Picasso - Pagan Osborne

tempo
ISSUE 1
THE MATURE TRAVELLER – FEED THE WANDERLUST
ETHICAL FUNDS – GREEN SAVINGS
Picasso
A LESSON IN WILL POWER

Opening Soon
Pagan Osborne Property Shop
South Edinburgh

Contents
2
Picasso
A LESSON IN WILL POWER
6
The
Ethical
Funds
GOOD FOR YOUR WALLET
AND SAVING THE PLANET
Regulars
Ask the expert 5
A week in the life of... 12
Prop Idol
HOW £2,000 CAN GET YOUR
HOUSE READY FOR SALE
4
mature
traveller
RELEASING EQUITY TO FEED
THE WANDERLUST
9
Financial
PLANNING FOR THE FUTURE
10Planning
Pagan Osborne provides choices in life. As a firm,
we offer a refreshing approach to managing and
protecting your personal interests and assets and
those of your family by combining legal, financial
and property expertise.
Our aim is to work with you to create a cohesive
plan which provides direction and clarity around
your personal affairs, helping you confidently meet
and navigate the key stages in your life.
Tempo is our magazine and it is designed to help
guide you as you face up to important decisions.
From buying your first property to making
investments, from safeguarding your inheritance
to planning for death, from obtaining the best
advice on family relationships to managing the
needs of the agricultural community and advising
charities, Tempo will touch on subjects that
shape your lives now and in the future.
We hope you enjoy it.
www.paganosborne.com
tempo
Tempo is published by Pagan Osborne, one of
Scotland’s leading legal, financial and property
specialists.
Pagan Osborne is authorised and regulated by the
Financial Services Authority.
All rights reserved. Reproduction in whole or part
without written permission is strictly prohibited.
12 St Catherine Street, Cupar, Fife, KY15 4HH
Cover image:
Chouette Mate earthenware vase,
No 200 of an edition of 200. Edition Picasso Madoura NMS
© Succession Picasso/DACS 2007
Acknowledgements:
National Museum of Scotland
Gillian Stuart
Neville & Freda Walker
Key Retirement Solutions
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1SSUE ONE 1

Prop Idol
HOW £2,000 CAN GET YOUR
HOUSE READY FOR SALE
RELEASING EQUITY TO FEED
THE WANDERLUST
Selling your house can be one of life’s biggest
stresses; a time when even the calmest of souls
can turn into a nervous wreck.
Worrying about getting the price you want, if
the timing is right, or whether you should splash
out on a new bathroom suite, means that moving
home can cause its fair share of anxious
moments. But not if you are prepared and ready
for your ideal buyer.
Getting your property looking good before it
goes on the market is one of the best ways to
ensure a stress-free sale. It doesn’t require a lot
of effort or money either - a good clean and tidy,
a few well placed props and some white paint
can work wonders.
Rob McGregor, a property valuer based at
Pagan Osborne’s Queen Street office is used to
advising clients on getting their homes ready for
sale.
He says: "A maximum of £2,000 would give a
three bedroom house the ‘for sale’ makeover that
could mean the difference between a quick sale
and having the house languish on the market for
months on end. It’s also an investment that is
easily recouped in the sale price.
"The reality is that whilst we love our homes
and hope everyone will instantly feel the same
way (whatever the state of the stair carpet)
today’s purchasers want to see a house that they
can quickly call their own. That means fresh
neutral colours and simplicity.
"So for a small amount of money, a new coat
of paint, repairing some of the window locks,
cleaning the carpets or replacing tired kitchen
cupboards, can make a big difference. It’s money
well spent.”
2

