It seems my needs are very specialised…
It seems my needs are very specialised and difficult to match.
However I am impressed that my comments have been followed up by Advice Match in a very considered and professional way. They have called me twice to see what they might do to help.
What this has highlighted is that there are inherent complications in certain types of pension plan that offer cash pots coupled with Defined Benefit Policies. It seems that there is no way of negotiating a waiver of the condition that one has to use an IFA to unlock your own treasure chest! It assumes that all people reaching pensionable age do not have the faculties to make their own informed decisions. So the law is an ass yet again, introduced to affect all for the benefit of a few and provide the opportunity for the insurance and financial services industry to both hang on to your money for longer and make some more profit for themselves in the process.
It also very clear that the provider of this policy is well equipped to drag its feet during the process. Three different representatives offered three different sets of advice, some of it contradictory, and a pay-out I was expecting in early April is no nearer being released to me after 30 years of running the policy.
Reply from AdviceMatch
Hi Mr. Crook,
We're really sorry you're unhappy and glad we've since caught up for chat about what went wrong.
Your pension company are refusing to release funds from your pension until you've taken regulated advice from a financial adviser, which in your case is a legal requirement. The adviser we put you in touch with gave you a free consultation and could help, however if you wanted certified advice they would have to do the work behind it and charge a fee. We understand you're frustrated by the regulations preventing you accessing your own money without first paying for financial advice.
We hope you get a satisfactory solution from your pension provider and if you would like to take professional advice after all we'd be very happy to help you find it.
Many Thanks,
The AdviceMatch Team
