How to stop the damage of bad pensions investment advice and demands for fees
Thousands of people have been cold-called since 2006, to discuss their pensions and understand how they could make better returns and secure a solid financial future.
These free reviews often told clients they were better combining their smaller pensions and investing into different schemes, using a Small Self Invested Pension (SIPP).
The resulting schemes often failed, and the pension ‘wrappers’ were left containing worthless assets and a minimal amount of cash in merchant accounts.
A merchant account is a vehicle, within the pension, which is used to collect any profits but also to pay for the services of the pension operator. When the investment fails, the operator continues to take their fee from the merchant account, until it is empty. Following this, the pension holder is invoiced directly.
Recently, consumers have raised their concerns with operators and complained to the Financial Ombudsman Service, only to be told that these fees were contractually owed and must be paid.
Closing the SIPP for peace of mind
Michael Coyne, Managing Director of The Claims Bureau, explains: “When a client is successful at recovering their investment they think that the problem is solved. But this is only the start of repairing the damage. By closing the SIPP in its entirety, we are relieving the client of the ongoing financial burden all together.”
He added: “The closure of the SIPP is a complex process and involves negotiating with various third parties, including the pension operators, HMRC and other regulatory bodies, but it is the only solution that offers peace of mind and a conclusion to the pension headache.”
Call to save money
If you, or anyone else that you know, is in this situation and would like to speak to an adviser about the process, please call 01903 868251 or visit www.tcbpension.group to see how they can help. The call is likely to take a few minutes of your time and could lead to you saving tens of thousands of pounds.