Rob McGregor’s
Top Tips
By following Rob’s top tips, here’s how you can go
to ‘des res’ in just ten steps:
• Clear away clutter! Whether its children’s toys or
lots of photographs, it’s important to tidy away
belongings.
• Look outside – has your property got kerb
appeal? Look at the property as a whole; often
gutters need to be cleared; a fresh, newly painted
front door will appeal to buyers; as will plants and
hanging baskets at the doorway.
• Make the most of your property’s features. Don’t
hide away period fireplaces, cornices, ceiling
roses or paint over shutters: where possible
restore them. Such features make properties
unique.
• When decorating, keep colours neutral
remembering not everyone shares your taste.
However, don’t go for cream carpets as they get
dirty quickly; wooden floors are always a better
option.
• When it comes to dressing and preparing a
property, those which look lived in sell better.
Invest in stylish but not expensive furniture as this
will aid the imagination of potential buyers.
• If rooms are on the small or narrow side invest in
some mirrors as they will instantly make the area
look bigger.
• Finishing touches, such as vases of freshly cut
flowers and coloured olive oil bottles in the kitchen
add some colour and provide a homely feel.
• Kitchens and bathrooms help sell a property so
make sure both are spotless and well presented.
Put some nice soaps out and fresh, fluffy towels.
• Make sure pets and children are out of sight.
Giving undivided attention to purchasers is a must
- you don’t want your furry companions or little
angels running around riot distracting you.
• Marketing is the key to a successful sale so look
for flexible marketing packages and an estate
agent that can make the process as hassle free
as possible.
Case
Study
Mother-of-three Gillian Stuart from Kirkcaldy has
lived in her four bedroom cottage for a total of
thirty years.
Following a recent upgrade and
refurbishment, Gillian is selling the property.
She plans to downsize into a smaller home now
that two of her children have flown the nest.
Sharing her experience she says, "The
cottage is truly a unique property retaining
traditional feature fireplaces, fabulous cornices
and plasterwork, as well as natural woodwork
which has been stripped and enhanced over
the years.
"But the most recent transformation took
about eight months to complete. In that time I've
renewed two bathrooms with modern white suites
adding complementary wall and floor tiling,
upgraded the kitchen with a new cooker, sink,
worktops, cabinet doors and stripped and sealed
the floorboards.
"I’ve also replaced fitted wardrobes in two of
the bedrooms, laminated the entire upper floor,
finally redecorating from top to bottom by
co-ordinating neutral wall colours with window
dressings and soft furnishings.
"By creating a fresh blank canvas, new
owners just need to move into the house,
personalise it and enjoy."
Looking for more information?
Contact: Rob McGregor
rmcgregor@pagan.co.uk
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1SSUE ONE 3

Picasso – a lesson in Will power
Pablo Picasso, a 21st century icon, died at the
age of 91 having lived a full life. For many, he was
an artistic genius, who challenged
perceptions and broadened horizons. He also
had a string of lovers, four children by three
women and two wives.
Until the end of October, a fascinating
exhibition is taking place at the National Museum
of Scotland in Edinburgh that gives an insight into
that genius as well as a glimpse at his rather
colourful family life. Picasso: Fired with Passion is
sponsored by Pagan Osborne and focuses on
over 100 ceramics created at his Vallauris studio
in the South of France, between 1947-61,
drawings, paintings and many family
photographs. It is well worth a visit.
Interestingly, it might also provide a
timely reminder to think about a Will.
At the time of his death, Picasso left an
estimated 1,885 paintings, 3,222 ceramic
works, more than 1,200 sculptures, 7,000
drawings and some 30,000 engravings, etchings,
lithographs and tapestries. In addition, he left
three French chateaux, two villas as well as cash
and securities. Sources at the time put his
estate at around $240m.
But because Picasso left no Will, the trail left
by his prolific personal life and his vast estate
instantly became embroiled in a complex
inheritance tangle, which took over four years to
sort out. His life and death, therefore, offer a
valuable lesson in why making a Will is so
important.
Visit Picasso: Fired with Passion at the
National Museum of Scotland, Chambers Street,
Edinburgh until 28th October 2007
Why making a
Will is important
• A Will is a practical formality, which
can prevent all kinds of unnecessary
heartache in the event of someone’s
death, as it legally states who is
entitled to a share of the estate.
• Some people may think that they don’t
need a Will as their family will know
what to do, or that it is a fatalistic
omen. This is wrong.
• It can be complicated when
unmarried/non-Civil Partnership
cohabiting couples do not have Wills,
as although the surviving partner may
make a claim to inherit some assets, it
is the children who have the automatic
right to them.
• In such a situation, if there are no
children, all of the deceased’s savings,
personal items and sometimes even
their share of the property, will be
divided evenly between parents and
siblings. The partner will be left with
nothing unless he or she is successful
in raising a costly court action within
six months of their partner’s death.
Looking for more information?
Contact: Lianne Lodge
llodge@pagan.co.uk
4
Chouette Mate earthenware vase,
No 200 of an edition of 200. Edition
Picasso Madoura NMS © Succession
Picasso/DACS 2007
Faune cavalier, silver
platter. Studio Francois
Hugo; 1977 Musée
Picasso, Antibes ©
Succession Picasso/
DACS 2007
6

