Ralph and his wife are 61 and 60, and receive defined benefit pensions of £80,000 and £26,000 a year before tax, respectively. His wife still works part-time for an income of £8,000 a year before tax and has a self-invested personal (Sipp) worth £45,000, into which they may make further contributions. She will be eligible for a small Swiss State Pension of £2,500 a year from age 64, and they both should be eligible for the full UK State Pension from age 66.
Shares and funds held in Sipps and Isas, VCTs, cash, residential property
5% annual real return over 20 years plus to help grandchildren with education and property purchases, pass on assets tax efficiently
They have a limited liability company in which they and two other family members have equal holdings. This makes profits of £60,000 a year after corporation tax, and is likely to continue to for another three years.