BP is a pretty old company now, and like many older, larger companies, offered some valuable final salary pension schemes to some of its employees.
Final Salary pension schemes are different to many personal or Defined Contribution schemes, in that they promise a guaranteed income in retirement – not usually something to be sniffed at!
Like with all Final Salary salary pensions, scheme members don’t have to pay annual fees to run the scheme, and all the investment risk rests on the shoulders of the schemes trustees.
Pensions like these are considered to be some of the safest and most valuable on offer because they are defined benefit schemes. So why do people give them up?
Its a difficult question, and that’s why it is usually up to a trained, qualified and regulated financial adviser to give advice about.
In most cases, it is considered unsuitable to move a defined benefit type of pension because of the extra risks, costs and the loss of some often irreplaceable benefits.
But many financial advisers have given negligent financial advice over such pensions, taking large fees in the process, while some marketing companies earn commission for arranging transfers too, even when they aren’t in the client’s best interests.
The rules on pension transfers say that advisers must start from the assumption that a transfer away from schemes like this is the wrong way to go.
We’re sure you felt like you had your reasons, but final salary pensions are rarely considered to be in a person’s best interests, and it could be that you took negligent financial advice to transfer.
Defined benefit pension transfers often put pensions at risk, and you may have lost money without even realising it.
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Moving a final salary or other defined benefit pension is rarely advisable, except in certain situations. While moving your pension may earn your adviser big fees and commissions, you may lose more than you realised.Speak With A Claims Handler