ASK the expert
1
Fiona
Gordon Brown
wants us all to take
out long term fixed
rate mortgages.
Is this a good idea?
2
Rachael
I want to put money
away for my
grandchildren, what
is the best way to
go about this?
I am about to get
married and have
heard a lot about
pre-nuptial
arrangements. We
don’t have much, so
is it something we
3should think about?
John Ross, managing consultant at Pagan
Osborne Independent Financial Advisers, says,
"Proceed with caution! Long term fixed rate
mortgages tend to come with a lot of
restrictions; they have a higher interest rate and
incur large penalties if you wish to change
lender before your fixed period draws to an end.
"Although signing up to a long term rate can
offer peace of mind, it is also a long term
gamble. If interest rates move up or down, they
will either leave you feeling very smug or
annoyed. With the majority of people barely
looking beyond the next five years of their lives,
their personal circumstances could dramatically
change within the next 10-15 years, which is
why it’s better to choose a mortgage that is
fixed for two-five years as it offers a great
degree of flexibility, unlike a long term fixed
rate."
McDonald, associate at Pagan Osborne
suggests, "From an Inheritance Tax (IHT)
perspective, gifting during your lifetime can be a
very sensible idea as it can also reduce potential
IHT liabilities. In each tax year, you can gift
£3,000 tax-free and can carry this forward one
year if it is not fully utilised.
"Additionally, if your intention is to make regular
gifts to your grandchildren, the transfers may be
able to be structured in such a way that would
enable the gift to be treated as an exempt
transfer for IHT, providing it is possible to show
that the gifts you make are out of excess
income so that your standard of living will not be
affected.
"Also, if you do not wish the funds to be
transferred outright to your grandchildren,
perhaps because they are young, a Child Trust
Fund could be considered
which would allow
for flexibility and
protection."
Kelsey, partner at Pagan Osborne and
family law specialist, said, "If you’re
contemplating marriage, particularly second
time around and own your own home, have
savings, investments or other assets like
antiques or art, you would be well advised to
enter into a pre-nuptial agreement.
"Pre-nups are now common in Scotland - the
Family Team have prepared more this year than
ever before. It’s not that our clients aren’t
romantic - they’re simply realistic and know that
there is a chance that their relationship might
not last. They want to protect the assets that
they have when they marry and to be able to
avoid the uncertainty and expense of litigation
in the future; they want to be able to decide
themselves what they think is fair for them."
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1SSUE ONE 5

The mature
traveller
RELEASING EQUITY TO FEED THE WANDERLUST
When Neville Walker took early retirement 17
years ago, he and his wife Freda knew they
wanted to live life to the full.
Living in the family home, which Neville
inherited from his father and with no dependants,
the 67 year old couple have always enjoyed
travelling, visiting various countries and, in
particular, the USA.
Now relying on police and state pensions to
support their ever increasing living costs, Neville
and Freda looked at other options to fuel their
wanderlust. They needed extra income to fulfil
their desire for travelling, but wanted a solution
that would allow them to remain in their much
loved home.
Living in a 400 year old farmhouse and with
no mortgage to pay, the couple were able to turn
some of the value of their home into income,
through a scheme called equity release.
Neville said:
"IT’S VERY SATISFYING TO KNOW
WE HAVE SUFFICIENT FUNDS
COMING IN. WE HAVE GREAT PEACE
OF MIND KNOWING THAT BILLS CAN
BE PAID AND WE CAN STILL
TRAVEL AND ENJOY OURSELVES IN
OUR RETIREMENT."
"Recently, we returned from a trip to
Yellowstone Park in Wyoming. Because I enjoy
hunting, in particular deer stalking, we
decided to go on a hunt, but as the rules of the
National Parks don’t permit mechanical vehicles,
horseback was the only method of travelling up
the Rockies.
"Although Freda and I had never been
horseback riding before, we took a deep breath
and decided to give it a go. We endured a three
day riding course on Dartmoor prior to flying out
and spent another three days riding and
acclimatising at 9,000 feet above sea level before
riding into the hills.
"The experience was exhilarating. We slept
under the stars, although it was known that grisly
bears inhabited that region, but the fear was soon
overcome when we sat back at the camp and
saw all the stars in the sky flickering away. We
also cooked and ate our food over the
campfires and had a wonderful time. This isn’t
the type of travelling experience you’d expect
from a couple well into their 60’s, but we’re young
at heart and enjoy living life to the full."
Neville and Freda currently enjoy two or three
holidays a year, which all seem to turn into
adventures! They have booked another trip to
Wyoming this autumn where they will trek through
the Rockies on horseback, go fishing in remote
trout streams and relax in the peaceful
surroundings of a 300,000 acre ranch. The
couple will also be making a return visit to
Texas next year to visit some old friends – a
holiday they have enjoyed taking for the
past 17 years.
inheritance tangle, which took over four years to
sort out. His life and death, therefore offer a
valuable lesson in why making a Will is so
important.
Visit Picasso: Fired with Passion at the
National Museum of Scotland, Chambers
Street, Edinburgh until 28th October 2007
6

