Our Chartered and Independent Financial Adviser, Tean Hatt was interviewed by the Financial Times Adviser’s senior reporter Alina Khan earlier this month about a recent client case that has highlighted a wider issue for older women and the state pension.
The resulting story was front page news in this national newspaper aimed at the financial services industry. This news outlet is renowned for its focus on financial advice and engaging thought leadership pieces that profoundly impact both advisers and clients across the UK.
This fantastic outcome for one of our clients highlights the ethos of Vizion Wealth in Milton Keynes. The feature details a case whereby Tean’s diligence and expertise brought about a life-changing outcome for a couple, particularly Mrs. M, who, for thirteen years, was unaware of her entitlement to a State Pension. This situation underscores a prevalent issue where the Department for Work and Pensions (DWP) failed to automatically pay the State Pension after the spouse reached the state pension age, a problem affecting a substantial number of similar women across the country.
Through meticulous investigation and advocacy, Tean helped Mrs. M secure an astounding back payment of just under £80,000 from the DWP, rectifying a critical oversight that would have otherwise gone unnoticed. This drastically improved the financial well-being of Mrs. M, because as well as the back payment she is now receiving a significant state pension for life.
It also highlighted a systemic issue needing immediate attention that DWP have acknowledged, stating that there are hundreds of millions, if not billions of pounds in unclaimed state pensions due to women who paid the ‘married stamp’.
This ‘biggest win’, as Tean calls it, not only brought financial security to a retired couple but also served as a significant learning and development moment for the financial advising community. It is a reminder of the crucial role advisers play in safeguarding the financial health of their clients. Tean’s proactive approach—questioning assumptions and meticulously following up—led to a discovery that immensely benefited his clients.
At Vizion Wealth, we pride ourselves on our commitment to thorough and ethical financial planning and wealth management. Tean’s story is a testament to our dedication to the welfare of our clients and their finances. It is a call to arms for like-minded financial advisers to remain vigilant and proactive, ensuring no client misses out on what is rightfully theirs.
This case also highlights the broader implications for the financial advisory sector. It underscores the importance of diligence in client dealings and the significant impact that informed, thoughtful financial guidance can have on an individual’s life.
The DWP said it has received more than 700,000 cases similar to Mrs M’s, owing a total of £571.6m.
The doors at Vizion Wealth are always open for those seeking comprehensive financial advice or looking to join our dedicated team in making a tangible difference in people’s lives. At Vizion Wealth, we are not just managing wealth; we are ensuring it grows and sustains through all of life’s phases, backed by expert advice and genuine care for our clients’ financial health.
For more information about how Vizion Wealth can assist with your financial needs or to schedule a consultation with one of our advisers, please get in contact with us. Let us help secure your financial future with the same dedication and precision demonstrated in the remarkable case of Mrs. M.
Who are Vizion Wealth?
Our approach to financial planning is simple, our clients are our number one priority and we ensure all our advice, strategies and services are tailored to the specific individual to best meet their longer term financial goals and aspirations. We understand that everyone is unique. We understand that wealth means different things to different people and each client will require a different strategy to build wealth, use and enjoy it during their lifetimes and to protect it for family and loved ones in the future.
All of us at Vizion Wealth are committed to our client’s financial success and would like to have an opportunity to review your individual wealth goals. To find out more, get in touch with us – we very much look forward to hearing from you.
The information contained in this article is intended solely for information purposes only and does not constitute advice. While every attempt has been made to ensure that the information contained on this article has been obtained from reliable sources, Vizion Wealth is not responsible for any errors or omissions. In no event will Vizion Wealth be liable to the reader or anyone else for any decision made or action taken in reliance on the information provided in this article.
