Ask the Expert: My financial adviser can no longer help me, what do I do?
This week our reader has acted on the advice of a financial adviser, and has now been left in the dark.
Carl Lamb of Almary Green responds.
I used to be in a company occupational pension scheme but took the money out of it last year and put it into a personal pension, following advice from a financial adviser.
I’m a bit concerned that the pension isn’t growing as fast as it should be but when I contacted the financial adviser they told me they don’t offer advice on investing my pension – they only advise on transferring.
What should I do?
Almary Green response:
The answer to this is relatively simple: get advice about your pension investments from an independent financial adviser who provides an ongoing service to clients and who will, therefore, be focused on keeping your pension on track to meet your objectives.
You are not alone in your dilemma. Transferring out of occupational schemes (also known as Defined Benefit schemes) has been popular over the past few years because of the relatively high transfer values on offer.
However, personal pensions depend on investment performance and it is critical that you regularly review the investments held in your pension.
Where the original advice to transfer wasn’t accompanied by an ongoing advice service, there is a danger that investment values will fail to perform over time.
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