 735, AFSL 229892.

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