Winners & Losers
Who are the winners and losers with Pension Freedom?
2015 pension rule change had many rushing to cash in their pension nest eggs at 55, but was it a good idea?
The changes made in 2015 to pension regulations, allowed UK Pension holders aged 55+ to access up to 100% of their Pension funds and take far greater control of their money, including how and when they took their pensions.
Our research over the past 11 years covering thousands of clients has shown that Pension Freedom has been a great benefit for some, but sadly, not for others and certainly shouldn’t be seen as an easy way to raise cash.
- Got advice from an FCA regulated firm, which ensured they didn’t pay any unnecessary tax on the money they released early
- Only invested their pension fund into FCA regulated investments, thus ensuring they weren’t a victim of a scam
- Ensured any death benefits were paid to those they loved
- Benefited and got peace of mind knowing the advice they were given meant they were protected, by law
- Had time to read the report they were sent without being hassled
- Given the freedom to ask technical questions and have them answered in a way they understood
- Anyone that transferred their funds to a high risk non-regulated scheme and saw the value drop, or even worse, were the victims of a scam losing their entire fund
- Took 100% of their pension without being told about the tax implications, then being hit with a significant and unexpected tax bill
- Cashed in all their pension without being given advice about the consequences; now having to rely on the state pension to provide for them during retirement
- Cashed in too much of their pension fund without advice, resulting in an unnecessary loss of their state benefits
How to avoid a Pension Scam
- Check that the firm you are taking advice from is FCA regulated. You can easily look them up on the FCA register
- Check how long they have been doing this for and ask what experience they have. Again, the FCA register will tell you their Status Effective Date
- Make sure the advice you receive is provided in writing and you are given time to digest that information, without being rushed or pressurised into making a rash decision
- Make sure you understand what you are doing and have been told about the downsides as well as the benefits – don’t be afraid to ask questions if you don’t understand. Even get a trusted friend or family member to look at the advice as well
- And be careful, if the investment advice sounds too good to be true, it probably isn’t true. Only invest in FCA regulated investments
Why should I speak to Grove for Pension Release and Pension Transfer advice?
Grove Pension Solutions Ltd is regulated by the Financial Conduct Authority.
We have provided professional advice to thousands of people over the years.
Our service allows you to evaluate your Pension Freedom options without paying a penny. It’s only if you decide to go ahead with our recommendations that you pay a fee.
So why not Get Started today to receive your free pension freedom guide. If you read the guide and would like us to look into your pension freedom options, then simply complete the Enquiry Form at the back of the guide telling us what pensions you would like us to look into and post it back to us via FREEPOST.
You are under no obligation to go ahead with any of our recommendations if you don’t want to.
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Very helpful. Explained in detail, answered all my questions. Would recommend to family and friends. Excellent services.
I did not think such a good service existed but it does. Grove customer service really does look after the customer.
from the point of initial contact right the way through to what was an extremely painless and satisfactory final outcome I was treated with courtesy, politeness and kept informed of every stage. My requests for any further clarification are treated with great patience and understanding.
I found your service to be very professional. The people I had contact with were very patient and understanding.
I found your service first class with friendly polite staff. All questions I had were answered. It was nice to be with a company that did not hard sell. Most refreshing.
After wasting so much time on sites belonging to “big players “. I selected an unfamiliar one belonging to Grove Financial and never looked back – excellent service and commitment.
Your staff were very helpful from the start and very professional in their approach to what is a complex field. I would recommend your services to anybody.
At all stages I was completely satisfied with the help I got. At every stage I was made aware of any pro’s and con’s of pension release.
Your staff gave me so much relief and I would like it known that your staff are helpful, understanding, and make the whole process easier than I thought it would be. I am so so happy to have put this in your company’s hands.
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