Dodgy companies involved with transfering peoples pensions

[VOOMER]

To all blue moon members, if it comes to pension advice, please check that the company is authorized by the FSA, <a class="postlink" href="http://www.fsa.gov.uk/" onclick="window.open(this.href);return false;">http://www.fsa.gov.uk/</a> I have dealt with to many people this week who have had final salary schemes moved into SIPP's that are wholly placed in overseas property, based unqualified and inaccurate advice.

 

[spam1967]

To all blue moon members, if it comes to pension advice, please check that the company is authorized by the FSA, <a class="postlink" href="http://www.fsa.gov.uk/" onclick="window.open(this.href);return false;">http://www.fsa.gov.uk/</a> I have dealt with to many people this week who have had final salary schemes moved into SIPP's that are wholly placed in overseas property, based unqualified and inaccurate advice.

a lot of dodgy people are getting into this at the moment.

 

[reddishblue]

Judging by the banks and the government attitude and perfomance over the last few years, the best advice I can offer is keep it in a shoe-box underneath the bed.

 

[spam1967]

Judging by the banks and the government attitude and perfomance over the last few years, the best advice I can offer is keep it in a shoe-box underneath the bed.

then they'll come and take it off you and accuse you of something else.

 

[Balti]

it's self invested so you can put it into anything you like including cash money

rather than some dodgy geezer in the city of london taking his slice even while the value of your pension fund is decreasing in value because of his piss poor 'investment' decisions

SIPP's give power back to those whose money it is in the first place

 

[sir baconface]

it's self invested so you can put it into anything you like including cash money

rather than some dodgy geezer in the city of london taking his slice even while the value of your pension fund is decreasing in value because of his piss poor 'investment' decisions

SIPP's give power back to those whose money it is in the first place

Still someone taking a big cut out of it though, isn't there? SIPPs used to carry heavy admin charges and I doubt if much has changed.

 

[VOOMER]

it's self invested so you can put it into anything you like including cash money

rather than some dodgy geezer in the city of london taking his slice even while the value of your pension fund is decreasing in value because of his piss poor 'investment' decisions

SIPP's give power back to those whose money it is in the first place

Balti, its fine if its a SIPP's which is in a regulated arena, but when it happens to be 100% in property, which is overseas and the client has no idea what a SIPP's is and is being asked to sign forms stating its an unadvised transfer (despite having advised the client to invest in the Manchester Airport Hotel and the like), then to find that all 3 companies involved with the transfer aren't authorized, have no DPA, or CCL License and SIPP's is with a company authorized in Gibraltar, you can understand why I have started the post. It is the chosen product of crooks and con-men, because of the grey area on advice. Well done FSA for leaving this gaping loophole open and yawning.
SIPP's are fine if you understand pensions and investments, if you don't get advice from a qualified, authorized and independent IFA.<br /><br />-- Sat Feb 09, 2013 10:23 am --<br /><br />

it's self invested so you can put it into anything you like including cash money

rather than some dodgy geezer in the city of london taking his slice even while the value of your pension fund is decreasing in value because of his piss poor 'investment' decisions

SIPP's give power back to those whose money it is in the first place

Still someone taking a big cut out of it though, isn't there? SIPPs used to carry heavy admin charges and I doubt if much has changed.

I have seen a clients annual fees drop 5.45% , to .45% just through transferring. The worst thing is people often have no idea of the difference between advised and unadvised sales. As per usual the product is fine, throw in the human element and that's when the problems start. If you like to whine and complain if your scheme under performs, don't use a SIPP's because its all on you.

 

[VOOMER]

Still, my main reason is that we all have friends and family and these *wats are out there lying through their teeth, literally stealing money and I wanted to hopefully warn people.

 

[denislawsbackheel]

The OP referred to people transferring out of final salary pension schemes.

Anyone who'd consider doing so should be sectioned under the mental health act. A final salary pension is a gold plated licence to print money.