Pension claims in general

Since the late 1980s, pensions have continually been transferred from one product (or provider) to another. These transactions have often resulted in the financial services industry being very well remunerated, however it has been proven that in many cases, the financial advice to transfer has not been suitable, leading to a substantial, or even a total loss of pension funds for some people.

Here are the main examples:

• Self-Invested Personal Pension (SIPP)
Often set up to hold high risk, illiquid, underperforming alternative investments, with higher charging structures. Click here for more information……

• Final Salary transfers
With in-built guarantees it is rarely suitable to transfer this type of pension to any other form of Pension product or provider. Click here for more information……

• Free Standing Additional Voluntary Contribution (FSAVC)
In the vast majority of cases, ‘in-house’ AVC’s have proven to be far more suitable. Click here for more information……

• Small Self-Administered Scheme (SASS)
Set up similarly to SIPP, they are often artificially engineered to hold the same high risk, illiquid, underperforming alternative investment products. Click here for more information……

• Qualifying Recognised Overseas Pension Scheme (QROPS)
Although designed for people from the UK intending to retire overseas, many QROPS were sold on the promise of a cash payment upon transfer. Unfortunately, substantial tax charges of up to 55% were often not included in the investment forecast and therefore the transfer advice given to investors was poor.  Click here for more information……

• Occupational Pension Scheme (OPS) Often set up by unregulated entities to circumnavigate the regulated (advice) process. Click here for more information……