The Final Salary Pension Transfer Scandal
The FCA tells financial advisers to only recommend that somebody transfers a final salary pension in rare circumstances.
This is because they are considered valuable, protected up to 90% by the PPF and come with the promise of a guaranteed income in retirement.
Most personal pensions come with no such guarantee, and as investments rise and fall with the often unpredictable markets, many may lose money by transferring away from final salary pension schemes.
Is your pension performing as good as your old final salary pension?
It all depends on many factors, and private pensions rarely stack up to valuable final salary pensions. Is you NEW pension…?
- Promising a guaranteed income in retirement?
- Protected by the PPF upto 90%?
- Free for members to run (no annual charges?)
- Set to pay out all the way until you die?
- Complete with Death In Service Benefits that would pay up to 50% to a spouse if you die before retirement?
- Keeping up with the Critical Yield (how much your pension needs to grow by each year, every year, to keep up with what your old pension would have been worth?
If the answer to any of these questions is no, then you may have been mis-sold your pension transfer.
Get Claims Advice
We set up Get Claims Advice Ltd to fight for those people who were mis-sold.
Take a moment for a free chat with one of our experienced case handlers to find out if your pension transfers has the hallmarks of a mis-sold pension claim.
Start your free, no-obligation initial assessment today!