There are times in your life when you aren’t sure of what decisions you need to make about your financial future. If you have little or no experience in the available pension schemes, you can get confused about making a decision. There are thousands of financial products on offer, and selecting the one that best suits you can be difficult. Therefore, it may be helpful to get professional advice. Pension financial advisers will ensure you look after your family by seeking the proper pension.
Getting Financial Advice
A financial advisor will help you in things like investing or saving money, making most of a lump sum of money such as an inheritance or redundancy payment, planning for your retirement, etc. There are different kinds of pension schemes, but they all have the same objective – to help you save for retirement. Pension schemes are various types, and how yours will work depends on whether it is a defined contribution or a defined benefit and the rules of the plan. Defined benefit schemes provide a specified retirement income, while defined contribution schemes allow you to make monthly contributions and build up your pot of money to fund your retirement.
Types Of Financial Advisors
There are two types: independent financial advisors and restricted financial advisors. Independent advisors give unbiased advice about all the available products from all the different companies. In contrast, restricted advisors advise on a limited number of products or products offered by a limited number of companies. To have a look at the broadest range of products available, it is usually best to get independent financial advice.
UK Pension Schemes
Currently, there are different types of pension schemes in existence. While each aim at providing you with an income in retirement, they work in different ways. Look at each differently and understand the benefits you will get and when they will be paid. Check your employment history to see if you had a pension benefit earlier. You can combine or transfer the benefits of your previous schemes into a single plan.
Final Pension Transfer Claims
Official data shows that complaints and claims about pension mis-selling are on the increase. Thousands of UK citizens are waking up to the idea of having mis-sold their pension, either due to unsuitable Qrop, SIPP or SSAS investments, or negligence in part of financial advice regarding final salary pension transfer or due to a mis-sold annuity, most likely after being convinced by a pension introducer.
Mis-Sold Pensions
It is a considerable concern in the UK as more people suddenly realize they have been deprived of their money or had their money put at risk by negligent financial advice only when retiring. Each case can be a little different and can include: SIPP pension, mis-sold annuity, defined benefit pension transfers, multiple pension providers, and investment mis-sold pensions. Get claims advice of all your annuity claims. Mis-sold pensions have the potential of ruining a retirement fund, leaving people to only depend on the state pension in old age if they have one.
Mis-sold Pension Claims
The claims are a way of fighting back, and compensating for a mis-sold pension, annuity claims or SIPP claims. As mentioned earlier, this can happen due to unsuitable Qrop, SIPP or SSAS investments, mis-sold annuity, or final salary pension transfers often by a pension introducer. Fortunately, it is quite easy to make a mis-sold pension claim for compensation. There are a lot of different companies in the UK that will help with your mis-sold sipp for a set fee, or as is more common, a percentage of your compensation pot if successful. Some people may not see this as an attractive option, but there really is nothing to lose. These claims companies will do all of the work for you and, as a bonus, if your claim is unsuccessful and no compensation is given then you’ll pay no money to them. It’s definitely worth a try.
Conclusion
Final salary pension transfer is considered a valuable thing, and transferring them means typically giving up a guaranteed retirement income. It might look like your income is growing, but you might have lost money in the long run if you transferred a defined benefit pension. If at some point, you were advised to transfer your final salary pension to a new pension provider, then you may have encountered a mis-sold pension, and it is advisable to get either SIPP claims advisors or get claims advice.
