Defined Benefit Transfer Out
Transferring out of a final salary scheme was rarely good advice, yet many people were advised to do just that. The FCA recently stated that they had concerns with 76% of firms giving defined benefit transfer advice. The potential compensation for miss-sold pensions has the potential to dwarf the PPI bill (which currently stands around 36 billion pounds).
Defined benefit pension or final salary schemes are a low risk and offer a guaranteed income for your retirement. They also tend to have some other excellent benefits such as death and spouses’ benefits. There must be an extremely good reason for someone to want to transfer this into a riskier type of investment.
Being wrongly advised can have a devastating impact on your retirement income, we’ve seen people who have lost their whole pension pot.
Getting the right sort of advice on this is especially important indeed. If you feel that you were not given the right advice, please get in touch 0333 050 8792.