Protect Your Future By Protecting Your Pension
Regardless of your current annual earnings, what goes up eventually comes down. It is only important that you protect your pension from mis-selling.
While it is possible to put a claim on mis-sold pension, the process is quite lengthy with quite a number of factors to consider.
Therefore, it is essential to prevent it from happening altogether. This piece covers some of the things you can do to ensure that your defined benefit salary and SIPP is protected from becoming mis-sold pensions.
What is Mis-sold Pension?
Mis-sold pension is what happens when you get bad advice from pension introducer agents.
They did not explain the risks to you and ended up putting money in a bad project.
Also, the pension introducers did not provide you with enough information to help you make the most informed decision.
The end result is you losing your investment; this is what is called mis-sold pensions.
Below are some of the best ways to protect your future by protecting your pension.
Understand Your Options
A pension can be a complex subject, especially when it comes to investing your hard-earned cash.
Before you make a final salary pension transfer, you must think about your options and make sure that you understand them well.
Read as much as you can from various resources, and get to learn how to make mis-sold annuity claims in case things go south.
At that point, you will need to make annuity claims. Some helpful online and offline guides can help you make the best decision on what you should do with your defined benefit pension.
Be Wary of Scams
It is crucial to know that you might be the target for spurious salespersons who are interested in putting their hands on your final salary pension transfer.
You will be receiving lots of cold calls, but not all of them might mean good for you.
Some of them are scammers who will misguide you to get all the money that has taken you too long to save.
After you have made SIPP claims, take your time before investing. If you make any mistakes at this stage, you will need to get claims advice, but the process is not quite promising anyway.
Shop Around
It is not likely that the best retirement deal will originate from your pension provider.
Therefore, after you have made SIPP claims, you need to take your time and shop around for the best deals.
Before you put your SSAS in commercial land or retail units, ensure that you collect enough information from reliable sources.
You should do some shopping once you have chosen the direction you want to take with your pension pot.
These are the times that everything will sound great but don’t just use your SSAS or QROP until you have learned enough.
What If I Mis-Sold My Pension?
If you placed your QROP, SIPP, defined benefit pension in a bad scheme, then you shall have mis-sold a pension.
In that case, you should work on making a mis-sold annuity claim. First, get claims advice from a qualified financial agent on how you can make your claim.
You need to have the details of the company or pension introducer who gave you the bad advice.
However, while the annuity claim process might yield success, it is quite lengthy, and you will have to exercise the utmost patience.
Also, the process is time-bound in that you might not get the money back if your claim comes in late.
Conclusion
To protect your future, you have to take control of your finances. This includes planning well for your pension and only investing carefully.
However, if all does not go well, there is a procedure to follow so that you get your money back.
Make sure that you pay attention to the tips shared above to avoid becoming a victim of mis-sold pensions and help you make annuity claims.
Category: Pensions
