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From Zero Risk To Huge Risks

Were you, or any of your family or friends advised to leave a defined benefit final salary workplace pension and move it elsewhere? Even if you thought you were happy with the advice you received, how would you have known if it was compliant and not faulty? This is the world of pension experts. It’s also sadly a world where financial advisers can make huge returns by convincing you the grass is somehow greener elsewhere. Here’s something to reflect on.

Since pension freedom day back in April 2015 and even before then, it’s a sad fact that thousands upon thousands have been persuaded by financial advisers that in some way it was to their financial advantage to transfer their defined benefit workplace pension elsewhere.

People who have had zero investment experience in the past have been dazzled by the size of their pension pots and the promise of untold wealth once it’s time to retire.

Defined benefit pensions have no risk and no individual member charges. They will pay you until the day you die and with guaranteed annual inflationary increases built-in.

In comparison moving out means complete exposure to stock market risk, fund and likely adviser charges until the day you die, plus the genuine risk that your pension pot can run dry long before you pass away.

The FCA who regulate financial advice in the U.K has assessed defined benefit pension transfer advice given between 2015 and 2019. Their research clearly shows a substantial portion of defined pension holders persuaded to move would have been far better served by staying exactly where they were.

There are several tell-tale signs that likely mean that advice given to transfer elsewhere could mean being left substantially out of pocket. To find out more click here or if you prefer to call our team direct on – 01382 200474 or complete your details on our enquiry form and we will be in touch.

Summary
From Zero Risk To Huge Risks
Article Name
From Zero Risk To Huge Risks
Description
Were you, or any of your family or friends advised to leave a defined benefit final salary workplace pension and move it elsewhere? Even if you thought you were happy with the advice you received, how would you have known if it was compliant and not faulty?
Author
Publisher Name
Beat The Banks
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