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MyCompanyPension.co.uk - Helping members of occupational pension schemes to better understand their benefits.
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:: Blog | May 2009 (9 blogs) | Pension transfer complaints 'likely to rise'
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Pension transfer complaints 'likely to rise'
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Pension transfers often hit the headlines for all the wrong reasons, with press articles frequently reminding the public of the pensions mis-selling scandal of the 1990’s.
The reality is that there are so many valid reasons to consider transferring pensions, whether defined benefit or money purchase, occupational or non-occupational pensions. Top reasons include early payment, ill health, divorce, flexibility, personal control, charging structure, greater investment freedom, but there are many others which either in isolation or when used in conjuction with each other offer the potential for improving retirement benefits.
So it’s a shame, but no surprise to see a headline like the one in FTAdviser which quotes an FSA spokesperson who says of its latest review conducted in 2008 that “Some firms are consistently giving good advice. In our review, we found unsuitable advice in 16 per cent of the cases."
That 16% is still too high though and, whilst transfer business accounts for a relatively small proportion of the total business written by advisers, if the article is correct, we might expect to see a rise in complaints – reversing the recent trend announced this week by the FOS. See:
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Mike Jones, MyCompanyPension.co.uk Ltd, May 28th 2009
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