Did you transfer your Royal Mail pension away?
ROYAL MAIL PENSION SCHEME TRANSFERS
The Royal Mail operates at least 3 main pension plans, one that led up to 1987, one until 31st March 2018, and one from the 1st April 2018.
Earlier pension plans may be valuable final salary pension schemes – rare pension schemes that give members a practically guaranteed income in retirement, one that keeps pace with inflation and features ill health and death benefits.
ROYAL MAIL PENSION SCHEME HOLDERS TARGETED BY SCAMS
But these pensions aren’t just valuable to scheme members – they are also a target for scammers, and financial advisers who can make small fortunes by transferring them away to personal schemes.
In recent years, many final salary pension schemes have offered relatively high TVAS figures – transfer valuations, which has possibly made it easier for marketing companies and scammers to convince people to transfer pensions like Royal Mail ones away to personal schemes.
This is often done through cold-calls to drum up interest through Free pension reviews, before recommending a new pension scheme, possibly even featuring high-risk investments that the pension holder may not be suitable for.
Except in rare circumstances, transferring a royal mail final salary pension can leave the pension holder worse-off and at risk, and give the companies involved in the transfer big bucks.
DID YOU TRANSFER YOUR ROYAL MAIL PENSION?
If you’re having second thoughts about your own transfer away from a Royal Mail pension scheme, you can find out if you have a claim by taking a FREE Initial Assessment with Get Claims Advice Ltd – a chat about how your transfer was conducted to see if you can make a claim.
Did you know, we’re specialists in mis-sold pension transfers?
If you needed any more reason to choose Get Claims Advice, we’re experienced with defined benefit claims.
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What makes a pension transfer mis-sold?
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 hoped:
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