In 2015, proposed changes to the Police Pension Scheme reportedly became a selling tactic of some adviser firms. Often working with marketing companies, who tried to persuade members to transfer into private pension schemes, such as a SIPP.
This so called “deadline effect” meant some members believed they only had a certain window to make this move – a move that would supposedly make their pensions better off.
Unfortunately, the opposite is true, as it’s rarely a good move to come out of the “gold plated” pension schemes, such as the police pension scheme.
Sometimes also referred to as Defined Benefit schemes, these pensions come with valuable benefits that private personal pension schemes don’t offer.
These benefits may include a guaranteed income for life during retirement as well as benefits for your family in the event of death.
Also, many grow in line with inflation and don’t have extra running costs like many SIPPs do. Another big bonus of these schemes is they are considered relatively safe and if things should wrong – the Pension Protection Fund may cover some of the value.
With private pensions you are in charge of the money and if things go wrong you could be seriously out of pocket in retirement.
If you think you may have been mis-sold then the first step would be to get the advice evaluated.
We offer a free assessment check of your circumstances and the advice you received. This will give a basic indication as to whether we think you may have been mis-sold and if you should consider a claim for compensation. There’s no obligation to use our service.
You are not required to use our services to pursue your claim. You can also seek further advice or shop around subject to any time limits within which a claim must be made.
It is possible for you to present the claim for free, either to the firm or person against whom you wish to complain or to the statutory ombudsman (Financial Ombudsman Service or Pension Ombudsman Service) or the Financial Services Compensation Scheme, whichever is applicable to your claim.