In the last 15 years, were you advised to transfer your final salary workplace pension somewhere else? Also known as defined benefit pensions, they contain huge benefits and guarantees that are quite simply irreplaceable. If you did Beat the Banks will check for free the advice you were given.
You may have lost a substantial sum of money without even knowing it. Over 75% of our successful claimants (from a survey of our customers from January – November 2021) hadn’t the slightest clue they were victims. Many lost substantial six figure sums. They just couldn’t understand how the advice to transfer was wrong – they’d added an extension to their house, bought a new car, paid off their mortgage and had maybe even taken the family on holiday. Not just that, they had a pension to call their own.
BUT it’s a fact that at times, as much as 50% of the advice given to leave workplace pensions was flawed according to the FCA publication dated 3/10/17 – Our work on Defined Benefit Pension Transfers.
NOT moving means all the risk sits with your workplace scheme. In return you get an inflation proofed pension until the day you die.
MOVING means the investment risk is 100% yours PLUS being locked into paying fund and adviser charges until either you pass away or your pension hits zero. Plus of course, at any point inflation could easily ravage your fund. ALL of which should have been made perfectly clear, but was it?
BUT if it was your biggest, or only guaranteed pension it most likely should not have been moved. The same applies if you had no previous investment experience, or if you were aged below 55 at the time.
Your fund’s dead and not performing.
Transfer values are high. There will never be a better time to move.
Moving will give you a bigger lump sum.
It will give you more flexibility.
It’s a pot of money to leave to your family.
– The cost and the liability of providing these schemes simply make them unaffordable.
They only got paid if you moved. A nice initial fee and of course on-going advice fees from you until the day you die. Put another way, a pension from your pension.
Finally, the last few years have seen a massive exodus of firms and individuals previously authorised and regulated to give this type of specialist pension transfer advice. Many have given up their permissions as a result of rising claims and some have had their permissions revoked by the regulator AND of course systemic bad advice and rising claims have seem substantial numbers cease trading and leaving a trail of devastation in their wake.
And all why Beat the Banks offer to check for free the pension transfer advice you were given. Beat the Banks is a CMC. You can claim for free, without using a CMC, first to your provider or to the FOS/FSCS/TPO. Click here for more information.
First introduced in 1989, Self Invested Personal Pensions (SIPPs) allow pension holders to invest in assets which are impossible to access through a standard pension. For example, commercial property. Crucially, they also permit access to non-standard investments such as Loan Notes and Unregulated Collective Schemes (UCIS).