Many people who have pensions tend to look at obtaining advice about pensions after they received
them. Due to the nature of a pension it is a product which you take out today for tomorrow. There is
no benefit along the way as it is something that is almost forgotten about or not treated with the
importance that a pension should.
This is not the fault of the client but the mindset that is instilled in us and how we treat pensions and
pension arrangements. How many of us gloss over or ignore or even scowl and scorn at a payslip
that marks pension contribution. It seems that this mindset has been picked upon by advisers, not all
but advisers nonetheless can exploit many people into pension arrangements which are
inappropriate for them.
There are many forms of pension arrangements such as Sipps, annuities and final salary transfers.
You can top up your pension with an AVC. Yes lots of fancy names used sadly to confuse your being
able to correctly fund your retirement. It always comes as a surprise even now that you see what is a
basic product namely that of the pension being confused with lots of different technical names. Of
course there are variations with pension types but why choose acronyms and words that are not
necessarily used in the English language for the normal amongst us to understand. Being blunt I
always believe it’s a way that those talking to you can get the upper hand and put you at a
disadvantage. Lets face it before BREXIT whoever heard of proroguing parliament. A word and the
language that makes us mortals feel a little bit inferior.
Mis-selling of financial products stems from one source those in the know, the financial institutions,
and those not being the bank and financial services customers. We should ask customers of these
financial services be provided with clear concise and understandable information that allows us to
shop around and obtain the best product to meet with our needs at the most appropriate price. But
why does this not happen, it doesn’t happen because greed and avarice rear their ugly head. The
products that are being promoted have a financial pricetag attached to them. So not only has the
adviser got to way up the best advice that he should be giving with one hand, on the other hand, he
has his son or daughter at home wanting the latest gadget. If you come wandering in off the street
his son and daughter could get their wish just by his advice changing little bit in you buying
something that earns him that bit more money, but of course that would be your detriment.
Anybody who has any form of pension product or has been involved in any form of pension transfer
weather to an annuity or to a final salary scheme should check their pension arrangements. They
should check the advice they were given and they should check the ongoing performance of their
pension and likely benefit they will receive when the pension can be drawn upon.
If you believe there is any form of concerns or question marks over the advice that you have been
provided over the years with regard to your pension arrangements we can analyse and assess
whether any concerns you have, have any merit and look to address these on your behalf by way of
obtaining compensation. We work purely on success basis so there is no cost involved if no refund or
reimbursement is received.