When it comes to finances, a pension is often deemed an integral part of life as a way to help you remain financially stable after retirement. However, this amount typically depends on how much you’ve contributed during your employment years. Your pension scheme only takes a halt when you leave your employer, decide to opt-out, or stop making contributions. At the same time, know that you’re still entitled to the benefits you’ve built over time.
However, did you know that you have the option to transfer your pension to another scheme? Unfortunately, some people have some valid complaints where the transfers aren’t in their best interests. This is precisely the matter that we will discuss in this article.
Today, there are a handful of pension schemes available in the UK. The basic types are the personal pension, employer’s pension, state pension, and self-invested personal pension (SIPP). Other specific types include a small self-administered scheme (SSAS), occupational pension scheme (OPS), and final salary transfer. Most schemes allow you to transfer your personal pension to one of those mentioned above. You can do so at any time of the year as long as it’s before the date you start withdrawing your retirement benefits.
The problem is that some consumers have complaints about the advice they received regarding the transfer of their pension benefits. Below are some of them:
If one or some of the situations mentioned occurred to you, particularly if they aren’t in line with the regulator’s guidance, remember that you have the right to file a complaint!
Before you take the plunge into launching a complaint, there are a few key things to take into account, such as the following:
If you learn that you have been misinformed, don’t forget to send in a complaint! Keep in mind that by complaining, you have the chance to put things right and get what you truly deserve.
To launch a complaint, you can do so directly with the relevant person or party who misinformed you. If you aren’t successful, you can then lodge it with the Financial Services Compensation Scheme, the Financial Ombudsman Service, and The Pensions Ombudsman. Ultimately, it’s best to hire a third-party consumer reclaim company that will assist you every step of the way.
At this point, you now know what a personal pension transfer entails and what associated complaints may arise in the process. If you’ve been misinformed, be sure to consider the key factors outlined above and follow the steps on how to file a complaint. After all, the transfer of your personal pension must always be in your best interest!
We’re specialised in handling mis-sold goods in the UK, services, and insurance by helping customers file claims for mis-sold products and guiding them through the process. If you have a complaint about the transfer of your personal pension, get in touch with us today to see how we can help!