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Photo of client Peter

Peter's story

Peter uses the HL Self-Invested Personal Pension (SIPP) to help him reduce his tax bill and to save inheritance tax.

Please note: This case study is not personal advice. If you’re not sure what’s best for your situation, ask for financial advice.

"I’m 73 and a retired GP. I’m married and I’ve got four children. All of which have left home by now. I also do some voluntary work and I'm a research champion for the National Health Service (NHS).

I have an HL Self-Invested Personal Pension (SIPP) as well as an NHS pension. I also receive some spousal pension income from my previous deceased wife and some State Pension income. At the moment I’m keeping my SIPP intact because of the inheritance tax benefits. I’m hoping to save some of my pension for my children.

It was about 20 years ago that I first started investing with HL. I might have a bigger SIPP than I really need but saving for the future is a good thing to do. I have made an effort to make sure that I'm comfortable. The SIPP offers an efficient way to invest money. When I was getting to the end of my working career, that's when I added the most money to my SIPP. My kids were grown up and I wasn’t spending too much. Saving money into my SIPP helped me reduce my income and the amount of tax I paid.

If I’m investing in a share, I’ll do my homework and HL provides you with good data to do that. HL is very helpful. You know when you ring up that you won’t expect a long wait on the phone and someone will give you a sensible answer. I’ve been with HL for pushing 20 years now and I know they’re still a growing company. When talking to friends or neighbours I recommend HL regularly.

I find it easy to manage my finances. It’s transparent and you can see what’s going on with your money and investments. I just trust them.

HL offer a lot of different funds and offer help on where to invest. There’s a wealth of information.

With HL it’s really great to manage my investments all in one place. I think it’s a big advantage to bring things together. I have ISAs that I have transferred to HL.

At the moment, I leave my SIPP untouched and if I have to, I will take money out of my ISA instead. This is the most tax efficient way to draw an income for my circumstances.

I also manage my wife’s and my sons HL accounts. I use the linked account feature so I can see their accounts and what’s going on with their investments."