Pension Advice Possible Compensation Claim
Could You Be Entitled To Compensation?
Have you received pension advice over the past 15 years that has resulted in you loosing money or pension benefits, or have you been advised to transfer your pension?
IN 2015 the new pension freedoms act gave consumers more flexibility in how and when they could access their pension savings. However, Since then a large number of people with a Defined Benefit (DB) pension have transferred their money to Defined Contribution (DC) scheme so they can access their money more easily. According to the FCA* 72% of people who received advice, transferred their pension funds and according to the FCA this number appears too high. We have also recently learnt that some advisers and firms in the UK (not ones that PAUK are associated with) have been providing advice that has not been in the best interest of the client and has resulted, or may result, in the client loosing out or having lost significant amounts of money because of poor investment advice and financial advice.
* FCA Publication PS20/6 Pension Transfer Advice
Some companies received considerable amounts of commission payments by getting people to transfer their pension funds out of high quality schemes. The money was then transferred to schemes which on the face of it appeared to have the same benefits – but on closer inspection it was found that they did not provide adequate checks on investments and did not carry the same benefits.
It is therefore, very important to get professional, independent advice and help as soon as possible.