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Pension transfers cannot be reversed. They can also be extremely risky, and only in very specific circumstances would they be advisable at all. This means that retirement fund transfers are one of the most commonly mis-sold elements within the pension industry.
Many people who decide to transfer from their occupational pension do so because they require access to particular amounts of money that they may not have been able to touch otherwise. However, a transfer may mean that you miss out on extremely worthwhile benefits, or – in the worst-case scenario – lose the value of your pension altogether.
What is a Pension Transfer?
The basic premise of a transfer is that you relinquish your original pension in return for a cash investment in another scheme. The argument for this approach is that it allows you to be more flexible with your money, but the huge risks and potential charges involved mean it’s very rarely worth it.
What Do I Do if I Have Had a Problem with My Pension Transfer?
If you have fallen victim to any of the pitfalls involved in pension transfers and feel as though you would never have opted for one if yours had been pitched to you properly, you should definitely consider making a claim for compensation. The Mis-Sold Mortgages Experts are highly experienced in fighting the corner of any individual who has been mis-sold a pension transfer and will work hard to ensure that justice is served.
Am I Eligible for Compensation?
There are a number of ways in which a pension transfer can be considered to have been mis-sold. Thinking back to the consultations you had with the adviser who recommended your transfer, can you remember if they:
- Gave you all the information you needed, meaning there were no nasty surprises later down the line?
- Had all the correct qualifications and permissions in place to allow them to advise you?
- Explained exactly why they thought a transfer was a good idea for your specific needs?
- Ensured that undergoing a transfer was definitely in your best interests?
- Talked you through all the potential risks?
- Confirmed that the value of your transfer would be greater than the income you would otherwise have received from your pension and showed proof of this?
- Checked that the pension in question was not your main source of retirement income at the time?
- Made sure that you were comfortable with, and understood, the process?
If your adviser neglected to do any of the above, leaving you in a precarious situation, then it’s highly likely that a claim for compensation would be valid and supported.
What Do I Do Next?
The best next step for you to take is to contact the Mis-Sold Mortgages Experts today. You can call us on 0800 756 3986 or fill in our simple online contact form and a friendly and knowledgeable adviser will call you back as soon as they can to discuss your case. Once they fully understand your situation, they will make a start on pursuing compensation for you.