Neville and Freda Walker on horseback in Yellowstone
Park in Wyoming
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1SSUE ONE 7

What is equity
release?
Equity release allows you to free tax-free
cash from your home to boost your
finances in retirement. The two main types
of equity release plan available are lifetime
mortgages and home reversion. Both types
of equity release plan allow you to:
• safely release equity from your home
• spend the cash as you wish
• make no monthly repayments
• stay in your home for life
If you want to release equity to go feed the
wanderlust of travelling like Neville and
Freda Walker, you need to:
• speak to a financial adviser
• decide realistically how much equity you
can and are able to release
• ask, are you planning on bequeathing
your property to family? If so, decide
how much of the estate value you wish
to leave
Looking for more information?
Contact: John Ross
jross@pagan.co.uk
8

Ethical funds SOCIAL CONSCIENCE CAN BE GOOD
FOR YOUR WALLET AND YOU CAN SAVE THE PLANET
The stock market wouldn’t generally be the first
thing you’d think of if you were looking for ways
to improve the world around you and leave it
better than you found it. And yet, ethical
investment is one of the fastest growing areas of
the market, with "green" funds expected to top
£7 billion this year.
The origins of moral investing date back to the
early 20th century when the Methodist Church
decided to invest in the stock market with a view
to avoid firms with an involvement in gambling
and alcohol. In 1984, Friends Provident launched
the first ethical fund for private investors (now
managed as the F&C Stewardship Growth Fund)
and nowadays, there are over 90 ethical funds to
choose from. So there has never been more
choice should you wish to keep your money
clean and green.
But does this sound too good to be true?
Is it really possible to invest profitably and ethically
at the same time? Well – yes and no.
To understand the financial implications
of ethical investment, it’s important
to understand what it means in
the first place.
Here, St Andrews Asset
Managers, part of Pagan
Osborne, offer some
guidance.
Lindsay Fraser head of St Andrews Asset
Managers (SAM) says,
“Investing ethically means different things to
different people, but for the majority, it means
investing in line with their principles.
“For some, it may be avoiding certain sectors
or stocks within the market, such as tobacco,
armaments, alcohol, gambling or pornography.
For others, it may be ruling out pharmaceuticals
because of animal testing, or oil testing due to the
environmental damage they cause.”
What is the difference between light green
and dark green funds?
Ethical funds are sometimes defined on a scale
from light green to dark green. Light green
funds are those using some ethical principles,
whereas dark green investments are those that
adhere to strict ethical criteria.
But as investors are becoming more
discerning nowadays and are looking for a
positive commitment from companies that are
actively behaving in a socially responsible way,
there is a third level of ethical investment whereby
investors will call upon fund managers to engage
with firms in order to help them improve their
policies. Therefore, it is possible for people to get
an ethical fund investing in the likes of a tobacco
company in order to put pressure on the
company to behave responsibly towards its
suppliers, employees and customers.”
Will my savings grow more using an ethical
investment vehicle?
Like all investment tools, the peaks and troughs
of the market conditions, coupled with the
sectors people have invested in can either
produce returns significantly better or worse.
Although ethical unit trusts or Open-Ended
Investment Companies have more or less
matched the wider market over the past five
years, there have been times when this has
not always been the case and green investors have
missed out on some major market themes. The
general consensus is that greenness can come at a
cost, so it’s important to seek the right advice.
What ethical funds are worth investigating
further?
A good place to start is to sit down with a fund
manager at SAM. The most important thing, as
with all investment decisions, is for you to
understand the implications of whichever route
you take, and for this you can’t beat good
professional advice.
If you are ready to delve further EIRIS is the
leading provider of independent research into the
social, environmental and ethical performance of
companies – www.eiris.org. Insight Investment,
has also been leading the way in socially
responsible investing and it’s worth taking a look at.
www.insightinvestment.com has a wealth of
helpful information.
Looking for more information?
Contact: Lindsay Fraser
lcfraser@pagan.co.uk
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1SSUE ONE 9

