Transferring your pension? Proceed with care

The Times, Saturday 17 February 2018

Thousands of people are losing their life savings to rogue advisers. We explain where to find the right guidance

Hundreds of thousands of people transferred £15 billion in savings from defined-benefit (DB) pension schemes to more flexible, but less secure, pension plans, since 2015. These savers were exploiting the pension freedoms introduced by the former chancellor George Osborne, to allow individuals to take control of their pots. Yet not all savers have received good advice, including those members of the British Steel Pension Scheme, which the work and pensions select committee this week found had been “shamelessly” exploited by “dubious financial advisers” for their personal gain. Other people have fallen victim to scams and have lost their provision for retirement...

...Check their credentials: James Baxter, the managing partner of Tideway Investment Partners, says you should look for a company with considerable expertise in pension transfers. Ask how many transfers they have completed and how many qualified advisers there are in the company, ideally three or four...

James Baxter offers his advice in this article, which you can read by following the link below (subscription required).

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