IN 2015 the government’s pension freedoms act gave consumers more flexibility in how and when could access their savings.
Since then, a significant number of Defined benefit scheme members have transferred their savings to Defined contribution schemes. Data shows that out all the people who took advice from 2500 firms between April 2015 and September 2018 72% transferred their pension savings.
The FCA note that “..the proportion of consumers that IFA firms have advised to transfer appears to be too high” “..too many instances where transfers were not in the consumers’ best interests”…the charges IFA Firms charge appears to be high”
* FCA policy statement PS20/6 June 2020
IF you transferred your pension, check today if it was the right thing to do..its FREE to check and if you have the option of a claim you could get compensation.
70% of people who have qualifying pension savings and investments get their original investment back AND compensation for lost interest and costs.