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.