Study finds pensions have been wrongly sold across the UK

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Thousands of people in the UK have mis sold their pensions for a variety of reasons, and many have been compensated for the bad advice they received at the time from financial advisers, especially from people who received payments from pension plans. pensions at the end of their useful life.

Some people have paid amounts that change lives as compensation, including doctors, pilots and many more, with part of the compensation of up to £ 167,000, £ 112,000 and more, so it is worthwhile that your pension contracts are examined by a good claims management company.

People who have paid their last salary pension on the advice of a financial advisor receive higher sums than the compensation for the guarantees lost in the transfer of the pension, and if this is the wrong advice the situation they would have been in had they not transferred the pension in the first place, and these can be substantial amounts.

What you have to understand is that this applies to people who are still working and for people who are already retired just because they retired and got an income from their pension, does not mean that it cannot be compensated and this could be one of them. a significant difference to your retirement standard of living.

The compensation will be paid in three different ways, which I will explain to you now so that you understand what you can expect as mis sold pension compensation if you declare that someone has abused your pension situation.

If you have already retired, you have the right to claim compensation as a tax-free allowance, as you would like, which can really change the lives of many retired people. Imagine that you were withdrawing a profit of £ 167,000 and the difference would mean to you.

If you are still working and have not retired, under normal circumstances you will be paid into your pension fund, which can make a big difference in the amount of pension you receive when you retire. You could increase the amount of the pension you receive to thousands of pounds a year and remember that you still get 25% of the pension fund free of taxes when you retire.

If you are still employed in a final salary but have sold the FSAVC and your final salary is fully funded, you are entitled to compensation if the FSAVC was sold while you were a member of the final salary plan. This compensation can be paid in the FSAVC pension or you can receive the compensation as a lump sum.

Any flat-rate compensation in most cases will be added to a tax-free lump sum and to your existing pension plan as a tax-exempt amount.

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