Getting The Most From Your Free Pension Review
Are you worried about having received bad advice about your pension? If the answer is yes, there are thousands around the country in a similar position. Finding a cheap pension review, or even better a free pension review can be a nightmare, so how do you know what to look for? What are the benefits of this service? And how do you know if you've been mis-advised regarding a pension? We are here to help. http://pension-review.co.uk/ helps you in understanding the different reveiws on pension.
Do I Need a Pension Review?
The information recently released about the pension reviews system has left many feeling confused and in the dark. How do you know if you need a pension review? Simple. If between 1988 and 1994 you were poorly advised to opt out of your employer's pension scheme, or to quit an existing scheme, you could be entitled to compensation. A pension review can help you move one step closer to receiving this compensation. This review is administered by the Financial Services Authority (FSA) to help people just like you get the compensation they deserve for any ill-advice they have received. The FSA also provides reviews of Additional Voluntary Contributions (AVCs). Some people were advised to take out Free-standing AVCs rather than to join their own company's AVC scheme, leading to much less than the boosted pension income the scheme promised, and leaving many with less than what they should be entitled to.
What Kind of Compensation?
The aim of the pension review scheme is to get your pension back up to the standard it would have been at if you hadn't been told to leave, or to never join your company's pension scheme. Should you receive compensation it is important to realise that it is unlikely for you to be given any cash directly, unless you have already retired. In this case the company must top up the payments on the pension you have already received. If you are still working for the same firm it may be possible to be put back into the pension scheme. If this is impossible, the firm may be liable to add extra money to your personal pension, thus increasing it to a value equivalent to what your company's pension would have provided. Some people were deprived of the extra perks of being part of an employer's pension scheme, such as life insurance etc. If you are one of these people, your employer may also reinstate these perks as part of your compensation package.
What If I Don't Think the Compensation is Fair?
If you have a complaint about the result of your review, or you don't think the compensation you are being offered is fair your employer should have provided you with advice on the proper channels for complaints. The FSA have established strict guidelines your firm must follow with regards to complaints, and so you can be sure your complaint will be handled in a professional and fair way. In addition to this, you have a right to contact the Ombudsman if you have any indication that your complaint is being handled unfairly; details regarding this can be found on the Financial Ombudsman Website.