Transferring your final salary pension is usually a risk not worth taking, according to the government. Yet thousands of people have unwittingly transferred their secure pension into high risk investments on the back of poor guidance from their financial adviser.
We receive calls from people in this position on a daily basis.
- Thankfully, our client’s funds can be recovered if it can be shown their adviser did not act in their best interests, this is usually when one of the following applies:
? Loss of valuable benefits, potential risks and hidden costs weren’t explained to you
? Your adviser reviewed your existing pensions and only recommended you transfer them into a SIPP
? You were told your pension was frozen
? Your adviser recommended a SIPP but did not specify investments within the SIPP
? You were contacted out of the blue by an introducer promising high return investments
? You lacked experience in managing investments
What the regulator says:
According to the Financial Conduct Authority’s research, the public regard Final Salary Pension transfers as least trusted financial product – with the exception of Same Day Loans. In fact, the FCA predict that more than 107,000 people have been mis-sold a Pension Transfer. The actual figure is likely to be far higher. In their investigation, they found that only 47 per cent of final salary transfers were suitable.
Want to know more?
You are not required to use our services to pursue your claim. You can also seek further advice or shop around.
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 Compensation Scheme, whichever is applicable to your claim.