Royal Mail Pension Plans (RMPP) are considered highly valuable as they not only come with a guaranteed income for life, but many have additional benefits that are expensive to replicate with a private pension scheme.
Unfortunately, they also attract unregulated marketing companies, purposely targeting people and persuading them they would be better off transferring their pension into personal schemes.
Some potential indicators are;
• Unexpected call offering a pension review
• Promises to access your pension before the age of 55
• Feeling pressurised to sign by a rep or a courier
• Time bound, one-offs and cash incentive offers
While there are some rare circumstances in which a Royal Mail Pension transfer might be deemed suitable, many transfers will not have been.
However, some people did receive advice from a regulated financial adviser and whether it was just negligence or greed, that advice could have left many people worse off in retirement.
It’s not just the transfer that may be a bad idea. Some of the investments contained in personal pensions, such as SIPPs may also be unsuitable for the investor.
If you received advice to transfer from your Royal Mail Pension Plan and are worried about it, you might want to get it checked out.
We offer a free no obligation assessment in which we will look at the circumstances of your transfer and tell you if we think you’ve been mis-sold and if you may be able to make a claim for compensation.
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.