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Pension Transfer

Pension Transfer

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.

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FAQ

It’s worth remembering at all times that if a cold caller is making contact with you to offer a rewarding pension transfer, there will be something in it for the caller. If you end up paying annual fees to your pension advisor, it can greatly reduce the value of the pension itself. And there may even be add-ons such as investment wraps and platforms which can generate more income for the advisor.

Many people approach the end of their working years with several pensions from a mixture of previous employers. There’s sometimes a somewhat understandable urge to tidy these all up into one investment, but be warned that you can lose money by doing this. The less ethical pension advisors may advise you to consolidate knowing full well that they can make a sizable profit from persuading you to do so.

Some advisors will attempt to persuade you to switch from one pension provider to a more rewarding one, in much the same way that you might switch your current account from one bank to another. The major pension providers offer extremely similar services that differ little from one to the next, so bear in mind that switching may make no difference to you but a significant difference to the advisor’s commission.

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?

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    “Huge thank you to the team. After attempting to claim PPI myself and getting absolutely nowhere, I got Beat the Banks involved and ended up getting  £12,000. What a result. Beat the Banks made it so easy and were committed right to the end.”

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  • T & A, Dundee

    “Down entirely to Mike’s hard work, we previously had a successful claim with Clydesdale Bank. Mike was convinced we had more loans with PPI and he was relentless in efforts to recover our paperwork from the bank. Finally, after many attempts, enough records were recovered to submit several claims. We have now received much more compensation, covering loans going back many, many years. If it had not been for Mike and the team at Beat the Banks this would never, ever have happened. Literally, all we did was sign our name and bank the cheque.”

  • Mrs S, Falkirk

    “I was apprehensive about using a company to claim my PPI as I had previously responded to a “cold call” and was pestered with calls. I heard about Beat The Banks on a local radio station and because they were based in Scotland I felt comfortable approaching them. I have had a very positive experience with Beat The Banks. They are not pushy and answer any queries timeously. All the Agents I have spoken to were knowledgeable, polite and friendly. After the initial information gathering conversation, they understood my needs and just got on with my claim. No hassle. Even when it was clear that my claim was of a relatively low value they processed without delay. I would definitely recommend using Beat The Banks …. they put all the other companies out there to shame.”

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