Financial
Planning
A FATHER-OF-TWO HOPES TO TAKE EARLY
RETIREMENT, BUT WITH TWO YOUNG CHILDREN
IN PRIVATE EDUCATION HE KNOWS HE NEEDS
TO GET ORGANISED
Self-employed IT consultant Michael Jamieson*
has enjoyed a successful career, but is looking
forward to the day when he can switch off his
computer for the very last time. Now 47, he
has always hoped to retire well before he
reaches the age of 65.
However, with two small boys, the matter
of school fees may affect his plans.
Mike’s eldest son has just started his
primary education at one of Edinburgh’s
leading public schools, with the younger boy
expected to attend the same school in three
years time. With the average cost of private
education to 18 now around £100,000, Mike
has made a big commitment. He will also be
63 by the time his youngest child finishes
school.
To supplement his own income, Mike’s wife
works part time and the family has two rental
properties (one which is mortgage free and the
other which has a 50% buy-to-let mortgage).
In addition, Mike has two pensions, which he’s
being paying into for the past 20 years and a
handful of other investments.
Mike says: "Ever since I got my first proper
wage packet over 20 years ago, planning for
retirement has always been in my mind. I’ve
always been careful and believed in setting
aside a sum of money each month to be
invested into company pensions and savings
accounts to assist in leading a more
comfortable lifestyle. Now that the children
have come along and my financial situation has
changed I am conscious that I need to review
my financial position, if I still hope to take early
retirement."
*Our client’s name has been changed
inheritance tangle, which took over four years to
sort out. His life and death, therefore offer a
valuable lesson in why making a Will is so
important.
Visit Picasso: Fired with Passion at the
National Museum of Scotland, Chambers
Street, Edinburgh until 28th October 2007
10

Here’s what the experts say
John Ross, managing consultant for Pagan
Osborne Independent Financial Advisers, says:
"Whilst planning for retirement is prudent, the big
question Mike needs to ask himself is what if he
loses his income through illness or even death? It
is not just a case of taking out an ‘insurance
policy’, but making sure his future family
aspirations are protected if such an event
happens.
"It is necessary that Mike reviews his current
provision to ensure that should such incidents
arise, his family will at least have no financial
worries and their future plans can continue as
hoped. Therefore, various contracts, such as term
assurance and critical illness cover must be
considered.
"Also, Mike’s future retirement income could
be at risk if his current income is lost, so it is
important that he thinks about income protection
as well to enable him to continue to contribute to
his pension."
Looking for more information?
Contact: John Ross
jross@pagan.co.uk
Lindsay Fraser, head of St Andrews Asset
Managers, part of Pagan Osborne, suggests:
"Mike has a number of investments and looks to
have taken the right route in terms of
diversification as he has a very balanced portfolio.
He has the right balance between ‘risky’ and
‘non-risky’ assets in that he needs the capital
growth from the risky ones to keep up with
school fee inflation, plus some stability and
flexibility to allow for unexpected events.
"In terms of what Mike can do to see his
finances work more effectively, he needs to sit
down now with a wealth management specialist
and agree a cashflow projection covering
expected income versus expenditure that will
allow him to plan the next 16 years with
confidence. It would also be worth reviewing
his overall financial position to make sure he’s
contributing the right amount to his pension."
Looking for more information?
Contact: Lindsay Fraser
lfraser@pagan.co.uk
Anona Simpson-Greig, solicitor at Pagan
Osborne, suggests Mike could use trusts as a
way of paying for the children’s education. "The
secret to planning for school fees is to start as
early as possible," she says. "And Mike is in a
good position as he is already considering how
he will fund his sons’ education and has
established various strategies already.
"One option is to speak to the grandparents.
They are often seeking to minimise their
Inheritance Tax (IHT) bill and it can therefore be
useful for them to help with school fees by setting
up a Discretionary Trust for the benefit of the
grandchildren. Money can be added into the
Trust and this will be tax free as long as the sum
is less than the Nil Rate Band (NRB) for IHT which
is currently £300,000. The funds will grow over a
period of time and the fund can be used to pay
the school fees. As long as the value of the Trust
remains under the NRB, then no Inheritance Tax
will be due. This also offers the benefit of
transferring the tax liability on future income and
Capital Gains Tax to the children to utilise their
own personal annual allowances."
Looking for more information?
Contact: Anona Simpson-Greig
asimpson-greig@pagan.co.uk
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1SSUE ONE 11

