From Crisis to Financial Stability

Turning Multiple Pensions into a Lifeline

The Challenge

Tadhg* came to me during one of the most stressful periods of his life. As a company director, he'd always been careful about his finances, but a combination of business challenges had left him in real difficulty. His mortgage payments were due, bills were mounting, and he was genuinely worried about keeping his family home.

The frustrating part? He actually had savings; several pension pots built up over various jobs and roles from before he went out on his own. But they felt locked away, and he didn't know how to access them without making things worse for his future.

When we first met, Tadhg was exhausted from the worry. He needed immediate help, but he also needed someone to look at the full picture.

The Approach

First, I sat down with Tadhg and mapped out exactly what he had. We identified all his pension arrangements; some he'd almost forgotten about, and looked at the rules around each one. Not all pensions can be accessed in the same way, so understanding what was possible was the first step. I also wanted him to know that working with me would be judgment-free and focused on delivering what he needed to achieve financial stability, as best we could.

Then we made a plan that worked on three levels:

Short-term: Tadhg needed cash now. Using my knowledge of pension rules and tax thresholds, I structured a withdrawal strategy that let him access funds in the most tax-efficient way possible. We were careful about the order, which pot to use first, how much to take, and when. Every euro mattered, and we didn't want the tax bill to be higher than necessary.

Medium-term: Tadhg found a new role and returned to PAYE employment, which was brilliant news. This meant he could start contributing to a pension again and rebuild his retirement savings in a more structured way. We set up his new arrangement with his employer and made sure it worked for him.

Long-term: We also looked at his life cover. He'd been paying for policies that no longer fit his situation. I arranged better protection that actually matched his needs and saved him money in the process – money he could redirect toward getting back on track.

The Outcome: Financial Stability

Step by step, Tadhg regained control. He met his mortgage payments. He stabilised his day-to-day finances. And crucially, he stopped being extremely anxious about money and started planning again.

The pension withdrawals gave him breathing room when he desperately needed it, but because we'd structured everything carefully, he didn't wreck his long-term security. Now that he's back in steady employment, he's rebuilding his retirement fund properly – and he knows exactly where he stands.

The Bottom Line

This situation shows why pensions aren't just about retirement – sometimes they're a crucial safety net when life doesn't go to plan. But accessing them needs care. The tax implications can be significant, and you don't want to make short-term decisions that damage long-term security. That's where proper advice makes all the difference.

*Name and identifying details have been changed/omitted to protect client confidentiality.