How to improve the advice process for DB transfers - Ros Altmann
  • ROS ALTMANN

    Ros is a leading authority on later life issues, including pensions,
    social care and retirement policy. Numerous major awards have recognised
    her work to demystify finance and make pensions work better for people.
    She was the UK Pensions Minister from 2015 – 16 and is a member
    of the House of Lords where she sits as Baroness Altmann of Tottenham.

  • Ros Altmann

    Ros Altmann

    One thought on “How to improve the advice process for DB transfers

    1. How to improve the advice on DB transfers! I am one of those that was misold a personal pension in the 1990s I am not a financial minded person and believe loosely on the advice given through financial advisors, this is because I obviously transferred my pension and have been trying to recover compensation from the adviser but have been thwarted because of time barring due to the adviser objecting this after following all the advice given through the fscs and the financial ombudsman. I would suppose you could say I’m one of the ignorant who knew very little about finance and did not have the luxury of the Internet and social media to highlight problems, newspapers and television were the mediums we had to rely on plus the honesty of the large financial institutions who look after our money, pension pots and generally trying to oversea good practice but like where money is involved someone will always want the extra penny they can make through selling that money making scheme, so take it from me someone who lost out to the tune of probably over £150000 all because I wasn’t financially savvy or prudent enough to read the small print or as the ombudsman tells me to take responsibility for my pension, then they tell you to talk to a financial adviser forgive me for falling off my seat laughing but that’s how I got into this mess! So how can you improve the advice process for DB schemes wellin my view now that I am close to reaching retirement age and can possibly move or transfer my pension I am caught in a quandary do I get advice oh sorry I don’t have any choice I have to get advice if I want to move my pension because I don’t want to leave the remainder of the pension if I die early or my spouse to get half a pension still scratching my head at that one and if I have a partner and she unfortunately dies early then the Company gets the money, unfortunately there is no way to give out perfect advice because the so called little man wants to try and live a little in retirement and guess what someone will always want to get their money though fair means or foul so giving out good advice may not be the answer but getting the pension to work for the person might be the answer don’t get screwed get wise

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