Transferring all or part of your pension is of course a hugely important process, and it’s one that should be considered in great detail before a decision is made. People work hard in life to amass a significant sum of money, so switching that money from one investment to another isn’t something you should do on a whim.
It goes without saying that the majority of people don’t have the in-depth knowledge of the financial world to make such a decision on their own. Therefore, they seek advice from men and women whom they assume are fair, independent and, crucially, on the side of the customer. Sadly, this hasn’t always been the case.
If you’ve been persuaded to transfer your pension into other schemes, you might be one of the fortunate consumers who have enjoyed a mutually beneficial switch. If you’ve been a victim of one of the more unscrupulous providers, you may have seen a significant drop in the amount of money you now have in your pension pot.
Should you trust your chosen pension advisor?
There are many fine pension advisors in the UK who will give you the best advice which always takes into account your needs and your benefits. There are some, however, who should perhaps be treated with a great deal of cynicism. If you receive cold calls offering you major improvements in the returns you could potentially get from your investment, don’t make decisions in a hurry.
The less reliable advisors generally offer higher rates of return than you might already be getting. It’s very tempting for you; after all, you’ll be thinking in terms of maximising your money for the benefit of you and your family after a lifetime of hard work. They will be extremely persuasive, promising you an offer that you may feel simply cannot be refused.
A large number of people have been offered the chance to switch their pension to a Self-Invested Personal Pension (SIPP), and while many SIPPs are perfectly good there are some which have proved to be less so. Advisors persuaded people to invest in everything from airport parking and storage pods to overseas hotels and green energy schemes. They looked too good to be true, and that’s exactly what they often were.
Here at Beat the Banks, we offer fair, honest and reliable health checks for the pension advice that you’ve received. If you have been mis-sold such advice, we can help to pursue a robust compensation claim in a bid to bring you the justice that you deserve. Far too many people have suffered at the hands of advisors who were looking out for themselves more than for their clients, and we aim to right that wrong.
One call to our friendly team is all you need to start the process, so pick up the phone today and dial 0800 193 1234 for a chat. There’s no obligation on your part, so what have you got to lose?