A Week in the Life of…
The countdown
is on!
Not only am I an associate at Pagan
Osborne in the Trusts & Charities Team
based between Edinburgh and Cupar – I
am also trying to organise my wedding.
Welcome to the diary of a very manic
Anona Simpson-Greig
(aka FMG, the Future Mrs Gow!).
Monday
Wedding panic attacks, 0; Calls from
Mother, 8; Client Meetings,1
After a blissful weekend hunting for wedding
dresses all over Scotland, I am now
concentrating on drafting a complex but
interesting Charitable Trust for an elderly client.
I met her this morning. I am so glad she’s
doing this because she would really like her
estate to make a difference and this way she
12
will be remembered and her good works will
continue. I’m also swamped with dealing with
weekend mail and telephone messages but it all
gets done. I mean to start this week as I intend
to continue: with no wedding panics at all and
being thoroughly organised.
Tuesday
Wedding panic attacks, 2; Calls from Mother, 5;
Client Meetings, 3
Disaster – invitations and orders of service were
due to arrive today and they haven’t – panic
attack number 1. Second attack followed rather
quickly when I realised that the candles I bought
for the table centre pieces don’t fit the candle
sticks – why would this happen?
I had various client meetings today to discuss
Inheritance Tax planning and setting up Trusts.
Met with two very different sets of clients, but
who, nonetheless, want the same peace of mind.
In the afternoon I met with new clients to discuss
their Wills and Powers of Attorney and now have
instructions to draft Deeds which will complement
the family’s wishes. It’s a practical step that I know
they found hard, but worthwhile. I try to
encourage them that this should be reviewed
every five years.
Excellent end to a day which began badly!
Wednesday
Wedding panic attacks, 0; Calls from Mother,
0; (Mother with friends all day so no access to
telephone – hooray!!); Client Meetings,0
Out at an Office of the Scottish Charity Regulator
seminar all day discussing the merit of and how
best to re-organise smaller charities to make them
more cost effective and easier to deal with. This is
a particularly salient subject for Pagan Osborne,
rgh until 28th October 2007
as it applies to some of our Charitable Trusts.
Charities which were established several hundred
years ago are often based round an outdated idea,
which also may not be applicable to society now.
Sometimes, these Trusts only hold a small amount
of funds and therefore cannot bear the costs of
administration. If these charities, however, are
re-organised and amalgamated together, then the
cost of administration can be shared.
Thursday
Wedding panic attacks, 1; Calls from Mother, 4;
Client Meetings, 2
Trauma, trauma, trauma – the marquee company
will not return my calls which is so frustrating as I
have a list of questions to go over with them. The
Big Day is rapidly approaching.
Determined not to be so inaccessible with my
own clients, I pick up the phone to discuss Deeds
of Variation as a good instrument of Inheritance
Tax planning. My appointment at the end of the
day was a fairly lengthy meeting with the Trustees
of a Charitable Trust that I manage. This meeting
went very well and good progress was made.
Friday
Wedding panic attacks, 3; Calls from Mother, 7;
Client Meetings, 1
I end the week on a bright note, I finished and sent
out a draft Charitable Trust for approval and met a
family this afternoon to discuss their family’s Trusts
in light of the changes the Finance Act 2006
introduced - keeping everything up-to-date.
But its Friday and the weekend mayhem is
about to begin. The schedule is all organised and all
I have to worry about is the seemingly endless
length of time it takes to make a wedding dress!
t
isit Picasso: Fired with Passion at the
National Museum of Scotland, Chambers Street,
Edinburgh until 28th October 2007

We’re with you every step of the way
Providing choices in life

To find out more contact any one of Pagan Osborne’s offices
Edinburgh
55-56 Queen Street
Edinburgh
EH2 3PA
Tel: 0131 226 4081
Fax: 0131 220 1612
Cupar
12 St. Catherine Street
Cupar
Fife
KY15 4HH
Tel: 01334 653777
Fax: 01334 655063
St Andrews
106 South Street
St. Andrews
Fife
KY16 9QD
Tel: 01334 475001
Fax: 01334 476322
Anstruther
5a Shore Street
Anstruther
Fife
KY10 3EA
Tel: 01333 310703
Fax: 01333 311918
Or, visit our website at:
www.paganosborne.com
Pagan Osborne is authorised and regulated by the Financial Services Authority.