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AisaDirect Ltd, an Independent Financial Adviser authorised and regulated by the Financial Services Authority in the UK only.
1/2 Fordbrook Business Centre, PEWSEY, Wiltshire, SN9 5NU Registered in England: 3621676
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This website contains information which may or may not be applicableto your own situation and circumstances.
Any information or advice on this site does not constitute a personal recommendation. If you have any doubts as to whether a product or service is suitable for you, please seek independent advice.
Pension Transfer Concerns
We are seeing an increasing number of websites offering ‘catch all pensions transfer’ business. We are also seeing an industry moving towards advising everyone to invest in SIPP’s and USP’s (see the information sheets for explanation of these). Much of this is based around the concept of getting ‘a better deal’ on charges or fund performance.
We are extremely concerned as we are seeing transfers out of ‘old’ pensions with guaranteed annuity rates, and even transfers from ‘retained benefit’ Final Salary Schemes that are inappropriate. It may have been just a lot better to switch funds internally. Also, not everyone requires the flexibility of a SIPP and are never going to use the investment powers afforded.
In the month of September 2008 we had two completely separate transfers shown to us that earnt the advisers great sums of commissions but were sold on exactly this basis.
In both cases the advice was awful and in both cases there was considerable loss of funds in the transfers and reduction in future income available.
BE AWARE and seek proper full advice before doing a transfer, please.