Last nights Channel 4 Dispatches programme How to Blow Your Pension - presented by Michael Buerk - covered the impact of the new pensions rules that come into effect from April 2015. Heres what Channel 4 had to say about it in their Press release for the programme: In the greatest change to the pensions industry in a generation, from April those over 55 will have complete freedom to take as much as they want from their private pensions plans. The programme made clear that they had already identified some worrying developments , and , having studied the programme and the Press Release detail from Channel 4s programme makers below, Independent Financial Advice would appear to be a good option. If you wish to make an appointment to obtain advice from John or Mark please call our office on 01535 656753 The Press Release issued by Channel 4 examined the risks: Unregulated companies and risky investments In total the over 55s will have an estimated £100 billion available to them in pension funds. The government have promised free pension guidance but ultimately it’s up to any armchair investor to find the right professional advice. In the last nine months there has been a rise in unregulated firms actively pursuing pension holders. Almost half of those with a pension surveyed for Channel 4 Dispatches said they had been approached asking if they wanted to review their pension or release some of it as cash.(1) Watchdogs and financial planners warn investments offered by some of these companies are unregulated and potentially risky. To find out what kind of advice these companies are offering, Channel 4 Dispatches posed as someone preparing to cash out their pension and invest elsewhere. Our reporter was offered various investment opportunities including a parking bay overseas and forests in central America. Danny Cox, Chartered Financial Planner, Hargreaves Lansdown, says: “I think you’d be absolutely mad to invest your pension money in this type of product.” Should it go wrong unregulated schemes leave investors unprotected, with no access to compensation or arbitration.” It’s a problem many financial advisors have already had to deal with. This posting is an #advertisement under the terms of Financial Services regulation. The value of investments can fall as well as rise, and you may not get back what you have invested. Photo Source: Channel 4 Press Release (1) : Source Phoenix Group Link: channel4/programmes/dispatches/on-demand/59588-002
Posted on: Tue, 13 Jan 2015 15:15:45 +0000
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