Gifting money- Nigel’s story

I was initially looking for support with my pension planning when I approached AAB Wealth, they were recommended to us by an employee. The main question to answer was ‘should I transfer out of the company pension scheme into a private investment?’

I had an image of a financial advisers being a bit ‘slick’ and telling you anything just to get your business but everyone I have dealt with in AAB Wealth have been very professional.

The first engagement

My initial meeting was with several different experts from various departments within AAB. I find AAB Wealth is a ‘one-stop-shop’ for all financial advice (financial planning, pensions, tax advice etc.) under one roof.

Andy coordinated the pension query liaising with other departments before performing the calculations required to help me make the correct decision.

Transferring my company pension required a lot of time and careful deliberation. I had worked for the same company for 33 years, so it was a big decision. There were several different scenarios and options to run through which Andy explained to me thoroughly – he showed me that ultimately by transferring my pension out I would have more control over the pot with respect how the funds were spent, ongoing tax management and most importantly, my wife and in later years my daughter would have more control over the remaining fund if I am not around!

Investing in property

Four years ago, my wife and I sought AAB Wealth’s help to buy a property in Aberdeen as an investment. AAB Wealth suggested that the flat should be put in a trust for our daughter so that we still had control over it and additionally this would save us paying the second home tax – which would have been around £8,000.

We had to get hold of the funds for this purchase within two weeks in order to secure the price on the flat. Using a traditional building society would have taken 8-10 weeks but Andy was able to organise a loan through a private bank. By the time I left the meeting with Andy and the private bank, the application had been approved and the money was transferred on the agreed date.

The arrangement was this would be a short-term loan until I gained access to my pension pot to pay off the loan. AAB Wealth facilitated the re-payment of the loan to ensure everything went smoothly.

Fun to work with

We find AAB Wealth very efficient, trustworthy and fun to work with. They don’t make it too serious and take time to explain the details to ensure you have all the information to make decisions.

Andy has also made sure that our daughter has been involved in any conversations and decisions that will affect her in the future.

In summary AAB Wealth is a ‘one-stop-shop’ for all our financial requirements as they have all the experts under one roof and are extremely easy to work with.

We cannot recommend them highly enough!

“AAB Wealth is a ‘one-stop-shop’ for all our financial requirements as they have all the experts under one roof.”

Nigel