How safe is my pension

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The FCA has said it remains in most people’s best interests not to give up a defined benefit pension, which pays a secure, indexed income for life.Concerns have risen that some advisers are encouraging transfers by using doubts over the security of company pension funds.

Others have warned that employers were stoking interest in transfers, by offering to pay transfer advice costs for members.Pensions rules require those with defined benefit scheme rights worth more than £30,000 to obtain advice from a regulated independent financial adviser before they can transfer, but can you be sure that the advisor has your best interest in mind or is being driven by large commission incentives?Savers who withdraw regular chunks of cash from their pensions risk £13,500 being gobbled up by expensive funds over their retirement money Mail today reveals how insurers are hitting loyal customers with hefty fees when they try to use the pension freedoms to dip into their pots.In most cases, insurers offer to move savers’ cash into a small range of investment funds — unless the customer makes a special request.

But few savers realise there is a huge difference between the charges on the cheapest and most expensive plans.f a pensioner’s pot is fed into an expensive fund by default they could also run out of cash up to five years earlier than if they switched plans.Campaigners warn that savers face a new pensions scandal — and have called on the Government to intervene.

PPI? It’s not too late to make a claim!

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The Financial Conduct Authority has issued a deadline notice on August 29, 2019 for payment protection insurance.

If you haven’t made a claim yet, then make sure you do so before the deadline as is believed that many consumers may make their claims “at the very last minute,” which can terribly slow down the PPI claims process of many banks and its own logistics.

A recent investigation by Channel 4 undercover journalists revealed that 500,000 PPI claims may have received improper judgement from the Financial Ombudsman Service. According to the probers, some interviewed employees mentioned making decisions without investigating all details thoroughly to meet strict deadlines for pay rises and promotions.

For some customers, the deadline represents a second opportunity to receive compensation: 1.2 million customers previously rejected are being told they may have other grounds for complaint.

If your PPI claim has been rejected by the bank contact us today as it may be possible to re-submit your claim.

Am I a Victim?

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Key things to remember about financial mis-selling:

  • It’s not about whether you lost money – even if you didn’t lose out, if the product isn’t right for you – perhaps it’s a riskier investment than you wanted – you can still make a complaint about financial mis-selling.
  • You can’t complain just because an investment performed badly – some investments are risky, and if you take a gamble you have to accept that you might lose. But you can complain if you weren’t told about the risk.

Some ways you might have been mis-sold your investment:

  • you weren’t told about the risk involved
  • you weren’t told how your money would be invested
  • the product didn’t suit your needs or attitude to risk that you discussed with the adviser.

There are many reasons and ways in which you may have been mis-sold a pension, they are one of the financial products that have been most commonly and widely mis-sold by banks and other financial institutions.

How can I tell if I have been a victim?

  • You were not given all the information necessary to make an informed decision.
  • You were advised to take out a personal pension even though your company scheme would have given you a better return.
  • You were under pressure to make a decision and were not given enough time to shop around for a better deal
  • The adviser failed to ask about or take into consideration any pre-existing medical conditions.

If any or all of the above statements apply to you, you may be entitled to compensation so contact us today on 01942 619911 and speak to one of our advisors, it may be the best thing you have done today!


Beware of Pension Scams.

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Protect yourself from the Pension scammers.

How can you identify a pension scam? The following points may stop you from falling into the pension trap!

  • If you think that you have been scammed act now! If you’ve already signed something that you are now unsure of contact you pension provider immediately, they may be able to stop a transfer that has not gone through yet.
  • Unsolicited phone calls, text messages or emails about your pension are nearly always scams. The often claim to be from Pension Wise or some other Government backed body. These agencies never contact you to offer a pension review.
  • Beware of unregulated offers offering a guaranteed return on your investment. These often include offers of overseas investments in hotels etc. don’t be rushed into making a decision based on ’time-limited’ offers. Take your time to make all the checks you need even if it means missing out on an amazing deal!
  • Often scammers will pose as financial advisers. Check that they are regulated on the FCA’s website. Don’t be fooled by smart brochures or web sites, even those that feature information about scammers.
  • Don’t let a friend talk you into an investment, do your homework. False confidence can lead to getting stung with a pension, and it may be years before you find out that you have been scammed!

If you think that you have been fooled into invest in a scam pension scheme contact us to day on 01942 619911.

Steelworker’s Pension Scandal!

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The UK financial regulator has been accused of “sleepwalking into another huge mis-selling scandal” by a Labour MP, after an investigation into how thousands of former steelworkers may have lost out following complex pension transfers that earned financial advisers large fees.

Tata was forced to offload the £15bn BSPS to pave the way for a 50-50 merger of its European operations with Germany’s ThyssenKrupp to create the second biggest steel producer in Europe after ArcelorMittal.

But more than 2,000 steelworkers subsequently transferred out of their final-salary schemes after receiving allegedly unsuitable advice.

The FCA is now broadening its probe into the pension’s advice given to people leaving final salary-style pension schemes, demanding information from 45 advisory firms.

Reports across national media have raised concerns about a ‘feeding frenzy’ of advisers targeting steel workers as their pension scheme closes.

One firm – Active Wealth UK – has been responsible for a significant number of pension transfers out of PSPS. Back in November, it voluntarily agreed with the Financial Conduct Authority to cease new pension business. Earlier this week, the FCA said three 0ther firms had agreed to stop carrying out new pension business in relation to BSPS transfers.

Members of the BSPS who were advised by Active Wealth to transfer out of the BSPS are facing more bad news, after it emerged that they will have to pay a 5% charge if they want to leave the fund they are now invested in.

Several BSPS members were advised by Active Wealth to transfer out of their final salary pension and invest in the 5alpha Conservative fund, managed by Newscape Capital Group. It has an exit charge of 5% for the first year of investment, reducing by 1% for every year the client stays invested, according to the fund’s factsheet.

In one case, a client would have to pay £17,000 to withdraw from the fund in the first year!

If you think that you have been affected by poor advice given to steelworkers and are not getting the pension you were expecting or are going to have to pay to leave the scheme, contact us today on 01942 619911 and speak to one of our advisors to see if you may be entitled to compensation for the advice given.


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