SERPS
Keen to reduce the future pension bill, the government encouraged people to contract out of the state pension (SERPS) in the late 1980's and take out a personal pension instead.
Many took up the offer believing they'd be better off - or at worst, that they would be just as well off. They weren't given the full and correct information. In such cases, their advisers - who were frequently incentivised with high commissions for every client they advised to contract out - actually mis-sold.
There's lots more to the problem. And there are some important actions to take if you think you might be affected:
- Check if you were mis-sold. Calculate if you are worse off for having contracted out. If you are, claim back what should have been in your pension pot.
- Next review the private pension you took out. We think that around half of you are likely to find there's a much better pension available now.
You can do this yourself. You can use a claims management company to claim back your pension shortfall (please note you only have one chance to do this so it is crucial you choose carefully). You can use an adviser to review your pension. Alternatively we can do it all for you. We are experts in what we do and we won't charge anything until we have your pension shortfall repaid back to you. So there's no risk to you. If you'd like us to help you find a better private pension we'll arrange for your pension to be reviewed against the whole market and for you to be provided with recommendations free of charge. You won't be charged for this service. We believe in our ability to help you so we really do put our money where our mouth is. To date we've already helped thousands of clients.
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Pension Reviews
If you took out your personal pension during the 1980s or 1990s, you may be missing out financially compared to a modern personal pension. Modern pensions usually carry lower pension charges and allow a larger range of fund options.
By reviewing your pension you may be able to increase your pension fund significantly, leading to earlier retirement or a better standard of living during later life.
All of our pension reviews are carried out by one of our trusted financial advisers either in your home or, if you prefer, at their office, by phone or post.
Pension Transfers
If a pension review finds that your current personal pension is inferior to a modern pension, you may wish to initiate a pension transfer whereby the fund from your existing pension is transferred over to a new pension.
Pension transfers can be a complex process as many older pensions carry charges for relocating funds or moving to a new pension provider. Our pension experts will guide you through the pension transfer process ensuring you understand the pros and cons of changing pension provider and are able to weigh up whether a pension transfer is the right choice for you and your circumstances.
Pension Complaints
A large number of people were wrongly advised to opt out of the State Earning Related Pension Scheme (SERPS) during the late 1980s and to take out a personal pension. This pension advice came largely from financial advisers who were frequently given incentives for every client they advised to opt out.
Many accepted the advice, believing that by taking out a private pension they would be better off in their retirement than if they stayed within SERPS. A significant number of people are now finding this is not the case and that staying within SERPS would have been a better pension option.
If you feel you may have been mis-advised regarding opting out of SERPS, and mis-sold a personal pension in its place, you may be eligible to make a pension complaint. If your pension complaint is successful, you may be eligible for compensation to recoup the missing shortfall from your pension fund.
Where Can I Get More Information about Pension Transfers, Complaints and Reviews ?
We have collected together answers to some of the most common questions our pension experts are asked here. Alternatively call us on 0845 271 4006 and our staff will be happy to answer your questions.
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