According to the Bank of England’s chief economist, Andy Haldane, the pension system in the UK is simply too complicated (1). With many people agreeing with this, it is easy to see why the public may feel uncertain about receiving advice on pensions. With ever-changing rules and government interventions, it is important to take the time to be fully clued up about your options when it comes to your pension plan.
Getting the right pension for you is vital. Because when it comes to retirement, everybody wants to know that they will be comfortable. Which is why any form of pension advice should be clearly thought out and take into account your personal circumstances.
Back in the 1980s, many people were led to believe that transferring their corporate pension to a personal pension would be the best move for them. Unfortunately, this wasn’t always the case. For some, the long-term benefits of a personal pension did not outweigh those of a corporate scheme, despite what had been suggested or advertised at the point of sale.
Poor advice led to people switching when it wasn’t appropriate for them to do so. With personal pensions, benefits such as employee contributions and lower admin fees would have been lost, so if it wasn’t the best move for you there could be a deficit to make up for.
How do I know if my pension transfer was mis-sold?
If you think that you were mis-advised regarding your pension, then there is still time to do something about it. To help determine what you may be entitled to consider whether you were:
- Advised to transfer your pension
- Fully informed of the differences between your existing and proposed pension plan
- Changing jobs and advised to transfer to a personal scheme rather than to a new company plan
If any of these points sound familiar, then you may have lost out when you transferred your pension, negatively impacting your future financial position.
What to do if you have been mis-sold a pension transfer?
If you’re looking to find out whether you have been a victim of pension mis-selling, EMCAS are able to help. You can take a look at the quick facts, learn more about mis-sold pension transfers, or simply go ahead and start your pension claim today.