For most of the savers in the world, final salary pensions along with occupational pensions are the most secure and desirable aspects. These facilitate peace of mind to a great extent when you are planning and thinking about having a happy retirement.
However, when you are presented with a final salary pension transfer by a crafty bank, it can appear to be very attractive to you. This may otherwise result in the savvy savers to turn out as victims of different mis-sold Final Salary Pension Transfer. This would result in exposing their entire financial stability to higher risk for which they might regret later.
This kind of mis-selling of final salary pension transfers has been a common occurrence in the financial world. The causes include the bias from the other financial advisors and IFAs due to the high rates of commission or simply because of unsuitability and negligence.
Should you choose a claim?
If you happen to be advised regarding transferring from an employer’s scheme into any Personal Pension Plan, you should go in for a claim or complain. However, if we consider the complexities of different pensions and the other scandals related to mis-selling pensions, you might get confused. Hence, we would advise you to go through the facts mentioned below:
1) You have been advised for transferring
You were recommended for transferring the employer’s scheme although you had the plan of staying in your existing job and had the entitlement of being paid for it.
2) You were altering jobs
If you were thinking of moving to a very different employer that had not offered any occupational Pension Scheme and you wished for continuing making savings for retirement, you might have got little choice other than beginning a Personal Pension. However, if you were recommended for transferring money from your previous employer’s scheme into a Personal Pension, you might have got the incorrect advice. This might have made you be a victim in this case.
3) You were not provided with information regarding how new plan would work as compared to the Occupational Pension
Your financial advisor had not made a comparison regarding the projections of your Pension with the Occupational Pension. They also ignored explaining to you regarding the transferring of your Occupational Scheme which could impact any kind of benefits that you get from the scheme.
What do all of these mean for you?
By going through all of the facts, you might accept that you were provided with incorrect advice regarding the pension transfers. In such cases, you can take the help of our team of highly experienced and qualified experts at Mendelsons Solicitors leading Pension Law Solicitors in Uk