Up until about 1992, many university lecturers, academics and other members of staff were offered membership of the Universities Superannuation Scheme – a valuable retirement fund system that promises a lot.
Although the scheme has now been replaced for new members of staff, older staff or people who have left and deferred their benefits are part of the UK’s second largest private pension scheme, with a massive £50 billion under management!
Members are set to enjoy:
In an age of financial insecurity, pensions like the Universities Superannuation scheme represent security, so why do some people move away?
Situations where it is suitable to transfer a pension like this are rare, and it is usually upto an authorised and qualified financial adviser to assess every situation on a case-by-case basis to see if it would be the right thing to recommend.
Yet every year, tens of thousands of people receive advice to move away from pensions like the Universities Superannuation Scheme, or other valuable pensions because of negligent financial advice.
Advisers can earn thousands in fees and commission if they advise somebody to transfer, and in some cases this has been shown to cloud an adviser’s judgement, leading people to unsuitable transfers that could lose them thousands in the long run.
Transferring away usually exposes the pension to much more risk, and it is not unheard of for people to lose their entire pension by transferring.
Because of the benefits of the Universities Superannuation scheme, a pension transfer is rarely considered suitable, and if you transferred, you may have been mis-sold.
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