Pensions Mis-Sold To Over 100,000

THE Financial Services Authority has revealed that around 120,000 people could be missing out on retirement money after being mis-sold pensions.

After a two-year investigation into transfers out of state earnings related pension schemes (Serps), the FSA has found that a large number of people who opted out of Serps in return for some of their National Insurance Contributions being rebated into personal pensions may have been wrongly advised to do so.

Approximately 1.5% of these people may have been too old to reap the benefits of moving out of Serps and are now out of pocket by around £7 per week.

However, the FSA said that it has found “no evidence” of widespread mis-selling.

So that’s alright then…

Anorak

Posted: 10th, May 2007 | In: Money Comment | Follow the Comments on our RSS feed: RSS 2.0 | TrackBack | Permalink