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Have you instigated a pension fund transfer recently?

As the UK pension fund industry gets set for major changes in the future the FSA (Financial Services Authority) has again questioned the quality of advice given to some pension fund members who transferred out of employee pension schemes. If you have recently transferred from an employee pension scheme into a private pension arrangement it may be worthwhile checking the terms of your transfer and whether indeed the advice which was given was correct at the time and correct for your circumstances.

While there's no doubt that the vast majority of pension advisers in the UK have acted in accordance with rules and regulations and well within the law, some customers may well have been given incorrect advice at the time of their move. There is also an issue as to whether the vast majority of those who executed a pension fund transfers were fully aware all the potential implications at the time and whether indeed they know how the transfer may impact upon their retirement funding.

The potential insinuation that a transfer from a company pension scheme to a private arrangement is always the wrong move is incorrect because it will depend upon personal circumstances, terms of the pension fund in question and transfer terms.

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