What would you do? A case study in pension planning

Vic is 63 and married to Roberta, 58. Vic gave up smoking three years ago, having smoked heavily before that. He is on tablets for high blood pressure and also statins for raised cholesterol. Roberta is in good health. Vic runs his own business and recent earnings have been £150,000 p.a. before tax. Roberta, a retired nurse, works in a charity shop, with no remuneration. Vic has a retained pension from a former employer's defined benefit pension scheme which is expected to pay about £12,000 p.a. from age 65. He also has £800,000 in a SIPP, although no contributions have been paid in the ...