Unregulated Pension Transfers
- Unregulated Pensions Investments
- SIPP Providers
- Pension Scams
- Pension Transfers
- Green Energy
- Hotel Rooms
- The Resort Group
- Park First
- Store First Storage Pod Scheme
- AIGO Loan Notes
- Intrinsic & ER Network
- Global Forestry Investments
- Sustainable Agroenergy
- Carey Pensions
- Berkeley Burke SIPP
- Avacade Limited and Alexandra Associates (UK) Limited
- The Paraiba Projects Mini Bond
- Lakeview UK Investments
- Brisa Investments Plc
- InvestUS Exit Strategy (Real Estate Investments USA Plc)
- Ethical Forestry
- Shah Wealth Management
- Capita Oak Pension Scheme and Henley Retirement Benefit Scheme
- Green Oil Plantations
- Douglas Baillie Ltd and The Pension Specialist
Moving Pensions The SIPP Scandal
Moving pensions is a complex business and unfortunately the mystery surrounding pensions has allowed far too many financial advisors to get away with poor advice, excessive charging and sadly in some cases downright fraud.
If you’ve moved any pension since 2010 or are considering moving one now, let’s look at some potential problems.
Let’s start off with defined Defined Benefit Schemes.
This is the name given to pensions typically run by local authorities or employers like Diageo, Scottish Power or Transocean. These funds have valuable guaranteed benefits and only around 20% of all pension advisors have traditionally been sufficiently qualified to sign off a recommendation to leave these schemes.
The cost of this advice can be excessive. Pension specialists holding the right qualification can often have many less qualified advisors feeding them business meaning both have to get a slice of an inflated transfer advice fee. With pensions pots often running into hundreds of thousands of pounds, flat percentage fees can add excessive and challengeable charging.
We have also unfortunately seen evidence of G60 qualified advisors giving 100% of their pension transfer recommendations to just one pension provider, for example, Prudential.
When was the last time you look at the annual fees paid to your pension advisor? They can vary dramatically. At the lower end of the scale this might typically be 0.50%, but unfortunately it can be considerably higher. On a pension pot of £500, 000, an ongoing advice fee of 1% as opposed to half a percent will strip another £2,500 from your investment in fees alone.
Added to that you have layering, meaning less scrupulous pension advisors can further boost their ongoing income from your pension by recommending high charging investment wraps and platforms which give them a commission kick back. A trick that incidentally also makes their business more valuable when it’s time to retire.
We’re British and we like things to be nice and tidy rather than all over the place. Less scrupulous pension advisors can use this natural urge to unfortunately give downright bad advice. The fee for initial advice along with increased ongoing fees mean you could be left considerably out of pocket in comparison to remaining with the status quo. Some older pensions have valuable guarantees too which are completely lost on transfer.
Whether it be Prudential, Zurich, Aberdeen Standard or any other pension provider, the answer is that they all pretty much provide the same offering by way of investments and risk strategies. In the vast majority of cases, there is simply no justifiable reason from moving from one to the other. Unfortunately for less honest financial advisors this constant churning from one provider to another is a guaranteed way to squeeze as much money as possible from their client bank and your pension fund.
Unregulated Pension Investments
Unfortunately this is where your pension advisor has been reckless and in some cases to the point of being downright fraudulent. Something that’s seen a dramatic increase since the then Chancellor of the Exchequer, George Osborne announced in April 2015.
In many cases it all starts with a cold call. Did you know you could get cash from your pension today? How much is you pension making? Do you want a 100% of your fund tax free – it’s not going to be enough to retire on and we can show you how to guarantee double digit returns every single year. Before you know it you’re hooked.
It’s the old story, when something looks to be too good to be true … well you know the rest.
Unqualified and unregulated so called pension experts have suggested all sorts of alternative investments and all with eye watering returns. Once your hooked you’re then referred to a pension advisor suitably qualified to give the advice to transfer out of your existing arrangement. In the case of an occupational pension or guaranteed pension this would have had to have been a G60 qualified advisor.
MANY GOOD IFAS - balance the argument. 95, 000 cases mis-sold - FCA Figures
Remember the crash of 2007/2008? It wasn’t just banks that took a hammering. It was the same with the income of financial advisors and pension specialists. Many were approaching retirement or suffering a painful loss of income . Perfect candidates for the fraudsters. They could make a tidy 3% on giving advice to transfer from existing schemes to a lovely thing called a Sipp or Self Invested Personal Pension. And bingo you had complete control over exactly where to invest your pension pot in pursuit of untold pension wealth. What type of Sipp do you have. There are of course many genuinely good SIPPs that are fully complaint and in line with FCA rules and regulations.
The choice was bewildering. Hotel rooms in the UK and in the Caribbean, storage pods, airport car parking, green energy plantations, loan notes or even historic German buildings. The list was endless and so unfortunately was the commission earned. Typically 15% of your hard earned pension money went right at the start and a chunk of that right back to the lovely man who gave the pension transfer advice in the first place.
The list of Sipp providers and pension advisors that have either gone out of business or been banned by the FCA is extensive and with a compensation bill will run into £billions.
If you’ve transferred any pension since 2010 Beat the Banks along with our leading industry experts, are here to completely health check the pension transfer advice you were given and your pension’s current performance and fee structure. Where necessary they can also pursue compensation for pension mis-selling on your behalf. To find out more pop in for a coffee and a chat or give our team a call on 01382 200474.
To find out more simply complete our enquiry form and they will be in touch as soon as possible.
From Our Clients
“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.”Shona, Dundee
“From previous experience of PPI claim companies, I was a bit dubious if anyone could help me but I thought I would try Beat The Banks. To say I am pleased with the service and conclusion to my claim is an understatement. Beat the banks and my claim handler in particular handled all aspects of the claim from Clydesdale Bank with professionalism, courtesy, and efficiency to secure a positive result on my behalf. I would certainly recommend the services of Beat the Banks to anyone who thinks they have PPI claim, especially with the Clydesdale Bank.”Mr A McQuillian
“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.”T & A, Dundee
“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.”Mrs S, Falkirk
“Excellent service so helpful, I received a substantial sum back that I had no idea I was due, thank you again to Beat The Banks especially to Gary who was so helpful and efficient in every way.”Mrs M, Elgin
“We had no paperwork but £52,500 reasons to say thank you, we are now living our Spanish dream! Exceptional service.”Dave & Linda , Dundee
“Have just found out I have won all my cases with the bank, going back many years and been awarded compensation of just over £15,000!”Mr S, Dingwall
“We really appreciate the doggedness and professionalism of Jenna and the team at Beat the Banks. This is something we’d never have gotten round to doing and we’re so glad we went through the process with professionals as we’ve now had great results. Only positives have come from the experience.”Mr & Mrs M, Shetland
“From beginning to end, Beat the Banks have been very efficient. I am very pleased with the service from Jenna and the team. I am highly delighted and I have been recommending all of my friends.”Mrs C, Glasgow