Author Topic: Pension freedoms, the freedom for someone else to say no  (Read 220 times)

Diasi

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Re: Pension freedoms, the freedom for someone else to say no
« Reply #15 on: Nov 28, 2018, 09:36:19 PM »
Can he really sue the financial advisor if the firm goes bust?  If the firm appeared solvent when the decision was made how can he be guilty of anything?  Legal action must be a last resort - it's very stressful and you might just lose and have to pay your own and his costs.

Stevie

Yes, anyone can take legal action if they think they've had bad advice from a professional.

However, my post was a comment in reply to the OP's post where he said that maybe the financial adviser refused to move his pension pot from DB to DC because he may be wary of being sued if the DC investment went pear shaped so I merely pointed out the other side of the coin about the DB pension going pear shaped.
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JCBDriver

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Re: Pension freedoms, the freedom for someone else to say no
« Reply #16 on: Nov 29, 2018, 01:49:10 PM »

Its seems odd that i could claim benefits but not the pension but i dont claim choosing instead to live on my small income and savings.  I could sell the house which is paid and im single. I did wonder if he had considered the capital in the house .


The benefits and DB pension are treated separately until you draw the pension which then becomes income.


Most companies are rather keen to divest themselves of the DB responsibilities. Mine closed its DB scheme to new and existing employees and forced us into a DC scheme. The onus on the investment and thus returns are then with the employee not the company.


I would rather retain the roof over my head rather than convert it into cash which would have to be spent on rent and living expanses as there equation on how long it would last would be a difficult one!
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