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 & informative staff who understood my situation & why I had to release funds. I was informed that it could be a bad decision to proceed & was put under pressure not to, which doesn’t make sense as Grove wouldn’t make any money.
I looked around the internet for some time, all I looked at was very confusing to me. I then found Grove Financial and found it very easy to read and take in. I sent an email with a question to see the response. I had a perfect response in plain english. I was very happy to carry on with the excellent personal service.
This was the best decision I have made. I cannot express how helpful Grove Pension Solutions were. … Their staff are very knowledgeable, professional and friendly, not something other companies offer these days.
I would recommend your services to anyone. A good job well done. Thanks.
I found your service to be very professional. The people I had contact with were very patient and understanding.
This was the best decision I have made. I cannot express how helpful Grove Pension Solutions were. They go the extra mile to ensure you receive the best service. Their staff are very knowledgeable, professional and friendly, not something other companies offer these days.
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.
The advisor explained everything and took time to make sure I understood what he had said. Service provided prompt information clear and easy to understand. Staff polite at all times. Everything they said would happen did in time frame told.
The advice I received was excellent. Each time I didn’t understand something I made a phone call. I was never felt to feel like a nuisance (which I know I was!) and everything was simply explained to me. Thank you – what a wonderful team!
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