Having realised the importance of a pension, he might be able to make use of unused pension allowances from previous tax years.
Owning rental properties is less attractive from a tax perspective now so it’s worth looking at the possibilities of selling one or two and setting up an investment portfolio, making use of both of their tax free allowances
A review of their gifting strategy to the children might be prudent. For example, it might be preferable to invest in ISAs for the children rather than a pension as this would allow them to access it when it came to putting down a deposit on a property
Pulling together a wealth plan might help Richard understand how much he needs to set aside in order to ensure he can live a comfortable retirement when the time comes, without compromising his lifestyle
